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How to Become A Managing Director

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Career guide: how to become a Managing Director
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Master of Business Administration (MBA+)

AIM Business School logo – StudySelect partner listing

Offering a comprehensive overview of the knowledge, skills and applications necessary to thrive in leadership and management positions in the contemporary business environment, the AIM Business School MBA+ program equips you with the skills for success.

Comprised of a total of 12 units, nine core units cover material from the Graduate Diploma in Management and Graduate Certificate in Management. You’ll study a capstone unit as part of the MBA+  including selecting three electives of your choice. Choose from a broad range of topics, tailor your electives to subject areas such as Human Resource Management, Entrepreneurship, Change Management or Consultancy, or alternatively, select a single 3-unit project option to tailor your qualification to the areas of business that you are interested in.

Elective options offered in the course may include Entrepreneurship, Mindfulness and Transformational Leadership, Human Resource Management, International Business, Innovation and Sustainability, Contract Law or Managing a Project-Based Organisation.

Offered via flexible online or a blend of on-campus and online study through AIM Business School, the course is self-paced, allowing you to complete each stage on your own schedule. The course can be completed in just 1 year or 2 years part-time, with the ability to attain the Graduate Certificate in Management in as little as 8 months part-time.

The MBA+ Gold Card, studying with AIM gives you the added benefits of

  • AIM Coaches – your coach will help you map your study plan, and recommend short courses to help you achieve your career goals.
  • Short Courses – you will have access to over 100 short courses, delivered both online and at AIM campuses, to help enhance your professional growth.
  • AIM Lounges – you will have access to workspaces around Australia where you can work, network and collaborate.

In order to help as many Australians as we can achieve the unique outcomes of our MBA, and as a direct response to the COVID-19 pandemic, AIM has created the Australian Leaders Scholarship to help people upskill and emerge from this crisis as even stronger managers and leaders.

This scholarship fund provides $500 towards each unit studied and is available for new students who begin study in the AIM Business School MBA program in the upcoming June, July, and September intakes.

To qualify for this scholarship, students must meet the existing entry criteria plus one additional year of management experience. They must also be able to demonstrate current or future impact from the COVID-19 pandemic.  Examples of this impact include, but are not limited to:

  • Reduction in work hours, salary, or earning potential
  • Loss of employment
  • Negative impact on business turnover
  • Increased uncertainty within the industry in which you work

Bachelor of Applied Business (Management)

Logo of Ducere Global Business School with bold, modern typography.

In a rapidly-changing business world, employers need graduates with practical experience, the ability to adapt to change and a readiness to handle big ideas.

With that in mind, Ducere and Torrens University Australia are proud to offer a Bachelor of Applied Business (Management) that combines the fundamentals of management and business leadership with the practical enterprise skills of the 21st century. If you’re ready to stand out from the crowd and to distinguish yourself as a workplace innovator, then this is the degree for you. In place of exams, you’ll be working on your own business plans, and completing projects relevant to you and your workplace.

In this industry-focused online degree, you’ll develop an industry-relevant project portfolio, receive practical insights from global leaders, CEOs and business innovators and attend dynamic industry events with course partners including KPMG, NAB, PwC, Telstra and more.

Study managerial communication, corporate structuring, project management and business model analysis. Lead high performing teams and utilise technology to identify risks, opportunities and maximise ROI. Secure your future with real-world learning. You’ll receive dynamic insights from a global faculty of 250+ world leaders, including Presidents, Prime Ministers, billionaires, philanthropists, Fortune 500 CEOs, Start-up Pioneers, Nobel Peace Prize Winners and more

Instead of exams, you’ll benefit from practical education where you can choose the topic of your assignments and tailor the degree to your career goals. If this sounds like you enquire now!

The Fast-Track MBA

AIB logo – Australian Institute of Business

You’re a big-picture thinker with a dream unlock your potential and power your career forward. This online Master of Business Administration (MBA) course from the Australian Institute of Business (AIB) gives you the skills and connections to make it a reality.

A fully accredited qualification recognised nationally and internationally, this online Fast-Track MBA course is flexible and designed for busy working adults, with practical interactive learning, ideal for students seeking to rapidly progress their business careers and take a strategic next step. With full online delivery, sophisticated student support services and flexible intake dates, this MBA qualification is tailored for professionals looking to build in-demand new skills and relevant industry connections with a quick return on time and money investment.

