A managing director is another term for chief executive officer or CEO. As the head of the company, the managing director has the last say in most of the company’s business deals and operations. They are also the ones who bring in the business to the company. Managing directors are legally responsible for a company’s welfare, and if the company is public, it is responsible for the welfare of the stockholders as well.
A managing director should be able to distinguish what their company and their employees need. They must also know what the best approach is when dealing with a new business or client. They control and balance the resources used and expenditures of the company. Most of the company’s policies are either made or approved by them. They must also be able to create, launch and execute their own business plan that they deem appropriate for the company they are handling. As part of the senior management, the managing director is expected to always keep the company afloat, without any debts and with possible room for expansion and growth in the industry they are in. In most companies, the managing director need not take care of finances, but they have to be in close contact for them to be able to discuss issues about finances that may affect the company like fluctuation of the currencies and the like.
Education and Training Requirements:
To be able to land a job as a managing director, you are required to at least have a bachelor’s degree in business administration or any related field. Most companies nowadays though, would prefer you to have a master’s degree for them to be sure that you are really an expert at what you do because their company will be in your hands.
Knowledge and Skills Requirements:
To become successful in this field, a managing director must have strong business skills like budgeting. They must have great written and oral communications skills. They have to have strong leadership skills. They must be business oriented, and must be able to be versatile especially since they have to face a variety of people from higher management to lower management, to clients and to the staff. They must be able to solve problems in very little time, and build teams and appoint its leaders. They must also enhance their employees’ talents, assets and strong points, and be the backbone of the whole company.
Managing directors work at least 40 hours a week with 8-hour shifts. Most of them work office hours usually from 8am-5pm or 9am-6pm, depending on company rules.
The average salary for management analysts is $76,000 annually. The lower 10% receives $60,000 annually, and the top 10% receives over $200,000 a year.