Career and Education Requirements for Business ExecutivesHigher Education Articles September 23, 2015
Business executives are the ones that create an effective plan for the firm’s future through setting up goals and carrying out initiatives. Instances of titles for upper business management comprise of chief financial officer, chief operating officer and the chief executive officer.
According to the U.S. Bureau of Labor Statistics not all business executives obtained bachelor’s degrees; however, getting in upper management may be a lot easier for individuals who have completed at least the minimum of a bachelor’s degree program.
It matters to consider that valuable experience in the industry is strictly required prior to obtaining an executive position. Needless to say, most companies prefer young employees to work inside the firm so that they can acquire significant knowledge while climbing the corporate ladder. While it is true that professional certification isn’t really required in this field, still, this may greatly help employees get faster promotion.
What are advanced degrees for business executives?
To accelerate the process of getting in the upper management, you may consider enlisting in an advanced degree program such as Master of Science in Finance or Master of Business Administration programs. Such programs usually last about one to two years. At this period, students work on group or individual assigned tasks varying from brand and marketing management to strategy and finance. Several programs also require students to partake in presentations to enhance valuable skills like leadership and speaking.
Industry-Specific Education for Business Executives
There are some employers within specific firms such as telecommunications and construction who might have organized management or trainee programs for newly-hired workers. Essentially, such programs assist new graduates to be acquainted with all the aspects of business.
Likewise, students who prefer to work in engineering or construction industries may think about taking supplemental classes in those areas. For instance, those who prefer to become chief financial officers for construction movement companies may significantly improve their employment as well as advancement opportunities through taking courses in bidding, contract negotiation and sourcing.
Additional Salary and Career Information
The U.S. Bureau of Labor Statistics anticipates a total of 11% employment expansion for top executives during the year 2012 up to 2022. What is more, these figures indicate top executives in all industries. This simply conveys that the rate of expansion or decline for top executive positions in individual firms might greatly differ.
On the other hand, information from the U.S. Bureau of Labor Statistics revealed that during the year 2013, chief executives receive average yearly salaries of $178,400. And, according to their records from the same year, a few of the companies that paid their top executives the most superior average yearly salaries included tobacco manufacturing industries(which is a total of $228,900), broadcasting industries (which is a total of $228,710), leather manufacturing industries as well as allied product manufacturing companies (which is a total of $235,220).
As you can see, business executives require a substantial amount of job experience and formal education. This is the reason why it is especially essential to learn and understand more about the job duties, training and other valuable requirements to see if this is the ideal career for you.