A report showed that the average age and tenure for CEOs across several industries in the U.S. was 58 years and 8.0 years, respectively.
Korn Ferry based the report’s findings from the top 1,000 companies by revenue in 2016 nationwide. It concluded that 54 years old was the overall average age for a member of the top management team, while average tenure spanned 5.3 years.
Aside from CEOs, the Korn Ferry report analyzed information from other members of the C-suite team, comprising CFOs, CHROs, CMOs and CIOs. Those holding the latter two positions in 2016 represent the youngest members of the C-level group. A typical CMO was 52 years old with 4.1 years of tenure at the time of the study, while a CIO was 51 years old with a tenure of 4.3 years.
The report’s insights will be useful for those gunning for a C-level position. The average age of CEOs may indicate that you need to be older, yet the tenure reflects serving in the position for much longer than any other C-suite member.
While a pursuit to become a CEO may be challenging, foreign professionals may have a tougher time in seeking employment in the U.S.
This is because the application process for an H1-B visa in Utah, Minnesota, and other states have become more difficult. Buhler Thomas Law, P.C. explains that this type of visa allows U.S. companies to hire skilled overseas workers, including architects, IT professionals, and doctors.
It makes sense that CEOs seem to be the oldest member of any top management team, as they should have the most number of years of experience under their belts. On the other hand, foreigners with ambitions to work in the U.S. should be aware of how to handle visa-related challenges, amid the harder process of obtaining a work visa.