Great companies are a team effort, and great leaders recognize that. CEOs are the leaders of companies who bring people together to reach a goal.
When people think about of influential and wealthy figures in society, CEOs of large companies are some of the first people to come to mind. They are almost always effective leaders, but also have unparalleled creative ability. The greatest CEOs in the world are known for creating innovative new products just as much as they are known for their leadership.
CEOs perform the essential task of leading a company. They are responsible for creating plans to strengthen the company financially and socially. They collaborate with other leaders to create goals for the company to meet. A CEO must be able to “think outside of the box” in order to create innovative business strategies.
A CEO’s job revolves around dealing with people and matters related to the company. A CEO may also be involved in inventing, designing, and marketing a product. Their high rank often gives them access to many different experts, whom they can bring together to collaborate on the next big idea.
A CEO may work long hours, sometimes spending upwards of 60 hours per week at their workplace. They may often travel on business trips to deal with clients and other companies. CEO’s are invaluable to a company’s progress and thus must attend to company matters around the clock.
How much do CEOs make?
There are currently 238,940 estimated CEOs currently employed in the USA. This figure is expected to grow at an average rate. Although there are many job openings for CEOs, the market is extremely competitive.
The average pay for CEOs is $175,100 per year. However, this figure is subject to great variance. A CEO of a smaller business may only make $44,190 annually. CEOs of large companies such as multinational corporations can make millions of dollars per year.
Since CEOs are usually at the top of large companies, job openings are concentrated in larger metropolitan areas. These include areas such as the District of Columbia, the Bay Area/Silicon Valley, and New York City. No matter where a CEO is based, they may often travel for business.
How to Become a CEO
The requirements for a CEO can vary greatly by industry. CEOs are generally required to have at least a bachelor’s degree in business and many years of business experience. An MBA (Masters in Business Administration) is more desireable. They may also be required to have degrees in business administration, public administration, liberal arts, or law. Depending on the company, a degree related to products the company specializes in may be favorable as well.
What some CEOs lack in education, they make up for with real-world experience. In many cases, CEOs start at the bottom of the “corporate ladder” and work their way up. They may start at an entry level position and slowly advance as they build their reputation and get promotions. Many CEOs attain their position after decades of working nearly every job a company has to offer.
CEOs may also be hired from outside the company. In this case, the new hire may be from a parent or sibling company. They may have also been hired from a competitor after being enticed with a better salary and benefits. They or their parent company may have purchased another company, giving them their position by default.
Besides education and experience, a CEO is expected to have certain qualities. They are chiefly expected to be effective leaders. This means they must be able to coach, motivate, and teach large amounts of people. With so many people under their control, an ideal CEO must be able to manage and guide them all as well as resolve any conflicts.
Dealing with other people is a core component of a CEO’s job. Therefore, they should be effective communicators. They should be graceful in their dealings with others, yet honest and blunt enough to get their main points across.
CEOs should also be creative and original in order to create innovative solutions for their business. They must be able to tackle problems from angles no one else has before. This requires well-honed problem solving and critical thinking skills.