The best possible starting point is to carefully asses what you do best, or what you find challenging. Do you have the necessary skills and inclination to hold a leadership role in finance and accounting, or is you strength managing the multiple administrative functions that support the company? Do you work best with an active supervisor or with one who intervenes only when requested to do so? Are you looking to turn around an organization or step into an already steady situation? Which of these things with your potential employer are must haves and which are negotiable? These are questions you should ask yourself when you begin your search for a CFO position which is right for you.

CFO candidates should take a very close look at the specifics of the CFO jobs they are considering. Beyond the obvious issues any executive would face when considering a new position, the CFO position offers its own particular challenges because of the level of variation in the role from company to company. In some nonprofits the CFO role is strictly focused on accounting and finance. In others the role is spread widely across many areas, such as administrative, human resources, information technology, real estate, legal and finance. To truly assess the potential of a CFO position, it is essential to gather as complete an understanding as possible of the organizations financial health as possible. There are multiple resources available to help a CFO candidate research a organizations financial situation.

A CFO candidate should consider a few questions to ask his or her potential employer in order to develop a better understanding of what they expect from the position. Had the organization ever had a CFO before? If so has the position been changed in any way shape or form and why? How would the organization define the responsibilities of the position? Aside from finance and accounting will the CFO be responsible for administration, real estate, technology, legal or any other area? Will there be any changes to the position in years to come? What authority will the CFO have? What type of decisions will the CFO have the authority to make? The CFO candidate should also develop a few questions to ask his or her self in order to assure they are making the right decisions in the job selecting process. Do you have the necessary skills, experience and temperament to be a CFO generally? How do you see yourself working alongside a ED? What qualities are you looking for in a supervisor? A mentor? A coach? A colleague? All of these questions require much thought in order to make the best possible decision for yourself.

First and foremost, be aware of what you being to the table. Most executive jobs, regardless of the city, require at least Bachelors (preferably a Masters) in some sort of business related field as an educational requirement. Once that base is covered, to be the cream of the crop you need a minimum of seven years of experience in the field for senior executive positions. C-level executive positions require at least 4 years of experience or relative projects. What this means is you need to be extremely knowledgeable of the field using either your educational background, your experience in the field directly or through indirect projects. Once those steps are covered you are ready to move on to the next step.

Since most high level executive positions are rarely posted online for the public eye, you need to be a part of a good Executive Search firm or a recruiting group. The former is more specific to the field and hence will serve as more of an advantage as compared to being a part of an average recruiting agency. Chicago is home to some of the best Executive search firms. One of the best ones is:

• Top Gun Headhunter

These firms provide client services to the top firms not only in the city but in the country (and in some cases worldwide) So your goal should be to get your foot in the door through one of these companies as they are the ones that place all the high level executives in the leading firms. The pick on the criteria that was mentioned above; education and experience. It serves in their best interest to have the most proficient people placed with their highest level clients.

Now, if you want to start off small and need to work with a middle level organization to gain your experience, social and business networking is your best tool. Get familiar with business networking sites like indeed.com, monster and job builder. Make sure you have an updated resume along with a complete profile for all of these venues. Sometimes recruiters and even companies will directly pick from these websites. Secondly get familiar with the business scene of Chicago. Get enlisted in seminars and attend them as an opportunity to meet with the top level executives of firms who might be able to place you based on when positions open up. The best tool you have is yourself. Learn how to market yourself, because the more well known your name is the more interest you will generate.

Above all, have the individuality and the creative thought to accent your knowledge and experience. Most senior level executives need certain X factor and that is developed through providing “out of the box” answers and solutions.

Even though the field might be hard to get into, and competitive even when you are in it, it is a very interesting road. Chicago being the new melting pot of the United States will give you the honor and opportunity to be a part of social and economic change on a more intimate level once you have been placed.

Typing in executive search and selection in our browsers will bring up pages upon pages of advertisements for search firms, articles about the top 10 Executive Search Firms- which actually don’t provide the list promised in the heading- and more. By reducing our gaze to just executive search we stumble upon more text that actually informs us of what an executive search (and selection) may be. An executive search is the process in which qualified professionals are recruited to fill an organization’s executive positions. Before we go throwing our resumes at the top 10 executive search firms there’s a little more that needs to be known.

Though these processes can occur from a board of directors of an organization it is mostly done by an outside company. The process is very much like a NBA trade-off or a Black Friday sale. The candidate, basketball player, or item is not the one seeking the buyer but instead is sought after. It is competitive because the executive candidate most likely already has a position in which they are exceeding at. A facebook status on Black Friday read “If you’re going out on Black Friday you better bring you’re A-game because an experienced shopper like I, will snatch that item right out of your cart while you’re not looking,” the very attitude an executive search firm must have.

