The success of any business depends on the leadership and direction it receives from the top. That’s why chief executive officers (CEOs) are vital to driving strategic business development and expanding growth for companies worldwide. Plotting a career path toward this top-ranking executive position takes discipline, drive and the right education. Enrolling in the online Master of Business Administration (MBA) program from Florida Institute of Technology can be the first step on this rewarding journey.
Job Outlook for Chief Executive Officers
The U.S. Bureau of Labor Statistics (BLS) projects employment growth for chief executives at 5% nationwide between 2023 and 2033 — faster than the average growth for all occupations. Job prospects reflect the level of growth in specific industries. Fast-growing fields such as healthcare should offer more opportunities.
Because these C-suite positions are highly sought after, competition will be keen. Candidates with advanced educational qualifications, experience and specialized knowledge and skills enjoy stronger job prospects.
Chief Executive Officer Job Duties
The chief executive officer position is challenging but also rewarding. An organization’s reputation often reflects the CEO’s reputation, and a company’s success may closely relate to its chief executive’s efforts and effectiveness. One of the main functions of the chief executive officer is providing the vision, leadership and direction that an organization needs to achieve its goals.
As the face of an organization, the CEO typically represents the company in the public. This could include such activities as participating in meetings with the board of directors and stockholders, attending community functions, advocating for the organization in the business and political arenas, and developing relationships with strategic partners and clients.
Reporting to the board of directors, the CEO serves as both an advisor and policy administrator. These high-level executives are responsible for a firm’s productivity and profitability. Typically, they must also ensure management and staff members have sufficient resources to stay ahead of industry and economic changes.
Further, CEOs supervise the general operations of an organization including human resources, finances, sales, production and physical resources. Ultimately, they are responsible for complying with legal and regulatory requirements, product and service delivery, upholding quality standards and ensuring the organization’s financial health.
To succeed, a CEO must have a strong, supportive management team. Therefore, recruiting, hiring and mentoring staff is another important duty of the chief executive. These professionals may also be responsible for expanding company and product awareness, establishing and implementing organizational goals and mission statements, and maintaining a positive public reputation.
Chief Executive Officer Potential Salary
According to BLS, chief executives nationwide earned a median annual salary of $206,680 as of May 2023. In addition to base salary, CEOs often receive additional compensation in the form of stock options, performance bonuses and other benefits, such as expense allowances and company vehicles.
An individual’s experience and education level will impact potential salary ranges and employment opportunities, as will the size and type of organization, the overall economic health of the specific industry and the regional job market. For example, BLS reports the mean 2023 yearly salary for a CEO of a company in spectator sports to be $735,020, whereas the 2023 annual mean wage for chief executives in elementary and secondary schools was $182,880. As to location, the mean wage for a CEO in New Jersey was $449,370 per year, compared to $156,260 in Maine. Clearly, pay for CEOs can vary widely.
Education and Training Requirements
Chief executive officer positions often require at least a bachelor’s degree and extensive business and industry experience. Competition is fierce for these high-level positions, and employers often give preference to candidates with an MBA.
Thus, management professionals who wish to advance into a chief executive officer position can improve their career prospects by enrolling in a Master of Business Administration degree program. Core MBA coursework typically covers business management fundamentals like strategic management, financial management, marketing management and organizational behavior.
Professionals who earn an MBA receive the training needed to competently:
- Use critical thinking to effectively solve problems
- Apply modern theories of leadership, management and negotiation to real-world business challenges
- Manage risk through analysis of statistics and economic data
- Lead financial, personnel and operational initiatives to maximize growth and profitability
- Advance organizational stability through proper risk management
Becoming a Chief Executive Officer
Successful chief executive officers are capable, dynamic and personable leaders. In addition, they are often strong communicators, team-oriented, creative and energetic. Professionals who possess or would like to develop these attributes and a desire to succeed in the competitive world of business could be CEO material. Enrolling in an online Master of Business Administration degree program can offer many advantages — including top-notch skills and knowledge — and the respected credentials needed to pursue the title of CEO.
Learn more about Florida Tech’s online MBA program.
