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It’s hard work to become a Chief Medical Officer. So, asking questions about the average chief medical officer salary in New York, California, or any other state, is totally cool.
Aside from the fact that you need to roll up your sleeves to beat the competition for this role, the career part can be challenging and rewarding at best.
So, whether you’re interested in a more challenging position with good pay, or just looking for a fresh start, we have included everything you need to know about the salary of the chief medical officer in 2023.
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What Does It Mean To Be a Chief Medical Officer?
A Chief Medical Officer (CMO) is someone who manages hospital budgets, recruits and trains healthcare physicians, and ensures that all staff adheres to safety guides.
If you want to become a chief medical officer, you’ll need years of medical and administrative study.
In addition, you’ll arm yourself with experience, along with the right blend of management and leadership skills. Also, getting a Master’s or Doctorate degree will boost your chances.
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What is the Role of the Chief Medical Officer?
The role of a CMO revolves around administration and management.
Specifically, a Chief Medical Officer oversees all aspects of a medical facility. You’ll be involved in all areas, such as setting department budgets, recruiting new physicians, and updating current staff with changing regulations.
But that’s not all. All the dust from dramas by doctors, nurses, and patients is likely to settle on your desk. Also, you’ll be answerable to the MD or Chief Executive Officer.
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What is the Average Chief Medical Officer’s Salary?
The average Chief Medical Officer salary is $424,854, according to salary.com.
Comparably puts out a lower salary of $216,662 per year
In summary, the average salary in the US ranges from $221,768 to $422,716 according to different job sites.
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Factors Affecting the Salary of Chief Medical Officers in the US
Years of Experience
Your pay as a Chief Medical Officer depends on your level of experience.
In other words, the more years you spend working as a chief medical officer, the more you can expect to earn.
For instance, in data puts out by the BLS, Chief Medical Officers with less than 1-year experience earn about $135,097 per year.
On the other hand, those in their mid-career (5 to 9yrs) earn about $21,028 while those with 20+ years earn about $386,979.
Location
Your location can also affect how much you earn as a chief medical officer.
Typically, working in a large metropolitan area correlates to a higher salary, as well as a higher cost of living.
For instance, let’s look at the difference between the following cities according to the Bureau of Labor Statistics data:
The average Chief medical officer salary in NYC and San Francisco is $308,685 and $303,819 respectively.
Those are quite high when compared to that of Oklahoma City at $190,473.
Responsibilities
Chief medical officers with more responsibilities at work tend to earn more. This will help your company, but it will also make you more valuable, and likely lead to a bigger salary.
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How Much Does a Chief Medical Officer Make in the US?
How Much Does Chief Medical Officer Make A Year?
The Chief Medical Officer’s salary in the US range from $36,529 to $780,609 per year according to comparably.
ZipRecruiter puts the annual Chief Medical Officer salary in the US at $237036 a year. The Chief Medical Officer’s salary is $239027 per year in the United States according to indeed.com.
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How Much Do Chief Medical Officers Make a Month?
The chief medical officer makes $19,753 per month in the US according to ZipRecruiter. But you might want to take a look at the range from salary.com.
To get that, we’ll do the math by dividing $36,529 by $780,609 yearly salary by 12.
If we divide the yearly pay by 12 months, we’ll have $3,044.1 to $65,050.75 per month in the USA.
How Much Do Chief Medical Officers Make Weekly?
The Chief Medical Officer’s salary is $4,558 per week according to ZipRecruiter. However, going by salary.com’s yearly output, we have about $761 to $16,262.5 per week.
How Much Do Chief Medical Officers Make per Hour?
| Salary.com | Salaryexpert | Ziprecruiter | Talent.com | Zippia.com | |||
| $204 | $187 | $114 | $105 | $81.75 | |||
Salary of Chief Medical Officer in the US Based on Location
What are the Highest-Paying States in the United States for Chief Medical Officer Jobs?
There are ten states where the average salary for a Chief Medical Officer job is above the national average.
At the top of the list is Hawaii, with Massachusetts and Connecticut close behind in second and third places.
