What is a Chief Technology Officer?
A chief technology officer is an executive position (i.e. Chief Executive Officer, or CEO) within a company, organization, or government agency. It is most commonly the highest technical position within the organization, and the CTO is responsible for overseeing and driving the company’s technical vision. This executive is the leader of all aspects of a company’s technological development and plays a significant role in the development, direction and growth of the company as a whole.
CTOs make decisions about how existing technology will be used and how new technologies can be developed and applied in order to further the organization’s goals and improve functioning. For this reason, chief technology officers need to be big picture thinkers but also have deep technical knowledge. They also need to be aware of business practices and trends within their industry in order to understand the best ways technology can be used to move an organization forward.
How to Become a Chief Technology Officer
Many chief technology offers hold at least master’s degrees in computer science, business administration, or engineering. Because experience is the most important requirement for a CTO, most began their careers in entry-level positions and worked their way up after gaining experience and proving their knowledge and leadership abilities.
Technically, any IT job could eventually lead to a CTO position if the individual is talented, understands business and strives to advance their knowledge within the field. However, one must hold at least a bachelor’s degree in a related discipline, such as information technology, computer science, management information systems, or business and then pursue further education or certificates as they move forward.
Because a CTO is an executive position, job seekers will most likely need at least 15 years of experience in a related field, unless they have exceptional skills or talents, in order to be considered. No matter what route is taken to become a CTO, the most important thing is to have an intimate understanding of both technological systems and the business world.
Chief Technology Officer Career Outlook & Salary
Chief technology officers, as part of executive groups, are potentially among the highest paid employees in the United States. Although the U.S. Bureau of Labor Statistics does not include specific figures for chief technology officer positions, they do list the median annual wages for executives managing computer systems design and related operations ($133,140 annually) and executives providing technical consulting services ($130,390), which are both aspects of what a chief technology officer may do. Salary will vary greatly according to level of responsibility and the size and location of the company or government organization.
Employment of top executives is expected to see almost no substantial growth from 2008 to 2012. This is not due to a lack of job opportunities, but more due to the very high level of competition for executive positions. Additionally, when executives do leave positions, they often do so in order to transfer to an equal position in another company. This trend leaves fewer job openings for new candidates, although they do exist. The availability of executive positions within a field will depend of the growth of that industry or particular company itself. For example, the health care industry will see enormous growth, and, hence, there may be the potential for more executive-level technology officer positions within that field.
