Vice President (VP), Information Technology (IT) Salary
Job Description for Vice President (VP), Information Technology (IT)
The vice president of information technology (IT) is a high-level position that oversees an organization's technology initiatives, as well as IT changes and updates to all projects. The vice president assesses IT systems and makes decisions on investments and implementation of future technology. They must achieve IT department goals within the context of the organization's vision and values. They also help develop policies, standards, and objectives, in addition to participating in training sessions and helping recruit new talent. One of the most important functions of this position is the helping create budgets and authorize purchases, with help from other executives and managers. Most vice presidents of IT work in an office setting during regular business hours, although overtime may be required, particularly for projects on deadline.Read More...
This is an executive position that requires outstanding interpersonal skills and the ability to lead a team in a way that promotes efficient, high quality work. Vice presidents of information technology also need to be able to develop sustainable business relationships with vendors. In addition, they must be attentive to detail and handle stress well. A bachelor's degree is needed for this position, along with several years of experience in the IT field. Different leadership and technology certifications from major software/hardware companies are usually a plus.
Vice President (VP), Information Technology (IT) Tasks
- Establish the strategic direction of the Company's information systems as well as executing the strategy.
- Identify and propose new information technologies and systems to improve business processes and decision making.
Common Career Paths for Vice President (VP), Information Technology (IT)
At the upper end, VPs of Information Technology who move into a Senior Vice President of Operations role may earn a little more as the latter position has a median salary of $180K per year. A lot of VPs of Information Technology advance their careers by becoming Chief Information Officers and Chief Technology Officers. However, those positions offer $11K less and $8K less per year on average.
Vice President (VP), Information Technology (IT) Job Listings
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Popular Employer Salaries for Vice President (VP), Information Technology (IT)
Well-known firms with a reputation for hiring numerous VPs of Information Technology include J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Citibank, Morgan Stanley, and The Goldman Sachs Group, Inc. VPs of Information Technology flock to State Street Bank for generous paychecks, where average earnings of $193K lead the pack in compensation. VPs of Information Technology will also find cushy salaries at Barclays Capital Inc (+$184K), The Goldman Sachs Group, Inc. (+$170K), and Blackrock, Inc. (+$164K).
Citigroup, Inc. reports the lowest median salary in the area (it's only $125K) but some workers make up to $174K, indicating a rather large gap in employee earnings. Other low-paying employers include Deutsche Bank at $126K and Bank of America Corp. (BOFA) at $127K, though some VPs of Information Technology there earn up to $170K.
Popular Skills for Vice President (VP), Information Technology (IT)
VPs of Information Technology seem to exploit a large range of skills on the job. Most notably, skills in Program Management, Strategic Planning, Leadership, and Software Development are correlated to pay that is above average, with boosts between 9 percent and 19 percent. Those listing Network Management / Administration as a skill should be prepared for drastically lower pay. Business Analysis and IT Management also typically command lower compensation. It is often found that people who know Network Management / Administration are also skilled in IT Security & Infrastructure. A tool kit that includes Project Management also typically contains People Management, IT Management, and IT Security & Infrastructure.
Pay by Experience Level for Vice President (VP), Information Technology (IT)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For VPs of Information Technology, experience does not seem to be a major factor in determining pay. Large paychecks, which sit comfortably in the six-figure range, are handed out almost immediately; professionals who have less than five years' experience report earning a median of $120K per year. People with 10 to 20 years of experience make an average of about $155K in this role. VPs of Information Technology who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $170K on average.
Pay Difference by Location
Home to some of the best pay for VPs of Information Technology, San Jose offers exceptional salaries, 47 percent above the national average. VPs of Information Technology will also find cushy salaries in Washington (+21 percent), Atlanta (+20 percent), Boston (+18 percent), and San Francisco (+16 percent). Place of residence plays a huge part in a VP of Information Technology's salary, with Tampa VPs of Information Technology earning salaries that are 21 percent less than the national average. Below-median salaries also turn up in Charlotte and Jersey City (12 percent lower and 3 percent lower, respectively).