Everything you need to know about becoming a COO

Have you ever dreamt about overseeing a team of individuals? How about life as a high-level executive, calling the shots and managing the overall production process?

However, there is a lot more to the job of being a Chief Operating Officer, or COO, of a company or corporation. Here’s a guide to the skills and experience you need to become a COO and what you can expect when you take on the position.

What is a Chief Operating Officer?

So, what is a COO, exactly? COOs act as the second in command at a company and report directly to the Chief Executive Officer or CEO. Often, their roles work hand-in-hand, especially in a startup or tech workplace.

They are often referred to as COO, Vice President of Operations, Operations Director, and Executive Vice President of Operations. They work alongside other c-suite members besides the CEO, like the Chief Financial Officer (CFO) and Chief Marketing Officer (CMO).

What does a Chief Operating Officer do?

All c-suite executives help to create the goals an organization needs to meet, and identify key points that will help drive those goals. The role of a COO is to make sure the vision is met by managing the team to work toward their goals.

They are tasked specifically with operational and administrative functions throughout the company. Often, they oversee the daily work of executives across all disciplines, including finance, sales, marketing, and IT and help lead the pack in finding business solutions to better streamline work.

COOs often come on board at a company with quite a bit of business experience and have helped show tangible growth and results for other companies. You will find a lot of entrepreneurs jumping in to consult and help out at corporations after experiencing some level of noticeable success. They are always keeping their ears to the ground for development, expansion, and acquisition opportunities for the company and are very business-minded and goal-oriented.

How do you become a Chief Operating Officer?

Because they are tasked with the oversight of a variety of different departments, Chief Operating Officers are required to have a well-rounded education. Many c-suite hopefuls excel in high school and enroll in four-year degree programs through universities.

While some will launch straight into their business careers with their bachelor’s degree and entrepreneurial spirit, others will approach an MBA in business, operations, or product management as options to enhance their resumes. However, the key to building up business acumen is having the right work experience, connections, and acquired business savvy.

Whether it be from a formal education in business or otherwise, they must have engaged in continuing education and networking opportunities to uplevel their business savvy over the course of their careers. A successful track record in team management in their professional life is really helpful as well.

What skills do you need to become a Chief Operating Officer?

Chief Operating Officers are really like the head of operations for the company, so they need to be able to pay attention to detail while also scaling out to see the big picture view. Their leadership skills need to be top-notch, a necessity among all c-suite executives. Having the ability to be a liaison between the CEO and other departments at the company is a key job role, so having the ability to properly and efficiently communicate with various audiences is a must.

To help avoid workplace bureaucracy and help to streamline objectives, a sense of empathy — especially amongst c-suite executives where it concerns their employees — is non-negotiable.

What is the average salary for a Chief Operating Officer?

Chief Operating Officers are senior-level management at a company, so there won’t be any entry-level salaries listed for this particular career. The average base salary for a COO stands at $144,404 per year, and then bonuses, profit sharing, and commissions are often piled on top of that. Not to mention any gifts to the corporation from clients and business partners.

What is the typical career path for a Chief Operating Officer?

The career path for a Chief Operating Officer can vary widely. Most come from backgrounds in business, in various roles such as business or financial advisors, product management extraordinaire, salespeople, and other support roles. Having tenure within the industry of the company you hope to work with is key to landing this high-level job.

Alaska Executive Search, Clearfork Academy, Pittsburg Tank and Tower Group, Pamal Broadcasting, League of Women Voters, and Intermountain Healthcare are currently seeking Chief Operating Officers.