Updated June 05, 2023
A chief operating officer, also known as a “COO,” is a member of the senior executive team that manages the daily administration and operations of a business or organization. They are usually the second executive in the chain of command behind the Chief Executive Officer (CEO). While a CEO controls the overall vision for an organization, the COO makes that vision come to life.
Salary (Median Pay)
For top executives:
- Salary: $107,680/yr
- Hourly Rate: $51.77/hr
Source: Bureau of Labor Statistics (BLS)
Duties and Responsibilities
- Complement the CEO’s management style;
- Establish and maintain efficient leadership and management structures, as well as administrative and operational procedures;
- Execute business plans and strategies developed by the executive team with the long-term goals of the company always in sight; and
- Supervise the operations of all of an entity’s individual departments including but not limited to development, marketing, production, research, and sales.
Qualifications
- Advanced leadership skills;
- Bachelor’s degree (or higher);
- Decisiveness and ability to delegate;
- Extensive experience in the industry in which the company operates, in a variety of roles;
- Flexibility and adaptability;
- Good people skills;
- Innovation management;
- Mediation skills;
- Personnel management and supervision of multidisciplinary teams;
- Problem-solving;
- Proven analytical skills;
- Proven successful financial management;
- Refined communication skills;
- Results-driven;
- Strategic and creative thinking; and
- Strong negotiation skills.
How to Become a COO (5 Steps)
- Bachelor’s degree (4 years) in higher education in an industry-relevant field.
- Master in Business Administration (1-3 years) is not necessary but can benefit a prospective COO as many companies prefer to hire individuals with MBA’s for executive positions.
- Get experience. It can take many years to work up to the COO position. Many people work in their industry for about fifteen (15) years, with five (5) of those in a management role, before becoming eligible for promotion to COO.
- Network. Expanding one’s network outside their own organization can improve their chances of landing a COO role elsewhere.
- Start a company. The fastest way for someone to become a COO is to join a small company or start their own business.