Employment of top executives is expected to grow by 6 percent through 2028, but the need for CEOs may decline as consolidation increases and technology improves, according to the U.S. Bureau of Labor Statistics.
Five things to know about CEO job outlook:
1. Top executives will see employment grow as fast as the average for all other jobs, but employment will vary depending on occupation.
2. For instance, general and operations managers will see a 7 percent growth in employment by 2028; chief executives, however, will see a 5 percent decline.
3. Factors contributing to the decline in demand for chief executives include improved office technology, changing organizational structures and a slowing of new firm creation as companies become larger and more concentrated.
4. Still, candidate competition for the top executive positions won't wane. Candidates will continue to face strong competition for CEO roles, especially as high pay and prestige attract many qualified applicants.
5. In 2018, the median annual pay for chief executives was $189,600.