Connecticut is above the national average by 6.1%, and Massachusetts furthers that trend with another $17,716 (7.0%) above the $253,372.
This means that the opportunities for economic advancement by changing locations as a Chief Medical Officer appears to be exceedingly fruitful in these states.
Chief Medical Officer Salary By State
| State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Hawaii | $271,088 | $22,590 | $5,213 | $130.33 |
| Massachusetts | $270,655 | $22,554 | $5,204 | $130.12 |
| Connecticut | $268,904 | $22,408 | $5,171 | $129.28 |
| Nevada | $267,080 | $22,256 | $5,136 | $128.40 |
| Rhode Island | $262,389 | $21,865 | $5,045 | $126.15 |
| Oregon | $258,490 | $21,540 | $4,970 | $124.27 |
| Alaska | $258,438 | $21,536 | $4,969 | $124.25 |
| Washington | $257,418 | $21,451 | $4,950 | $123.76 |
| North Dakota | $255,243 | $21,270 | $4,908 | $122.71 |
| New York | $253,731 | $21,144 | $4,879 | $121.99 |
| Utah | $252,346 | $21,028 | $4,852 | $121.32 |
| Iowa | $250,742 | $20,895 | $4,821 | $120.55 |
| Maryland | $243,743 | $20,311 | $4,687 | $117.18 |
| South Dakota | $242,685 | $20,223 | $4,667 | $116.68 |
| Virginia | $239,207 | $19,933 | $4,600 | $115.00 |
| New Hampshire | $239,196 | $19,933 | $4,599 | $115.00 |
| California | $235,536 | $19,628 | $4,529 | $113.24 |
| Kansas | $234,224 | $19,518 | $4,504 | $112.61 |
| Nebraska | $233,541 | $19,461 | $4,491 | $112.28 |
| Idaho | $233,281 | $19,440 | $4,486 | $112.15 |
| Vermont | $232,650 | $19,387 | $4,474 | $111.85 |
| Colorado | $232,381 | $19,365 | $4,468 | $111.72 |
| Delaware | $232,082 | $19,340 | $4,463 | $111.58 |
| New Jersey | $230,889 | $19,240 | $4,440 | $111.00 |
| South Carolina | $229,026 | $19,085 | $4,404 | $110.11 |
| Mississippi | $228,427 | $19,035 | $4,392 | $109.82 |
| Tennessee | $226,741 | $18,895 | $4,360 | $109.01 |
| Arkansas | $226,449 | $18,870 | $4,354 | $108.87 |
| Arizona | $223,693 | $18,641 | $4,301 | $107.54 |
| Minnesota | $222,316 | $18,526 | $4,275 | $106.88 |
| Wyoming | $222,096 | $18,508 | $4,271 | $106.78 |
| Maine | $220,674 | $18,389 | $4,243 | $106.09 |
| Oklahoma | $220,556 | $18,379 | $4,241 | $106.04 |
| Kentucky | $220,052 | $18,337 | $4,231 | $105.79 |
| Michigan | $219,485 | $18,290 | $4,220 | $105.52 |
| Montana | $219,067 | $18,255 | $4,212 | $105.32 |
| Indiana | $216,882 | $18,073 | $4,170 | $104.27 |
| Illinois | $213,831 | $17,819 | $4,112 | $102.80 |
| West Virginia | $213,279 | $17,773 | $4,101 | $102.54 |
| Missouri | $211,374 | $17,614 | $4,064 | $101.62 |
| Wisconsin | $209,661 | $17,471 | $4,031 | $100.80 |
| Ohio | $209,367 | $17,447 | $4,026 | $100.66 |
| Pennsylvania | $209,362 | $17,446 | $4,026 | $100.66 |
| Texas | $206,758 | $17,229 | $3,976 | $99.40 |
| New Mexico | $199,895 | $16,657 | $3,844 | $96.10 |
| Alabama | $197,980 | $16,498 | $3,807 | $95.18 |
| North Carolina | $193,045 | $16,087 | $3,712 | $92.81 |
| Florida | $191,889 | $15,990 | $3,690 | $92.25 |
| Georgia | $178,909 | $14,909 | $3,440 | $86.01 |
| Louisiana | $177,992 | $14,832 | $3,422 | $85.5 |
What Are The Top Ten Cities With The Highest Salary For Chief Medical Officer Jobs?
