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Chief Executive Officer

Position Overview

A chief executive officer (CEO) is responsible for managing the future of a company. They come up with the strategies which are implemented by management to fulfill the company's goals. They are in every industry and virtually all companies have a CEO. It is the role of the chief executive officer to provide the company with direction and a vision. They also set and form the culture within the company, while leading the executive team. CEO's rearrange finances to invest capital where the company needs it most. CEO's are in both the public and private sector, and can be elected or appointed by a board or shareholders. The size of a company doesn't make a difference whether a CEO is required or not, it can be a company with one employee to a company with several thousands of employees. CEO's also typically invest a lot of time into the company, working long hours on a regular basis. The success and reputation of a CEO can be reflected by the success of the company. There are many different types of executives such as chief executive officer (CEO), chief financial officer (CFO), chief operating officer (COO), chief information officer (CIO), and more.

Chief Executive Officer Duties

Some common duties of a chief executive officer are listed below:

  • Attending board of director and shareholder meetings
  • Providing reports to the board and shareholders
  • Developing policies to structure the company's culture
  • Meeting with department heads and executives to remain up to date with operations
  • Accountable for complying with regulations and legal requirements
  • Responsible for obtaining required funding and capital for the company's survival and growth
  • Hiring top level management
  • Reviewing budgets
  • Analyze reports - financial, sales, etc.
  • Determine where cost savings can be achieved and implement / improve strategies to conform
  • Negotiate contracts and agreements

Typical Employers

As mentioned above, CEO's are in all industries and work for organizations of all sizes. Some examples of typical employers are listed below:

  • Pharmaceutical industry
  • Construction industry
  • Agriculture companies - feed, equipment, food and beverage manufacturers
  • Insurance industry
  • Engineering and science industry
  • Manufacturing, storage and transport industry
  • Real estate industry

Required Education and Training

To become a CEO a combination of education and experience is required. Many years of experience is required to build the business acumen to manage a large corporation. A bachelor's degree is a minimum requirement, but having an MBA increases the chances of getting the job. An MBA helps an individual to think more like an executive. A degree in a business-related program such as business administration, accounting, marketing, finance, and business commerce are all good starting points. There are other industry specific courses a professional can take to help strengthen their candidacy.

Key Skills and Qualities

  • Exceptional problem solving skills
  • Innovative mentality
  • Effective management skills
  • Superb leadership skills
  • Thorough decision-making skills
  • Excellent verbal and written communication abilities
  • Strong time management and organisational skills

Average Salary

Salaries can vary drastically for CEO's as it depends highly on the size of the company and industry they work in. However, an average salary for a CEO is roughly around £94,884, and can range from £41,000 - £180,000. CEO's can also receive bonuses depending on how well the company does or how well the professional does to turn a profit. These amounts can vary for companies and industries. They can range from £0 - £60,000+.