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Career Definition of a Chief Revenue Officer
Chief revenue officers are instrumental in developing strategies that will maintain or improve a company's financial health. Their work involves setting specific financial targets for the organization they work for and then preparing plans that are designed to help their organization meet those goals. They can be involved with decisions about company budgets as part of their duties, and their work can also involve assessing a lot of data to determine where changes can be made to eliminate financial waste or improve profits.
Chief revenue officers may also be responsible for supervising staff and ensuring that they implement the tactics developed to achieve the company's financial goals. They may make reports to executives and investors as part of their duties. In some cases the chief revenue officer may work closely with the marketing or sales department.
|Educational Requirements||Bachelor's degree|
|Job Skills||Capable of working without supervision, leadership and management skills, analytical skills, attention to detail, multitasking, problem-solving, interpersonal skills, communication skills, computer skills, organizational skills|
|Median Salary (2017)*||$199,564|
|Job Outlook (2014-2024)**||7% (financial managers)|
Sources: *Payscale.com; **U.S. Bureau of Labor Statistics
Employers place a strong emphasis on multiple years of relevant experience when hiring chief revenue officers. A bachelor's degree is the minimum education requirement to enter the financial management field, and studying subjects such as business administration or accounting will help prepare individuals to enter this career field. Some employers may prefer applicants who have a master's degree.
Chief revenue officers must process a lot of information and this requires attention to detail. In order to identify issues or areas for improvement a chief revenue officer needs analytical skills. They also need mathematical skills to perform calculations and develop financial projections. Management skills are required in order to supervise and direct staff so that goals can be achieved. They may work on several different issues or duties at the same time so they must be capable of multitasking. Chief revenue officers need excellent communication skills in order to prepare reports, make presentations to executives and business partners, and to provide direction for staff. Organizational skills enable them to ensure they work towards their targets effectively.
Career Outlook and Salary
Payscale.com reports that the median annual income for chief revenue officers was $199,564 in 2017.
While chief revenue officers do not have an individual listing on the U.S. Bureau of Labor Statistics (BLS), the BLS does have a listing for financial managers, who are involved with creating financial goals and strategies. The BLS reported that financial managers should see a 7% rate of job growth from 2014 to 2024.
Chief revenue officers use a range of management and mathematical skills in their regular duties so those interested in this type of career may want to consider other occupations that emphasize one or both of these skills. Through the links provided here, learn more about the work that business executives, operations research analysts, mathematicians and nonprofit financial analysts do.