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 * Career Planning


CHIEF EXECUTIVE OFFICER (CEO) JOB DESCRIPTION

Learn About the Salary, Required Skills, & More

By
Susan M. Heathfield
Susan M. Heathfield
 * 
 * 
 * 

Susan Heathfield is an HR and management consultant with an MS degree. She has
decades of experience writing about human resources.
learn about our editorial policies
Updated on September 13, 2022
Fact checked by David Rubin
In This Article
View All
In This Article
 * CEO Duties & Responsibilities
 * CEO Salary
 * Education, Training, & Certification
 * CEO Skills & Competencies
 * Job Outlook
 * Work Environment
 * Work Schedule
 * How To Get the Job
 * Frequently Asked Questions (FAQs)


Photo:

The Balance / Chelsea Damraksa 

The chief executive officer (CEO) plans out a company's overall strategies and
policies. This includes responsibility for all components and departments of a
business. The CEO also ensures that the organization's leadership is constantly
aware of key external and internal factors.




KEY TAKEAWAYS

 * The CEO is the highest-ranking executive manager in the corporate structure.
 * The day-to-day responsibilities of a CEO vary due to the wide range of
   departments, projects, and tasks that a CEO oversees.
 * The median pay for CEOs in 2021 was $179,520.


CEO DUTIES & RESPONSIBILITIES

The job duties of a chief executive officer (CEO) in a company or organization
vary depending on the organization's mission, product, goals, and operational
needs. Duties also vary depending on the size of the organization and the number
of employees, among other factors. In general, these responsibilities include:1


 * Creating, communicating, and implementing the organization's vision, mission,
   and overall direction
 * Leading the development and implementation of the overall organization's
   strategy
 * Soliciting advice and guidance, when appropriate, from a board of directors
 * Formulating and implementing the strategic plan that guides the direction of
   the business or organization
 * Overseeing the complete operation of an organization
 * Evaluating the success of the organization in reaching its goals
 * Looking at potential acquisitions or the sale of the company under
   circumstances that will enhance shareholder value
 * Representing the organization for civic and professional association
   responsibilities and activities in the local community, the state, and at the
   national level
 * Participating in industry-related events or associations that will enhance
   the CEO's leadership skills, the organization's reputation, and the
   organization's potential for success
   




NOTE

The CEO is always the highest-ranking executive manager in an organization and
has responsibility for the overall success of the organization, and is the
ultimate decision-maker for a business. While the daily tasks of each chief
executive vary, it is the overall vision of the position that provides the
framework for the functionality of all departments.

The job also includes leading, guiding, directing, and evaluating the work of
other executive leaders, including presidents, vice presidents, and directors,
depending on the organization's reporting structure. In the process of leading
these senior leaders, the CEO makes certain that the strategic direction the CEO
filters down through the organization to ensure its achievement.



Additionally, the CEO must ensure that the organization's leaders experience the
consequences of their actions whether through reward and recognition or
performance coaching and disciplinary actions. Without responsibility and
accountability that are actively expected and reinforced, the CEO will fail to
attain desired success and profitability.




CEO SALARY

A CEO's salary can vary greatly depending on the industry, location, experience,
and employer. The U.S. Bureau of Labor Statistics (BLS) collects salary data for
CEOs across the country. In 2021:


 * Median Annual Salary: $179,520
 * Top 10% Annual Salary: Greater than $208,000 
 * Bottom 10% Annual Salary: $60,3002
   




NOTE

People who are interested in becoming CEOs may also consider other careers such
as financial management ($131,710 median salary) or human resources management
($126,230).34 Other potential careers include sales managers ($127,490) or
construction managers ($98,890).56


EDUCATION, TRAINING, & CERTIFICATION

Education and training requirements vary greatly by employer and industry. Most
employers prefer to hire CEOs with at least a bachelor’s degree and a
considerable amount of work experience. Many companies prefer to hire from
within the company rather than outside.


 * Experience: CEOs usually need extensive experience in management, usually
   with a progressive amount of responsibility with each new position. In
   addition, companies often expect CEOs to have experience in the industry that
   the company is in.
 * Training: Some companies require CEOs to complete training programs for
   executive development and leadership, as well as ongoing professional
   development.




NOTE

As with any level of management in an organization, the CEO's role starts with
the fundamental job responsibilities of a manager.


CEO SKILLS & COMPETENCIES

To be successful in this role, you’ll generally need the following skills and
qualifications: 


 * Interpersonal skills: CEOs need to form good relationships with other leaders
   in the company and get significant input from the organization so that there
   is little pushback regarding strategic decisions and direction.
 * Analytical skills: CEOs must participate in evaluating the success of the
   organization in reaching its goals. They must make sure that each strategic
   goal is measurable.
 * Leadership skills: CEOs must demonstrate the leadership necessary to make the
   organization's mission a success. This includes providing vision, direction,
   attracting followers, and all other aspects of successful leadership.
 * Management skills: The CEO is responsible for creating a culture of learning
   to help enhance and grow the skills and abilities of employees. When
   significant players continue to learn and grow the organization truly
   succeeds.




JOB OUTLOOK

The U.S. Bureau of Labor Statistics projects that employment for top executives
will grow 8% by 2030, which is about as fast as all occupations in the country.7




WORK ENVIRONMENT

Top executives work in nearly every industry in big and small companies.
Regardless of company industry or size, the job of a CEO can be one of high
stress and pressure because they're essentially responsible for the performance
of a company—both good and bad.




WORK SCHEDULE

CEOs often work more than 40 hours per week, including on evenings and weekends.
They also usually travel often for work.




HOW TO GET THE JOB

The path to becoming a CEO is not usually an easy one, and there is not a
single, well-defined path However, completing an executive development program
can help ensure you get there. Here are three of the top-ranked executive
development programs in the U.S.



The Kellogg Executive MBA Program: This program is offered by the Kellogg School
of Management at Northwestern University.



Chicago Booth Executive MBA: The University of Chicago Booth School of Business
offers this program, which it claims is the world's first executive program.



The Duke Global Executive MBA: The Fuqua School of Business at Duke University
offers this program.





FREQUENTLY ASKED QUESTIONS (FAQS)


HOW MUCH DOES A HOSPITAL CEO MAKE?

A top executive's median salary in the healthcare and social assistance industry
was $154,650 in 2021.8




HOW DO YOU BECOME THE CEO OF A COMPANY?

A company's owners will choose the company's CEO. In many corporations, the
board of directors will appoint a CEO, but all shareholders get a say in who
sits on the board.



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Sources
The Balance uses only high-quality sources, including peer-reviewed studies, to
support the facts within our articles. Read our editorial process to learn more
about how we fact-check and keep our content accurate, reliable, and
trustworthy.

 1. Indeed. "CEO Chief Executive Officer Job Description: Top Duties and
    Qualifications."

 2. Bureau of Labor Statistics. "Occupation and Employment Wages, May 2021:
    11-1011 Chief Executives."

 3. Bureau of Labor Statistics. "Human Resources Managers."

 4. Bureau of Labor Statistics. "Financial Managers."

 5. Bureau of Labor Statistics. "Construction Managers."

 6. Bureau of Labor Statistics. "Sales Managers."

 7. Bureau of Labor Statistics. "Top Executives."

 8. Bureau of Labor Statistics. "Top Executives: Pay."




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