A chief executive officer is a rewarding title but requires a lot to gain that title. The steps to be a CEO are rigorous, competitive, and requires a strong work ethic, but will lead to financial success. The first step of becoming a CEO is finding a college. Most chief executive officers went to business school. The top 5 business schools include the University of Pennsylvania, Stanford University, Harvard University, Berkeley University, and the University of Chicago. All of these schools are extremely prestigious and only accept elite students that go above and beyond. Also, to achieve the title of CEO, hard work is required, promotions, and helping the company grow. Overall the chief executive officer title is competitive, requires a strong work ethic, and a college degree.
The title of CEO also requires extra work which is often tedious and requires a lot of hours of work. For example, some of the work that includes “Communicating on behalf of the company, leading the company’s short and long term strategy, and creating and implementing the company or organization's vision and mission” (Sarahelizberger 2018). The average American works 44 hours per week which already is a lot of work, while on the other hand, an average CEO works 62.5 hours a week which is extremely tiring. Also, not only do they work this much they are also in charge of the business most of the time and the business will not always do well which affects the paycheck. The average yearly salary for a CEO falls around 233,000 dollars. Also, as a CEO has to be able to maintain a customer's trust and loyalty. As well as always having to be innovative, adaptive, and to be able to keep the company alive. Overall, they must be prepared for the long hours of Work and the many steps to achieve the Title of CEO. Different colleges offer different business majors. Many successful CEOs have taken a major in economics, entrepreneurship, marketing, and business management. These majors offer a basic understanding and a foundation to become a successful CEO and help support the business. Also, the base degree a CEO has is a bachelor's degree in economics and business management, but to truly succeed usually a master's degree is required to succeed. Overall the years of school vary as a bachelor's degree does not take a long time while a masters required graduate school which is countless days and hours.
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The top college that many CEOs attended is the University of Pennsylvania. UPENN’s mission statement is “To strengthen the quality of education and to produce innovative research and models of healthcare delivery by fostering a vibrant inclusive environment and fully embracing diversity”(UPenn). The acceptance rate of UPenn is 9.4% which is extremely low and extremely competitive. Also, other requirements include at least a 3.9 GPA on a 4.0 scale, as well as various extracurricular activities. UPenn is known for its business program and offers many different business majors such as Accounting, Behavioral Economics, Business Economics & Public Policy, Business Analytics Environmental Policy & Management Finance, Global Analysis, Health Care Management & Policy. Specifically the business major of Economics that UPenn offers is a PHD. Many different areas of Economics are discussed and are related to the real world which helps students when trying to get a Job. The median length for the completion of the PHD is 5 years which is a lot of dedication. Some successful Alumni from UPenn that are CEOs of their companies include Nike CEO Mark Parker, Merk CEO Kenneth Frazier, and Former CEO Richard Noll. The campus is also in Philadelphia and has beautiful scenery. The amount of students per in UPenn is 24,806 which is a fairly large school. The Campus on UPenn was also ranked first for safety, so the area is rather safe, it has over 215 buildings 299 continuous acres. Overall UPenn is a well put together school that offers the best business program and has a beautiful and large campus.
The second best business school in the world is Stanford University. The University is located in the heart of Northern California’s Silicon Valley. Stanford University’s campus is nicknamed ‘The Farm’ because when the founders had their farm there they roamed on horses. The campus is also extremely safe and the school also offers a free campus shuttle. The school is known for its business program as it offers a MBA, MSx, and PHD program for business. Some of the majors they offer include Economics, Management Science & Engineering. All of the majors listed before hand are also extremely common in majors successful CEO’s took.The mission statement for Stanford University is “Since its founding, Stanford has sought and embraced new ways of fulfilling the university’s mission of research, education, and service. In our world today, rapid change is transforming the human experience and posing fundamental questions for humanity. The need to understand this rapidly changing world and to develop solutions for societal challenges has never felt more urgent”(Stanford Admission). The acceptance rate for Stanford University is 4.7% which is extremely low and competitive. The average GPA to be admitted into Stanford is a 3.94 unweighted. The average SAT score to get admitted is a 1500 which puts you close to the 75th percentile. On top of the extremely high testing and GPA many extra curricular activities are also required. The tuition for Stanford is also $51,000 a year. Overall Stanford offers a great business program which is backed u by its rigorous application.
