C-suite is the term used to describe the company’s top tier leadership positions. These positions are known as C-suite executives or C-suite leaders, and the most common ones are the chief executive officer (CEO), chief operating officer (COO), chief financial officer (CFO), and chief information officer (CIO).
Let’s look at the differences between these jobs, their responsibilities, and what kind of educational path someone has to take to get there.
What Is the Role of a CEO?
A chief executive officer or CEO is the highest position and C-suite executive in a company. As such, it’s the highest paying position someone can have within an organization.
A CEO is responsible for maximizing the company’s value by setting long-term goals, a clear vision, and a direction in which the company will go. These professionals have to make crucial business decisions and bear the responsibility for the company’s success or failure.
The responsibilities of a CEO depend on factors such as the size of the company and the industry in which the company is operating. Essentially, the larger the company is, the heavier the workload and the bigger the amount of responsibilities is.
CEOs’ educational background may differ in different industries; however, the majority of them have a business degree or an MBA.
What Is the Role of a COO?
Is a COO higher than the CEO?
In short, no. A chief operating officer or COO is second-in-charge to a CEO. The primary task of these professionals is overseeing business operations, which can include a variety of functions.
Much like a CEO, a COOs duties vary depending on the industry and size of the company they work for. Generally, they work closely with other C-suite executives with a focus on strategy. Their duties oftentimes include overseeing day-to-day operations, critical projects, and other functions of the business.
A COO is in charge of translating a CEO’s vision into an action plan and presenting it to the board. Additionally, they then have to oversee the execution of this strategic plan and manage the directors in charge of making the CEO’s vision come to life.
What Is the Role of a CFO?
A chief financial officer or CFO is an executive that deals with all financial matters of a company. These professionals are the ones that help define a company’s financial vision and future, and they report to the CEO and the board of directors.
Apart from their set role, CFOs can also serve as strategic advisors to other C-suite executives within the organization. They bear the responsibility of strengthening the financial position of a company through recommendations and strategic investments.
CFOs are also in charge of assessing how market changes can affect the company’s profitability and revenue. These professionals’ three main goals are strengthening financial performance, reducing costs, and expanding revenue opportunities.
What Is the Role of a CIO?
A chief information officer or CIO is a company executive in charge of the implementation, management, and usability of both information and computer technologies. They answer to the CEO of the company.
Given that the role of technology has shifted in the past few years, the CIO’s role is increasingly important in companies. Since the introduction of cloud computing, big data analytics, wireless communications, and mobile devices, CIOs are responsible for creating new strategies and computer systems so the company can stay up-to-date with the fast-changing global marketplace.
Now, another part of a CIO’s job is to make predictions on how the technology their organization uses will change in the next few years so that they can stay ahead of competitors. CIOs usually move up from positions in the company such as IT managers, information security managers, technology directors, etc.
CIOs are usually information technology or computer science graduates who have moved up from other positions year over year.
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How to Become a C-suite Executive
Becoming a C-suite executive isn’t one day’s worth of work. It requires time, dedication, and effort. However, there is no single path you have to follow to reach a certain position within a company.
Some choose to take a lower position in an organization and slowly move up; while others choose to open their own business and become entrepreneurs on their own. Although every C-suite position has its own duties and responsibilities, they all have to understand the company areas and how they affect each other.
Some skills that every aspiring C-suite professional should possess include:
- A great moral compass
- Sense of ethics
- Good business sense
- Strategic and analytical skills
- Leadership skills
- Ability to set a vision
- Understanding of new technologies
- Communication skills
Although often referred to as a collective, C-suite professionals have their differences and their own roles in a company. Whether they’re information technology students, MBA graduates, or hold a degree in accounting, their responsibilities are vital to a company’s success.
If you have your mind set on one of these programs and positions, feel free to contact us and start your education at Bay Atlantic University!