Vice President, Chief Operating Officer (COO) Salary
Average pay for a Chief Operating Officer in the United States is considerable, rounding six figures at $143K per year. Total cash compensation to Chief Operating Officers approaches anywhere from $82K on the lower end to $268K on the higher end; in exceptional cases, this can include more than $61K from bonuses and upwards of $48K from profit sharing. Geography is the biggest factor affecting pay for this group, followed by years of experience. Most Chief Operating Officers survey respondents are men (76 percent). Medical benefits are awarded to most, and a strong majority earn dental coverage. The majority of Chief Operating Officers claim high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.
Job Description for Vice President, Chief Operating Officer (COO)
Most companies comprise a wide range of operating groups pursuing different organizational goals. The chief operating officer (COO) - who may also be a vice president - is a top-level executive who helps ensure the success of all of these operations. They perform a number of tasks such as making high-level business decisions, supervising groups of managers, and coordinating all of the organization's operations to maximize profitability. They also make presentations to employees, as well as to the chief executive officer and the organization's board. Chief operating officers typically work in a business setting during regular business hours, although overtime may be required for emerging issues and deadlines. They generally report to the chief executive officer.Read More...
The chief operating officer must be a hard-working, detail-oriented individual who has a thorough understanding of their company's goals. The chief operating officer must use all available resources to stay aware of all operations, so as to formulate and execute new strategies as needed. Excellent communications skills are vital, as is a willingness to be cooperative and collaborative; this helps establish relationships with the chief executive officers and the many employees under their supervision.
The minimum educational requirements for this position depending on the size of the company and the scope of the chief operating officer's responsibilities. A bachelor's degree in business, management, or a related field is sufficient for some operations; larger corporations generally expect a master's degree or more. Experience in the field is also required, preferably in a managerial role.
Vice President, Chief Operating Officer (COO) Tasks
- Execute operational strategies to deliver products or services and provide leadership and guidance.
- Manage overall budget and financial policies, and oversee specific reports and forecasts.
- Identify growth and market opportunities.
- Direct, coordinate and evaluate operational teams and product implementation.
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Popular Skills for Vice President, Chief Operating Officer (COO)
Chief Operating Officers seem to require a rather large skill set. Most notably, facility with Telecommunications and Strategic Planning are correlated to pay that is significantly above average, leading to increases of 24 percent and 4 percent, respectively. Those listing Microsoft Word as a skill should be prepared for drastically lower pay. Leadership and Microsoft Excel also typically command lower compensation. Most people who know Operations Management also know Microsoft Excel and Microsoft Office.
Pay by Experience Level for Vice President, Chief Operating Officer (COO)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Chief Operating Officers, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Salaries can reach six figures almost right off the bat; beginning workers who have less than five years' experience bring in a median of $116K per year. Chief Operating Officers with one to two decades of relevant experience report an average salary of approximately $167K. Chief Operating Officers who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $174K.
Pay Difference by Location
Philadelphia offers some of the highest pay in the country for Chief Operating Officers, 70 percent above the national average. Chief Operating Officers can also look forward to large paychecks in cities like San Francisco (+30 percent), New York (+27 percent), Minneapolis (+26 percent), and Austin (+18 percent). Place of residence plays a huge part in a Chief Operating Officer's salary, with Houston Chief Operating Officers earning salaries that are 29 percent less than the national average. Not at the bottom but still paying below the median are employers in Atlanta and San Diego (28 percent lower and 18 percent lower, respectively).
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