Chief Technology Officer (CTO) Salary
Chief Technology Officers in the United States can look forward to a sizeable six-figure salary — around $151K per year on average. Cash earnings for Chief Technology Officers — including $60K in bonuses and $51K in profit sharing proceeds near the top of the pay scale — generally stretch from $88K to $263K depending on individual performance. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction is reported as high by the vast majority of workers.
|Salary||$86,806 - $227,091|
|Bonus||$2,325 - $60,269|
|Profit Sharing||$1,468 - $51,474|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$88,116 - $263,341|
|Hourly Rate||$12.47 - $192.71|
|Overtime||$0.14 - $295.90|
|Bonus||$2,325 - $60,269|
|Profit Sharing||$1,468 - $51,474|
|Total Pay (||$88,116 - $263,341|
Job Description for Chief Technology Officer (CTO)
A chief technology officer is part of an executive team in a company. He or she leads the efforts of the technology development within the company. This is usually the highest position related to technology within a company. Leadership skills are needed, as the CTO will often lead teams of people in the information technology department.Read More...
The CTO may decide when technologies need to be updated, so it is important to stay up to date with developments in the field. It is also important to keep an eye on the competition, in order to stay a step ahead. An abundance of research will be carried out by the CTO, and reports will be generated. That way, decisions can be made by the executive team. The CTO will generate a vision for the company and a plan to achieve it in the future. It is important to harness the best technology available to provide a good experience for the end user and to make employees’ work more efficient.
Since this is a senior position in a company, it is usually necessary to have many years of experience in a position relating to information technology. Since the job involves many duties, it is important to be self-motivated and to be able to problem-solve, multitask, and work well under pressure. The CTO may have a bachelor’s, master’s, or doctorate’s degree in a field such as information technology, computer programming, or another computer science.
Chief Technology Officer (CTO) Tasks
- Lead technology teams in day-to-day operations, provide key expertise, supervise the heads of departments, and set performance goals.
- Conduct technical reviews of products or solutions to compare and evaluate their applicability.
- Contribute to senior management team, guiding strategic decisions and resource allocation.
- Monitor management of all hardware, software, databases and licenses, maintenance, and projections of future needs.
- Define technology strategies and ensure that processes meet expectations for federal, state and community privacy and security.
Common Career Paths for Chief Technology Officer (CTO)
Chief Technology Officers may not see large compensation differences if they transition into an upper-level role such as VP of Computer Software Engineering. VPs of Computer Software Engineering on average make about as much as Chief Technology Officers do. Chief Technology Officers most frequently advance into Chief Information Officer and Chief Operating Officer roles even though the median salaries are $16K lower and $23K lower, respectively.
Popular Skills for Chief Technology Officer (CTO)
Survey takers working as Chief Technology Officers report using a large range of professional skills. Most notably, skills in Software Architecture, Leadership, Java, and Product Development are correlated to pay that is above average, with boosts between 5 percent and 8 percent. Those listing HTML as a skill should be prepared for drastically lower pay. Network Management / Administration and SQL also typically command lower compensation. The majority of those who know IT Management also know Project Management.
Pay by Experience Level for Chief Technology Officer (CTO)
Pay by Experience for a Chief Technology Officer (CTO) has a positive trend. An entry-level Chief Technology Officer (CTO) with less than 5 years of experience can expect to earn an average total compensation of $101,000 based on 188 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Chief Technology Officer (CTO) with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $126,000 based on 322 salaries. An experienced Chief Technology Officer (CTO) which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $164,000 based on 944 salaries. A Chief Technology Officer (CTO) with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $185,000 based on 717 salaries.
Pay Difference by Location
Washington offers some of the highest pay in the country for Chief Technology Officers, 31 percent above the national average. Chief Technology Officers can also look forward to large paychecks in cities like Boston (+21 percent), San Francisco (+17 percent), Denver (+13 percent), and Salt Lake City (+12 percent). Place of residence plays a huge part in a Chief Technology Officer's salary, with Kansas City Chief Technology Officers earning salaries that are 23 percent less than the national average.
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