How to Determine if You're Qualified for Corporate Board Service

When contemplating corporate board service, one of the first questions that comes to mind is: “Am I qualified?” Understanding your qualifications can be complex, especially given the varying standards across industries and companies. Here’s how you can assess whether you’re ready for a corporate board position.

Titles Aren’t Everything

While titles can provide a snapshot of someone’s role, they don’t tell the whole story. Also, titles are not created equal at different companies! For instance, a Managing Director at Citibank holds a different weight compared to a Managing Director at PwC. Similarly, a Vice President title is ubiquitous in banking but might signify different levels of responsibility across companies.

So, how do you determine if you’re qualified? If you’re at the Senior Vice President (SVP) or C-suite level, it’s likely you’re in the right league. However, if your title doesn’t immediately reflect top-tier leadership, there’s more to consider.

Position Relative to the CEO

One of the primary indicators of your readiness for board service is your proximity to the CEO. Typically, board candidates are no more than two levels down from the CEO. However, exceptions do exist. For example, partners at law firms, professors, or doctors may still be qualified despite being several levels down in a hierarchy, especially if they hold significant influence or responsibility.

If you work for a subsidiary of a large conglomerate, your eligibility might depend on where your immediate boss stands in the corporate ladder. In such cases, the size of your budget, your P&L responsibilities, or the number of people you manage can play a crucial role in determining your executive level.

The Nature of Your Responsibilities

To gauge your qualifications, consider your current responsibilities. Are you in charge of a significant budget? Do you manage a team? Are you part of the strategic decision-making process at your company? If you answer “yes” to these questions, you are likely operating at an executive level suitable for board service.

Evaluating Skill Sets for Board Service

The landscape of corporate board sought after skill sets has evolved significantly, especially over the last two years. Boards are no longer just looking for sitting CEO’s, CFO’s/financial experts. They are seeking individuals with a variety of diverse skill sets, including:

Technology: Understanding the impact of digital transformation and cybersecurity.
Risk Management: Navigating complex regulatory and operational risks.
Human Resources (HR) and Talent Management: Expertise in building and retaining top talent.
Mergers & Acquisitions (M&A): Experience in growth strategies through acquisitions.
Global Experience: Insight into international markets and operations.
Sales & Marketing: Driving growth and market share.
Operations: Optimizing processes for efficiency and effectiveness.

These skills reflect the broader scope of what modern boards need to guide their companies through the challenges and opportunities of today’s business environment.

Determining whether you’re qualified for corporate board service involves more than just assessing your title. It’s about understanding your position within your company, the nature of your responsibilities, and the unique skills you bring to the table. With the right mix of experience and expertise, you can be well-positioned for a successful board career.

I’ve been helping women assess their board qualifications and readiness for over 20 years. If you’d like to learn more, reach out to me here.

Sheila Ronning, CEO & Founder, Women in the Boardroom.