Every organization needs a project manager in order to manage and oversee the progress of all organizational projects. A project manager is also responsible for a wide range of roles in an organization, from leading the project team to facing uncertain project challenges. As a result, project managers possess high project management skills and ultimately earn handsome salaries. However, entry-level project manager salary may differ depending upon the experience of a respective project manager. If you are just starting your career in the project management field, then you would be considered an entry-level project manager, and your salary would be as per your skills and knowledge.
In this guide, let’s take a look at the salary range for a project manager. But, first, let’s start with understanding the basic Responsibilities of project managers.
Project Manager Responsibilities
Resource Planning & Management
To meet project deadlines, careful preparation is required. Many failed projects have occurred as a result of inadequate planning. Good project managers, first and foremost, determine the scope of the project and the availability of relevant resources. Successful project managers learn how to develop realistic time estimates and how to analyze the skills of their team or groups of team members.
Organising and Motivating Team
A smart project manager will not allow their teams to be slowed down by the usage of elaborate spreadsheets, comprehensive checklists, and whiteboards. Instead, they place the attention on their respective teams. They devise straightforward, unambiguous programs that inspire their employees to reach their full potential and achieve success. In order to achieve their objectives, they minimize red tape and direct their people on a clear route to success.
Clients usually judge a project’s success or failure on the basis of whether or not it was completed on time or within budget. As a result, meeting deadlines is an inevitable necessity. The ability to set realistic deadlines and communicate them to their teams in a consistent manner is essential for successful project management.
Manage Expenditures and Budget
Good project managers understand how to keep within the constraints of a project’s budget. It will be regarded as a failure even if a project meets or surpasses the expectations of the client and is completed on schedule if the budget for the project is significantly over. Good project managers analyze the budget on a regular basis and plan ahead in order to minimize large budget overruns.
Ensure That Clients Are Satisfied
Finally, a project is considered successful only if the customer is pleased with the results. For any project manager, eliminating uncertainty, avoiding unpleasant surprises, and including their clients as much as possible in the project is one of their most critical responsibilities. The skills of a good project manager include keeping their clients informed and maintaining effective communication.
Handling Project Risks
The greater the scope of the project, the more likely it is that barriers and problems would arise that were not foreseen. Although snags are inescapable, effective project managers understand how to identify and assess potential risks in a systematic and almost intuitive manner before the project begins. They are aware of how to avoid or, at the very least, lessen threats in their environment.
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Why Project Managers Are in Demand?
Project managers are in high demand across industries, and this trend is projected to continue. Every industry, from healthcare to construction to energy to finance, requires experienced project managers to keep projects on track. Project managers have a promising future now and in the future. According to a survey from the Project Management Institute, between now and 2027, companies throughout the world will be needing to fill approximately 90 million project management-related jobs, the majority of which will be in manufacturing, construction, management, and professional services.
Project managers, program managers, schedulers, and change management experts will also be needed in the publishing, finance, insurance, information services, utilities, and energy industries. Some of these positions will likely go unfilled, which is good news for those who entered the sector because of the high compensation. As long as there is a talent shortage, the average project manager compensation will likely remain high. If this is the case, project managers will continue to have job availability and security that most other workers can only dream of.
What Companies Look For When Hiring A Project Manager?
You must be familiar with the qualities that organizations look for when hiring a project manager. This will assist you in developing abilities and positioning yourself as the most qualified candidate if you apply to the employer of your dreams.
- Customer-focused and committed to providing a great customer experience on a consistent basis, every time.
- Capable of coming up with original thoughts and communicating those thoughts effectively to others It is necessary to plan, communicate, and manage project progress in order to maintain project momentum and reach project milestones.
- It is necessary to identify and reduce risks in a proper manner.
- Facilitate the settlement of challenges and blockages, and elevate the situation as necessary.
- Throughout the project, keep track of the scope, the budget, the timetable, the resources, the quality, and the level of customer satisfaction. Work in a matrix setting to coordinate the management of remote resources, including offshore personnel.
- Deliver a broad variety of services in which project management needs a thorough assessment of a wide range of variables.
- Maintain a current awareness of internal processes and procedures, as well as adherence to those processes and procedures, throughout your career.
Factors Affecting the Salary of a Project Manager
A few things that can affect the salary of a project manager is as follows:
The geographical location can widely influence the salary of a project manager. So, A job in a small city or town is less favourable in terms of salary in comparison to a job in a city known for its good information technology infrastructure.
