Becoming a board member will take your career to the next level. Using your experience and strategic vision to help guide a company or community organisation to success, this role legitimises your talents and increases your reputation in the sector. What you learn will shape your career and transform your leadership skills for the better.
But how does someone become a board member? And what does it take to capture the attention of companies and organisations looking for someone with your expertise? With board members holding significant influence and responsibility within a company, understanding the ins and outs of the role is crucial to achieving your goals.
Here, we delve into the typical roles of board members and what your daily responsibilities could look like should a company or not-for-profit welcome you on their board. Plus, we’ll explore how you can grow your experience and gain qualifications that increase the likelihood you land on the ideal board for your talents.
What does a board member do?
The role of each board member will depend on the company’s needs. Still, those appointed to a board of directors are usually expected to offer strategic leadership, supervise resources and uphold legal and ethical standards.
Through your experience and expertise, you’ll help guide an organisation’s most important decisions while monitoring key decision-makers, such as the chief executive officer, to ensure they protect the interests of the organisation and any shareholders at all times.
Supported by effective communication skills, outstanding leadership and business acumen, board members are often fundamental to an organisation’s success. As your reputation and skills grow, becoming a board member is also great for your career advancement.
What are typical roles for board members?
A typical board of directors consists of numerous roles, with each member overseeing a specific aspect of the organisation. The roles on the board of a specific company will also change depending on its needs. Here are some of the most common roles filled by board members.
Chair: Leads and facilitates the board of directors while collaborating and overseeing the performance of the company’s chief executive.
Vice Chair: Supports the chair by helping to share the load of leading the board of directors and fills their role when required.
Secretary: Enables and records board meetings and business documents while ensuring the leadership team follows its ethical and legal obligations.
Treasurer: Reviews and directs the organisation’s financial management strategy and executes the company’s financial reporting requirements.
Executive board directors: Holding an executive role within the organisation, executive board members provide a link between the board and the company’s operations.
Non-executive board directors: Not involved with day-to-day operations, non-executive board members offer independent oversight and guidance on the organisation’s performance.
What is the difference between sitting on a public or private board?
It’s wise to understand the differences between sitting on a private or public board. Essentially, private boards are obligated to act in the best interests of their shareholders or company members, while public entities, such as major banks, must act in the best interests of the public.
As different statutes and laws dictate the conduct of private and public boards, those hoping to become board members must understand their duties and responsibilities. With consequences facing those who act recklessly or illegally, don’t take your role as a board member lightly.
What are a board member’s daily responsibilities?
Although your role on the board will determine your responsibilities, there are several duties expected of most board members. From taking part in meetings to reviewing performance reports, board members spend their days focusing on these tasks:
- Setting a strategic vision
- Attending board meetings
- Appointing and monitoring executives
- Guiding organisational decision-making
- Collaboration with board members and executives
- Maintaining legal, ethical and financial responsibilities
- Reviewing budgets and assessing projects
- Representing the organisation at events
How to get appointed as a board member
Ready to become a board member? Getting appointed to a board relevant to your experience and expertise isn’t always straightforward. However, the following strategies can help increase your prominence in your industry and prove your credentials as a candidate.
Perfect your board value proposition
Whether attending a formal board interview or chatting with a relevant contact at a corporate event, having a board value proposition is crucial to success. This is essentially a brief statement summing up the skills and experience you’ll bring to the board and how it differs from other existing board members.
This statement is supposed to be short, like an elevator pitch, highlighting your talent for quickly and persuasively making your point. When looking to become a board member, consider the unique value you bring and use this to shape your board value proposition. The right approach could help you land the ideal role.
Gain experience
Most professionals won’t land on their dream board of directors at the start of their careers. However, those with aspirations to guide organisations at the highest levels can take steps from the beginning to realise their objectives. For example, developing your leadership skills with a community group or not-for-profit can refine your talents.
Not only will you become a better director, but you’ll also get exposure to numerous helpful experiences, like setting budgets or making strategic suggestions. Then, once you begin the search for a top-level position, you’ll have tangible expertise that shows how you know what it takes to navigate the challenges of being a board member.
Grow your network
Although some people have talents that are too good to ignore, many board members are chosen because they’ve become known and trusted within their industry. This means professionals must focus their attention on networking through events, attending trade shows and getting active in online communities.
Ultimately, building a personal brand is wise for someone looking to become a board member. As you increase your prominence in the industry and showcase your insight, you’ll become a recognisable and reliable name, giving you the best shot at landing on your dream board of directors.
Complete a governance course
While no single qualification makes someone eligible to become a board member, completing the Governance Professional Series course at Monarch Institute provides the ideal preparation for your future. Explore the concept of governance alongside the major activities and responsibilities as you gain the confidence to advance your career.
Designed for online learning, this course is also excellent for professionals with busy lives. You’ll hear from experienced directors who have completed the same journey while gaining valuable insight into governance concepts like strategy, risk and financial responsibility. Plus, you’ll learn how to carry yourself in this competitive space.
The best reasons to become a board member
Becoming a board member offers incredible job satisfaction and career advancement. If you’re ready to take the next step, here are some of the best reasons for joining an organisation’s board, whether it’s a small business, a sporting club or an international corporation.
Advance your career: Serving as a board member is a great way to boost your career advancement. As you take on a position of authority and have input on major strategic decisions, you’ll gain outstanding leadership experience while nurturing your communication skills. This can hasten your career progress while improving your prospects.
Drive tangible change: When you serve on the board of directors, you have significant influence over how the business makes decisions. In fact, your work could transform a small operation or community organisation into a powerful force. Plus, you’ll help foster the next generation of talent. Naturally, this offers board members incredible job satisfaction.
Refine your skills: There’s no doubt you’ll refine your skills if you become a board member. The position demands a mix of leadership qualities, business acumen, strategic thinking and communication expertise. Navigating the complex situations encountered by a typical board will teach you valuable lessons.
Grow your standing: You must find ways to stand out to maximise your career’s potential. Joining a board and leading how a business or organisation determines its future is a great place to elevate your standing. As other industry figures recognise your talent, more opportunities are bound to arise.
How does a board member get paid?
Serving as a board member isn’t the same as a regular job, so figuring out a board member’s salary is complicated. For example, many people serving on the board of community groups and not-for-profit organisations do so as volunteers. However, don’t discount unpaid positions entirely, as these can still be great for networking and career advancement.
In more corporate settings, board member salaries are typically determined by a selected committee. If you already work as an executive at the company, you might receive additional compensation for your role on the board. Meanwhile, non-executive directors usually receive a salary for their guidance as board members.
Find board member qualifications at Monarch Institute
Excited to become a board member? The Governance Professional Series at Monarch Institute is perfect for both aspiring board members and experienced directors looking to refresh their talent and knowledge. This highly flexible, digital-first course will prepare you for a role on a top-notch board of directors.
Similar careers
Explore how to lead a business or organisation and become an outstanding manager with Monarch Institute’s top-notch courses. Led by our experienced teachers and thought leaders, these courses help your career thrive.
- Diploma of Leadership and Management
- Advanced Diploma of Leadership and Management
- Diploma of Business (Organisational Development)
Related resources
Finding a role as a board member offers immense satisfaction and career advancement. Learn more about the role from these resources on our blog.
- What is a Director ID and do you need one?
- The best 10 highest paying jobs in Australia without a degree
- What’s the difference between leadership and management?
Get prepared to become a board member online today
Become an outstanding board member. Contact our friendly course consultants at Monarch Institute to discover how you can maximise your talent and boost your career.
