Many technology professionals look to the C-suite, dreaming of one day becoming a CIO. Executives in these roles make decisions about every aspect of their company’s tech stack and overall technology strategy. They are essential to the adoption of emerging technologies such as artificial intelligence (AI).
But how much do CIOs actually get paid? Good news for those aspiring to the role: CIO compensation is up 7% from last year and more than 20% from 2019, executives from Heller Search Associates told CIO.
Victor Janulaitis, CEO of consulting firm Janco, told CIO that CIOs at Fortune 50 companies can earn more than $250,000 a year, while the average salary for a CIO at a mid-size company can exceed $176,000. When you factor in benefits like retention bonuses and stock, the compensation package can be even bigger.
This lines up somewhat with the results of Dice’s latest Technology Salary Survey, which found that the average salary for senior technology executives, including CIOs and CTOs, was $163,526, down slightly (-0.8%) from last year. In other words, it’s a very high-paying role – if you can get it.
The path to becoming a CIO
Curious about what a CIO does on a day-to-day basis? It’s a big job that includes many (if not all) of the following responsibilities:
Strategic Planning: Develop and implement the organization’s technology strategy to support business objectives. Budget Management: Monitor technology budgets and effectively allocate resources. Risk Management: Identify and mitigate technology risks to protect the organization’s data and systems. Vendor Management: Select and manage technology vendors and service providers. Team Leadership: Lead and coach the technology team to ensure their productivity and engagement. Stakeholder Communications: Communicate with executives, employees, and external stakeholders about technology initiatives and projects.
Yes, it’s tough. To succeed in the role, a great CIO needs “soft skills” like empathy and communication (they talk to other executives, organizational stakeholders, and their teams all day long) as well as technical and problem-solving skills. If you want to be a CIO in the future, keep these tips in mind:
Build a strong foundation: Gain experience in a variety of technical roles, such as systems engineer, network engineer, or software developer. Specialize: Focus on a particular technical area, such as cyber security, cloud computing, or data analytics. Seek leadership opportunities: Take on a leadership role within your team or department. Network: Build relationships with other technical professionals and industry leaders. Get certified: If you work in an industry that values certifications, especially cyber security, get a relevant certification, such as Certified Information Systems Security Professional (CISSP). Continuous learning: Stay up to date with the latest technology trends and best practices.
CIOs often start by seeking out leadership opportunities early in their careers and honing their skill sets. Networking and relationship building are equally important. Following these steps and continually developing your skills will increase your chances of becoming a successful CIO.