Your skills will also play a huge role in determining your salary range. Even when you are an entry-level project manager, but possess high skills, then you are likely to get high pay and good job prospects.
Project managers with experience in leading and directing projects are likely to earn higher than entry-level project managers.
Sector And Firm
For instance, The sector and firm can influence your salary range, the more recognized a firm is, the higher the salary will be. If you are an entry-level project manager and you are able to secure a placement in a top IT firm, then you are likely to earn a good salary.
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Job Titles for An Entry Level Project Manager
According to PayScale, there are certain positions that are linked to project management, so let’s have a look at how they compare to everything we’ve discussed thus far in terms of salary.
- Project Administrator: This is the most prevalent entry-level role in the construction industry. You work on a single project, assisting the rest of the project team primarily with administrative chores.
- Project Coordinator: This is a job title that is similar to that of Project Administrator, however, employees with this job title are more likely to be involved in ‘hands-on’ project work as well as administrative tasks and responsibilities.
- Project Support Officer/Specialist (independent contractor): This is a job title that we see utilized in the public sector. It’s a position that’s similar to that of a Project Coordinator. It is a position in which you support the project manager with whatever tasks are assigned to you.
- Project Controller: If you are looking for an entry-level position in a heavy business such as engineering or construction, this is the job title to seek for. It is frequently a hybrid role that combines the responsibilities of a Coordinator with those of a project planner who is solely responsible for project planning.
- Document Controller: you can work as a document controller if you enjoy dealing with paperwork. When a project is completed, the document controller is responsible for filing, managing, and looking after all of the documentation produced.
Entry-Level Project Manager Salary as Per Countries
Here is everything you need in order to know about entry-level project manager salaries as per different countries.
|Country||Average salary (Annually)||Currency|
|United States of America||$54,725||USD|
Entry-Level Project Manager Salary in India
As per Upgrad.com, the average annual salary of a project manager in India is Rs 411,157
Entry-Level Project Manager Salary in the US
So, As per Payscale, the average annual salary of a project manager in the US is $63,651
Entry-Level Project Manager Salary in Canada
So, As per Payscale, the average annual salary of a project manager in Canada is $59,144 (CAD)
Entry-Level Project Manager Salary in the UK
For instance, As per Payscale, the average annual salary of a project manager in the UK is £29,106.
Entry-Level Project Manager Salary in Australia
So, As per Payscale, the average annual salary of a project manager in Australia is $73,618 (AUD)
Project management is also considered one of the most well-established careers, and being a project manager is an extremely rewarding profession with high salaries and demand worldwide. So, The salaries mentioned above for project managers are approximate figures from reliable sources. However, they are subject to change with time.
The true determinants of your compensation are your talents, your mastery of them, and how quickly you progress and help the company in order to expand.
Frequently Asked Questions (FAQs)
The more years of experience you have, the more money you will be paid in your salary. As a result, if you are a newcomer who has only recently entered the sector, you should set your expectations accordingly.
Due to the increased demand for businesses to perform complex projects in highly competitive situations, the demand for qualified project managers is greater than ever. These skills are:
2. Scheduling & Time Management
3. Technical Expertise
4. Risk Management
In 2018, the average federal tax rate for a single filer in this tax bracket is expected to be 22 percent on average. After federal taxes of 22 percent are deducted, Entry Level Project Managers can expect to earn a take-home pay of $58,661 per year, with every paycheck equaling about $2,444 every paycheck*.
Here is a list of top companies that employ project managers according to the ambition box.
AFCONS Infrastructure Project Manager Salary – 42.7 Lakhs per year
Google Project Manager Salary – 36.8 Lakhs per year
Hindustan Construction Company Project Manager Salary – 32.3 Lakhs per year
ThoughtWorks Project Manager Salary – 40.4 Lakhs per year
WorleyParsons Project Manager Salary – 38.5 Lakhs per year
Starting salaries for project managers in India are approximately 3.9 lakhs rupees per year on average (32.5k per month). Project Management is a position that does not require any prior experience.
The highest income a Project Manager can make is Rs. 25.3 lakhs per annum (approximately) (2.1L per month).
Project managers in India earn an annual pay of 13 lakh rupees on average (1.1L per month).