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Do you want to be called a “Game-Changer”
Or want to be recognized as someone who builds exception projects that change the complete course of action for any organization.
If you have the competency and the dedication to pick up a career that is not everyone's cup of tea, be a Project Manager. You will have the ability to guide teams, come up with a robust plan, analyze situations, be a problem-solver, achieve milestones, meet deadlines, have risk-taking ability, exceptional communication skills, and above all, an astonishing “SALARY”.
Any guesses how much is the salary of a project manager?
Trust us; you are going to be surprised!
Check out this blog to learn about:
After reading this blog, you will want to begin your career as a project and get some of the best paychecks in the industry. Let’s begin by having an overview of how the salary of a project manager is affected due to elements like location, skills, and much more.
Whether you are a fresher aspiring to be a project manager or an experienced person looking for the next big move, before preparing yourself for those 6 figure salaries, learn about how some of the factors may affect the salary of a project manager.
Earning a certification in project management not only increases your chances of a better salary but it reflects you have the skills and knowledge to manage projects and teams of any scale. Getting a foundation-level certification or an advanced one increases the salary of a project manager.
According to the Bureau of 2019, the typical American worker earned $47,788 for full-time work in the third quarter of Labor Statistics. Project management specialists, on the other hand, make a median compensation of $92,000.
According to the 10th edition of PMI's Project Management Pay Survey, a PMP Credential holder's median salary in the United States was $112,000. They also point out that, on average, PMP-certified respondents reported earning 23 percent more than those who did not have the certification.
Every firm prefers project management certification, and it is necessary for career progression. Consider opting for a globally recognized certification from a premier institute that encourages collaboration, teaching, and research in project management, along with a credible certification.
When it comes to project manager salary, experience is quite essential. For example, in the United States, the median pay for a PMP certification holder who has had the credential for less than five years is $103,000, while the median salary for those who have held the certificate for ten or more years is $120,000.
As a result, those with a PMP certification earn consistently higher pay than their non-credentialed counterparts, and their reputation paves the way for increased salaries for program managers.
The industry for which you work also decides the salary of a project manager. As per reports by PMP, the average salary for those working for the government is over $116,000 per year, and for the private sector is over $130,402.
According to the Project Management Institute, project managers in the following industries report the highest median income in the nation:
Team size matters when it comes to the salary of a project manager, The bigger is the scale of the project, the project manager will be required to work with large teams and need both technical and soft skills at an advanced level. Here are the numbers as per cio.com:
A project manager’s portfolio may vary as per the company’s and project requirements. Here are some core techniques and how it makes a difference in the salary of a project manager as per studies PMI
The average project manager salary differs per location; this may be due to the demand of the project managers in a specific location, the scale of projects, and the type of industries in that zone. Here is the average salary of a project manager as per Indeed.com
Switzerland, the United States, Australia, Germany, and the Netherlands have the highest median wages for project managers worldwide. According to the Project Management Institute, project managers in these countries earn a median compensation of:
The project management portfolio offers multiple job roles as every project and industry needs different kinds of expertise. Some companies need project managers to analyze risk, others may need project managers who are specialists in a specific domain, or project managers as a consultant. Also, the job title varies as per the level of experience and seniority. Here are some titles and the associated median yearly salaries, according to the PMI Salary Survey:
These are some of the factors that affect the salary of a project manager. Still, regardless of how salary varies as per location, experience, and many such factors, here are some of the top giants willing to pay handsome paychecks to the right candidate.
Some of the best companies have a huge client base and accordingly projects of various scales. They are in search of certified and knowledgeable project managers who can not just keep the client happy with the best outcome but develop long-term relations. Here are some of the best companies and the salary of a project manager:
Source - Indeed.com
Project associate salary in the US (Entry Level Job Title): A project associate’s average salary is $54,548 per year in the United States.
Project managers hold specialization in various domains, and that affects their salary. Here are the top job roles, the job responsibility, and the salaries project manager enjoy.
1. PMO manager average salary: $94,366 per year
A project management office manager, or PMO manager, ensures that all project managers are tasked appropriately, and that meet the quality standards.
A marketing project manager is responsible for the marketing and promotion of the project. They collaborate with multiple stakeholders to execute the best campaign for the project.
Project management consultants perform job duties like advising clients on project management best practices, creating solutions to streamline processes, and overseeing the implementation of project management procedures.
An IT project manager is in charge of overseeing IT development and implementation initiatives.
A construction project manager handles responsibilities like planning the logistics of the construction project, ensuring the building team meets construction deadlines, and managing the budget for the overall project.
An engineering project manager is in charge of ensuring that engineering projects are performed correctly.
Till now you are aware of the salary of a project manager as per job role, but you should consider certain more factors before applying for a project manager role in a specific industry, and location. Check out our new section that speaks about the MBA project management salary as per certain key criteria.
Here’s what some of the top job portals say about the salary of a project manager, this will definitely boost up your morale to kick start your career as a certified project manager.
As per indeed.com, the salaries for program managers or the average salary for a project manager in the US is $73000 along with a $13,500 cash bonus.
Glassdoor data reveals the national average salary for a Project Manager is US$88,907 per year in the United States.
As per salary.com, the highest salary of a Project Manager in the United States is US$1,38,303 per year.
Payscale data shows the average salary of a Project Manager, Information Technology (IT) is $88,494.
As of January 2021, salary information website PayScale shows the average salaries for those with the Project Management Professional (PMP) certification as:
Knowing how much is the average salary of a project manager at the entry level will help you negotiate if you have the best certification in hand. The same applies to candidates who are willing to move ahead in their current job role and are ready to negotiate for better pay packages.