In this course, you’ll build the essential business knowledge and skills required to advance your business career and enhance your employment opportunities. You’ll learn fundamental aspects of business including strategic planning, leadership, governance, risk management and human resources management, and have the opportunity to specialise your study in an advanced area relevant to your career. Choose from entrepreneurial management, finance, human resources management, marketing management, logistics and supply chain management, or undertake a generalised MBA and tailor the subjects to your needs.

In this course, you’ll learn from high-profile industry professionals with decades of experience, and tackle practical, real-world tasks that set you up with the skills required to immediately advance your career after graduating.

If you’re looking to quickly and effectively progress your career and are interested in completing an MBA program, this flexible, practical and well-regarded qualification is your next effective career step.

BSB50120 & BSB50420

The College for Adult Learning

Double Diploma of Business (Operations) and Diploma of Leadership & Management

With this course, you’ll learn how to effectively lead people and manage team performance, manage budgets and financial plans, as well as heading up payroll and human resources functions.

You’ll be prepared to manage workplace relationships and team effectiveness to foster a positive and productive culture, manage daily workplace functions from meetings to staff payroll to ensure your business operates effectively, and you’ll have the ability to implement systems and policies to increase business efficiencies.

You’ll develop transferable business skills such as stakeholder management, critical thinking and how to communicate with influence, which you’ll need in any leadership role in organisations across multiple industries, setting you up to be a strong leader and operations manager.

What you’ll learn: 

  • Manage business operational plans
  • Manage payroll, budgets and financial plans
  • Manage people performance and team effectiveness
  • Communicate with influence and lead workplace communication
  • Stakeholder management skills

This course is online and self-paced. This means you can choose to study on a more intense time schedule, or just fit it around your lifestyle when you can.

The course can be completed in as little as 12 months with a full-time study load or in 14-16 months on a part-time study load, but can allow a 24-month standard course enrolment duration, depending on circumstances.

It incorporates engaging tutorials, industry-relevant assessments and work-ready learning outcomes.

BSB40520

Logo for Grow, an education or training organisation

Certificate IV in Leadership and Management

If you have recently been promoted into a leadership role, or are looking for a course that will let you acquire management skills with a view to moving to a leadership position in the near future, then this BSB40520 Certificate IV in Leadership and Management qualification from GROW Training Group could be just what you’re looking for.

This program has been meticulously crafted in collaboration with industry experts to ensure a comprehensive and relevant learning experience that is in-step with the current industry best practices. Participants will gain versatile business skills and the strategic acumen necessary to assume leadership responsibilities. You will cover the critical areas relevant to leadership and management such as how to demonstrate leadership in the workplace, how to communicate effectively as a workplace leader, how to lead and facilitate a team and how to develop and use emotional intelligence to achieve results. GROW’s approach to delivering this qualification is grounded in practicality, ensuring tangible learning outcomes and instilling skills that are immediately applicable in a professional setting.

Enrolment period is 24 months. We find our students complete the qualification in varied time frames. It really does depend on your life situation and availability. The program can be completed in a much shorter time – we would recommend aiming at completing 1 unit per month.

This program is delivered in our online learner system. You do not need to come to class, however, you will need to stay connected with your Educator and attend phone and/or web meetings to complete some of the practical components of your course. eLearning allows you the flexibility of completing your course at your own pace, at times to suit work and other life commitments. You can work on your course at anytime, anywhere supported by your industry experienced educator via telephone and email no matter where you are.

Please Note: Grow Training Group operates as a privately managed Registered Training Organisation (RTO), differing from government-run institutions such as a TAFE. Consequently, Grow does not offer government funding.

What is a Managing Director

The role of a Managing Director is a dynamic and influential position within an organisation, serving as the driving force behind its vision and strategic direction. This leadership role involves overseeing the daily operations and ensuring that the company meets its goals and objectives. A Managing Director is responsible for making critical decisions that shape the future of the organisation, all while fostering a positive and productive workplace culture. This position is ideal for individuals who thrive in fast-paced environments and possess strong leadership skills.

