How to Become a Super-Rich CEO
10:30 am, July 30th | by Amy Tennery
First, the bad news: if you’re a CEO, your salary probably hasn’t recovered much since the financial collapse. This according to Inc’s most recent survey on CEO compensation. The good news, however, is that the survey (and some other fun tidbits of information Mogulite came across) lays to rest some commonly held notions about what it takes to be a super rich CEO.
For starters the survey shows geographical superiority goes to Chicago and not New York City, with CEOs there had a median salary of $279,000 a year compared to Manhattan’s $272,000. Ouch!
The highest-paid industry for CEOs, however, was a bit less of a shocker: finance and insurance CEOs made $239,000 (again, that’s the median), compared to the tech and information industries, which reported averages of $234,000 and $233,000, respectively. Not exactly a landslide victory, but a crucial win for the finance folk.
What’s interesting is the upward momentum of salary that comes with an increase in the number of staff members. The larger the company, the more money you make, according to Inc — but this only applies to CEOs! The lower level employees? The ones without a corner office? They don’t see any benefit at all! (Cue evil laugh.)
So how do you become this large, brooding, Chicago-based finance and/or insurance titan? Well, the so-called laws of entrepreneurship have also changed.
Contrary to the myth of the young, genius entrepreneur, the average and median age of founders in “fast growth industries” is actually 40, according to data that The Washington Post dug up. Also, if you’re still in school, don’t watch “The Social Network” and thing I’m going to do that! and then ditch school and live in your parents garage. Apparently, people with college degrees are also more likely to succeed in those “fast growth industries.”
So there you have it: live in Chicago, work in finance and/or insurance, go to college and try to be 40, if possible. You’re welcome.