Project management is a growing industry. To stay competitive, you need the proper skill set and knowledge base in project management skills. Here’s everything you could want to know about salaries for project managers Introduction: The Future Of Blockchain-Powered Games? Category: Cryptocurrency Category: Gaming The “project management salary entry-level” is the starting point for any project manager. This guide will help you find out what the average salary is and how much experience you need to get that job. There is an excellent need for project managers. However, wages, like any other employment, fluctuate depending on a variety of circumstances. Is it possible for you to maintain your lifestyle by working in project management? How long do you think it will take you to raise your salary? How much money can a project manager make? These are some of the questions you could be pondering. This post will explain all you need to know about project management wages, whether you’re a novice interested in becoming a project manager or an experienced manager looking to earn more money.
What Does a Project Manager Get Paid?
According to a recent poll by the Project Management Institute, the typical yearly income for a project manager in the United States is $116,000. As a result, project management may be a six-figure profession. That being stated, don’t expect to generate this much money straight now. The typical income of a project manager is influenced by several variables, including team size, project size, project budget, and years of experience. Other elements that influence the amount of money you may earn as a project manager include formal education, industry, and certifications. Throughout this book, we’ll go over these features in further depth.
How to Increase Your Project Management Salary?
These are the top five techniques to boost your project management compensation, whether you’re looking for your first project management job or want to make yourself more desirable to higher-paying roles.
1. Higher Education.
Project managers with formal education are paid more than those without a degree, as with many positions. Unfortunately, only 1% of project managers in the United States have a higher degree than a high school diploma. An associate’s degree or some college education is held by 7% of project managers. The great majority of managers, on the other hand, have completed at least four years of post-secondary education. In reality, 42% of project managers have a bachelor’s degree, and 47% have a master’s degree. Project managers with a master’s degree earn more than $15,500 per year than those with just a high school education. Continuing your education may not seem essential to project management, but the stats speak for themselves. It will be more difficult for you to acquire a job if you are vying for the same position with other project managers who have a higher degree than you. However, with the correct degree, you’ll improve your chances of landing that position, but you’ll also be able to earn more money for your efforts. Consider taking lessons online if you can’t go back to school full-time or in person. It may take a little longer to acquire your bachelor’s or master’s degree this way, but it will pay you (literally). It’s also worth mentioning that obtaining specific project management qualifications is more straightforward than a bachelor’s degree, which brings us to our next point.
2. Certifications in project management.
Another excellent strategy to increase your pay is to become a certified project manager. Certified project managers are more enticing to potential employers, and they are paid more than non-certified project managers. For example, project managers who have earned the PMP certification are paid 25% more than those who do not.
The method for obtaining a project management certification varies depending on your goals. Each certification has its own set of qualifications, but they always include education, experience, and project management training. The following project management certificates may help you earn more money:
- Professional Project Manager (PMP)
- Associate in Project Management Certification (CAPM)
- Agile Certified Practitioner by PMI (PMI-ACP)
- PMI Business Analysis Professional (PMI-PBA)
- Proficient in Portfolio Management (PfMP)
- Professional in Risk Management (PMI) (PMI-RMP)
If you’re still in school and don’t have any project management experience, you may still get credentials to improve your landing of a position after graduation. If you fall into this group, the PMI Project Management Ready Certification is a fantastic place to start.
3. Alter Your Industry.
Some of you may believe that your industry has hit a stalemate. You don’t see many prospects for higher-paying work in your current field. Examining employment vacancies in other sectors may result in higher income. According to the PMI, below are some examples of typical project management salaries by industry in the United States:
- $92,700 for education and training
- $97,232 in Business Services
- $108,554 in real estate
- $111,248 for healthcare
- $112,850 for construction
- $114,773 in manufacturing
- $116,664 for the government
- $118,358 in financial services
- $121,990 in legal fees
- $124,434 in engineering
- $129,732 in aerospace
- $133,246 in pharmaceuticals
- $134,149 for consulting
- $134,577 in resources (mining, agriculture, etc.)
As you can see, the highest-paid project management businesses pay more than $40,000 more than the lowest-paid project management industries. It may be easier said than done to transition from one sector to another. However, if you want to earn a significant salary increase, this is one method to do it.
4. Develop your skills and become a specialist by gaining more experience.
If you have more experience as a project manager, you will get a better income, just as in many other professions. The PMI study, which we’ve mentioned multiple times throughout this book, also found that a project manager with less than three years of experience earns an average of $87,459. After five years, the figure rises to $107,668, $122,461 after ten years, and $138,128 after twenty years. You can’t jump 20 years ahead in your profession in one day. As a result, you won’t be able to put additional money in your pocket right now. However, knowing that your pay would improve over time is comforting. So don’t be disheartened if your entry-level project management compensation falls short of your expectations. If you follow the course and get expertise as a project manager, enough money will be earned. Another option to boost your compensation without waiting decades is to become a project management expert in a particular industry. A Project Management Office Director (PMO), for example, earns an average of $148,262. On average, project portfolio managers earn $140,784 per year. It’s also possible that the project management approach you choose influences your salary. Project managers with more than six years of experience working with agile frameworks earn an average annual salary of $131,477. To apply such techniques to actual projects, make sure you’re well-versed in rigid frameworks and conversant with the finest project management tools. This method has the potential to affect your compensation directly.