In their day-to-day responsibilities, a Managing Director collaborates closely with the board of directors to develop and implement long-term strategies that align with the company’s mission. They are tasked with directing resources effectively, managing budgets, and ensuring that all departments work cohesively towards common goals. This role also involves monitoring market trends and competitor activities to identify opportunities for growth and innovation. A successful Managing Director is not only a strategic thinker but also an effective communicator, capable of inspiring and motivating their team.

Common tasks for a Managing Director include conducting regular meetings with department heads to review performance metrics, addressing any challenges that arise, and celebrating successes. They often represent the company at industry events and conferences, building relationships with key stakeholders and partners. Additionally, a Managing Director plays a crucial role in talent management, ensuring that the organisation attracts, retains, and develops top talent to drive success.

Overall, a career as a Managing Director offers a unique blend of challenges and rewards. It provides the opportunity to make a significant impact on an organisation’s trajectory while leading a diverse team towards shared success. For those with a passion for leadership and a vision for the future, this role can be both fulfilling and exciting, paving the way for further career advancement and personal growth.

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Career Outlook for Managing Director

A career as a Managing Director is both challenging and rewarding, typically attracting individuals in their late 40s to early 50s. This role involves leading an organisation, providing vision and direction, and making critical decisions that shape the company’s future. Managing Directors often work long hours, averaging around 50 to 60 hours per week, reflecting the high level of responsibility and commitment required. Employment in this position is generally permanent, with a strong expectation of stability and long-term engagement within the organisation.

The unemployment rate for Managing Directors is relatively low, given the specialised skills and experience required for the role. As businesses continue to evolve and adapt to changing market conditions, the demand for effective leadership is expected to grow. Future predictions indicate a steady increase in opportunities for Managing Directors, particularly in sectors that are expanding or undergoing transformation. This growth presents an exciting prospect for aspiring leaders looking to make a significant impact in their organisations.

On this Article

Introduction

Average Salaries

Resources

Steps to Become a Managing Director

Step 1: Obtain a Relevant Educational Background

To embark on the journey to becoming a Managing Director, it is essential to have a solid educational foundation. Most Managing Directors hold a bachelor’s degree in business administration, finance, or a related field. Many also pursue further education, such as a Master of Business Administration (MBA), which can provide advanced knowledge and skills in management, leadership, and strategic thinking. This educational background equips aspiring Managing Directors with the necessary tools to understand complex business environments and make informed decisions.

Step 2: Gain Relevant Work Experience

Experience is a crucial component in the path to becoming a Managing Director. Individuals should aim to gain extensive experience in various roles within an organisation, particularly in management positions. This may involve starting in entry-level roles and progressively moving up the corporate ladder. Working in different departments can also provide a well-rounded understanding of the business, which is invaluable for a future Managing Director. The more diverse the experience, the better prepared one will be to lead an organisation effectively.

Step 3: Develop Leadership Skills

Leadership skills are paramount for a Managing Director. Aspiring candidates should actively seek opportunities to develop these skills through formal training, mentorship, and practical experience. This can include leading projects, managing teams, and participating in leadership development programs. Strong communication, decision-making, and problem-solving abilities are essential traits that will help in guiding teams and making strategic decisions that align with the organisation’s goals.

Step 4: Build a Professional Network

Networking plays a significant role in career advancement. Building a professional network can open doors to new opportunities and provide valuable insights into industry trends and best practices. Aspiring Managing Directors should attend industry conferences, join professional associations, and engage with peers and mentors. A strong network can also provide support and guidance throughout the career journey, making it easier to navigate challenges and seize opportunities.

Step 5: Seek Advancement Opportunities

As individuals gain experience and develop their skills, they should actively seek advancement opportunities within their organisation or in other companies. This may involve applying for senior management positions or taking on roles that offer greater responsibility. Demonstrating a track record of success and a commitment to the organisation’s vision can position candidates as strong contenders for Managing Director roles. Being proactive in career development is key to achieving this goal.

Step 6: Stay Informed and Adaptable

The business landscape is constantly evolving, and successful Managing Directors must stay informed about industry trends, technological advancements, and regulatory changes. Continuous learning through professional development courses, workshops, and industry publications is essential. Being adaptable and open to change will enable aspiring Managing Directors to lead their organisations effectively in a dynamic environment.