Source - Glassdoor
|
Location |
|
3-5 years |
5-10 years |
10-15 years |
15- 20 years |
20year + |
|
USA |
83000 |
90000 |
103407 |
120000 |
126690 |
135000 |
Source - PMI
Post completion of your certification do you want to look for jobs in NYC, or Washington excite you more. Don’t decide the location just because of your personal interest rather learn how much salaries vary as per job location.
Not every project needs expertise in risk management or lean project management. You should pick up a specific domain as per your interest but it is also vital to know which are the most trending techniques for project managers. Check out project management techniques that will earn you the best project management salary.
Source - PMI
The industry that has the most complex or large-scale projects may need project managers with specialized skills and will definitely pay handsome paychecks. Check out what some of the top industries’ salaries project manager receives.
Source - PMI
You now know well about the salary of a project manager and the associated job roles. However, knowing about some of the similar professions will expand the domains where you can apply as a project manager.
In the United States, the average compensation for a program manager is $71,935 per year.
The average salary for an operations manager is $63,564 per year in the United States, $10,000 cash bonus per year, and $7,000 profit sharing per year.
The average salary for a project coordinator is $21.77 per hour in the United States.
In the United States, a product owner's average annual pay is $100,589, plus an $8,000 cash incentive.
The average salary for a project engineer is $75,413 per year in the United States.
There are over 500+ jobs available on Glassdoor for project management interns. You may apply using the mentioned link - Apply @ Glassdoor
Over 53000+ jobs are available on Glassdoor for experienced project managers, you may apply via the link mentioned - Apply @ Glassdoor
Also, get to know how much does a project manager make?
We are sure you don't want to miss such a lucrative job role and the astonishing salary of a project manager, be it a fresher, or an experienced. One working in Houston or NYC, working for the government or private, every IT project manager's salary is the best paychecks in the industry. So, gear up yourself for the skills that are kind of essential for a project manager.
Keep reading!
According to the Project Management Institute (PMI), 22 million additional project management jobs will be available by 2027. The industry is going to shape up, projects will roll up and the demand for skilled project managers will be on a rise.
To begin or advance your career as a project manager, you should consider mastering the skills-sets mentioned below and get the best project management salary.
A framework like PMI methods, agile, waterfall and SCRUM are essential to be a project manager with sound knowledge of project management methodologies. You may learn these through one of the best Project management certifications. To mention some of the best certifications are:
Janbask PMP Certification Training Course
Since the online PMP Course starts with the very basics of all the concepts, anyone can join; however, the most regular attendees of this course are-
Learn PMP Credential, Project Management Processes, project time and cost management, quality and resource management, communication management, risk, and procurement management skills to get the best salary of a project manager.
Project management professional (PMP) certification by PMI
Eligibility - A four-year degree/ 35 hours of project management education/training or CAPM® Certification/ 36 months leading projects
Or, a high school diploma or an associate’s degree (or global equivalent)/ 60 months leading projects/ 35 hours of project management education/training or CAPM® Certification.
Exam Fee
You cannot create a plan of action without great data analysis skills. It helps monitor performance, find loopholes, and develop a future-proof plan of action.
By enrolling in the certification for project management, you learn about the best tools like Risk calculation, Risk categorization, that help analyze data in the best way.
Companies are ready to pay the best project management salary to candidates who can come up with meaningful insights from the data that supports the project in every way.
To manage teams, workflows proficiency in software and the latest tools is an add-on. Learn Salesforce for project management, Microsoft Office, Word, PowerPoint, Excel for being a project manager as you will be required to present project progress to multiple stakeholders, and sound knowledge of these tools is a must.
Project managers connect with multiple stakeholders at various levels in the project and effective communication skills reduce chances of any miscommunication. Rather project communication management is part of the curriculum of the best certification for project managers where they learn essential Communication methods, technology & channels, and this boosts up the salary of a project manager.
The most sought-after project management talents are the ability to lead a team to deliver outstanding results and such leaders will definitely be paid the best project management salary.
Risk management is a project management ability that allows a project manager to take calculated risks in the organization’s best interests. While you take upon the best certification course risk management is part of the curriculum where you lead about every tool that helps calculator risks.
If you solve challenges and come up with the most effective way to function and deliver you will definitely be paid an outstanding salary of a project manager.
One of a project manager's most important roles is cost management or control. Throughout the project life cycle, it entails developing feasible budgets, evaluating budgets, managing spending, and negotiating the project's cost.
Adaptability is defined as the ability to learn and adapt to changing circumstances continuously. Therefore, a project manager must always be prepared to bridge knowledge gaps, learn about new technology in their profession, and keep up with the current project and industry trends.
Tips For Becoming A High-Paying Project Manager
These tips will guide you to get started with a career as a project manager and ensure to get the best of the best salary of a project manager and a career that everyone will look up to.
On that note, we hope we have got you charged up to put those big paychecks in your bank account. But, nothing comes for free! Enroll for the best project management certification and get going.
We are sure your next search on the web will be “How To Become a Project Manager”. To be a project manager sounds incredible, but it requires a lot of commitment at the same time. These big packages or the best salary of a project manager comes only when you command skills and knowledge that ensure outstanding results to an organization.
Project managers who keep best or relations between the client and the organization, bridge very loopholes, manage teams, come up with the right solutions; deserve the incredible salary of a project manager.
So, please don't wait anymore or spend your time surfing the internet. Instead, call us now, and our experts will guide you about the best way to kick start your career as a project manager.
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Through market research and a deep understanding of products and services, Jyotika has been translating complex product information into simple, polished, and engaging content for Janbask Training.
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