Like most high end positions a lot of it is about who you know or most importantly who knows you. Potential candidates are assessed by the client firm or searching organization and then given to the executive search firm. The selection process of the executive search firm is to alleviate the client from the arduous process of qualifying and reviewing the compatibility of the candidate with the position and or culture of the organization.

There are two types of executive search firms as well as two branches. Global firms tend to cover numerous sectors including financial services, life sciences, automotive, consumer, energy, pharmaceutical, telecommunications, technology, and media companies, as well as other industries. Boutique firms tend to be more sector specific. They will cover only one sector and within this sector; they may only look at certain aspects, for example healthcare executive search firms. Either firm can be retained which means expenses are paid in the beginning of the transaction as well as at a later date, or contingency firms which receive their entire fee at the end of the search process.

Many executive search firms provide a tab on their websites for potential candidates to post resumes and look at other resources; now could be a time to throw your resume at them.

A good start at developing you new career is building good rapport with an executive recruiter. They know have the tap on the job market, who’s currently hiring, and who is looking for a specific job candidate with certain advanced skills. They are an excellent source of information about the company they are recruiting for at the time. Such as the core values, beliefs, and ideas of a company and the overall work environment. Not to mention, they can also give you the good, the bad, and the ugly of what they hear on the street about a company.

Developing a long term relationship with a recruiter and/or firm can lead to other employment opportunities as well. Being set in a position like that for the long haul can expand opportunities in your area as well as areas abroad. We all have that one job or position we would to land and make tons of money right? So, if a chance at a dream job presents itself in the right time and moment, you will be taken into favor over a new incoming job seeker.

Executive recruiters bring what out there in the job market today, to you. Their service to the job seeker is of no charge, due to them being employed by the hiring organization unless its a retained executive search firm like The Executive Headhunter Group. Our money is very precious to us in the economic state that we are in. So, if there is a recruiter soliciting money, then job seekers should watch carefully, for in most cases this is not an executive recruiter.

You should keep in mind that unlike Top Gun Headhunter most executive recruiter works for the company and not you. They are seeking candidates to best fit the company’s criteria. There is a natural frustration from job seekers that contact recruiters frequently but they do job to where all parties involved are beyond satisfied. However, if there is a match between you an that specific company, the recruiter then will go to great lengths to land you the position. Above and beyond is the mission once everything fits, the other competition is filtered out and this works for everyone involved. Working with an executive recruiter is not a one time event, it is a gradual step by step ordeal that takes time and if done right can be very rewarding for you next career.

Employers are always looking for executives they can bring aboard that will add the the success and growth of their company. When dealing with such a highly desired position, the job search should be effective and much more intense than a normal. The credentials of the candidates should be backed with evidence for what the business is looking for at the given time. Employers now have discovered that going through recruitment and staffing services is less time consuming. When an internal staff member has to take on the role of seeking a new job candidate, it bring downs the productivity of the company; with the notion that every position in the company counts. It also weeds out a vast number of unqualified job applicants or in other terms those want a high paying job that doesn’t have outstanding credentials.

From the job seekers view, traditional job seeking methods are not as effective as they were 10-15 years ago. This will prompt one to discover new game changing tips to be placed into their job seeking venture. Some things that may contribute to actual success would be: networking, resume marketing, contacting hiring manager, targeting companies and their senior executives, and remembering your manners. Manners actually can go a long way in the job seeking market. Who really wants to hire a box of rocks? There should be some emotion, warmth, and understanding in the job seeker.

A growing alternative to the executive job seeker is finishing or pursuing other educational goals. Personally, if I wasn’t having too much luck finding the position I desired, I would turn to going back to school. How can you really go wrong with that? Most executives take up MBA s or other advanced degrees. In the midst of further educating themselves, there are some things that they miss about the workplace which I’m sure is common. These things include: everyday intellectual challenges, colleagues, travel, and the normal perks of being an executive.

This is a “take no prisoners” economy we are dwelling in and it’s not by choice. For the executives that want to continue performing the duties and wearing the title there will have to a level of going above and beyond. To stand out from the competition each executive must have a plan that’s unique to themselves.

