Vice President Job Description: Top Duties and Qualifications

A Vice President, or VP, is responsible for supporting senior leadership personnel by managing lower-level departments and business operations. Their duties include relaying information about business objectives or company policy changes to Department Directors or Managers, meeting with company Executives to develop business strategies and overseeing department projects or initiatives.

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Vice President Duties and Responsibilities

As Vice President, this person will have various duties and responsibilities that were learned through trial and error throughout the years in the workforce. A Vice President should have years of work experience, as well as previous managerial experience under his/her belt.

The Vice President of a company usually has many duties and responsibilities as one of the executives in the company:

  • Be aware of the internal and external competition from local and national companies who work in similar areas, and keep up to date with the overall economic landscape.
  • Look for expansion opportunities, like new customers, markets and industry developments. Take advantage of possible opportunities that can occur to advance the company.
  • Evaluate the overall state of the company and understand where it can improve and what it is doing well.
  • Contribute to the sales area of the business to add to profitability.
  • Create and see through a specific plan that guides the company or specific department to work towards.
  • Guide and direct the work of other senior leaders like assistant vice presidents or managers.
  • Take part in the CEO or president team meetings that create the overall vision of the company.
  • Sign important documents for the company.
  • Lead various departments to work towards a specific goal each year.

What Does A Vice President Do?

Vice Presidents typically work for corporations across industries, but they can also work for financial or educational institutions. They work closely with other upper management personnel to make important decisions and oversee business operations. Their job is to identify areas for improvement within their organization and motivate lower-level staff to meet their department goals. They may also be responsible for maintaining relationships with Business Partners and traveling on behalf of upper management to oversee business deals.

Vice President Skills and Qualifications

To become Vice President of a company, this person has to have a variety of skills and qualifications that were accumulated over the years. A Vice President is a senior position in a company and there should be solid skills in a resume.

The following are some of the skills a vice president can have:

  • Leadership skills to lead departments and employees to follow-through the plan and goals set forwards.
  • Interpersonal skills to guide employers and work with the president and CEO.
  • Time management to organize tasks and finish them on time.
  • Decision-making skills that higher-ups have to do in a business such as cutting costs and expanding company business.
  • Written and verbal communication to get point across to a variety of people in the business and clients.
  • Analytical thinking to arrive at conclusions after analyzing data and information.

Vice President Salary Expectations

As a Vice President, the average salary expectation is $154,471 per year, with an average cash bonus of $20,000 a year and profit-sharing of $25,000 a year.

Vice President Education and Training Requirements

As a Vice President, the minimum education requirements include a bachelor in business administration or similar field. Employers prefer a master’s degree in business administration as this degree teaches hands-on administration skills needed to run a business.

Those who become certified in the field the firm works in have another advantage. If, for instance, the firm works in the sales field and the Vice President has a certification in sales, it really shows the knowledge gained in sales and the importance on advancing the firm in that area. 

Vice President Experience Requirements

As a Vice President of a company or firm, there have to be years of experience gained in order to have a high position. There should be about five years as a minimum to ten years in a managerial or supervisory role to gain the necessary experience to lead a company.

Job Description Samples for Similar Positions

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Frequently asked questions about Vice Presidents

 

What is the difference between an Executive Vice President and a Senior Vice President?

Large organizations typically employ Executive and Senior VP roles to assist the President and other company Leaders with the diverse scope of business operations. The difference between an Executive Vice President and a Senior Vice President is seniority, and subsequently, their ability to make decisions without approval from the President. 

Executive Vice Presidents usually hold more seniority than the Senior Vice President and work directly under the President. Because they have more experience in a VP role, Executive Vice Presidents can make decisions about budgeting, operational procedures and even hiring decisions without the President’s approval. In contrast, the Senior Vice President can make suggestions to the President about budgeting and other factors, but they have to receive approval before they carry out initiatives.

 

What are the daily duties of a Vice President?

On a typical day, the Vice President of a company starts by checking their email or voicemail to respond to time-sensitive messages from company personnel or Business Partners. They review upcoming project deadlines for departments and look over department budgets to determine if they have enough funding to complete tasks. Throughout their workday, they participate in meetings with the President and other Executives to review financial data, market research or legal topics. 

During downtime, the Vice President visits with Department Directors and Managers to relay information from Executive meetings. They also make sure to engage with company Employees and compliment them on their work efforts.

 

What qualities make a good Vice President?

A good Vice President is someone who knows how to be both a Leader and a supporter. This is important as Vice Presidents need to support Chief Executives in their business objectives while also acting as a leader to all lower-level personnel. They should have excellent interpersonal communication, enabling them to adjust their communication strategies depending on whether they’re speaking to a Chief Executive, Department Manager, company employee or Business Partner. Further, a good Vice President stays up-to-date on industry trends and topics to contribute to strategic decision-making.

 

Who does a Vice President report to?

The Vice President usually reports directly to the President of a corporation. Still, they can also report indirectly to the Chief Executive Officer (CEO), Chief Operating Officer (COO) and other Chief Executives. These individuals act as a point of communication for Vice Presidents to relay information from lower-level department managers and discuss current business operations. They also provide the Vice President with specific tasks to oversee to ensure profitability, productivity or compliance.

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