What Does an Executive Vice President Do?

Executive vice presidents are senior-level executives who work directly under the president of a company. They’re responsible for managing specific areas of the business and overseeing all operations within their area of responsibility.

Executive vice presidents may also be involved in broader aspects of running the company, such as developing long-term strategies or interacting with investors and other stakeholders.

Executive Vice President Job Duties

Executive vice presidents typically have a wide range of responsibilities, which can include:

• Developing long-term business strategies and plans for the company based on market conditions and other factors that may impact business operations
• Acting as a liaison between upper management and lower level employees to ensure that everyone understands their responsibilities
• Reviewing reports from managers and employees to ensure that they are accurate and complete
• Maintaining relationships with customers, suppliers, partners, lenders, and other stakeholders in order to ensure that business goals are met
• Managing the administrative functions of the organization, including human resources, accounting, IT, and legal issues
• Making strategic decisions about hiring new employees or terminating current staff based on performance issues or corporate needs
• Interacting with government agencies regarding new laws or regulations that may affect operations
• Analyzing data to make strategic decisions about pricing, production levels, or other factors that could affect profitability
• Recommending changes to company policies or procedures based on new information about industry trends or customer preferences

Executive Vice President Salary & Outlook

Executive vice presidents’ salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of bonuses or commissions.

• Median Annual Salary: $145,000 ($69.71/hour)
• Top 10% Annual Salary: $362,000 ($174.04/hour)

The employment of executive vice presidents is expected to decline over the next decade.

Employment growth for executive vice presidents has slowed in recent years, and employment is expected to continue to grow more slowly than average over the next decade. The increasing complexity of business operations means that fewer executives will be needed to oversee the same amount of work. In addition, technological advances are allowing some middle-management tasks to be automated, reducing the need for these workers.

Executive Vice President Job Requirements

The qualifications for an executive vice president position may vary, but often include:

Education: Most executive vice presidents have at least a bachelor’s degree in a field such as business administration, finance or accounting. Many also have a master’s degree in business administration (MBA). An MBA is not always required, but it can help an executive vice president advance their career.

Training & Experience: Executive vice presidents typically have at least 10 years of experience in a managerial role. They may have served as a manager or supervisor before moving into a leadership role. They may have worked in a variety of industries, but they typically have experience in the industry they work in now.

Certifications & Licenses: Some employers may prefer that candidates have a specific certification to show they have the necessary experience and knowledge to perform the job effectively.

Executive Vice President Skills

Executive vice presidents need the following skills in order to be successful:

Communication: Communication is the ability to convey information to others in a clear and understandable way. As an executive vice president, you may be responsible for communicating with employees, customers, investors and other stakeholders. Effective communication can help you build trust and maintain positive relationships with others.

Decision-making: Executive vice presidents often make important decisions that affect the company’s future. They can make decisions quickly and confidently, considering all the information they have about a situation. They can also make decisions that benefit the company’s long-term goals.

Leadership: Leadership skills are a crucial component of executive vice president positions. As a member of a company’s executive team, you may be responsible for leading a team of managers or overseeing a group of employees. Effective leadership skills can help you motivate your team and encourage them to work together to achieve organizational goals.

Strategic thinking: Strategic thinking is the ability to see the big picture and understand how your work fits into the company’s goals. Executive vice presidents often have to make decisions that affect the company’s future, so it’s important that they can think about the long-term effects of their actions.

Teamwork: Working with others is an important skill for executive vice presidents. They often oversee large teams of employees and may need to delegate tasks and motivate their teams to complete projects on time. Executive vice presidents may also work with other executives in their company or with other companies to complete large projects.

Executive Vice President Work Environment

The typical work environment for an executive vice president is a private office. They usually have their own secretary and work with a team of assistants. They may also have a private driver. They usually work long hours, and their work is very demanding.

Executive Vice President Trends

Here are three trends influencing how Executive Vice Presidents work. Executive Vice Presidents will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for Greater Diversity

The need for greater diversity in the executive ranks is becoming increasingly important as businesses strive to be more inclusive. This trend is being driven by a growing number of customers who are looking for products and services that reflect their own cultural backgrounds.

Executives who are able to understand and cater to these changing customer preferences will be better positioned to succeed in the future. They will also be better equipped to work with other cultures and collaborate with colleagues from different backgrounds.

A Focus on Employee Engagement

As businesses become more competitive, they are placing a greater focus on employee engagement. This means that executives need to be able to motivate and inspire their employees in order to keep them engaged and productive.

Executive vice presidents can utilize this trend by developing programs and initiatives that encourage employee engagement. This may include offering rewards and incentives for high-performing teams or creating a culture where employees feel valued and appreciated.

Greater Attention to Risk Management

Risk management has become an increasingly important topic for executives in recent years. As businesses have become more complex, they have realized the importance of having someone on staff who is responsible for managing risk.

This trend is likely to continue into the future, as businesses become even more complex and interconnected. Executives who are able to manage risk effectively will be in high demand, as they will be able to protect their company from potential threats.

How to Become an Executive Vice President

A career as an executive vice president can be rewarding and lucrative. However, it’s important to consider the many factors that will influence your success in this role.

First, you need to assess your skills and experience. Do you have the necessary qualifications and experience to perform the duties of an executive vice president? If not, then you may want to consider additional training or certification programs that will help you develop the necessary skills.

Second, you should think about the company culture. Is the company large or small? What is its vision and mission? What are its values and goals? How does it treat its employees? These are all important considerations when deciding whether a particular company is a good fit for you.

Third, you should evaluate the industry in which the company operates. Is it growing or declining? What are the current trends and challenges facing the industry? This information will help you determine if the company is well-positioned for future success.