Learn more about the salary & skills of a CEO
CEOs are responsible for all departments within the organization and every component of the business. This is everything from creating and implementing strategies, integrating new policies, and the basic direction of the organization.
It is also their job to monitor their respective industry as a whole. What is the competition up to? Is there an opportunity for expansion? Does the customer still value the products and services? What unknowns may impact the business?
Education, Training, & Certification
These can vary greatly depending on the employer and more specifically the industry. As with any “c-level” position, a bachelor’s degree would be considered a must, as well as significant experience within the industry. For this reason most corporations try to promote from within versus hiring from outside of the organization.
Training: In many cases organizations require a CEO to have more than just experience. They must also provide proof of executive or leadership development as well as a desire to continue expanding their knowledge base.
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Experience: Proof of progression within an industry or specific channel/department is a must. It is expected that they are a proven leader in their field as well as respected amongst their peers.
CEO Skills & Competencies
These are the skills and qualities necessary to succeed as a CEO
Analytical skills: It is a CEOs role to evaluate the success of the organization. They must make sure that each goal is measurable, strategic, and ultimately helps reach the organization’s goals.
Interpersonal skills: In order to avoid push backs and ensure the successful launch of corporate initiatives a CEO must form strong relationships with the rest of the leadership team.
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Leadership skills: By providing direction and attracting followers, CEOs demonstrate the leadership skills necessary to make the organization a success.
Management skills: CEOs are responsible for creating the culture. It is their job to stimulate the growth of the skills and abilities of their employees. Only when the team continues to learn and grow will the organization truly succeed.
CEO Duties & Responsibilities
A CEO’s daily job duties can vary based on the goals, mission, product, and overall needs of a business or organization to make a profit. These duties can also change based on the size and overall reach of the organization. Here is a list of general and specific day to day responsibilities.
- Creating and implementing the organization's vision, mission, and overall direction
- Developing and implementing the organization's strategy
- Working with the Board of Directors for guidance and perspective when necessary
- Ensuring the operation of the organization is in sync with the strategic plans and mission
- Analyzing the success and failures of company initiatives, in an effort to help the organization obtain its goals
- Evaluating potential acquisitions or even the sale of the company in an effort to increase overall value for shareholder
- Representing the organization at community, state, and national levels. This is done by attending civic, professional, and industry events with the goal to increase the organization's reputation, and overall potential for success.
CEO salaries can vary depending on the industry, location, experience, and employer. Here is some salary information gathered by the U.S. Bureau of Labor Statistics (BLS):
- Top 10% Annual Salary: $208,000
- Median Annual Salary: $189,600
- Bottom 10% Annual Salary: $68,360
Source: U.S. Bureau of Labor Statistics, 2018
It is projected that employment for CEOs will grow by up to 8 percent through 2026. This is just slightly higher than the overall employment growth of 7 percent for all other occupations in the United States.
Regardless of the industry or size of the company, the role of CEO can be very stressful. There is a lot of pressure as the top executive. In the end they are responsible for the performance of the company.
CEO’s don’t have your typical 40 hour work week. Anticipate working longer hours including evenings and weekends, as well as above average amounts of travel.
Comparing Similar Jobs
Here are some jobs with similar earning potential with out all of the additional responsibilities and added stress:
- Sales managers: $124,220
- Financial managers: $127,990
- Construction managers: $93,370
- Human resources managers: $113,300