### Bureau of Labor Statistics U.S. Bureau of Labor Statistics

Top Executives Summary
                        
            
                                                        
                                                                
                        
            
            
            
                            
                                                
                                                
                                                
                                                
            						
							
				                                                
                                            




            			top executives imageTop executives are the highest level of management at an organization and often work closely with other executives and managers.							
						Quick Facts:     Top Executives2023     Median Pay
            						$103,840     per year
										$49.92     per hourTypical Entry-Level Education
                                    Bachelor's degreeWork Experience in a Related Occupation
                                    5 years or moreOn-the-job Training
                                    NoneNumber of Jobs, 2022
                                    3,787,800Job Outlook, 2022-32
                                    3% (As fast as average)Employment Change, 2022-32
                                    124,200What 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							 3 percent from 2022 to 2032, about as fast as the average for all occupations.
						About 311,600 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
                       Explore resources for employment and wages by state and area for top executives.
            
            
						
                        Similar Occupations
                        
                                                    Compare the job duties, education, job growth, and pay of top executives with similar occupations.
            
            
                        More Information, Including Links to O*NET
                        
                                               
                        Learn more about top executives by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.
 What Top Executives Do 
            

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

	    
				
	
	
	
	
	
	
	    					 Chief executives held about 280,000 jobs in 2022. The largest employers of chief executives were as follows:
        Self-employed workers
                21%Professional, scientific, and technical services
                13Government
                9Healthcare and social assistance
                6Manufacturing
                5General and operations managers held about 3.5 million jobs in 2022. The largest employers of general and operations managers were as follows:
        Retail trade
                13%Professional, scientific, and technical services
                12Wholesale trade
                8Manufacturing
                8Construction
                7Top 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 executivesTop 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

			



	
 
                                                     
            
    
                        Top ExecutivesMedian annual wages, May 2023Chief executives$206,680  Management occupations$116,880  Top executives$103,840  General and operations managers$101,280  Total, all occupations$48,060Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics
 

	
	



		
	
	
	
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:	
        Manufacturing
                $239,200 or moreProfessional, scientific, and technical services
                228,590Healthcare and social assistance
                194,280Government
                136,870In May 2023, the median annual wages for general and operations managers in the top industries in which they worked were as follows:	
        Professional, scientific, and technical services
                $134,880Manufacturing
                125,250Wholesale trade
                107,510Construction
                104,000Retail trade
                74,830Top 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

   
        
    
          
        
    
                       Top ExecutivesPercent change in employment, projected 2022-32Management occupations5%  General and operations managers4%  Top executives3%  Total, all occupations3%  Chief executives-8%Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program
            
            
			 
	
	
	

			Overall employment				of top executives is projected to grow				 3 percent from 2022 to 2032, about as fast as the average for all occupations.
			
			About 311,600 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
	
			
Projected employment of top executives varies by occupation (see table).
Demand for general and operations managers will grow as organizations increasingly rely on these workers for help in functioning smoothly.
Employment of chief executives is projected to decline as office technology improves, increasing the ability of these workers to perform tasks previously done by multiple chief executives. In addition, changing organizational structures may lead to fewer new jobs for these workers as more companies adopt a workplace structure with fewer chief executive positions.
			

                        Employment projections data for     top executives, 2022-32
                Occupational Title
                        SOC Code
                        Employment, 2022
                        Projected Employment, 2032
                        Change, 2022-32
                        Employment by IndustryPercent
                        NumericSOURCE: U.S. Bureau of Labor Statistics, Employment Projections program**Top executives**
			—
			3,787,800
			3,912,000
			3
			124,200
			—**Chief executives**
			11-1011
			280,000
			257,000
			-8
			-23,000
			Get data**General and operations managers**
			11-1021
			3,507,800
			3,655,100
			4
			147,300
			Get data
 State & Area Data **Occupational Employment and Wage Statistics (OEWS)** The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area. Chief executives
					General and operations managers **Projections Central** Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved. **CareerOneStop** CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
 Similar Occupations This table shows a list of occupations with job duties that are similar to those of top executives. Occupation
                Job Duties
                ENTRY-LEVEL EDUCATION
                2023     MEDIAN PAY**Administrative Services and Facilities Managers**
            Administrative services and facilities managers plan, direct, and coordinate activities that help an organization run efficiently.
            Bachelor's degree
            $104,900**Advertising, Promotions, and Marketing Managers**
            Advertising, promotions, and marketing managers plan programs to generate interest in products or services.
            Bachelor's degree
            $156,580**Architectural and Engineering Managers**
            Architectural and engineering managers plan, direct, and coordinate activities in the fields of architecture and engineering.
            Bachelor's degree
            $165,370**Computer and Information Systems Managers**
            Computer and information systems managers plan, coordinate, and direct computer-related activities in an organization.
            Bachelor's degree
            $169,510**Construction Managers**
            Construction managers plan, coordinate, budget, and supervise construction projects from start to finish.
            Bachelor's degree
            $104,900**Financial Managers**
            Financial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization.
            Bachelor's degree
            $156,100**Human Resources Managers**
            Human resources managers plan, coordinate, and direct the administrative functions of an organization.
            Bachelor's degree
            $136,350**Industrial Production Managers**
            Industrial production managers oversee the operations of manufacturing and related plants.
            Bachelor's degree
            $116,970**Medical and Health Services Managers**
            Medical and health services managers plan, direct, and coordinate the business activities of healthcare providers.
            Bachelor's degree
            $110,680**Sales Managers**
            Sales managers direct organizations' sales teams.
            Bachelor's degree
            $135,160
 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
Chief Executives

                                                
                                                        
                                                                                                    O*NET
                                        Chief ExecutivesChief Sustainability OfficersGeneral and Operations Managers
 Suggested citation: Bureau of Labor Statistics, U.S.  Department of Labor, Occupational Outlook Handbook, Top Executives, 
        	 at https://www.bls.gov/ooh/management/top-executives.htm (visited *May 21, 2024*).
 **Last Modified Date:**
                        Wednesday, April 17, 2024


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