5. Travel to New Places.
Are you considering relocating to a new location? This change might result in a wage raise. The United States has the second-highest median compensation for project managers globally ($116,000). Switzerland has the highest-paid project management employment globally, with a median project management income of $132,086. You may be able to manage teams remotely, depending on your industry. If you’re looking for a new adventure and can envision yourself relocating to a new nation, Switzerland may be the place for you. If you don’t want to relocate internationally but still want to travel, you may find better-paying project management employment in the United States. Here are the top three highest-paying states for project managers in the United States and the top three lowest-paying states.
- $101,716 in Massachusetts
- $101 456 in Rhode Island
- $101,723 in New Jersey
- $57,591 in West Virginia
- 57,071 dollars in Arkansas
- $54,639 in Montana
As you can see, the top three highest-paid average salaries for project management are all in the northeast portion of the United States. If you don’t mind the chilly winters, this may be a fantastic spot to seek work. Just make sure you have a job before packing your belongings and moving. Before making such a tough decision, you should think about moving costs and the cost of living.
Salaries in Project Management: The Fundamentals
Let’s look at the main components of a project manager’s remuneration. It will be simpler for you to discover the highest-paying employment if you grasp these characteristics.
1. Demand
If more project managers are available for project management employment, salaries will most likely be lower. On the other hand, if there are a lot of vacant project management roles and no one to fill them, higher-paying occupations will emerge. Fortunately, this seems to be the situation at the moment. According to the PMI, project-oriented domains are predicted to rise by 33% through 2027, producing 22 million new employment. Being a project manager at this time is a fantastic opportunity.
2. Skills
Make sure your project management abilities match the requirements of the positions you’re looking for. PMs with a demonstrated track record has more clout than those looking for entry-level positions. If you’re very good at what you do, you may be able to incite a bidding war among corporations looking for your services. Instead of attempting to impress them, they’ll go out of their way to find you.
3. Company
Your salary will also be affected by the sort of firm you apply to. Are you being hired as a full-time project manager in-house? Or are you a freelancer working on a single project? A third-party agency that provides project services to its customers may engage you in certain instances. Your salary will be affected by all of these things. In most circumstances, a more established firm looking to fill a long-term full-time job would pay more. However, this will differ from instance to situation.
4. Job Title
The phrase “project manager” is a wide one. There are a variety of project management positions available in this industry, each with a varied pay scale. Here are some more examples:
- Project Manager, Senior
- Director of Project Management Office (PMO)
- Manager of a Portfolio
- Manager of the Program
- Specialist in Project Management
- Consultant in Project Management
- Scheduler for Projects
- Project Manager’s Assistant
If you work for one business, you may progress your career by rising up the corporate ladder to higher-paying positions.
As a project manager, ways to increase your pay.
Getting a Master’s degree or relocating to a new nation are both difficult tasks. These four simple ideas, on the other hand, are quick and easy strategies to boost your project management income right now:
1. Request a larger sum of money.
Are you dissatisfied with your current salary? Alternatively, you could just request more. It’s amazing how often this works. This is particularly true if you’ve shown your worth to a firm or customer with concrete instances. It’s more cost-effective for them to spend more money on you than starting over with someone fresh. While these interactions may seem uncomfortable at first, you’ll never know until you attempt. Of course, your request will be refused in the worst-case situation.
2. Take Advantage of Other Possibilities.
Please take a peek at other project management salaries to see how much they pay. You might use this as negotiating leverage if comparable occupations to yours pay more during a wage negotiation. If numerous firms have offered you a job, check if you can pit those offers against each other to receive the most incredible money. Don’t become too greedy since this might backfire if done improperly.
3. Don’t Just Look at the Dollar Amount.
We’re all guilty of looking at a job’s basic wage and using it as the primary criterion for how well it plays. However, you should consider other types of remuneration as well. I’m talking about topics like:
- Benefits from health insurance
- Matching 401(k) plans and retirement plans
- Certifications and training are reimbursed.
- Paid vacation
- Food that has been subsidized
- Childcare
- Payment for transportation
- Stipends for housing
- Bonuses
- The vehicle used by the company
You’ll have to evaluate these aspects against your salary’s monetary amount. When these other factors are considered, a lower-paying job may be more valuable than a higher-paying one.
4. Take on larger projects.
When your current project is completed, request further responsibilities. This is not only an opportunity to demonstrate your worth to a firm, but it’s also a great strategy to raise your compensation. According to the PMI, PMs in charge of teams of 1-4 individuals earn an average of $110,486 per year. For couples of 10-14, the number rises to $124,240, and for groups of more than 20, it rises to $135,975. The budget for your project has a direct influence on your remuneration. For example, expect to earn about $99,539 per year if your budget is around $100,000. However, if a project’s budget exceeds $10 million, the PM’s remuneration rises to $139,459. Greater responsibility comes with more fabulous staff and funding. However, you should be well paid for your efforts.
Related Tags
- project manager salary in new york
- project manager salary in u.s. per month
- project manager salary construction
- project manager salary per month
- senior project manager salary