This article may be useful if you ever dreamed about being a Chief Executive Officer, or CEO. In this article, you'll learn everything you need to know in order to, one day, have this position. It will also tell you all the duties associated with this job and the salary that comes with those responsibilities, alongside the benefits and the disadvantages of being a CEO.
A CEO is held accountable for the ups and downs of the company. Therefore, he has a say in every big decisions that could impact the company one way or another. Even tho the Chief Executive Officer is the highest person in the company, he has to report to the Board of Directors or the BoD. Thus, a CEO has an enormous pressure and can and will be fired if the company he is managing is under-performing.
It varies from one company to another, but in general, Chief Executive Officers have to communicate on behalf of the company. They have to develop long and short term strategies to make the business profitable. Since they can't manage a whole company on their own, they also have to manage the time of other important officers within the company. In order to stay profitable, the CEOs must fix objectives. Finally, they have to ensure that all of the actions that are taken by the company and other officers are responsible and maintain a high social responsibility wherever they are doing business.
A typical CEO has to juggle around with his time. He spends a half of his time on people and relationships and functional and business unit reviews. He spends the rest of his time on organization and culture, strategy, personal development and crisis management. A CEO also has to allow some of his time on mergers and acquisition and of course, operating plans. In brief, a CEO has to manage his time properly in a day, in order to be able to attend all the important meetings and make the right decisions. He has to meet a lot of people, and he also has to sign some deals that could benefit the company. Most of his time is spent in his office.
They're spending most of their time in their office. Their office is usually at the head office of the company they are working for.
You have to be elected by the Board of Directors of the company.
With all the compensations, an average CEO makes 24.2 million USD. He is paid on average, 351 times more than an average worker.
The CEO usually needs a college diploma in administration. He also needs several years of experience in a middle managing position before he can work as a senior manager.
Since the CEO is held accountable for every decision within the company and that he has constant pressure from the Board of Directors and shareholders, he is under a huge amount of stress. This stress is hazardous to his health and in recent studies, it shows that the lifespan of an average CEO decreases of 1.5 year because of it.
Since most of the decisions that are taken are hard to take and in most of the time, they have to be innovative and new, there's absolutely no chance whatsoever that CEOs will be replaced by robots anytime soon.
An average CEO will retire in between the ages of 60,7 and 62,2. For men, they usually retire at 65 years old and for women, they usually retire at 63 years old. Within your years as being a CEO you can accomplish many things. Since you are the person who's making all of the decisions, you can make a long-lasting impact on the entire world since you dispose of a lot of ressources.
I've been working for the same company for 5 years now. I'm currently manager at Metro, and my goal is to be the next Chief Executive Officer of Metro, or Sobey's. After my studies at Ahuntsic College, I will study management at HEC Montreal and, get myself a Master's in Business Administration or MBA. It should take me 5 years. After that, I will make my way up the company until they decide to place me as it's CEO. I recon that I could be Chief Executive Officer at age 35 or 40.
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