So You Want to Join a Board … Are You Ready?

December 5, 2024 By: Liz Colodny

Illustration of people of various ages and ethnicities sitting at a large round table in an office with a floor to ceiling window and a cityscape beyond.

Many successful MBA graduates aspire to join a board of directors, but how much thought should go into the process of identifying a meaningful match and making it through the vetting process? I, along with several MBA alumni who are board members, would argue that a great deal of thought is called for. Sure, there is the appeal of adding “board bling” to your resume, bio, and LinkedIn profile.

But the consideration should go beyond that. Joining a board isn’t just about what you can gain; it’s also about what you’re willing to give. Board members are expected to invest time, share expertise, and often help with fundraising or securing resources. Assessing your readiness means asking not only if you have the right qualifications but also whether you’re prepared to make a sustained commitment.

For mid-career professionals, a board role can be a strategic move to expand your skills, increase your influence, enhance your visibility and gain experience in governance, strategy, and leadership at a higher level. In addition, joining a board offers a platform to leverage expertise in a meaningful way, contributing to causes or organizations that align with your values. Not surprisingly, most mid-career graduates are contributing to nonprofit boards, as corporate board roles are generally reserved for C-suite executives or those close to that leadership level.

What type of board is right for you?

There are three main types of boards you might consider: nonprofit boards, advisory boards, and corporate boards. Each type of board has distinct responsibilities, qualifications, and expectations.

Nonprofit boards

Nonprofit boards focus on the governance of mission-driven organizations, often in areas like healthcare, education, social services, and environmental advocacy. Vito Dellerba, MBA ’15, managing director for sustainable investing at CDPQ and a graduate of the Executive MBA Americas program, is a board member and vice chair of the investment committee for the Green Municipal Fund (GMF), a nonprofit entity that delivers environmental, economic, and social impact in Canada. The GMF manages approximately $2.4 billion in programs funded by the Government of Canada. Dellerba, who has managed a multi-billion dollar portfolio, has an asset management background that, combined with his expertise in sustainability, makes him uniquely attractive to support the GMF as the board’s investment committee vice chair.

With a strong domain experience in healthcare and life sciences, Rana Chreyh, MBA ’16, vice president and practice leader, management consulting, at Stratford and a graduate of the Executive MBA Americas program, is on a mission to give back to the community as vice chair and board member for Queensway Carleton Hospital in Ottawa, Canada. She devotes 10-15 hours per month as vice chair and previously chaired the patient safety and quality committees. Chreyh was referred to the board by a colleague who appreciated her medical device and hospital experience. For those considering a board position, Chreyh offers this advice: “Look for where gaps exist and understand that governance differs from management; your role is to have strategic oversight and not day-to-day management.”

Morgan Jones, MBA ’15, director of community engagement at Avenues: The World School and a graduate of the Executive MBA Metro NY program, has served as copresident and a board member of NYC Cornellians since 2020. In addition, since 2014 he has committed his energy and talents to more than ten nonprofit advisory boards, reflecting his diverse interests. These include giving back to Cornell, supporting the arts, sustainable initiatives, food insecurity in Queens, and various Asia-related boards (Jones is fluent in Mandarin).

Jones’s support runs the gamut, from fundraising to event planning to coordinating local capital projects. He says it’s imperative to “find something you’re passionate about, to feel a drive and connection with the organization’s mission so that you will stay committed.” Also, you need to be cautious around how much time you can commit and ensure that aligns with the organization’s requirements.

Qualifications valued in nonprofit board members include:

Passion for the mission
Strategic vision
Fundraising ability
Related expertise

Advisory boards

An advisory board differs from a traditional board of directors in that it provides non-binding guidance and support to the organization. Advisory boards are often created for specific purposes, such as providing expertise in a new market, helping with strategic planning, or advising on technical developments.

Jones describes the distinction between his nonprofit versus advisory board commitments this way: “What I do for my community soup kitchen as an advisory board member is not based on particular requirements of the role; rather, it is more about what I am interested in and able to contribute, such as making volunteer introductions and calls to donors.”

As an advisory board member with the George H. W. Bush Foundation for U.S.-China Relations, Jones draws on his particular expertise and industry experience. He attends meetings quarterly and lends his expertise in Mandarin and professional experience in the education space to provide general advice regarding Chinese students’ education in the U.S.

Qualifications valued in advisory board members include:

Specialized expertise
Strategic insight
Industry experience

Corporate boards

Joining a corporate board is often the pinnacle of board service, and it’s typically the most exclusive and challenging to attain. Corporate boards govern for-profit businesses and are responsible for overseeing management, strategic planning, risk assessment, and ensuring the company’s fiduciary responsibilities are met. Corporate board members have a legal duty to protect the interests of shareholders, and the commitment often includes a significant time investment.

Leadership advisory consultant Laura Mantoura, managing director for board and CEO advisory partners at Russell Reynolds Associates, conducts board searches across industries in addition to coleading their Women on Boards initiative in the U.S. According to Mantoura, corporate board consideration often requires that directors have held C-suite roles or had scale and complex roles within the executive levels of their organizations. Additionally, she says, “You’ll need permission from your company to consider an external board—often limited to one public board, if you are an active executive—as well as to follow the due process to ensure there are no material business conflicts.”

When you consider your value proposition, be sure you convey the breadth of your background in addition to your core expertise or responsibilities to reinforce that you will bring an enterprise-level perspective to the board. Include any international areas of responsibility or authority, and roles involving mergers and acquisitions, strategic human capital, and environmental, social, or governance issues. Boards seek directors who have the time, who are committed to having an impact, who are good listeners, and who are willing to constructively challenge anything.

Given the average board size of 11 directors for Fortune 500 organizations, a board refreshment strategy typically involves only one or two new directors per year. While search firms partner with multiple corporations on their board refreshment plans, this only accounts for approximately 50 percent of placed directors. Mantoura advises: “Activate your network of individuals who can objectively and persuasively speak to the impact you could have as a director and also to you as a professional in terms of how you may evidence the gold standard behaviors and ‘fit’ that is so key on boards.”

Qualifications valued in corporate board members include:

Executive experience
Financial literacy
Diversity of experience, perspective, and background
Independence from the company whose board you are serving on to ensure unbiased oversight

Preparing yourself for board service

Regardless of the type of board you’re interested in serving on, follow these key steps to prepare yourself:

Self-assess your skills and interests.
Build your network, especially with existing board members and executives.
Enhance your board knowledge: The National Association of Corporate Directors (NACD) website offers a great deal of information. NACD focuses on board development, director education, and credentialing, including a directorship certification credential.
Clarify expectations to understand the time commitment, responsibilities, and any financial expectations.

Whether you’re considering a nonprofit, advisory, or corporate board, understanding the qualifications, expectations, and responsibilities will help you decide if you’re ready to contribute effectively. Remember that board service is a two-way street—it’s about what you bring to the table and what you’re willing to invest in the organization’s success.

About the Author

Liz Colodny is senior associate director, Executive MBA and Alumni Career Development, at the Samuel Curtis Johnson Graduate School of Management in the Cornell SC Johnson College of Business.