In this guide, now let us take a closer look at what is the salary of a project manager and the factors that influence this salary range.
Every organization is looking to hire project managers who can lead and manage all the organizational projects. Project management is growing at a fast pace and so is the need for project managers. According to the project management job growth and talent gap survey by PMI, the demand for project managers over the next 10 years is predicted to grow faster than any other profession or industry. By 2027, there will be nearly 22 million new job openings for project managers.
During the pandemic, we acknowledge the fact that the future of project management like any other industry-is remote working. Pandemic has allowed project managers to work globally while managing their teams from home. There are several other benefits of working remotely, from maintaining work-life balance to reduced levels of stress, a project manager enjoys various perks.
How Much Do Project Managers Make?
According to a survey conducted by PMI, the average annual salary of a project manager is $115,000. Here is a list of average project manager salaries per year, as listed by different platforms.
Factors Influencing Project Manager Salary
There are several factors that influence the salary of a project manager, from location and experience to skills and certifications, various factors can have an impact on the salary of a PM. Following are a few factors that can influence the salary range for a project manager.
Based On Sector and Company
A project manager is required in almost all organizations, irrespective of the industry or sector. However, the sector that you choose can influence your salary range. Here is how much you can expect in different sectors and companies.
As Per Sectors
As per sectors, a survey was done to analyze the PMI salary structure across different sectors. According to it, there is various ranges of salary. Let’s understand it in the table below.
|Sectors||Salary range as per PMI salary survey|
|IT Project manager||$120,000|
|Healthcare project manager||$108,319|
|Consulting project manager||$132,500|
|Pharmaceuticals project manager||$130,000|
|Construction project manager||$107,659|
As Per Companies
Your salary structure as a project manager will also be largely influenced by the company you are working in. If you are aiming for tech giants such as Amazon, Microsoft, Google, or Goldman, then you can expect a higher PM salary compared to other companies. However, getting into these companies is not easy as they hire highly skilled project managers and one has to go through a rigorous procedure.
Based On Location
Your location of work plays a crucial role in determining your salary. Different countries have different salary structures. To get an idea, here is the salary range in different countries as mentioned in the PMI Project management salary survey.
|Country||Project manager salary (USD)|
Based On Experience
Experience is something that largely influences your salary range as a project manager. The more experience you hold as a project manager, the higher your salary will be. Let’s see the salary structure based on experience.
|Entry-level project managers||$54,801|
|Mid-level project managers||$90,488|
|Experienced project managers||$103,333|
Based On Skill-Set
A project manager is responsible for various roles and responsibilities, including planning, organizing, managing, leading, and directing the organizational projects within the defined budgets and timelines. The skills of a project manager can also influence his or her salary. Two of the skills that can potentially increase a PM salary are project management and agile software development skills.
Based on Certification
Earning a project management certification will help employers recognize your abilities and experience. This can sometimes result in a raise in pay. While the PMP is a well-respected certification, it isn’t the only one. You can also become certified in project management approaches such as Agile, Scrum, or PRINCE2, or obtain an industry-specific certificate such as the CompTIA Project+ for IT project managers.
|Six Sigma Black Belt||₹1,193,000|
Skills Company look for in a Project Manager
You now see Project Management as something that requires careful planning, charting, and guidance? Nonetheless, someone should be in charge of overseeing and managing all of these processes. Years of experience, dedication, and the following skill set are required of a Project Manager:
- Decision – Making
- Strong Leadership
- Team Management
- Cool- under pressure
- Risk Management
What Are the Companies Looking For?
Companies are looking for project managers that possess the relevant skills and knowledge. Along with that, here are some things that companies look for in a project manager.
- Customer-focused project managers who believe in providing a good customer experience.
- A project manager with good communication skills ensures that there are no communication gaps and that the project requirements are communicated clearly.
- A PM who can identify and execute all the project tasks properly.
- A project manager who can manage the project resources and ensure the project remains within the set budget and is completed within the specified time.
- A PM who maintains and documents all the internal processes and procedures.
Learn More – Top Entry Level Project Manager Requirements
List Of Top Recruiters Based On Their Pay
Here is a list of top recruiters for project managers.
|Companies||Project manager salary (USD)|
Why Should You Become a Project Manager?
Project management is an interesting career with great perks and benefits. However, in order to derive the best out of the project management career, you must have a passion for leading and managing projects. Here are some reasons as to why you can pursue becoming a project manager.
- The demand for project managers is expected to grow in the coming years, which means you will be in demand, and easily choose various projects you wish to work on.
- Almost every industry needs a project manager. It means you will be able to explore working in different sectors.
- Becoming a project manager supports financial growth as well as personal growth. You will get access to a pool of networks, where you can interact with other project managers in the domain.
- The salary for a project manager is quite high compared to other professions.
If you are interested in making a career in project management, then you can follow the traditional path by gaining the necessary education and getting certified in the field. A certification will help give your career a boost and get into your first job as a project manager as employers are looking to hire certified project managers.
Techcanvass offers various project management certification training that will allow you to crack the certification exams on your first attempt. You will also get a clear understanding of the project management concepts. Explore the Project Management Certifications at Techcanvass to get started!