Vice President, Chief Operating Officer (COO) Salary
Chief Operating Officers in the United States can expect to earn a very generous salary, with average salaries (in the ballpark of $142K) surpassing six figures annually. Total cash compensation to Chief Operating Officers ranges from $83K on the lower end to $271K on the higher end; the final number includes potential for approximately $60K each from bonuses and profit sharing in exceptional cases. Location and years of experience each impact pay for this group, with the former having the largest influence. Male Chief Operating Officers are far more common among survey respondents than their female counterparts, who typically comprise less than one-third of the field. Most workers in this position report high levels of job satisfaction. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Respondents to the PayScale salary survey provided the data for this report.
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 report using a large range of skills on the job. Most notably, skills in Telecommunications, Sales Management, Operations Management, and Business Development are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Microsoft Word, Budget Management, and People Management. Those educated in Operations Management tend to be well versed in 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.
Chief Operating Officers do not generally earn higher incomes from more experience in the field. Individuals who have worked for fewer than five years report earning $120K on average, a generous six-figure sum for those just starting out. After working for 10 to 20 years, Chief Operating Officers make a median salary of $159K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $178K.
Pay Difference by Location
With a pay rate for Chief Operating Officers that is 71 percent greater than the national average, Philadelphia offers a comfortable salary for those in this profession. Chief Operating Officers will also find cushy salaries in San Francisco (+31 percent), New York (+30 percent), Minneapolis (+25 percent), and Dallas (+20 percent). Compared to the national average, Houston Chief Operating Officers have considerably lower salaries, 28 percent below the national average to be exact. Location appears to be a major driving force in pay for those in this profession. A couple other locations with smaller-than-average paychecks include Atlanta and San Antonio (18 percent lower).
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Key Stats for Vice President, Chief Operating Officer (COO)
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