Top Executives

Summary

Top executives are the highest level of management at an organization and often work closely with other executives and managers.

Quick Facts: Top Executives
2023 Median Pay	$103,840 per year $49.92 per hour
Typical Entry-Level Education	Bachelor's degree
Work Experience in a Related Occupation	5 years or more
On-the-job Training	None
Number of Jobs, 2023	3,944,000
Job Outlook, 2023-33	6% (Faster than average)
Employment Change, 2023-33	227,600

What Top Executives Do

Top executives plan strategies and policies to ensure that an organization meets its goals.

Work Environment

Top executives work in nearly every industry, for both small and large organizations. They often have irregular schedules, which may include working evenings and weekends. Travel is common, particularly for chief executives.

How to Become a Top Executive

Top executives typically need at least a bachelor’s degree and considerable work experience to enter the occupation.

Pay

The median annual wage for chief executives was $206,680 in May 2023.

The median annual wage for general and operations managers was $101,280 in May 2023.

Job Outlook

Overall employment of top executives is projected to grow 6 percent from 2023 to 2033, faster than the average for all occupations.

About 343,800 openings for top executives are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

State & Area Data

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Similar Occupations

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More Information, Including Links to O*NET

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What Top Executives Do

Top executives often report to a board of directors.

Top executives plan strategies and policies to ensure that an organization meets its goals. They coordinate and direct work activities of companies and organizations.

Duties

Top executives typically do the following:

• Establish and carry out departmental or organizational goals, policies, and procedures
• Direct and oversee an organization’s financial and budgetary activities
• Manage general activities related to making products and providing services
• Consult with other executives, staff, and board members about general operations
• Negotiate or approve contracts and agreements
• Appoint department heads and managers
• Analyze financial statements, sales reports, and other performance indicators
• Identify places to cut costs and to improve performance, policies, and programs

The responsibilities of top executives largely depend on an organization’s size. In small organizations, such as an independent retail store, an owner or manager often is responsible for hiring, training, quality control, and day-to-day supervisory duties. In large organizations, chief executives typically focus on formulating policies and planning strategies, while general and operations managers direct day-to-day operations.

The following are examples of types of top executives:

Chief executive officers (CEOs), who are also known by titles such as executive director, managing director, or president, provide overall direction for companies and organizations. CEOs manage company operations, formulate and implement policies, and ensure that goals are met. They collaborate with and direct the work of other top executives and typically report to a board of directors.

There may be other types of chief executives—such as chief operating officers (COOs), chief financial officers (CFOs), or chief human resources officers—who manage a specific part of the organization. The knowledge, skills, and job duties that these executives have differ, depending on which department they oversee.

General and operations managers oversee activities that are too diverse to be classified into one area of management or administration. Responsibilities may include formulating policies, directing daily operations, and planning the use of materials and human resources. These managers make staff schedules, assign work, and ensure that projects are completed. In some organizations, the tasks of chief executive officers may overlap with those of general and operations managers.

Mayors, city managers, county administrators, and governors are chief executive officers of governments. They usually oversee budgets, programs, and the use of resources. Mayors and governors must be elected to office, whereas managers and administrators are typically appointed.

School superintendents and college or university presidents are chief executive officers of school districts and postsecondary schools. They manage issues such as student achievement, budgets and resources, general operations, and relations with government agencies and other stakeholders.

Work Environment

Top executives often work many hours, including evenings and weekends.

Chief executives held about 313,900 jobs in 2023. The largest employers of chief executives were as follows:

General and operations managers held about 3.6 million jobs in 2023. The largest employers of general and operations managers were as follows:

Top executives work in nearly every industry. They work for both small and large organizations, ranging from businesses in which they are the sole employee to firms with hundreds or thousands of employees.

Because top executives often are held responsible for their organization’s success, their work may be stressful.

Top executives frequently travel to attend meetings and conferences or to visit local, regional, national, or international offices of interest.

