Employment of top executives is projected to have little or no change. Keen competition for jobs is expected because of the prestige and high pay of these positions.
Employment change. Employment of top executives—including chief executives, general and operations managers, and legislators—is expected to grow 2 percent from 2006 to 2016. Because top managers are essential to the success of any organization, their jobs are unlikely to be automated or offshored to other countries. Some top executive jobs may be eliminated through industry consolidation, as upper management is streamlined after mergers and acquisitions. Employment of top executives is not as sensitive to growth in business as employment in many other occupations. As a business grows, the number of top executives changes little relative to the total number of employees. Therefore, top executives are not expected to experience as much employment growth as workers in the occupations they oversee.
Projected employment growth of top executives varies by industry. For example, employment growth is expected to grow faster than average in professional, scientific, and technical services and about as fast as the average in administrative and support services. However, employment is projected to decline in some manufacturing industries.
Job prospects. Keen competition is expected for top executive positions because the prestige and high pay attract a large number of qualified applicants. Because this is a large occupation, numerous openings will occur each year as executives transfer to other positions, start their own businesses, or retire. However, many executives who leave their jobs transfer to other executive positions, a pattern that tends to limit the number of job openings for new entrants to the occupation.
Experienced managers whose accomplishments reflect strong leadership qualities and the ability to improve the efficiency or competitive position of an organization will have the best opportunities. In an increasingly global economy, experience in international economics, marketing, information systems, and knowledge of several languages also may be beneficial.
Top executives held about 2.2 million jobs in 2006. Employment by detailed occupation was distributed as follows:
| General and operations managers |
1,720,000 |
| Chief executives |
402,000 |
Top executives are found in every industry, but service-providing industries, including government, employed over 3 out of 4 top executives.
Job Zone 5 - Extensive preparation
Overall Experience
Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of medical school and up to an additional five to seven years of specialized medical training to do their job.
Education
At a minimum, a bachelor's degree is required for these occupations. However, many also require a graduate school degree such as a Master's, Ph.D., M.D., or J.D. (law degree).
Job Training
Employees may need some on-the-job training, but most of these occupations require that you already have the necessary skills, knowledge, work-related experience, and/or training.
Examples
Lawyers, instrumental musicians, physicists, counseling psychologists, and surgeons.
These occupations often involve coordinating, training, supervising or managing the activities of others. Very advanced communication and organization skills are required.
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For more information on top executives, including educational programs and job listings, contact:
- American Management Association, 1601 Broadway, 6th Floor, New York, NY 10019. Internet: http://www.amanet.org
- National Management Association, 2210 Arbor Blvd., Dayton, OH 45439. Internet: http://www.nma1.org
For more information on executive financial management careers, contact:
- Financial Executives International, 200 Campus Dr., P.O. Box 674, Florham Park, NJ 07932. Internet: http://www.financialexecutives.org
- Financial Management Association International, College of Business Administration, University of South Florida, 4202 East Fowler Ave., BSN 3331, Tampa, FL 33620. Internet: http://www.fma.org
For information about management skills development, including the Certified Manager (CM) credential, contact:
- Institute for Certified Professional Managers, 1598 S. Main St., Harrisonburg, VA 22801. Internet: http://www.icpm.biz
Sources: O*Net data version 12.0
Occupational Outlook Handbook
Department of Labor
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