The role of chief executive officers today

Chief executive officers (CEOs) represent the ultimate leadership role across industries, within any organisation. They lead companies and typically report to a board of directors. As key representatives, CEOs comprehend the diverse internal functions of a business and consistently strategise to improve business growth over time. 

As CEOs are present within any company, the duties and responsibilities of such a job in Malta or elsewhere will differ. Nevertheless, CEOs mainly focus their efforts in managing the operations and resources of a company.

Summary of steps to become a chief executive officer

As a senior role, becoming a CEO takes many years of valuable work experience, especially in managerial positions. Like many on-site or remote jobs, interested applicants can become a CEO by moving steadily up a career ladder over time. There are some essentials in becoming a CEO, however, including the following:

• Earning a bachelor’s and master’s degree: due to the competitive nature of the job, CEOs often earn at least a bachelor’s degree in a discipline related to business and management. Due to the diversity within the jobs market, CEOs are then able to specialise their career in a specific industry, leading them to pursue a master’s degree in a relevant area. Depending on the organisation, a master’s degree is necessary for a prospective CEO.
• Attain work experience early on: CEOs take on complex responsibilities, requiring many years of work experience to successfully fulfil the role. Applicants should especially consider practising their role in leadership and managerial opportunities.
• Upskill regularly: CEOs must brush up their skills not only in business trends, but also in understanding problem-solving and social responsibilities such as ethical considerations. Aside from managerial skills, it’s worth considering the wide-ranging skills that separate good from great leaders.

Once you have considered the above, it’s time to prepare yourself to advance your career into the job of a CEO. Take the time to learn, receive further certifications if these are available to you, engage in training and development opportunities, to increase your chances of succeeding this job in Malta or elsewhere.

Duties and responsibilities of chief executive officers

CEOs make a dutiful effort to construct business goals and ensure business operations work toward meeting these over time. This means they observe and guide operations to provide fulfilling services and understand whether certain projects require additional support or funding. With this information, CEOs are able to effectively develop strategies and monitor progress over time. Other common duties and responsibilities of CEOs include:

• Oversee company operations,
• Manage budgets,
• Closely collaborate alongside other senior management and stakeholders,
• Review and approve of various contracts,
• Remain up-to-date with industry and market trends, and
• Proactively analyse how businesses can improve in terms of performance over time.

As illustrated above, CEOs are integral in ensuring on-site or remote jobs operate effectively alongside business objectives. Their role is truly communicative as they work with internal and external members of an organisation to address diverse business needs. Their duties differ according to the business size, where in a smaller organisation, CEOs may have to perform all operations, whereas in a larger business, the role is more involved in policymaking.

Salary expectations 

The demand for CEOs is rapidly increasing, leading the career with fast-paced growth capabilities alongside impressive salary raises. The Castille Salary Survey is based on the average gross basic salary ranges we have seen offered in the local market over the last 12 months. This survey is updated quarterly, remaining representative of current market trends.  

For a global perspective, it is worth keeping in mind that sources vary and are subject to change with time. Considering these variances, salaries for CEO jobs consistently reflect an average salary ranging from $70,000 to $160,000 a year. These numbers vary according to level of experience, specialisation, and other associated living costs. 

Education and qualifications of chief executive officers

As mentioned beforehand, many CEOs attain a bachelor’s and usually a master’s degree in business administration and management. This helps them gain the necessary knowledge in understanding diverse business procedures, with an indication on how to keep up with industry trends over time. Interested job applicants should also look into coursework related to economics and legal procedures. Depending on your preferred vocation, tailor your education accordingly to gain relevant work experience and apply for on-site or remote job accordingly.

Trending technologies and skill sets 

As a collaborative job, it’s no wonder that CEOs gain their skills in ones such as communication and project management. In working with various office functions, other trending technologies and skill sets include:

• Leadership: as CEOs direct and lead company operations alongside personnel, they must confidently lead individuals to succeed in their independent roles and meet business targets.
• Communication: CEOs communicate and collaborate with internal and external parties of a business. Communication skills are vital to ensure teams understand developing business goals and other responsibilities.
• Project management: in this on-site or remote job, CEOs are prepared to undertake various projects in a company to ensure operations consistently improve over time. CEOs often guide and have an integral input across internal functions.
• Problem-solving skills: in working closely alongside internal teams, CEOs encounter diverse organisational challenges. It’s important that CEOs work to mitigate any risks associated with a business and help teams develop successful solutions.
• Decision-making skills: CEOs frequently work with data and legal teams in approving critical contracts that require strategic and sound decision-making. Such a skill is also invaluable in making policy amendments and any decisions that can affect personnel.

The above illustrates the general skills of such a job that is focused around supporting business professionals whilst ensuring internal structures operate well. They understand current business objectives and help amend these during shifting workplace trends. 

Career prospects as a chief executive officer

CEOs typically work in various office environments, including a work from home job. They collaborate with diverse personnel frequently and facilitate internal and external communications. The consistent use of valuable hard and soft skills employed by the CEO is transferable across organisations, meaning these individuals are able to work in diverse workplace settings.

For jobseekers interested in pursuing a career path as a CEO, individuals should work to gain valuable work experience in any preferred industry. Applicants must consider their area of specialisation thoughtfully and apply for jobs that are relevant. CEOs can continue to improve their technical and soft skills through independent learning and keeping up with workplace affairs.

Begin your chief executive officer career today with Castille 

Now that you’ve critically assessed what working as a CEO is about and whether it is right for you, you are able to kickstart your career in this ever-growing field. As technology and the workforce continues to rapidly advance, the role of a CEO remains a career suitable for the long-haul.