Top executives often interact with other high-level executives, such as financial managers, human resource managers, or chief technology officers.

Work Schedules

Most top executives work full time, and many work more than 40 hours per week, including evenings and weekends.

How to Become a Top Executive

Top executives typically need many years of previous work experience.

Top executives typically need at least a bachelor’s degree and considerable work experience to enter the occupation.

Education

Top executives typically need a bachelor's or master's degree in an area related to their field of work, such as business or engineering. Top executives in the public sector may have a degree in business administration, public administration, law, or the liberal arts. Top executives of large corporations may have a master’s degree in business administration (MBA).

College presidents and school superintendents are typically required to have a master’s degree, although a doctorate is often preferred.

Although many mayors, governors, and other public sector executives have at least a bachelor’s degree, these positions typically do not have any specific education requirements.

Work Experience in a Related Occupation

Many top executives advance within their own organizations, moving up from lower level management occupations or supervisory positions. However, some companies may prefer to hire qualified candidates from outside their organization. Top executives who are promoted from lower level positions may be able to substitute experience for education to move up in the organization.

Chief executives typically need extensive managerial experience, and this experience is expected to be in the organization’s area of specialty. Most general and operations managers hired from outside an organization need lower level supervisory or management experience in a related field.

Some general managers move into higher level managerial or executive positions. Executive training programs and development programs often benefit managers or executives.

Licenses, Certifications, and Registrations

Some top executive positions may require the applicant to have a license or certification relevant to their area of management. For example, some employers may require their chief executive officer to be a certified public accountant (CPA).

Important Qualities

Communication skills. Top executives must be able to convey information clearly and persuasively. They must discuss issues and negotiate with others, direct staff, and explain policies and decisions to people within and outside the organization.

Decision-making skills. When setting policies and managing an organization, top executives must be able to assess different options and choose the best course of action.

Leadership skills. Top executives must be able to shape and direct an organization by coordinating policies, people, and resources.

Problem-solving skills. Top executives need to identify and resolve issues within an organization. They must be able to recognize shortcomings and carry out solutions.

Time-management skills. Top executives do many tasks concurrently to ensure that their work gets done and that the organization meets its goals.

Pay

The median annual wage for chief executives was $206,680 in May 2023. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $80,000, and the highest 10 percent earned more than $239,200.

The median annual wage for general and operations managers was $101,280 in May 2023. The lowest 10 percent earned less than $46,340, and the highest 10 percent earned more than $232,110.

In May 2023, the median annual wages for chief executives in the top industries in which they worked were as follows:

In May 2023, the median annual wages for general and operations managers in the top industries in which they worked were as follows:

Top executives are among the highest paid workers in the United States. However, salary levels vary substantially. For example, a top manager in a large corporation may earn significantly more than the mayor of a small town.

Similarly, earnings for general and operations managers differ across industries because their responsibilities also vary by industry.

In addition to salaries, total compensation for corporate executives often includes stock options and other performance bonuses. These executives also may enjoy benefits such as access to expense allowances, use of company-owned aircraft and cars, and membership to exclusive clubs. Nonprofit and government executives usually receive fewer of these types of benefits.

Top executives often work many hours and have irregular schedules, which may include evenings and weekends.

Job Outlook

Overall employment of top executives is projected to grow 6 percent from 2023 to 2033, faster than the average for all occupations.

About 343,800 openings for top executives are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Employment

Demand for general and operations managers will grow as organizations increasingly rely on these workers for help in functioning smoothly.

Chief executives will be needed in organizations to govern and make high-level decisions. For example, they will be needed in corporate settings to oversee and manage strategy, budgets, and their respective departments, such as finance or information technology (IT).

Contacts for More Information

For more information about top executives, including educational programs, visit

American Management Association

National Management Association

For more information about executive financial management careers, visit

Financial Executives International

Financial Management Association International

CareerOneStop

For career videos on top executives, visit

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