Research by recruitment firm Robert Walters has revealed that London CIOs in the IT, banking and financial sectors could see their average salary of £175,000 jump to £185,000 this year.
CIOs and CTOs are set to see the sharpest rises in pay this year, with some seeing up to an extra £10,000.
This is according to the company’s 2014 edition of its annual Salary Survey, which gathered data by examining placements made by the business last year.
Robert Walters claims the increase in pay is going to the best candidates because there is more demand than supply for new IT skills.
However, the report also says the IT sector in the north-west has seen no shift in its average salary for its information and technology chiefs – currently sitting at £115,000.
Financial services recruitment firm Robert Half also conducted research that led to similar results, finding that those in the north of England are earning around 10 per cent less than the nationwide average.
In 2013, this typical wage was between £117,750 and £225,000, but this is set to rise by 2.3 per cent in 2014 to £120,500 and £230,000 for CIOs.
As well as this, it found that IT contractors are seeing a year-on-year pay rise of up to 13 per cent.
Robert Walters found a shift to a focus on revenue generation in the banking sector has led to an increase in front office IT recruitment.
The company claims banks are seeking those who specialise in Java, C++, C# and Python, along with a demand for professionals with expertise in the Android operating system.