The right people are a company’s or organization most important asset. Recruiting firms can identify candidates that may not be other wise accessible to that company normally when an internal staff member conducts a search. Such as advertisements, fishing the emailing, and gaining a batch of candidates that may not have been initially seeking a position. Recruiting firm also can have a special service area that may be focused on, a budget size to consider and particular function IE; CEO,CFO, exec, etc. Budgeting is also something else to consider when thinking about recruiting firms are beneficial. I think companies would much rather pay a flat rate to recruiting firm until the position is filled, than to pay extra an internal member to search over time.

I was always told timing is everything. I think everyone values their time, whether it be personal or work related it is very important. Companies working with recruiting firms are undoubtedly able to free up time that could be put to making the company more of a success. If a job is posted, in my opinion, there are at least 300+ applicants to the one position. Who really has the time and energy internally to sit and go through each applicants credentials? Not to mention there is still a job to be done, since this is executed internally. This is where the benefits of a recruiting firm comes in. It takes a great load off of the company. Execute an executive search is very intense to begin with just by the nature of the position. Every little details counts.

From time to time the job search has to maintain a level of confidentiality to avoid unwanted publicity. Say for instance, if the Enron was still in full force and the CEO was being let go. If the company decided to still move forward and wanted to begin the replacement process, making a search for that position would not be very wise. So using an executive recruiting firm to place the new candidate would be very beneficial to the company as a whole.

Recruiting the right person for a position as high as an executive is in no way a walk in the park. Sometimes its a long tedious process that requires the right resources, networks, time, and of course money. The end results can have a significant impact on how a company is viewed, how it functions and its growth/success rate. Investing in the resources to make the right selection is beneficial within itself.

Tasked with ultimate authority in the management of an organization, the position of Chief Executive Officer is the most coveted and demanding job in business. Relatively few will rise to lead from a company’s top spot, and those that do must steer their business towards competitive growth and profits to stay in the seat of power.

Those able to make it to the CEO job can expect to be rewarded highly for their talents. Among the top 200 American companies, the average salary for CEOs was $9.6 million last year, and this amount only shows signs of increasing even as the country faces economic decline.

What are the attributes companies are willing to reward so highly when choosing their leader? What does it take to make it to the top?

Responsibilities of the CEO

The CEO is in control of the day-to-day operation of a business and has considerable discretion in setting an overall game plan that sets a company’s direction.  The CEO is required to report to the Board of Directors by whom they are selected and who may also remove them.

In some cases the board may choose to stay hands off when it comes to the big decisions, while in others the CEO is more restricted and expected to carry out plans decided by the board. Regardless of the level of such oversight, the CEO is the figurehead of the organization and is responsible for setting the tone and direction of the company.

CEOs make the big picture strategic decisions. Which product lines the company will follow, what markets will be entered, which business partners to form relationships with and which companies will be competed against are all typical decisions left up to the CEO.

As the CEO has final say over all operations of the company, he is accountable for the company’s actions. If the company gets into legal trouble, the CEO can end up in jail as he is expected to be aware of and responsible for all of the company’s activities.

Landing the CEO Job

Few positions and extremely competitive pay mean that only the best talent will be able to rise to become a company’s big boss. Candidates with the best chance of getting hired as CEO held the position at another company which they either sold profitably or left in a better condition than when they started.

Such executives likely got their first CEO job by taking a startup or a company in decline and leading it to profitability. A candidate for CEO needs to convince the board that they are an asset and not a liability, and the best way to demonstrate that you are a safe bet is to have a track record of proven business savvy.

Candidates aiming for the CEO position should compose value propositions letters that spell out their accomplishments and explain why they are up to the challenge of leading and address them to the existing leadership of the company they are interested in. With a little luck and the right experience, you may be able to become one of business’ most powerful leaders.

Companies can live or die based on the performance of their executive officers.  When seeking to fill a company with the best executive talent, it is in that business’ best interest to avoid cutting corners and to invest heavily in seeking out the optimal candidates to fill positions at the top.

The search for executive level talent can be daunting. As a general rule, a bad hire costs a company three times the salary of the filled position to fix their mistake. Putting out an ad and choosing the best candidate that applies is simply not enough for finding employees at the highest levels of business where it is crucial to hire the best person you can. Finding that candidate requires a more aggressive form of recruitment by executive search firms which specialize in actively pursuing candidates that best fit the needs of a company.

Executive search firms select from a large pool of highly qualified potential hires expanding their search to include candidates who are not actively seeking new employment, but who might consider filling a different position once it is brought to their attention. There are two different types of search firms: retained and contingency, each have their appropriate applications.

