Moneycontrol
you are here: HomeNewsBusiness
Last Updated : Aug 28, 2018 07:34 AM IST | Source: Moneycontrol.com

Want to become the CEO of a top company? These factors will boost your chances

While there are no guarantees in life, possessing these traits and being steadfast in achieving career goals would certainly increase one’s chances becoming a CEO.

Moneycontrol News @moneycontrolcom
In the corporate world, becoming the Chief Executive Officer (CEO) of a major multinational corporation is akin to becoming the leader of a powerful country. It is a position of power that only a handful of people get the privilege of occupying. At times thousands or even millions can be directly or indirectly affected by decisions taken by CEOs. Given the cyclical nature of global economy, there are high chances that a CEO could be put through a ring of fire at least once in his/her career, this is something that board members think of hard and long, before deciding on who would cut the muster. Here are some things common among CEOs that could significantly turn the odds in one’s favour of bagging the coveted corner office. (Image: Reuters)
1/7

In the corporate world, becoming the Chief Executive Officer (CEO) of a major multinational corporation is akin to becoming the leader of a powerful country. It is a position of power that only a handful of people get the privilege of occupying. At times thousands or even millions can be directly or indirectly affected by decisions taken by CEOs. Given the cyclical nature of global economy, there are high chances that a CEO could be put through a ring of fire at least once in his/her career, this is something that board members think of hard and long, before deciding on who would cut the muster. Here are some things common among CEOs that could significantly turn the odds in one’s favour of bagging the coveted corner office. (Image: Reuters)

Rome was not built in a day, and the pathway to becoming a CEO demands that one start off on a strong footing. A few years of work experience after graduation, and an MBA from a top B-school was a common trajectory among CEOs. In 2012, close to 40 of the 500 Fortune 500 CEOs had an MBA from a top B-school. According to a Forbes article, the point of getting a degree from a prestigious institution was not only the quality of education in itself, but the brand value, as well as establishing a strong network with the league of future game changers. Close to 15 percent of Fortune 100 CEOs were part of a fraternity, which established a strong network that they took beyond the lives in the illustrious careers they took beyond their alma mater. (Image: Reuters)
2/7

Rome was not built in a day, and the pathway to becoming a CEO demands that one start off on a strong footing. A few years of work experience after graduation, and an MBA from a top B-school was a common trajectory among CEOs. In 2012, close to 40 of the 500 Fortune 500 CEOs had an MBA from a top B-school. According to a Forbes article, the point of getting a degree from a prestigious institution was not only the quality of education in itself, but the brand value, as well as establishing a strong network with the league of future game changers. Close to 15 percent of Fortune 100 CEOs were part of a fraternity, which established a strong network that they took beyond the lives in the illustrious careers they took beyond their alma mater. (Image: Reuters)

Due to the globalization of the world economy, chances are more likely that a CEO would have a degree from an engineering background. As the selection committees continue to cast a wider net by fielding candidates from emerging market economies, the brightest of the lot in these economies are channeled to the engineering field. Such candidates could also have a technical edge in large technology and engineering companies — a big plus in the eyes of selection committees.
3/7

Due to the globalization of the world economy, chances are more likely that a CEO would have a degree from an engineering background. As the selection committees continue to cast a wider net by fielding candidates from emerging market economies, the brightest of the lot in these economies are channeled to the engineering field. Such candidates could also have a technical edge in large technology and engineering companies — a big plus in the eyes of selection committees.

In 79 percent of the cases of Fortune 100 companies, boardrooms prefer selecting candidates internally. That number rises to 89 percent of top companies who survived more than a 100 years. Many of these CEOs spent a lot of time gaining experience and taking up more and more substantial roles on the operations end of the company. In fact close to three quarters of the company CEOs come from the operations end. They spend a lot of time with the company understanding how things work, and ultimately, where the company is headed. This is crucial for the CEO’s vision for the company once they get to sit on the leather chair. (Image: Reuters)
4/7

In 79 percent of the cases of Fortune 100 companies, boardrooms prefer selecting candidates internally. That number rises to 89 percent of top companies who survived more than a 100 years. Many of these CEOs spent a lot of time gaining experience and taking up more and more substantial roles on the operations end of the company. In fact close to three quarters of the company CEOs come from the operations end. They spend a lot of time with the company understanding how things work, and ultimately, where the company is headed. This is crucial for the CEO’s vision for the company once they get to sit on the leather chair. (Image: Reuters)

Close to 32 percent of the CEOs get to the top from the finance side. These were Chief Financial Officers (CFOs) before once finally becoming CEO. Such individuals have a lot of experience in dealing and communicating with the shareholders of the company — a very important skill to have in publicly owned companies. (Image: Reuters)
5/7

Close to 32 percent of the CEOs get to the top from the finance side. These were Chief Financial Officers (CFOs) before once finally becoming CEO. Such individuals have a lot of experience in dealing and communicating with the shareholders of the company — a very important skill to have in publicly owned companies. (Image: Reuters)

Board members would like to be reassured that they are making the best bet to steer the company through grueling working hours and almost constant high pressure. A past record which shows one’s personal tenacity and ambition is something that will set a candidate apart from the rest. One recollects the example of Sears’ Edward Lampert, who was was kidnapped in 2003 in a parking lot, only to sit on an important deal a day after his release. Even Bill Gates coded for close to 10,000 hours before finally founding Microsoft. Elon Musk said he worked a 100 plus hours a week in his room on PayPal when it launched in 1998. Little much has changed 20 years later as he has continues to feverishly work in front Tesla’s manufacturing line to meet production deadlines. (Image: Reuters)
6/7

Board members would like to be reassured that they are making the best bet to steer the company through grueling working hours and almost constant high pressure. A past record which shows one’s personal tenacity and ambition is something that will set a candidate apart from the rest. One recollects the example of Sears’ Edward Lampert, who was was kidnapped in 2003 in a parking lot, only to sit on an important deal a day after his release. Even Bill Gates coded for close to 10,000 hours before finally founding Microsoft. Elon Musk said he worked a 100 plus hours a week in his room on PayPal when it launched in 1998. Little much has changed 20 years later as he has continues to feverishly work in front Tesla’s manufacturing line to meet production deadlines. (Image: Reuters)

While there are no guarantees to anything in life, possessing the above mentioned traits and being steadfast in achieving these career goals would certainly increase one’s chances of sitting at the head of the mahogany table. (Image: Reuters)
7/7

While there are no guarantees to anything in life, possessing the above mentioned traits and being steadfast in achieving these career goals would certainly increase one’s chances of sitting at the head of the mahogany table. (Image: Reuters)

First Published on Aug 28, 2018 07:34 am
Sections
Follow us on
Available On