October 3, 2024 at 10:11AM
The survey of nearly 700 CISOs in the US and Canada revealed an increase in average salaries to $565,000 and median salaries to $403,000. Job-switching or threatening to do so resulted in a 31% compensation increase, outweighing the 6.3% increase from annual pay rises. The tech industry offers the most lucrative CISO positions at $721,000 with bonuses and equity. Staff turnover has decreased, attributed to economic and personal conservatism, yet movement is expected to pick up in the near future.
Key Takeaways:
1. CISO Salaries: The survey of nearly 700 CISOs in the US and Canada indicates an increase in salaries over the last year, with an average of $565,000 and a median of $403,000. The top 10 percent of execs are earning over $1 million.
2. Salary Boosting Strategies: The most effective way to increase pay is by switching jobs or getting a counter offer, yielding an average compensation increase of 31 percent. In contrast, getting an annual pay rise led to an average salary increase of just 6.3 percent.
3. Job Turnover: Staff turnover has decreased significantly since the early 2020s, with fewer CISOs considering job changes.
4. Lucrative Sectors: The tech industry offers the most lucrative CISO jobs, with the average base pay of $407,000, which increases to $721,000 when bonuses and equity are factored in. Financial services has the highest average base pay at $495,000.
5. Compensation and Remote Work: Hybrid or office workers received over a 6 percent pay increase last year, while one in five remote workers saw no change in their pay.
6. Regional Disparities: CISO salaries vary regionally, with California topping the scale in the US and CISOs in Canada reporting the lowest earnings.
Overall, the survey provides insights into the current trends in CISO salaries, strategies for increasing compensation, and regional disparities in earnings.