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Increasingly, organizations rely on skilled technical professionals, such as chief technology officers to give them a competitive edge. CTOs evaluate the newest technologies to identify whether they can improve company operations and also develop the technical standards and best practices to keep systems running smoothly and securely. Good CTOs can improve a company's efficiency and bottom line significantly, a feat that carries tremendous responsibility, but also tremendous reward.

Typical chief technology officer salaries

Technology management can be an impressively lucrative career. The U.S. Bureau of Labor Statistics reports that the median salary for computer systems managers, including CTOs, in 2010 was $115,780, with the top 25 percent earning in excess of $146,080. This report provides an average salary for a number of different types of technology managers, however CTOs tend to earn significantly more. According to Salary.com, chief technology officers earned $192,123 on average in 2011. Meanwhile, GlassDoor.com, a company that collects real employer salary data, lists chief technology officer salaries at up to $280,000 for experienced professionals within larger organizations.

Note that these figures are only averages; where you live and work can impact your salary tremendously. BLS data for computer systems managers, including CTOs, shows that the highest salaries in 2010 were in New York, New Jersey and California.

While baseline earnings for a particular region are important, potential CTOs should also consider living costs when predicting their disposable income--salaries can go much further in affordable cities. According to data from both the BLS and the Council for Community and Economic Research, the following metro areas boasted the highest chief technology officer earnings in 2010 relative to cost of living:

• San Jose - Sunnyvale, CA: $161,150
• Chelmsford, NH: $135,870
• Durham, NC: $130,000

But while location can impact prospective earnings, education remains the key driver in lifetime earnings and employment potential as even the most tech-savvy professionals are unlikely to go far without the right credentials.

How to become a chief technology officer

While some people naturally have a way with technology, becoming a high-level technical manager requires training, like that available at chief technology officer schools. The BLS notes that most CTOs earn master's degrees in areas like computer or information science. Those who go on to earn two-year MBAs with a technical focus tend to fare best. Thanks to the computer-based nature of the field, more schools than ever offer chief technology officer training online, a convenient solution for working professionals who want to advance their careers.

Career outlook for chief technology officers

While corporations may hire multiple IT managers, they usually only employ one chief technology officer, making this a particularly competitive position. Those with specialized technical know-how and solid business training through chief technology officer schools should fare best. Demand for skilled chief technology officers is in high gear. The BLS expects positions among computer and information systems managers, including CTOs, to grow by 17 percent between 2008 and 2018.

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