The term CEO stands for Chief Executive Officer. This is a higher post in an organization who controls all the management and administrative section of that organization.
On the other hand, we can say that a CEO is completely responsible for the management of the entire organization as well as its profits who reports directly to the chairman or board of directors.
CEO does the changes in their policies for the betterment of the organization and also motivates the employees working in it. A person need to have experience, business network and also able to do hard work.
CEOs working in a non-profit and government organizations need to strive to overcome the barriers related to it like poverty reduction, increased literacy, etc.
There are no specific criteria for the post of CEO, but major part of organization or company hire person having certain qualities such as experienced and in-depth knowledge in business, and complete the MBA degree course from a top level B-school.
As it is a very important post for organization or company, the company’s board of director recruit CEO for the company.
It is found that having degree in science, law or engineering are the CEOs in various company.
- Experience: Having an experience on that specific field to which company is hiring a person as CEO is very much expected. On the other hand, a person must have a lot of experience in management with a positive attitude for each and every new position.
- Training: Some organization asked candidates to have training on executive development and leadership along with professional development.
- Required Degree: Bachelor’s degree
- Field of the Degree: Business Administration
- Required Experience: Minimum 5 years or above work experience is expected
Required Skills for CEO
Other than educational qualification, experience and certification of training, a CEO should have some specific skills to be successful as a CEO. These skills are very much required for a person for the growth of a company.
A CEO must have the ability to analyse budget, having positive approach to the other employees, and tackle various stress. This indicate that a CEO should have abilities other than technical knowledge.
Candidate expected to be a CEO should develop the required skills during their work to get necessary work experience for a CEO.
- Interpersonal skills: Interpersonal relationship is very much required to have a good communication between CEO and other leaders in an organization. It helps to get some positive approach during taking any strategic decisions as well as direction.
- Analytical skills: Able to analyse various policies and changes is one of the required skill to be a successful CEO. They must able to analyse the fault and gave a positive solution in difficult situations. They also have the ability to analyse the reason behind the success of the organization and plan accordingly.
- Leadership skills: A CEO must lead the organization from the front. A good leadership quality can help to achieve the goal. A quality can bring success for the organization. A good leader attracts other by their hard work, strategies and all the other qualities of a successful leader.
- Management skills: All the other leaders and employees follow their CEOs. To yield required skills and ability in the other employees and make it as their habit, a CEO must have good management skill. A number of employees learn how to work in an organization, it is surely a good sign for the organization.
A CEO has to engage to important duties to achieve the organizational goals. They show the direction through which company maintain its performance consistently. In some organization, these professionals involve in the certain area such as human resources or finance.
During the tenure of their job, they need to perform some duties are Hiring managers of various departments, Implement and execute new policy, manage budgets, overseeing other top executives, set goals to achieve targets, etc.
This is considered as one of the most responsible post and employees of the organization reports directly or indirectly to the CEOs.
Responsibilities of CEO
Role and responsibilities of a CEO varies from company to company according to their goals, missions, products. Volume of the organization and number of employees plays a major factor on the responsibilities of a CEO. The overall responsibilities of a CEO are same which includes:
- Create a good working environment in the premise of the company.
- Sets company’s goal, mission, vision to become successful.
- Get advice and guidance from the board of director of the company.
- Organize industry-related events or associations that help to build skills of the CEO.
- Decides annual budget and manage organization’s resources.
- Act as a leader in all operations done by the organization.
Salary of CEO
Salary of a CEO vary from company to company in accordance with the industry, location, experience, and employer. The average salary a CEO get in India is ₹ 31,00,000 per year.
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Frequently Asked Questions
Q1. What is the full form of CEO?
Ans: The full form of CEO is Chief Executive Officer.
Q2. What are the required skills to become a CEO?
Ans: To become a successful CEO, candidates should have some skills other than educational qualifications. Have the quality to build up a good interpersonal relationship, can able to think and analyse different topics and take steps accordingly, having the quality of leadership to achieve goals.
Q3. What is the minimum educational qualification to become a CEO?
Ans: To become a CEO of an organization, you must complete the bachelor degree in the field of business administration.
Q4. Can anyone become a CEO after CA?
Ans: Yes, it is noted that this is considered as one of the most preferable route to become a CEO.
Q5. What is the average salary of a CEO in India?
Ans: The average salary of a CEO in India is approximately ₹ 31,00,000 per year.