Managing Director: Job Description & Requirements
Learn about the education and preparation needed to become a managing director. Get a quick view of the requirements as well as details about degree programs, job duties and necessary work experience to find out if this is the career for you.
A managing director is a senior-level executive that generally focuses on business development, employee recruitment, and client retention. These professionals are employed in a wide variety of industries. Managing directors generally have bachelor's or master's degrees in addition to significant work experience in their chosen fields.
|Required Education||Bachelor's or master's degree in business administration or subject related to their industry|
|Other Requirements||Significant work experience relevant to specific industry often preferred|
|Projected Job Growth (2012-2022)*||11% for all top executives|
|Median Salary (2013)*||$95,600 for all management occupations|
Source: *U.S. Bureau of Labor Statistics
Job Description of a Managing Director
Managing directors work with other top-tier executives to oversee the operations of companies and organizations across a variety of industries, such as banking, healthcare, marketing, advertising, information technology, and government. They may establish new business contacts, interact with clients, and recruit employees. Managing directors might develop strategic marketing and sales plans to boost profits and efficiency. They may also coordinate the efforts of various departments, such as legal, finance, marketing, and sales, to meet company goals. Some managing directors oversee other managers or department heads, and they often report to top executives and boards of directors.
Managing Director Requirements
The U.S. Bureau of Labor Statistics (BLS) reports that top executives typically hold undergraduate or graduate degrees in business administration or another specialized field relevant to the industries in which they work (www.bls.gov). December 2014 job postings for managing directors on Monster.com and CareerBuilder.com noted that employers usually require applicants to hold at least bachelor's degrees, though some employers prefer candidates with master's degrees. Additionally, employers often require technical expertise and experience relevant to their specific company or industry.
The BLS indicates that managing directors and other top executives are effective communicators with excellent leadership skills, management experience and the ability to motivate employees. Additionally, managing directors must be results oriented and creative in addition to having strong business-development skills and the ability to interact with clients, staff and senior management. Monster.com and CareerBuilder.com job postings often cite the need for managing directors who are able to supervise and build teams, delegate responsibility and develop employee talents.
Career Outlook and Salary
The BLS predicted an 11% job growth for top executives over the 2012-2022 period. In 2013, the BLS stated that the median annual income for all management occupations was $95,600. Salaries also vary by industry, and incentives such as yearly bonuses may significantly impact annual compensation. PayScale.com reports that most managing directors in sales and marketing, for instance, earned between $34,787 and $203,005 as of September 2014. However, managing directors working in private investment services earned between $124,580 and $499,667, per PayScale.com reports, also from September 2014.
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