Berkeley University is another extremely reputable school and has a lot of success in their business program. The school is located in Berkeley which is a city on the east shore of the San Francisco Bay in Northern California and it Neighbors the cities of Oakland and Emeryville. The campus is large with 35,000 students from around the world. The Berkeley Campus also always has attractions, recreational sports, and great health and safety. Also, The climate is warm and comfortable year-round. The Berkeley University mission statement is “These principles of community for the University of California, Berkeley, are rooted in our mission of teaching, research, and public service. They reflect our passion for critical inquiry, debate, discovery and innovation, and our deep commitment to contributing to a better world” (Berkeley University). To get accepted to Berkeley is extremely vigorous as the acceptance rate is 16.9% which is rather low. Also, on top of the low acceptance rate, the minimum GPA is 3.87 which is similar to that of UPENN. Also, to compete with other applicants requirements include various extracurriculars and around 1500 sat score. University of Berkeley is one of the most accepting and least discriminating schools in the world. The school is known for its business program as it offers accounting, Business analysis, Finance, Marketing, and many more. Also, Berkeley has an undergraduate school called the Haas School of Business at The University Of Berkeley. Overall , Berkeley is an extremely prestigious school that is hard to get into and provides a great background in business and will develop students into successful chief executive officers.
Another great business school is Boston College, which is not as competitive as an ivy but still extremely competitive and still is hard to get into. The average acceptance rate is 31.1% and an average GPA is 3.86 which again is extremely hard to get into. Also, the average sat is around 1400 sat. The mission statement is “The Catholic Jesuit university is founded upon the conviction that the religious and the academic are intrinsically related. The movement of the mind towards meaning or truth initiates a process of questioning that naturally reaches the ultimate questions that engage religion. Similarly, the experience of the Catholic faith gives rise to disciplined inquiry as it calls for knowledge of itself and its relationship to every dimension of human life. The mission of Boston College is rooted in this dynamic integrity of the academic and the religious, a coherence of the divine and the human that reaches its fullest expression in Jesus Christ and extends to all forms of human culture and knowledge (Boston College Admissions). It is close to Boston which is great as there is great transportation and many things to do . Overall, Boston College is a prestigious school that is not as hard to get into as an Ivy League but is still extremely competitive and requires to be close to the top of a High School class.
To become a CEO requires a lot of work and is not a position that can be achieved by submitting an application . There are multiple ways to achieve the status of chief executive officer, either move up in ranks through a company which is through promotions or start a business. If deciding to go with the route of starting a business then take into account other chief executive officers, chairmen, and chief financial officers which take up pay and if the business is off to a rough start there won’t be a lot of money to be made. On the other hand even with that example before the average income for a small business entry-level Ceo is $109,000 which is an above-average salary. Although that is the CEO salary take into account that it is not possible to join a company and reach the title of CEO. For example, they may start as the manager of the department making close to $100,000 a year, then they will move up over years to a CFO and begin to make $150,000 to $250,000. Then, years later if they perform well and help the company they will move up to COO making a yearly average of around $250,000 to $300,000. Finally, to become a CEO they will have to stay with the company to help it succeed and eventually gain that title and make around $809,147. To speed up the process of reaching chief executive officer going to graduate school and graduating with a master's degree in business will help to gain more information about business techniques and how to use them in the real world, giving more experience over other competitors. Also, constantly working with others and enhancing communication skills and learning from others in a higher position also gives a better understanding of the job and how to reach the status of the CEO. The title of chief executive officer is extremely prestigious but is not easily achieved and requires hours and years to reach the title.
Job location is extremely important when finding a job and most people would say the closer to a city the more money, but in the case of a CEO there really is not an ideal place to live as it all depends on their business. Many CEOs Although there isn’t necessarily an ideal place to live there are locations where it is better to start a business which again is another way to attain the title of CEO. The best place to start a business in New Zealand because of their “free trade agreements, pro-competition regulations, efficient tax codes, and an open political system”(World Atlas) allows for a great start. Singapore is a good place to start a business because of its business-friendly, and secure environment. Most CEOs also live in the city and most live in London and the median cost of living is $2,529 per month. Another place most CEOs live in is Florida specifically around Miami, Sarasota and Vero Beach. The median house price in Miami is $500,000 and the median rent is $1500 a month which is 12% higher than the overall cost to living. The median price of a home in Sarasota is around $300,000 and the rent is $1500 which is 8% higher than the overall average cost to live .Also, the best place to work is close to technology as at this day in age that is the business that is making the most profit. Nearly a fifth of the worlds CEOs work in tech and tech communications companies.
Work Cited
- Dillinger, Jessica. “The Best Countries to Start a Business In.” WorldAtlas, 17 Dec. 2015, www.worldatlas.com/articles/best-countries-to-start-a-business.
- Sarahelizberger. “Here's What CEOs Actually Do All Day.” CNBC, CNBC, 21 June 2018, www.cnbc.com/2018/06/20/harvard-study-what-ceos-do-all-day.html.
- “Mission & History.” Mission & History - About BC - Boston College, www.bc.edu/bc-web/about/mission.html.
- “College Mission.” College of Arts & Sciences - University of Pennsylvania, 24 Feb. 2020, www.college.upenn.edu/college-mission.
- “Choosing Berkeley.” Berkeley College in NJ, NY & Online, berkeleycollege.edu/about/our-mission/index.html.
- “Home.” Our Vision, ourvision.stanford.edu/.
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