What Is a Chief Executive Officer?
Responsible for an organization’s overall direction, a chief executive officer oversees the operations of their company and makes sure that the company’s goals are met. Sometimes, they may manage a specific area of an organization, such as finance or human resources. Chief executive officers usually report to a board of directors.
What Does a Chief Executive Officer Do?
A chief executive officer is in charge of ensuring that a business or organization meets its goals. They collaborate with other top executives to determine the organization’s goals, policies and procedures, and they may manage the financial and budgetary aspects. Typically, chief executive officers report to a board of directors.
Sometimes, chief executive officers may oversee a specific department within an organization or business. For example, they may manage the financial or human resources aspects of the firm.
Chief executive officers work in almost every industry for both small and large organizations. The work may be stressful at times, and CEOs may have to travel frequently for meetings, conferences and to visit other offices. Generally, chief executive officers work many hours, and sometimes working nights and weekends is necessary.
How Much Do Chief Executive Officers Earn?
According to the Bureau of Labor Statistics, chief executive officers earned a median annual salary of $189,600 as of May 2018. Annual wages vary, however, depending on the industry. For example, CEOs in government earned a median wage of $110,830 per year, and those in the professional, scientific and technical services industry earned $208,000 or more annually.
How Do I Become a Chief Executive Officer?
Generally, chief executive officers have either a bachelor’s or master’s degree in business administration or in an area that’s related to their industry. A chief executive officer typically moves up the ranks in their own firm, but some organizations prefer to hire someone from outside their business. Depending on the area of management, some companies require that the CEO have a certification or license.
The online Master of Business Administration from Alvernia University helps you perfect your business skills and move up the ladder into leadership positions. Accredited by the Accreditation Council for Business Schools and Programs (ACBSP), the online MBA teaches you advanced concepts in management, finance, accounting, communication and more. With the program’s convenient online format, you can complete your coursework on your own time while learning from faculty who are highly experienced in the field.