Career Field Analysis-Top Executive Research Paper

Career Field Analysis-Top Executive - Research Paper Example Fourthly, the executive consults with other executives, staff, and board members on issues that involve general operations. Lastly, negotiate or approve contracts and agreement, and appoint department heads and managers (Bureau of Labor Statistics, 2012). Typical Career Path Most positions for top executives are filled via promotion of lower level and experienced managers when openings occur with most promoted from the organization itself. It is possible, in such industries as transportation or retail trade, for those lacking University degrees to become managers by working their way up (Shea, 2010). Upward advancement can be sped up by taking part in training programs within the company to gain more knowledge in operations and policy. The manager can also help their career towards top executive positions by familiarizing themselves with management techniques in programs, which are sponsored by various trade associations and the industry. Executive development programs can also facil itate the promotion of managers to higher executive positions, for managers with experience in fields such as engineering and accounting. Advancement to top executive positions, for instance executive vice president, can occur for general managers if they take up a similar position in other firms or their own firms. Executive officers also often gain board membership at one firm or more or even as chair of the director board. Finally, a top executive may form their own firms or take up independent consultant jobs (Shea, 2010). Trends The career of top executive positions has evolved because of changes in the management structure, age, and size of companies. Compared to 1980, only 20% of companies that were in the Fortune 100 list were still in it in 2010 (Shea, 2010). This highlights the shift to a service economy in the US. The rise of the financial service sector and a corresponding drop in the manufacturing sector is especially striking. There is also a flattening of corporate hi erarchies with significant change in distribution of job responsibility among executive positions between 1980 and 2010Most companies now have 3 tiers, i.e. VP level, EVP level, and CEO. Middle and top tier positions declined by 5% and 6% respectively with lower tier positions expanding by 10%, which supports the idea of corporate hierarchy flattening (Shea, 2010). Salary Information In the American economy, top executives earn among the highest salaries. Salary levels, however, vary with the level of responsibility, location, size, and type of the company, and length of service. In May 2011, the average annual earnings for operations and general managers were $77,200. The median 50% earned from $52,000 and $118,000 (Forbes & Piercy, 2011). Earnings between operations and general executives vary significantly based on specific responsibility. Median earnings per year for industries that had a high representation for operations and general executives in May 2011 were; Computer system s design and related services $117,730 Management of companies and enterprises $99,670 Building equipment contractors $83,080 Depository credit intermediation $76,060 Local government $68,590 Chief executive Earnings ranged around $140, 400 in 2010 with salaries varying by industry and level and type of responsibility. Executives in non-profit sectors ranged from lows of $88,006 and $700,000, as well as dividends, stock options and other