Also, there are 10 cities where the pay for a Chief Medical Officer job is above the national average.
Chief medical officer salary Atkinson, NE tops the list, with Lake Marcel-Stillwater, WA, and New York City, NY close behind in the second and third positions.
In addition, New York City, NY beats the national average by $41,323 (16.3%). This means you might consider relocation if you want to earn more. And these 10 cities might be your priority states.
| City | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Atkinson, NE | $336,603 | $28,050 | $6,473 | $161.83 |
| Lake Marcel-Stillwater, WA | $295,148 | $24,595 | $5,675 | $141.90 |
| New York City, NY | $294,695 | $24,557 | $5,667 | $141.68 |
| Bridgehampton, NY | $290,249 | $24,187 | $5,581 | $139.54 |
| San Mateo, CA | $287,025 | $23,918 | $5,519 | $137.99 |
| Great Neck Gardens, NY | $281,234 | $23,436 | $5,408 | $135.21 |
| Berkeley, CA | $280,973 | $23,414 | $5,403 | $135.08 |
| Boston, MA | $280,740 | $23,395 | $5,398 | $134.97 |
| Deer Park, CA | $280,662 | $23,388 | $5,397 | $134.93 |
| Bend, OR | $280,295 | $23,357 | $5,390 | $134.76 |
What are the Top 5 Best Paying Related Chief Medical Officer Jobs in the U.S?
Among some similar jobs related to the Chief Medical Officer job category, the Chief Medical Officer Biotech jobs have average salaries greater than the Chief Medical Officer jobs.
Specifically, Chief Medical Officer Biotech jobs pay 7.7% ($18,223) more than the average of $253,372.
If you’re qualified, working as a Chief Medical Officer at Biotech may allow you to earn more money than the average Chief Medical Officer.
| Job Title | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Chief Medical Officer Biotech | $251,660 | $20,971 | $4,839 | $120.99 |
| Chief Investment Officer | $216,928 | $18,077 | $4,171 | $104.29 |
| Chief Product Officer | $214,750 | $17,895 | $4,129 | $103.25 |
| Remote Chief Medical Officer | $213,540 | $17,795 | $4,106 | $102.66 |
| Hospital Chief Medical Officer | $206,927 | $17,243 | $3,979 | $99.48 |
Salary for Chief Medical Officer in the US Based on Level
How Much Do Chief Medical Officers Make Based on Entry Level?
The chief medical officer salary startup makes $170,000 according to talent.com. Those in the 10th percentile make $324,273 according to salary.com.
Similarly, those in the 25th percentile make $183,000 according to Ziprecruiter. This means that a chief medical officer’s salary startup range can be about $179,000 to $324,273.
How Much Do Chief Medical Officers Make at the Senior Level?
In 2023, the Chief Medical Officer in the US at the senior level makes $424,854. Those in the 75th and 90th percentile make between $494,405 and $557,727 per year according to salary.com.
Salaries of Chief Medical Officers in the Top Industries in the US
What is the Chief Medical Officer Salary Pharmaceutical?
Chief medical officers in the pharmaceutical earn salaries just like every other chief medical officer.
For instance, Infinity Pharmaceuticals Chief Medical Officer’s salary is $492,741/yr according to glassdoor.
However, we’re seeing chief medical officer salaries in pharmaceuticals of between $88,000 – $120,000 and between $98,000 – $140,000 on simplyhired. These are based on companies hiring in real-time.
How Much Does the Chief Medical Officer Biotech Make?
The national average salary for a chief medical officer in biotech is $255,259 according to Ziprecruiter.
However, states like Massachusetts, New Jersey, and Hawaii beat the above national average.
The average pay for CMOs at companies like Fortress Biotech Inc. in the United States is $453934 as of April 26, 2022, according to salary.com.
What is the Chief Medical Officer’s Insurance Salary?
