Many tech professionals have their eyes on the C-suite, with the ambition of one day becoming a CIO. Executives in those positions make decisions about every aspect of a company’s tech stack, as well as its overall technology strategy; they’re critical to the adoption of emerging technologies such as artificial intelligence (AI).
But how much do CIOs actually get paid? Here’s some good news for anyone aspiring to the role: CIO compensation has increased 7 percent since last year, and more than 20 percent since 2019, according to an executive from Heller Search Associates speaking to CIO.
Victor Janulaitis, CEO of consulting firm Janco, told CIO that CIOs at Fortune 50 companies can make more than $250,000 per year, and that median salary for these executives at midsize companies can top $176,000. When you factor in benefits such as retention bonuses and equity, the compensation package grows even more.
That aligns somewhat with the findings of Dice’s most recent Tech Salary Survey, which pegged the average salary for senior tech executives—including CIOs and CTOs—at $163,526, having decreased very slightly (-0.8 percent) year-over-year. It’s a very well-compensated role, in other words… provided you can land it.
The Path to CIO
Curious about what a CIO does on a daily basis? It’s a big job that includes much (if not all) of the following:
- Strategic Planning: Developing and implementing the organization's tech strategy to support business goals.
- Budget Management: Overseeing tech budgets and allocating resources effectively.
- Risk Management: Identifying and mitigating tech risks to protect the organization's data and systems.
- Vendor Management: Selecting and managing technology vendors and service providers.
- Team Leadership: Leading and mentoring tech teams to ensure they are productive and engaged.
- Stakeholder Communication: Communicating with executives, employees, and external stakeholders about tech initiatives and projects.
Yes, that’s a lot. To succeed in the role, a good CIO needs “soft skills” such as empathy and communication—you spend all day talking to other executives, as well as organizational stakeholders and teams—as well as technical and problem-solving skills. If you want to one day become a CIO, keep the following tips in mind:
- Build a Solid Foundation: Gain experience in various tech roles, such as systems engineer, network engineer, or software developer.
- Specialize: Focus on a particular area of tech, such as cybersecurity, cloud computing, or data analytics.
- Seek Leadership Opportunities: Take on leadership roles within your team or department.
- Network: Build relationships with other tech professionals and industry leaders.
- Pursue Certifications: Obtain relevant certifications, such as Certified Information Systems Security Professional (CISSP), especially if you work in a certification-heavy industry such as cybersecurity.
- Continuous Learning: Stay up-to-date with the latest technology trends and best practices.
People who land in the CIO seat often start their journey early in their careers, seeking leadership opportunities and fine-tuning their skillsets. Networking and building relationships is likewise critical. By following these steps and continuously developing your skills, you can increase your chances of becoming a successful CIO.
