More often, CEOs are appointed from within the company as they are familiar with the company culture rather than appointing an external candidate. According to Forbes, “three-quarters of today's top leaders were appointed internally,” meaning that promotion from within is common in most companies (Sanders, 2011, p. 2). Companies prefer internal appointments instead of external appointments because the candidate is familiar with company policies and everyone who works there. This also means that the company takes less risk by appointing from within the company. On average, it takes executives about 16 years to be named CEO. On the other hand, executives with experience in various companies who are appointed CEOs are able to bring a fresh perspective that allows them to leverage what they have learned along the way from the various companies they have managed (Sanders, 2011, p. 2 ). Although CEOs are appointed with diverse backgrounds, a college degree is important to get a job as an executive and begin the step towards becoming a