The national average Chief Medical Officer salary insurance is $117,751 according to ZipRecruiter.
However, only a handful of states pay above the national average. The chief medical officer salary in New York tops the list with New Hampshire and Vermont close behind in second and third.
Surprisingly, the chief medical officer’s salary in California was below the national average at $104,514.
Are There Other Benefits of Being a Chief Medical Officer Aside From the Salary?
The following are some of the benefits of being a chief medical officer
- Dental Insurance
- Flexible spending account
- Life insurance
- Health insurance
- Paid time off
- Retirement plan
- Vision insurance
- Employee assistance program
- Referral program
What are Chief Medical Officer Job Prospects?
According to the Bureau of Labor Statistics, employment of medical and health services managers including CMOS is projected to grow 32 percent from 2020 to 2030.
In addition, about 51,800 openings for medical and health services managers are projected each year, on average, over the decade.
Frequently Asked Questions on chief medical officer salary
How much does a chief of medicine make the USA?
The average Chief Medical Officer makes $424,854, according to salary.com. Similarly, the average salary is $216,662 per year, comparably.
In summary, a chief medical officer’s average salary in the US ranges between $221,768 and $422,716, according to different job sites.
How much does a chief of hospital earn?
Top Earners: $300,000
75th Percentile: $245,000
Average: $208,500
25th Percentile: $167,500
How do you become a chief medical officer in the US?
To become a chief medical officer, you must first complete four years of undergraduate study. Then comes two years in a medical degree program, a residency period, and another ten or more years as a physician.
How much do chief medical officers make in Canada?
In Canada, the average salary for a Chief Medical Officer is $347,736 per year and $167 per hour. A Chief Medical Officer’s salary should be between $211,194 and $591,485. A Master’s Degree is the most common level of education for a Chief Medical Officer.
Who is the highest-paid person in a hospital?
Physicians and surgeons.
Who is the highest-paid CEO in healthcare?
Michael Neidorff
He is the CEO of Centene Corporation, which belongs to the field of healthcare. In 2020 the company had 111 billion dollars in revenue. In 2020, Neidorff earned $4.7 million in bonuses that contributed to total yearly earnings of $24.96 million.
How much does a chief of medicine make USA?
The average Chief Medical Officer makes $424,854 according to salary.com. Similarly, the average salary is $216,662 per year comparably.
In summary, a chief medical officer’s average salary in the US ranges between $221,768 and $422,716 according to different job sites.
How much does a chief of hospital earn?
Top Earners: $300,000
75th Percentile: $245,000
Average: $208,500
25th Percentile: $167,500
How do you become a chief medical officer in the US?
To become a chief medical officer, you must first complete four years of undergraduate study. Then comes two years in a medical degree program, a residency period, and another ten or more years as a physician.
How much do chief medical officers make in Canada?
In Canada, the average salary for a Chief Medical Officer is $347,736 per year and $167 per hour. A Chief Medical Officer’s salary should be between $211,194 and $591,485. A Master’s Degree is the most common level of education for a Chief Medical Officer.
Who is the highest paid person in a hospital?
Physicians and surgeons.
Who is the highest paid CEO in healthcare?
Michael Neidorff
He is the CEO of Centene Corporation which belongs to the field of healthcare. In 2020 the company had 111 billion dollars in revenue. In 2020, Neidorff earned $4.7 million in bonuses that contributed to total yearly earnings of $24.96 million.
Conclusion
The job prospect is good, the salary appears high, and the same goes for the responsibilities that come with a CMO position.
Other doctors want this position too because it attracts a large number of qualified physicians.
If you’re a doctor with extensive managerial experience, you might land a CMO position in medical or surgical hospitals, urgent care centers, psychiatric hospitals, long-term rehabilitation facilities, government agencies, and medical group practices.
If this role interests you, eat your Wheaties if you haven’t, and go for it!
References
- www.ziprecruiter.com – Chief Medical Officer Salary
- www.ziprecruiter.com – What Is the Average Chief Medical Officer Salary by State
- www.indeed.com – Chief Medical Officer Job Description: Top Duties and Qualifications
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