How to Become a Managing Director(7 courses)
What do I need to study to become a Managing Director?
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Definition of Managing Director
The Managing Director or MD is the most senior position in any organisation. Holding ultimate accountability for the companyâ€™s performance, the Managing Director reports to the Chairman and shareholders whilst also typically sitting on the Board of Directors.
Primarily responsible for guiding and maintaining company policy and vision, the Managing Director is focused on ensuring that the organisationâ€™s efforts are geared towards growth, profits and increasing shareholder return. They implement strategies approved by the board and ensure that the companyâ€™s structure and practices are aligned with the goals and mission statement of the organisation.
Other duties performed by a Managing Director include monitoring and comparing financial and operational results against budgets and targets as well as representing the company at corporate and public events, such as conferences and press briefings. They also serve as the point of communication between management executives, the board of directors and the companyâ€™s shareholders.
What are the responsibilities of a Managing Director ?
- Liaising with the board to set mission statements and company objectives, and develop strategies, methods and plans to achieve them.
- Guiding and upholding company policy and vision.
- Communicating with shareholders and the board of directors, presenting budgets, forecasts, strategies and results.
- Authorising distribution of resources to support company objectives.
- Comparing and evaluating company performance against budgets and targets.
- Reviewing financial and operational performance and discussing with senior managers.
- Providing company representation at corporate and public events such as conferences, press briefings and in negotiations.
- Approving appointment of senior management and department heads.
- Maintaining compliance with organisational policies and relevant state and federal laws and legislation.
Career Outlook for Managing Director
The average age of people working as is 50 with 77.90% of them being male. 86.90% of are employed full-time and they typically work around 48.3 hours per week.
Unemployment is below average and, with A Bachelor Degree or higher, the average Community Worker can earn around $2,572 per week Before Tax. In 2015 there were 58,900 working and the future growth of the profession is predicted to be strong, with numbers around 67,700 in 2020.