Step 7: Prepare for the Role

Once an individual is in a position to apply for a Managing Director role, it is important to prepare thoroughly. This includes understanding the specific challenges and opportunities facing the organisation, as well as developing a clear vision and strategy for the future. Candidates should be ready to articulate their leadership style, values, and how they plan to drive the organisation towards success. A well-prepared candidate will stand out in the competitive selection process.

Step 8: Embrace the Role of Managing Director

Upon securing a position as a Managing Director, individuals should embrace the responsibilities that come with the role. This includes providing vision and direction, leading the organisational culture, and making critical decisions that impact the overall success of the business. A successful Managing Director inspires and motivates their team, fosters collaboration, and drives innovation. With dedication and a positive mindset, they can lead their organisation to new heights.

What does a Managing Director do?

A Managing Director plays a pivotal role in steering an organisation towards success, blending strategic vision with day-to-day operations. Each day, they engage in high-level decision-making, collaborating with the board of directors to set the overall direction and goals of the company. They oversee various departments, ensuring that resources are allocated effectively and that teams are aligned with the organisation’s mission and culture. This dynamic position involves regular meetings with department heads to review performance, address challenges, and inspire innovation. Additionally, a Managing Director often represents the company in external engagements, building relationships with stakeholders and driving business development initiatives. With a focus on leadership and strategic planning, they are instrumental in shaping the future of the organisation while fostering a positive workplace environment.

Tasks

The role of a Managing Director is pivotal in steering an organisation towards success. This dynamic position involves not only setting the vision and strategic direction but also ensuring that the company culture aligns with its goals. A Managing Director is responsible for making critical decisions that impact the overall trajectory of the business, working closely with the board of directors and leading various departments to achieve operational excellence. For those aspiring to take on this influential role, understanding the day-to-day tasks is essential for navigating the complexities of leadership.

  • Strategic Planning – Developing and implementing long-term strategies to achieve organisational goals.
  • Leadership – Guiding and motivating senior management and staff to foster a positive workplace culture.
  • Financial Oversight – Managing budgets, financial reports, and ensuring the organisation’s financial health.
  • Stakeholder Engagement – Building and maintaining relationships with key stakeholders, including clients, partners, and the board of directors.
  • Performance Monitoring – Evaluating the performance of various departments and making necessary adjustments to improve efficiency.
  • Risk Management – Identifying potential risks to the organisation and developing strategies to mitigate them.
  • Compliance – Ensuring that the organisation adheres to legal and regulatory requirements.
  • Market Analysis – Keeping abreast of industry trends and competitor activities to inform strategic decisions.
  • Communication – Effectively communicating the organisation’s vision and goals to all levels of staff.
  • Decision Making – Making high-level decisions that affect the direction and success of the organisation.

Skills for Success

A career as a Managing Director requires a diverse set of skills that blend leadership, strategic thinking, and effective communication. Individuals in this role must possess a strong vision for the organisation, guiding its direction while ensuring alignment with the board’s framework. They should be adept at decision-making, as their choices significantly impact the overall trajectory of the company. Additionally, a deep understanding of financial management and resource allocation is essential, enabling them to optimise operations and drive growth.

Moreover, successful Managing Directors must excel in fostering a positive organisational culture and leading teams. This involves not only motivating and inspiring employees but also cultivating an environment of collaboration and innovation. Strong interpersonal skills are crucial, as they need to engage with various stakeholders, from employees to board members. Ultimately, a combination of strategic insight, financial acumen, and people management skills positions individuals for success in this dynamic and influential role.

Skills & Attributes

  • Leadership skills
  • Strategic thinking
  • Financial acumen
  • Effective communication
  • Decision-making abilities
  • Problem-solving skills
  • Team management
  • Negotiation skills
  • Adaptability
  • Visionary mindset
  • Emotional intelligence
  • Networking capabilities
  • Understanding of corporate governance
  • Ability to inspire and motivate others
  • Strong organisational skills

Average Salaries

The average annual salary for a Managing Director in Australia is around $160963 but this varies based on qualifications and experience, so this number is only an estimation of current data.

max $260 K

av $161 K