What Does It Take To Become A Board Member? A 2024 Guide

Becoming a board member is arguably one of the most rewarding things you can do in your career. As a member of the board, you’ll be a part of the company’s exclusive committee, have a say in mission-critical business decisions, fight to protect shareholder interests, and enjoy healthy compensation for your trouble.

But how on earth do you earn your seat at the board? Well, that’s exactly what we’re going to examine now. In this article, we’ll outline the skills, qualifications, and experience you’ll need to become a board member in 2024. 

What does a board member do?

First things first, let’s discuss what a board member actually does. 

Board members are responsible for overseeing the overall strategy and direction of the company. As a board member, you’ll provide governance  and ensure the business doesn’t veer off course. Essentially, it’s your duty to hold the business accountable to its stated mission and values.

In a typical board meeting, members will scrutinise the financial performance of the company, advise on risk management, and ensure regulatory compliance. It’s a role requiring a strong understanding of the business landscape, specific challenges, and opportunities within the sector. 

Key skills for board members

The decisions made by the board will have a dramatic impact on the future of the business. As such, all board members must possess the ability to think strategically. Ask yourself — can you:

• Interpret complex financial data?
• Anticipate market trends and prepare for challenges in advance?
• Identify potential market disruptors and develop strategies to combat them?

If you answered yes to all of the above, you may have what it takes to be a board member.

But you’ll need much more than strong analytical thinking to succeed. Leadership and governance skills are crucial too. This means having a solid grasp of corporate governance principles, and the ability to lead with integrity and accountability. In addition to this, all board members need a healthy understanding of risk management. From staying informed about potential threats, to developing strategies to manage them. 

And finally, perhaps one of the most crucial — but also overlooked — skills of all: communication. As a board member, you must be able to articulate your ideas and opinions confidently and authoritatively, while also possessing strong active listening skills. 

Qualifications and experience

While all of the skills listed above are essential, having the correct qualifications and experience will significantly boost your chances of securing a seat on the board. A strong educational foundation, typically at the postgraduate level, is often expected — especially degrees in business, finance, or law. 

Board members also need to possess excellent leadership qualities, so previous experience in positions such as CEO or CFO will put you in good stead for the role. 

And of course, industry expertise is highly sought after. Boards want members with a deep knowledge of the company’s sector. Pair this with a governance certification, such as the Chartered Director (CDir) qualification, and you’ll be well-equipped to handle life on the board.

Building your network

Provided you’ve got all the necessary skills and qualifications, connections within your industry and beyond can open doors to board opportunities. Joining professional organisations, such as the National Association of Corporate Directors (NACD) or the Institute of Directors (IoD), offers networking events, resources, and training programs that can be highly beneficial. Attending industry conferences is another great way to meet industry leaders and stay updated on the latest trends and challenges.

It also helps to get social. Leveraging LinkedIn to connect with current board members and industry influencers, joining relevant groups, and participating in discussions can increase your visibility. Seeking mentorship from a current board member can also provide invaluable guidance and introductions to the right people, further enhancing your network and opportunities.

How to stand out from the crowd

If you’re vying for a position on the board, you can bet your bottom dollar that you’ll be facing stiff competition. When the time comes to apply, standing out from other candidates is essential. Crafting a compelling board CV is crucial, highlighting your strategic achievements, governance experience, and industry expertise. Tailoring your CV to reflect the specific needs of the board you’re applying to can make a significant difference. Remember — form is just as important as function when it comes to resumes, so don’t be afraid to add a little artistic flair to it. You can use a tool like Resume.io to create breathtaking, eye-catching CVs in minutes. Add a headshot, apply the same colour scheme as the company’s house branding, go the full nine yards! 

Preparation for board interviews is important too. These interviews are rigorous and often involve multiple stages, so be ready to discuss your vision for the company, how you can add value, and your approach to governance and risk management. Showcasing your unique value, whether it’s a specific expertise (such as prior experience with Diligent, a popular board management tool), a fresh perspective, or a track record of driving innovation, can make you an attractive candidate to the board. 

Becoming a board member in 2024 requires a combination of strategic skills, relevant qualifications, and a robust professional network. By understanding the role, honing your skills, gaining the necessary experience, and leveraging modern tools, you can position yourself as a strong candidate for board positions. Remember, it’s not just about what you know, but also who you know and how you can uniquely contribute to the board’s success. Take these steps seriously, and you’ll be well on your way to earning that coveted seat at the boardroom table.