Contingency firms work for a fee that is paid only when a job candidate is placed in a position. Such firms focus on filling vacancies in which there are a large number of qualified candidates in the market, and are usually positions that pay salaries of less than $100,000. Organizations that hire contingency firms are mainly interested in a service that screens and interviews candidates on behalf of their company.

For positions at the senior management level where salaries are in excess of $100,000, and the position needed to be filled requires selection from a highly specialized pool of candidates, retained firms are more appropriate. Retained firms are paid before an actual hire takes place, at a typical rate of one third of the first year’s salary for the position they are seeking to fill. Retained firms are more proactive is seeking out talent than contingency firms, as a retained firm will often pursue executives already employed at other organizations and attempt to persuade them to fill the positions of their clients.

Retained firms vary from being generalized to highly specialized. Generalized firms will provide services across many industries, while specialized firms like The Executive Headhunter Group will focus on providing services in a specific industry where insider knowledge is beneficial in placing the right candidate.

The size of an executive search firm should also be a consideration for businesses seeking to use one. Large firms may have greater resources than smaller boutique firms, but will usually demand much higher rates from their clients for successful placement. Big firms can have a large number of companies from which they have agreed to consider employees off limits. Since firms will often agree not to pursue the talent from their client companies, the field of candidates available to firms with numerous clients can sometimes be severely limited.

While protests have broken out in the financial centers of many of the nation’s cities due to income inequality and unemployment, the turbulent period of recession following the stock market’s peak in 2007 has seen CEO compensation recover almost completely while growth in employee compensation has remained sluggish.

Since the beginning of economic recovery, chief executives at top companies have seen their earnings rebound at a rate much higher than that of the typical American. During the 2008 to 2009 recession, average CEO compensation fell by 38% from a 2007 high of $9.2 million. By the end of 2010 this amount had nearly recovered to reach $8.5 million, and by the end of 2011 executives are expected to be earning more than they were before for the recession had ever happened.

Most of the companies run by these executives are actually doing better than they were before the recession hit. While worker compensation remained stagnant, S&P 500 companies were able to increase their profits by 47% in 2010. This increase is primarily attributable to companies saving money through cost cutting measures and layoffs rather than generating an increase in growth, as greater revenue accounted for only 7% of the boost in profits. The total increase in profits has come at the expense of the American worker, not corporate leadership.

Despite growth and profits, these executives are not hiring. Unemployment currently sits at 8.6%, nearly twice that of the 2007 low of 4.4% prior to the economic downturn. In addition, average worker compensation increased by merely 2.1% to $33,190 during 2010 according to the Bureau of Labor Statistics. The increase was double that of inflation, although the average salary was lower than .5% of an average CEO.

When adjusting for inflation, the average salary of the workers in the United States has remained roughly constant since 1980. In the mean time, the ratio of CEO to worker pay has increased from being 35 times larger in 1980 to nearly 300 times larger today.

The average base salary for a CEO of a Fortune 500 company is approximately $2 million, where base salary is only one of several components of an executive’s total annual earnings. Other methods of compensation include incentive plans, stock options, employee benefits, and paid expenses. The highest paid CEOs can receive total compensation in excess of $100 million.

High level executives below the chief executive received much more modest increases in pay in 2010. CFOs saw a pay increase of 1.7 percent to $201,800, a jump more consistent with average workers. Presidents earned $248,600 in 2010, up from $241,900 for a 2.6% increase. Treasurers pulled in an average of $172,600 that year for an increase of 2.7%.

Since a majority of a CEO’s annual compensation comes from stock, the recovery of CEO earnings since 2007 can be understood as being a direct result of stocks bouncing back to their pre-recession levels. Unfortunately, the recovery of stock prices and overall profitability has been at the expense of the American worker.

KEY LEARNINGS:

7. Did you feel as prepared as you expected to be?

I was very prepared, but I did employ an agent on my behalf to seek out jobs, coach me, and do post-mortems on the ones that got away. I would be happy to give anyone his name.

8. Did things go as quickly as you expected or not? If not, why not?
They were exactly in line with expectations for my salary requirement. (Maybe a little sooner than expected)

9. If you were to advise a fellow member to do only one or two things really well in this process, what would that be?
Use my agent!

10. If you had it to do over again, is there anything you would change?
Yes, I would employ an agent earlier in the process. I spent about three months without one and feel that it was lost time.

11. What two or three things that you did that you feel were the most effective for you?
Sorry to repeat myself, but my agent had a very innovative way to move the process. If anyone would like to hear more I suggest they get in touch with him.

15. Any other comments you would like to make:
If anyone asks, my agent is Craig Chrest, Executive. The Executive Headhunter Group, 281-517-0303