Abdulwahab
What is the background of most senior-level executives?
What is the background of most senior-level executives in a business? Do I have to get more degrees in order to achieve that level? #business #finance #business-development #business-analysis
3 answers
Marie-France D'Haiti
Marie-France’s Answer
The backgrounds of senior-level executives vary across all industries and fields. Someone could have a background in history and head a business in Telcom. In other words, follow your passion and maybe master in an industry you would most enjoy working.
James Constantine Frangos
James Constantine’s Answer
Academic Qualifications
It's common to find that top-tier business executives usually possess a blend of undergraduate and postgraduate degrees, often in areas like business, finance, economics, or law. As per a research conducted by the Executive Council of the National Association of Corporate Directors (NACD), it was found that 93% of directors in public companies hold at least a bachelor’s degree, and 59% have a postgraduate degree.
However, it's crucial to understand that possessing advanced degrees doesn't necessarily secure a senior executive role. Other elements like work history, leadership abilities, and professional accomplishments also play a significant role.
Professional Experience
Top-level executives usually boast a rich work history, with many having served in leadership roles across different organizations. As per a survey by the Bureau of Labor Statistics (BLS), the median work experience for top executives is 15 years.
A lot of top executives kickstart their careers in entry-level roles and gradually climb the corporate ladder. This journey equips them with a comprehensive understanding of their organization and the industry at large.
Skills and Competencies
Beyond academic qualifications and experience, top executives need to possess certain skills and competencies to succeed. These include:
Leadership: The knack to inspire and galvanize others towards a common goal.
Strategic thinking: The ability to plan for the future, think ahead, and make informed decisions.
Communication: The skill to communicate effectively, both verbally and in writing.
Financial acumen: The understanding of financial statements to make informed financial decisions.
Analytical skills: The ability to dissect complex data and derive meaningful insights.
Problem-solving: The competence to identify and resolve issues effectively.
Career Advancement Opportunities
While additional degrees may not be mandatory for career progression, continuous learning and professional development can aid top executives in staying updated in their field and enhancing their skills. This could involve attending conferences, enrolling in courses, or acquiring additional degrees or certifications.
Networking also plays a crucial role in career advancement for top executives. Building professional relationships within the industry can open doors for mentorship, collaboration, and career progression. Being part of professional organizations, like industry associations or trade groups, can also help top executives stay in touch with their peers in the field.
God bless you!
James Constantine Frangos.
Robert Beaham
Robert’s Answer
Hi,
In my experience, most senior-level executives are business unit focused, and have risen up through the ranks to obtain a complete view of the business. This doesn't necessarily mean to start in the mail room and ascend to VP role. Instead, what I mean is obtaining experience in all relevant roles of all of the functions that support that business/industry. i.e. Sales, Marketing, Operations, etc. Obtaining a complete and intimate view/perspective of all of the relevant functions- seems to produce the most successful senior level executives. Additionally, this approach gives you exposure to parts of the business that you may find you have new found propensity to pursue further.
I do not personally think that an inventory of multiple degrees will be the most efficient way to obtain senior level executive status. Instead, academically focus on an area and obtain a relevant degree to gain entry into the industry of your interest. And then, once you are in there, don't be afraid to seek other roles to gain experience to make you a well-rounded successful senior-level executive.
Hope this helps.
Best of luck!
-rbt