One of the important members of the decision-making team of any company is the chief technology officer (CTO), who supervises the requirements of technological development. The chief technology officer (CTO) is supposed to lead, manage and ensure the best feats from his technical team.let us know about that the Salaries For Chief Technology Officer.
To enhance the customer experience, the chief technology officer (CTO) is supposed to use technology for developing policies in this regard. He also finds optimal ways of capital investment and technological goals of short and long-term nature. Since the role of chief technology officer (CTO) is at the executive level, so is his salary range in different regions of the USA.
The Chief Technology Officer has an estimated total pay of $219,518 per year in the United States. Their average salary is $191,649 per year. Additionally, they receive an estimated payment of $27,869 per year, which includes commission, profit sharing, tips, and a bonus in the form of cash. This is 13% of their salary. CTOs earn $18,293/month, equivalent to $4,573/week or $114.33 an hour. CTOs in Boston make 9% more than the US average pay, amounting to $239,182.
Salaries of the Chief Technology Officer
The salaries of chief technology officers may vary based on company size, location, and years of experience.
Salaries based on Company Size
Different companies offer varied salaries to their CTOs based on their revenue, funds, and size. For example, a CTO in a startup company cannot earn a salary equivalent to the CTO of a big venture like Facebook.
Mostly, a startup company’s chief technology officer is compensated with a salary of between $91,000 and $207,000. Many startups can meet this highest range after receiving increased funds. Whereas Facebook’s Chief Technology Officer was rewarded with $21,812,977 in total compensation in 2019. So company size makes a big difference.
Startups have fixed budgets, so they have a limited range of salaries for CTO, but they make sure that they pay according to the skills and experience possessed by their CTO. Apart from this, the competitor’s salary range is also kept in mind.
Salaries Based on Experience
Experience in the field also plays an important role in determining the salary range of a chief technology officer.
1 Year of Experience
CTOs with 0–1 year of experience is compensated with a salary of $130,567 every year, out of which $110,514 per year is the base pay and other bonuses include $20,053 per year.
1-3 Years of Experience
CTOs with 1-3 years of experience is compensated with a salary of $139,255 every year, out of which $117,514 per year is the base pay, and other bonuses include $21,741 per year.
4-6 Years of Experience
CTOs with 4-6 years of experience is compensated with a salary of $147,840 every year, out of which $125,989 per year is the base pay, and other bonuses include $21,851 per year.
7-9 years of experience
CTOs with 7-9 years of experience is compensated with a salary of $155,103 every year, out of which $133,692 per year is the base pay, and other bonuses include $21,412 per year.
10-14 Years of Experience
CTOs with 10–14 years of experience is compensated with a salary of $186,123 every year, out of which $160,429 per year is the base pay, and other bonuses include $25,693 per year.
15+ Year Experience
CTOs with 15+ years of experience is compensated with a salary of $223,347 every year, out of which $196,294 per year is the base pay and other bonuses include $27,053 per year.
Salaries based on location
The location where the chief technology officer is based also determines how much he can earn. It is a known fact that if you are working in a large metropolitan area, it is correlated with a higher salary, but this also leads to a high cost of living. The Chief Technology Officer has an estimated total pay of $219,518 per year in the United States.
All the states in the United States of America have different ranges of salaries for chief technology officers.
Arizona
CTOs in Arizona earn $231,906 on average, which is more than the national average by 6%. This amount is also 6% more than the combined average salaries of cities like Los Angeles. The average bonus a CTO gets is 15% of their salary, i.e., $34,406.
California
CTOs in California earn $213,470 on average, which is less than the national average by 3%. This amount is also 6% less than the combined average salaries of cities like Seattle. The average bonus a CTO gets is 12% of their salary, i.e., $25,778.
Texas
CTOs in Texas earn $176,048 on average, which is less than the national average by 20%. This amount is also 28% less than the combined average salaries of cities like Chicago. The average bonus a CTO gets is 13% of their salary, i.e. $22,767.
Indiana
CTOs in Indiana earn $221,200 on average, which is more than the national average by 0.1%. This amount is also 4% less than the combined average salaries of cities like New York. The average bonus a CTO gets is 13% of their salary, i.e., $28,856.
Washington
The CTOs in Washington earn $220,054 on average, which is more than the national average by 0.1%. This amount is also 3% less than the combined average salaries of cities like Chicago. The average bonus a CTO gets is 15% of their salary, i.e. $32,465.
Conclusion
The job description of Chief Technology Officer includes discovering and implementing technologies and strategies that bring competitive advantages to the company. He must possess leadership qualities as well as strategic thinking and problem-solving propensity. Since CTOs bring great progress to their companies, their salaries are also correlated to the intensity of their work. They enjoy handsome packages ranging between $130,567 and $239,182 per year based on their experience as well as their location.
Faqs
What is the job description of the chief technology officer?
Chief Technology Officers are supposed to detect and apply new technologies that produce a competitive advantage for the company. They also help departments of the company use technology profitably.
What percentage of tax applies to a Chief Technology Officer?
An estimated average federal tax on the salary of the Chief Technology Officer would be 35% annually.
What is the lowest and highest salary for the chief technology officer?
The lowest and highest salaries in the United States are $130,567 and $239,182 per year, respectively, for a Chief Technology Officer.
