Managing Director (MD) is generally a level of employees in the financial industry, which is more common in financial institutions such as investment banks and private equity investment companies. In terms of rank, the managing director is lower than the partner (if any) and higher than the executive director. In terms of business, he often leads a department of his financial institution, but a department also has many managing directors.

An executive director refers to a director who participates in the operation. As an executive director in the legal sense, it refers to the position set up by a small limited company to be responsible for the company's operation and management, and there is no board of directors. As the executive director of a listed company, the executive director has no clear legal basis.

Executive directors and non-executive directors are relative. The so-called executive director is to participate in the operation of the enterprise as a director. An executive director, also known as an incumbent director, refers to a director who is appointed to hold a specific position on the board of directors and has professional responsibility for it.