Deciding to hire a VP of Engineering is crucial since the position manages the entire engineering staff and budget. This position is vital for any company that is involved in research and development of new products.
Vice Presidents of Engineering job responsibilities include coordinating multiple teams of engineers, ensuring that projects are completed on time and on budget, and coordinating with other members of a company’s upper management.
The Vice President of Engineering should have ample experience in the Engineering field. A minimum of ten years of experience is typically required. Candidates should also have at least a Bachelor’s degree in Engineering, but having a Master’s degree in Engineering Management or Business Administration is preferred. In larger companies, successful job candidates will also have ample experience with managing a team of engineers through a variety of projects.
While compensation is highly dependent on geographical location, the average base salary for a Vice President of Engineering is between $99,610 and $206,010. Many companies also offer profit sharing and/or commission, however, adding between $1,026 and $111,000 to the annual compensation. Virtually all companies offer a benefits package that includes a retirement plan and health insurance.