The technology industry is one of the most dynamic and lucrative fields in the job market. As technology constantly evolves and new innovations emerge, the demand for technology managers has continued to grow steadily. But how much do these managers earn on average? We take a deep dive into the average salary of a technology manager.
According to data from the Bureau of Labor Statistics, the average annual salary for a technology manager in 2020 was $156,390, with the top 10% earning more than $208,000 annually. However, the salary range for technology managers varies widely depending on factors such as industry, location, and experience level.
Industry
Technology managers can work in various industries, so their salaries can differ depending on the sector they’re in. For instance, technology managers in financial services and healthcare tend to earn higher salaries than those in retail or hospitality. According to a report by Robert Half Technology, technology managers in financial services can earn anywhere from $132,000 to $234,750 annually, while those in healthcare can earn between $122,750 to $221,750.
Location
Where a technology manager works also plays a significant role in their salary. Big cities and urban areas tend to offer higher salaries compared to rural areas or smaller towns. For instance, the average salary for technology managers in San Francisco is $188,020, whereas in Austin, Texas, it’s $142,210, according to Salary.com. This is partly due to the higher cost of living in cities like San Francisco, which factors into the higher salaries.
Experience Level
Years of experience is another critical factor that affects technology manager salaries. Entry-level technology managers can earn an average salary of around $74,000 a year, while those with more than ten years of experience can earn as much as $200,000 annually. This is due to experience and expertise that come with job progression, as well as proven leadership skills and the ability to manage higher-level projects.
In conclusion, technology manager salaries vary depending on industry, location and experience level. They are among the highest-paying jobs in technology, and with the demand for technology professionals showing no signs of slowing down, the technology manager role is expected to be in high demand in the coming years. As a technology manager, you have the potential to earn a substantial salary if you have the right skills and experience.
