CIO salaries still growing

Turmoil in global financial markets may be knocking millions off stock markets but CIOs' earning power appears to have grown a little since last year, according to the 2008 exclusive silicon.com Skills Survey. But it's a different story for software and web developers.

The majority (44 per cent) of the CIOs and IT directors responding to this year's survey earn more than £70,001 per year, compared to just over a third (36 per cent) who fell into that wage bracket in 2007. However IT chiefs are still not quite back to the glory days of 2006 when practically half (48 per cent) trousered more than £70,001.

More than a third (36 per cent) of CIOs surveyed this year earn between £40,001 and £70,000, while a fifth (19 per cent) get up to £40k.

When it comes to the top earning bracket - of more than £110,001 - CIOs and IT directors comprise almost a quarter of the club, with only board directors and other C-level execs more likely to earn the biggest bucks (see graphic below) .

The number of IT managers at the higher end of the mid-range wage (those pocketing between £55,001 and £70k) has also risen slightly on last year - up from 14 per cent to 16 per cent, but this figure is also marginally down on 2006's high of 18 per cent. The majority of IT managers (61 per cent) take home a more modest salary, of between £25,001 and £55k. Around one in 10 do a lot better, pocketing between £70,001 and £110k per year.

IT consultants still have the power to command big salaries, with close to a fifth (18.5 per cent) taking home between £70,001 and £110k; and the same percentage earning between £55,001 and £70k. However none of the consultants responding to this year's survey earn more than £110,001 - which is a change on 2007 when 13 per cent of the £110k+ club were in the consulting game.

The survey also suggests software and web developers' wages have taken a turn for the worse since last year - with almost half (49 per cent) of these IT professionals now reporting annual salaries of less than £25,000. Back in 2007, close to half (46 per cent) of software and web developers reported earnings between £25,001 and £40k - but this year's survey shows only around a fifth (23 per cent) now earn that much.

The top tech earners are still most likely to be non-IT 'C' level senior executives, such as CEOs, CFOs and COOs. Thirty-three per cent of survey respondents earning more than £110,001 are such non-IT board directors. But this year's CIOs are not too far behind.