Pros and Cons of an Executive Manager Career
An executive manager may be synonymous with chief executive officers (CEOs), presidents or vice presidents, general and operation managers or other top executives. Read the following pros and cons to determine if this career is right for you.
| Pros of Becoming an Executive Manager |
|---|
| One of the highest positions at a company* |
| Potential high earnings (Average of $180,000 in May 2014)* |
| Leadership and entrepreneur opportunities** |
| May find work in many industries* |
| Cons of Becoming an Executive Manager |
|---|
| Very competitive job market* |
| May be stressful because of responsibilities** |
| Graduate education is often required** |
Sources: *U.S. Bureau of Labor Statistics, **O*Net
Essential Career Information
An executive manager is the guiding figure at a company. According to the U.S. Bureau of Labor Statistics (BLS), executive managers outline the objectives for all types of businesses (www.bls.gov). If the executive works for a corporation, they may be a member of the board of directors. Whatever their status is, an executive manager helps structure, establish and monitor goals for a company.
Job Duties
According to O*Net Online, most executive managers or chief executives must analyze and plan the financial duties of a company (www.onetonline.org). An executive manager must have a good understanding of the business and finance, in addition to knowing general economic trends that may put the company at an advantage or a disadvantage in the marketplace. The executive manager also provides the final say in contract negotiations, such as acquisitions or capital investments. These individuals must also delegate responsibilities to specific individuals and departments. Executive managers make personnel decisions, including hiring, promoting and appointing department heads.
Salary Information and Career Outlook
In May 2014, the BLS found that the annual average salary for chief executives was around $180,000. The BLS reports that employment opportunities for executive managers were expected to increase just five percent from 2012-2022, due to factors like companies merging and keen competition for available spots. Besides companies and enterprises, other industries that were top employers for these professionals included state and local governments, as well as school systems.
Career Requirements
Executive managers typically hold a bachelor degree or a master degree in business administration or a closely-related major. Business administration programs are well-rounded and typically include coursework from various areas of business, such as accounting, marketing and economics. The BLS states that many executive managers for large corporations typically hold a Master of Business Administration. Besides academic investments, work experience, including experience as a low-level manager, is often required.
Skills
Executive managers must be confident and capable decision-makers as they will make important decisions concerning costs, budgets and investments for the company. They also need to be good critical thinkers so they can outline and enforce solutions to complex problems facing the company. Since they interact with many departments and employees, good communication skills are vital.
What do Employers Look for?
Employers desire executive managers with at least a bachelor's degree and several years of experience in a management position. Individuals who can maintain good relationships with employees and demonstrate financial insight in a particular field may have an advantage. Some recent job postings listed in May 2012 include:
- An Arkansas healthcare company needs a chief executive to help with the company's community role. The chief executive must maintain ties with communities, as well as facilitate proper operations within the company.
- A Wisconsin nonprofit company needs an executive who has experience with volunteer opportunities and community work. The executive needs to have a great insight in finances and also excellent human resources skills to help with hires, training and volunteers.
- A New York habilitation and vocational training company needs an executive who can facilitate operations and services at the company. The executive needs to make sure that the company is compliant with federal and state laws in relation to the clients they aid. The executive should have leadership experience and a background in the behavioral sciences.
How to Make Your Skills Stand Out
The BLS states that competition for executive management positions is high. To make yourself stand out, you may participation in board meetings or available training programs. This will provide you with opportunities to gain leadership experience and develop managerial skills. The BLS recommends that you enhance your knowledge of the global marketplace, since most major corporations are trying to enter international markets to increase profits.
Alternative Career Paths
Financial Managers
If you are interested in the financial investments of a company, but do not want to direct every administrative operation, you may be interested in a career as a financial manager. According to the BLS, a financial manager reviews the financial health of a company and advises the company on investments, costs, market trends and legal requirements in finances. While many of these professionals work for financial institutions, they can find employment with other industries. The BLS indicates that there will be a nine percent growth rate for financial managers from 2010-2020 and that their median annual salary was $107,000 in May 2011.
Administrative Service Managers
If you like helping with daily office activities, but want to narrow your scope from an executive manager, you may be interested in an administrative service manager position. An administrative service manager is the head supervisor over all administrative and clerical duties in a company. They manage the people and capital used at the company, making sure time and money are used adequately. Administrative service managers will recommend to top executives how to better allocate resources and enhance the working experience for all workers. According to the BLS, administrative service managers will see a 15% growth in employment from 2010-2020. In May 2011, the BLS indicated that the median annual salary for an administrative service manager was $80,000.
