How to become a CEO – Chief Executive Officer

We have all heard stories of someone or another becoming a CEO without a degree. Well, these stories get much more popular because they are stories of exceptions. HBR.org mentions that only 8% of CEOs had no college degree, while the rest, 92%, were CEOs with a proper degree and higher education. Some examples of CEOs with a good education are Ajay Banga (CEO of Mastercard), John Donahoe (CEO of Nike), Satya Nadella (CEO of Microsoft), Jane Fraser (CEO of CitiGroup), and Jamie Dimon (CEO of JP Morgan). In this article, we will understand how to become a CEO by following the path taken by most.

Who is a CEO?

A CEO is the chief executive officer , which means they make important decisions for the company, set goals, and makes sure the company is making money and doing well. They are someone responsible for the overall management and direction of the company and typically report to the board of directors. The CEO is responsible for making key strategic decisions, setting company goals, and ensuring that the company is financially stable and successful. They also act as the company’s public face and represent it to shareholders, employees, and the general public.

What does a CEO do?

Someone who wants to become a CEO must perform many duties. Mentioned below are a few of the duties that a chief executive officer has to perform.

• Set the overall strategy and direction for the company: The chief executive officer is responsible for determining the long-term goals and objectives of the company and creating a plan to achieve them.
• Make key decisions: Someone in this position is often the final decision-maker on important matters such as major business deals, investments, and organizational changes.
• Manage and lead the company: Manage the day-to-day operations of the company, leading the executive team and ensuring that the company has the resources it needs to succeed.
• Represent the company: A CEO is the public face of the company and represents it to shareholders, employees, customers, and the general public.
• Manage finances: The chief executive officer is also responsible for ensuring the financial stability of the company, and for creating and implementing financial strategies to achieve the company’s goals.
• Build a strong culture and team: The CEO sets the tone for the company culture and promotes a positive work environment that encourages creativity, innovation, and teamwork.

What is the salary of a chief executive officer?

The CEO , being one of the top positions in an organization, earns quite well. Indeed.com mentions that 79% of chief executive officers in the United States think their salaries are enough for the cost of living in their area. The average salary of a CEO is $134,802 per year.

How to become a chief executive officer?

To become a CEO of a company is not an easy task. There are a lot of steps that need to be taken. Let us understand the steps that are commonly taken by most CEOs .

Get the right education

A good education is considered the best asset that any person can have. On the path to becoming a CEO , a degree with a business outlook is considered appropriate. A college degree in a relevant field such as business, finance, or management is often required for a CEO position . A graduate degree, such as an MBA, can also be beneficial.

The average age of a CEO is about 57 years old, according to Fortune.com. Aspiring chief executive officers need several years of experience in upper-level management positions within a company or industry. It is important to gain holistic experience to become a CEO , in areas such as finance, marketing, operations, and leadership.

Develop a diverse set of skills

CEOs need to have a wide range of skills, including strong leadership and management abilities, excellent communication and interpersonal skills, and a deep understanding of their industry and market.

Network

Building professional relationships with people in your industry can be crucial to your success as a CEO . This includes attending industry events and conferences, joining professional organizations, and building relationships with mentors and other leaders in your field.

Be proactive

Take initiative and take on additional responsibilities within your current role, volunteer for leadership positions in organizations you’re a part of, and pursue opportunities to lead projects or teams.

Be adaptable and open to change

CEOs need to be able to adapt to changes in the market, the economy, and the company, and be willing to make difficult decisions.

Be persistent and resilient

The path to becoming a CEO can be long and challenging. It requires persistence, hard work, and the ability to overcome obstacles.

Someone aspiring for a CEO position often has completed their MBA and gained a good position in a company. But before you can even apply for the position, you have to work for a considerable time. Executive education equips you with skills and knowledge that give you the boost to reach a high leadership position . It gives you the best possible ways to apply the skills you have learned over the years. Here are a few executive education programs that have been opted for by people.

This is a multi-modular program delivered by MIT Faculty on campus and live virtually and geared towards the development needs of the next generation of technology CEOs , CTOs, CIOs, and emerging leaders. The program is designed for technology leaders and experienced practitioners from large corporations as well as startups – innovation-oriented firms who are focusing on leveraging emerging digital technologies to remain relevant and competitive in the marketplace. After completion of TLP, you will be a part of a cohort of global leaders and practitioners. You will also become an integral part of the global MIT Professional Education network and will be considered an alumnus of TLP as well as MIT Professional Education.

It is an extensive general management program offered by the UCLA Anderson School of Management, one of the world’s top business schools. It is a part-time program with a modular format that provides great flexibility for busy professionals, while the UCLA faculty and industry leaders ensure that the program covers all aspects of best-in-class management education expected from a highly respected and globally renowned institution. The UCLA PGPX will put you on the map of global leadership, with a combination of strategies, skills, and acumen that will stretch your thinking and hone your abilities as a leader and manager capable of achieving remarkable growth in your business. This program has been designed to expose the participants to management and business leadership essentials in an extensive general management curriculum that is designed to be experiential in learning and applied in focus.

It’s important to note that not all CEOs follow the same path, and some may take different routes to get there. However, having a strong education, relevant work experience, diverse skills, networking, and being proactive, adaptable, persistent, and resilient are good foundations for one’s journey to becoming a CEO .

There is no one path for becoming a successful CEO , but there are some traits that have been seen in top CEOs , such as decisiveness, drive to create an impact, learn from their mistakes and commitment to follow through with an idea.

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