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An executive vice president (EVP) is responsible for maximizing an organization’s operating performance and achieving its financial goals. EVPs tend to have a broad array of responsibilities ranging from communicating with the board of directors to preparing operating budgets to overseeing a strategic plan. A bachelor’s degree in business plus seven to 10 years' experience is typically required for this position, along with outstanding management skills, demonstrated leadership and the ability to solve problems.
An EVP is responsible for maximizing an organization’s operating performance and achieving its financial goals. Typical functions of an EVP may include liaising with the board of directors, attending board meetings, ensuring sound financial practices of the organization, managing the strategic plan, ensuring a healthy working environment and overseeing revenue generation and general operations.
An EVP may report to the chief executive officer or president of the board and typically manages a number of staff, such as the director of operations and director of finance.
Executive Vice Presidents tend to have a broad array of responsibilities across several departments and with various members of the organization. These may include:
Finance: responsible for sound financial management of the organization, identifying ways to increase revenues and decrease costs, analyzing financial reports and working with staff and an audit committee to prepare operating budgets.
Human resources: maintaining a healthy work environment and ensuring sound policies and procedures are in place.
Board of directors: sharing information with the board of directors to ensure it is kept up to date on activities, providing financial information and attending board meetings.
Business development: responsible for sales innovations and strategic business development.
Organizations typically require a bachelor’s degree in business, although an advanced degree is often preferred. Many organizations require seven to 10 years' experience with previous executive level experience a plus.
In addition to education and previous experience, there are a number of skills and personal attributes often required for this position such as outstanding management skills, demonstrated leadership, fiscal management experience, the ability to effectively delegate and maintain a “big picture” strategic view. The EVP should also be good at solving problems, have the ability to translate policies into daily routine operations and be self-assured, confident and goal-oriented.
According to SalaryList.com, as of May 2010, the average salary of an executive vice president was $178,000. EVPs may be employed in a variety of settings that range from nonprofit organizations to private companies. Specific salaries may depend upon the employment setting.
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