A recent study released by an executive search firm shows most U.S.-based CIOs will never have to check the couch for loose change.
Spencer Stuart's CIO compensation study showed that 80 per cent of CIOs earn a base salary within a $200,000 to $300,000 range (all figures in U.S. dollars). Of those, 56 per cent fall within the $200,000 to $250,000 range.
The study also revealed that CIOs within the financial services industry receive the highest average compensation at $459,123, which is 13 per cent more than the next highest paid group, CIOs from the consumer goods sector.
"One fact is clear," said Richard Brennen, global leader of the firm's Chief Information Officer practice, "total CIO compensation increases with company revenue size."
Brennen said the link between the size of the company and pay was consistent across all geographic regions and industry groups. He added that recruitment trends in the industry tend to follow patterns although every company has different needs.
"Generally speaking, large companies hire people with large company backgrounds, whereas mid-size and small companies hire from large, mid-size and small companies," he said. "Financial services companies insist on a financial services background, while life sciences want someone from outside the industry."
The study was based on a sample of 818 CIOs.