Music producers require vast knowledge of the ever-changing world of recording technology, and the constants the comprise the physics of sound. Many producers have a higher education degree in music theory and often take specialized courses to study both, and supplement that knowledge with apprenticeships in recording studios.
Perhaps the most important quality a producer can possess is intuition, as they are in charge of understanding the artist's vision, offering advice on how to improve it, committing that vision to record, and presenting it to the world.
Musicians often talk about good producers "catching their sound." This is a phrase used to describe a recording that accurately represents what the artist wanted and how the producer improved upon that desire.
The first step in making a record (other than writing music and hiring a producer) is pre-production. It is the process in which the producer collaborates with the artist on the arrangement and overall feel of the songs.
Bands recording on big budgets may pre-produce as many as 100 songs for an album, knowing only 10 or 12 will make the final cut. Bands on small budgets will pre-produce only the number of songs to be recorded -- or sometimes will forgo the pre-production process completely.
The bulk of pre-production consists of recording "scratch tracks," essentially performances that the artist and producer review to decide what should be changed about the song.
With the ideas from pre-production in mind, the artist begins recording. At this point, the producer, artist and recording engineers have worked together to decide which equipment to use (guitars, amplifiers, drums, microphones, etc.) for the sound they wish to achieve.
Once those decisions have been made, the producer oversees the actual recording of the song, making sure the artists are performing to the best of their ability (or in some cases, beyond it). Good producers have been known to push musicians past what they thought were their limits.
Once the songs tracks have been recorded, the producer either mixes the record, or oversees the mixing of the record by an engineer. This is the process of ensuring that the sound of the music is balanced appropriately.
At this point, the mastering process begins. When mixing is complete, the producer masters the record or oversees the mastering of the record by an engineer. Mastering is the process of fine-tuning the individual tracks on the songs -- adjusting equalization levels and scrubbing the tracks of undesirable noises.
Producers are paid in several ways. Many charge an hourly fee, while others charge flat rates per song or per album. Additionally, producers sometimes work for points, or pay based on how well the record sells. Successful record producers can become extraordinarily wealthy, however, most make a moderate to comfortable living from their production career.