Most commonly reported Work Activities

• Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
• Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
• Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
• Communicating with Persons Outside Organisation Communicating with people outside the organisation, representing the organisation to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
• Guiding, Directing, and Motivating Subordinates Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
• Developing and Building Teams Encouraging and building mutual trust, respect, and cooperation among team members.
• Developing Objectives and Strategies Establishing long-range objectives and specifying the strategies and actions to achieve them.
• Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
• Monitoring and Controlling Resources Monitoring and controlling resources and overseeing the spending of money.
• Analysing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

The Work

The managing director is the most senior employee/executive of the company and he/she only reports to the chairperson or board of directors.

The managing director is responsible for the overall performance of the company, as per the board’s overall strategy.

Some of the core responsibilities include formulating and implementing company policy and long-term strategies. It also involves ensuring that the business is profitable by monitoring performances, financial results, plans and budgets, and by taking action to address any issues in these areas.

The managing director maintains a working relationship with both the chairperson of the board and with the management team of the business.

He/She also represents the company, at public events, to major customers and professional organisations for example.

Most commonly reported Work Tasks

• Direct or coordinate an organisation's financial or budget activities to fund operations, maximise investments, or increase efficiency.
• Appoint department heads or managers and assign or delegate responsibilities to them.
• Analyse operations to evaluate performance of a company or its staff in meeting objectives or to determine areas of potential cost reduction, program improvement, or policy change.
• Direct, plan, or implement policies, objectives, or activities of organisations or businesses to ensure continuing operations, to maximise returns on investments, or to increase productivity.
• Prepare budgets for approval, including those for funding or implementation of programs.
• Confer with board members, organisation officials, or staff members to discuss issues, coordinate activities, or resolve problems.
• Implement corrective action plans to solve organisational or departmental problems.
• Direct human resources activities, including the approval of human resource plans or activities, the selection of directors or other high-level staff, or establishment or organisation of major departments.
• Establish departmental responsibilities and coordinate functions among departments and sites.
• Preside over, or serve on, boards of directors, management committees, or other governing boards.

This occupation is typically suited for people with the following Career Interests:

Enterprising

Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.

Administrative

Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.

They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.

Social

The Social person's interests focus on interacting with the people in their environment. In all cases, the Social person enjoys the personal contact with other people in preference to the impersonal dealings with things, data and ideas found in other groups.

Many will seek out positions where there is direct contact with the public in some advisory role, whether a receptionist or a counsellor. Social people are motivated by an interest in different types of people and like diversity in their work environments. Many are drawn towards careers in the caring professions and social welfare area, whilst others prefer teaching and other 'informing' roles.

Becoming a managing director is likely to take a minimum of 10 years of training and working in the industry, but it can often take even longer.

A typical route would be for someone to study business at undergraduate level, and once out in the workforce, to gradually work their way up to supervisor, manager and senior manager positions, before eventually being in a position to apply for a managing director role. This does not have to happen within the same company, but often within a specific sector or industry.

Other relevant undergraduate course subjects can include marketing, law or international commerce for example. But it also depends on the industry you plan to work in.

Many managing directors engage continuously in training and education and it would not be unusual to have a postgraduate qualification in business and leadership. But it is rarely a requirement as a proven track record and an extensive network can be more effective in climbing the business career ladder.

Training & Development

As managing directors are on the top of the career ladder as the most senior employee of a business, career progression may seem unlikely. But a Managing Director can always seek new challenges in bigger companies or move into a Chairperson role within the business. Some Managing Directors decide to branch out and work as an independent consultant for a number of businesses.

In business, having an extensive network and connections is essential. Membership in relevant professional organisations, such as the Institute of Directors in Ireland, can provide networking and training opportunities.

Last Updated: April, 2023

Salary Range (thousands per year)* €75k - €180k

Salaries vary based on your business, employer, location, experience, duties, and role.

Data Source(s):
Brightwater / Sigmar / Lincoln/ Azon/ Morgan McKinley/ Indeed/ Payscale/ Salary Expert

Last Updated: August, 2024

* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.

View Salary information from Indeed.ie
Note: data not aways available

This information has been derived from the Solas National Skills Bulletin (2023).

Employment has grown annually for this occupation since 2019, resulting in an above average annual growth rate over the five-year period. Between quarter 4 2021 and quarter 4 2022, there was little growth in employment for the financial institution managers, with most of the growth relating to other financial managers/directors. Four-fifths of employment is concentrated in the financial activities sector. Although small in number, online job adverts grew by 7% in 2022.

Spotlight on Skills data points to a continuing demand for a range of financial related skills, including financial management, acumen, analysis and forecasting. Skills for financial managers, and in particular financial institution managers, are evolving with the changing nature of the financial sector, e.g. the impact of automation and digitalisation, the move to online banking and the transition to sustainable finance, with upskilling/reskilling likely to be a key requirement to meet future demand.

• Institute of Directors in Ireland

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