A chief operating officer is a top executive at a corporation. Their tasks include making decisions about production, policies, and more. Often tasked with designing new policies and finding ways to improve the bottom line, chief operating officers are paid extraordinarily well, but require a high education and a lot of work experience in order to obtain the position. COOs work in every major industry, from advertising to aeronautics.
Chief Operating Officer Education Requirements
A minimum of a bachelor's degree in business, finance, public administration, or another related field is required, but it is not uncommon for chief operating officers to have master's or even doctoral degrees in their field. A large amount of experience is required, and it often takes working their way up the corporate ladder of a single company. In addition to a strong business sense, chief operating officers must be skilled at communicating clearly with their employees and colleagues and adept at making smart predictions about the future in order to earn their company more profits.
Chief Operating Officer Job Market
The job availability for chief operating officers is projected to grow by 5% by 2022, resulting in 8,780 new jobs annually. Most of these job openings will be due to retirement or promotion, as the average age of most chief operating officers is in the mid 50's. Anyone looking to one day become the chief operating officer of a company should focus on advancement as quickly as possible, working their way up the ladder and building connections along the way.
Chief Operating Officer Salary
The average salary of a chief operating officer is around $150,000 per year. However, this can vary based on company and experience. The salary of a chief operating officer increases with his or her experience, and an officer working for a large, multinational corporation can make $500,000 per year or more, while one working for a local or regional corporation might only make around $100,000 per year.