As business becomes more global and complex, and power shifts from producers of goods and services to consumers, a chief marketing officer’s (CMO’s) responsibility of planning and coordinating an organization’s marketing activities becomes more challenging. Pursuing a career as a CMO today requires both marketing and general business skills, which can be acquired in an MBA program with a specialization in Marketing.
Job Outlook
The U.S. Bureau of Labor Statistics (BLS) projects employment of top executives, including chief marketing officers, will grow steadily in coming years. Job growth will vary by industry and will generally reflect the growth or decline of the industry. For example, healthcare is a rapidly-growing field and healthcare marketing firms should have more opportunities for top executives. Competition is strong for top positions; candidates with strong marketing experience and leadership qualities could have an advantage.
Chief Marketing Officer Job Duties
A chief marketing officer is responsible for an organization’s day-to-day marketing operation. CMOs coordinate the production of public relations, media, creative, promotions and advertising. They ensure the organization’s message is distributed across channels and to targeted audiences in order to meet sales objectives. Today, this means seeking out new ways to deliver messaging, such as mobile devices, video and social media.
These senior marketing professionals must be both analytical and creative, and knowledgeable in a variety of disciplines, such as production, information technology, legal and finance. They are often responsible for strategic planning and development, branding, market research, customer service and sales management across global markets. CMOs typically report directly to the chief executive officer.
Chief marketing officers often plan, direct and coordinate marketing budgets in accordance to organizational goals. Reviewing and approving advertising campaigns, marketing reports, vendor contracts and expenditures are additional job duties for CMOs.
Generating revenue by increasing sales through successful marketing for the entire organization is perhaps the chief marketing officer’s most significant responsibility. To do it successfully, they must recruit, hire and supervise staff, including creative directors, graphic designers, application developers and media professionals.
Chief marketing officers usually work in a private office; a 40-hour week is standard. Depending on the size of the company, travel to satellite offices may be required. In this deadline-driven occupation, chief marketing officers sometimes need to put in extra hours.
Salary Potential: Chief Marketing Officers
According to national salary data on PayScale.com, as of August 2020, top chief marketing officers had a median total income of about $174,573 per year, with those in the 25th to 75th percentile earning between $90k and $266k in total pay.
Top salaries generally go to those with the advanced education and experience employers need to remain competitive in a changing global business environment.
Education and Training Requirements
While a bachelor’s degree and experience are sufficient for some chief marketing officer positions, most employers show preference to candidates with a master’s degree.
Marketing and business professionals who wish to advance into a chief marketing officer position can improve their prospects by enrolling in an MBA program with a specialization in Marketing. Coursework typically includes strategic marketing, consumer behavior strategies, marketing management and advanced market research.
Employers can be confident that professionals who have earned an MBA with a specialization in Marketing are able to:
- Position a brand and build equity.
- Identify marketing opportunities and develop success strategies to leverage them.
- Use critical thinking to make decisions and solve problems.
- Apply modern theories of leadership, management and negotiation to real-world challenges.
- Leverage advanced knowledge and skills to succeed as a chief marketing officer.
Do You Aspire to Advance to a Chief Marketing Officer Career?
Chief marketing officer is a fast-paced and challenging position – and it can be fun, too. To be successful, you’ll need strong business skills, as well as outstanding communication and interpersonal skills. Flexibility, drive and the ability to think on your feet are also important attributes. If you possess these qualities and are ready to take your career to the top of the marketing world, a chief marketing officer role could be the perfect fit for you. Earning an MBA with a specialization in Marketing not only provides the skills and knowledge top employers want, it can boost your confidence as you compete for lucrative chief marketing officer positions.