For many senior executives, corporate board service lives on the "someday" list — a post-retirement goal or final career chapter. But waiting too long may be one of the biggest missed opportunities in executive development today.
The best time to prepare for a board role isn't after you've stepped down. It's while you're still in the thick of your career, when your influence is high, your experience is current and your network is strong.
Active executives stand out
Today's boards aren't just looking for prestige or past titles. They want directors who bring a real-time perspective and relevant leadership experience.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.
Digital transformation, ESG (environmental, social and governance), cybersecurity, workforce strategy — these are dynamic, complex issues best understood by those still leading through them.
That means actively serving executives have a clear edge. Even without prior board experience, candidates who understand today's challenges and can articulate their value are well-positioned to stand out.
According to Spencer Stuart's S&P 500 New Director and Diversity Snapshot, about one-third (34%) of the class of 2024 are first-time directors — and 67% of them are still actively employed.
The message is clear: Boards are increasingly open to fresh perspectives from leaders who are in the trenches today, not just those who have stepped away.
If you wait until after retirement, you risk losing relevance. Boards often prefer candidates who are still engaged in the business world. Starting early, ideally two years before transitioning, keeps your momentum strong and your options open.
Preparation takes time
Here's where many leaders stumble: they assume board work will fall into place once they retire. In reality, finding a board seat takes time, often 12 to 18 months.
Differentiating yourself as a strong board candidate is more than updating a résumé. It includes refining your narrative, creating tailored materials and cultivating the right relationships.
Crafting a compelling professional narrative is a foundational step in preparing for board service, and it takes time. It becomes the foundation for your board bio, LinkedIn profile and even networking conversations, making it easier for others to advocate for you.
In a competitive landscape, your ability to articulate your value to a board with confidence and clarity can make all the difference.
Value for you and your company
Board service isn't just beneficial for the individual. It delivers real value back to the executive's organization. Serving on an external board sharpens strategic thinking, expands business perspective, and introduces new ideas and frameworks.
It can also raise your company's profile and strengthen its employer brand.
Looking for expert tips to grow and preserve your wealth? Sign up for Building Wealth, our free, twice-weekly newsletter.
Executives who serve on boards often return with fresh energy, broader insight, and greater loyalty to their teams and mission. It's a win-win for both the leader and the organization.
Growth at the top
By the time you've reached the executive ranks, development looks different and career movement slows down. You're not learning the basics; you're navigating complexity, driving transformation and mentoring others.
Board service can provide unique exposure and development. It challenges you in new ways, connects you with high-caliber peers and offers a broader lens on business. For leaders who want to keep growing, it's a smart and satisfying evolution.
A strategic bridge to what's next
Beyond growth, board roles create a natural bridge to your next chapter. Whether you envision a phased retirement, portfolio career or consulting work, having board experience already in motion opens doors.
And while no one can predict what their "next" will look like, starting early gives you the most control over how and when you shape it.
The case for now, not later
The most effective time to pursue board opportunities is before you step away from full-time leadership. Serving while you're still active brings immediate value: Sharper strategy, expanded influence and renewed purpose.
For many, it becomes a fulfilling second act that doesn't require stepping back — it means stepping forward in a new direction.
The bottom line? Board readiness isn't something to save for retirement. It's a strategic career move that's most powerful when you're still at the top of your game.
Related Content
- Want an Encore Career in Retirement? Consider These Seven Steps
- Six Winning Moves to Land a Job After 50
- Looking to Make a Job Change? How to Stand Out Like a Pro
- Why Networking Now Can Build a Better Retirement Later
- Career on Autopilot? Executive Coaching Can Give You a Boost
-
I'm a Financial Adviser: You've Built Your Wealth, Now Make Sure Your Family Keeps ItThe Great Wealth Transfer is well underway, yet too many families aren't ready. Here's how to bridge the generation gap that could threaten your legacy.
-
Want to Advance on the Job? Showing Some Courtesy and Appreciation Could HelpTwo business professors share their insights about the impact of digital communication on the social skills of some in Gen Z and the importance of good manners on the job.
-
I'm a Financial Adviser: You've Built Your Wealth, Now Make Sure Your Family Keeps It
The Great Wealth Transfer is well underway, yet too many families aren't ready. Here's how to bridge the generation gap that could threaten your legacy.
-
Want to Advance on the Job? Showing Some Courtesy and Appreciation Could Help
Two business professors share their insights about the impact of digital communication on the social skills of some in Gen Z and the importance of good manners on the job.
-
Markets Prepare for August Inflation Data: Stock Market TodayApple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
How Five Retirees Turned Their Passion into a BusinessFor these entrepreneurs, later life has little to do with winding down. Find out how they turned hobbies and passions into businesses — and how you can, too.
-
From Job Loss to Free Agent: A Financial Professional's Transition Playbook (and Pep Talk)The American workforce is in transition, and if you're among those affected, take heart. You have the skills, experience and smarts that companies need.
-
A Financial Planner's Top Five Items to Prioritize When Your Spouse Is IllDuring tough times, it's easy to overlook important financial details, but you'll be so much better off if you take care of these things right now.
-
'Rich' Tricks to Volunteer and Donate in RetirementThere may be some tax benefits to giving back in retirement.
-
An Expert Guide to Outsmarting Inflation: Don't Let It Restrict Your RetirementInflation is often underestimated when estimating retirement income, education funding or investment returns. These strategies can help preserve your purchasing power and reduce your financial anxiety.
