Project Manager Salary Guide
Project Management is undoubtedly one of the rapidly growing professions in the world. Irrespective of the industry, qualified and skilled project managers are in huge demand. Every organization aims to increase revenue, boost efficiency and minimize cost. Project Managers play an essential role in achieving this goal of every organization.
According to PMI - Talent Gap 2021,
Globally, a gap between the demand for project management skills and the availability of talent continues to persist.The global economy needs 25 million new project professionals by 2030
Project Management Professional is a financially rewarding career all over the world. There are many job positions projected all over the world.The annual Project Management Oriented Employment (PMOE) job openings projected in different parts of the world from 2019-2030 is as follows:
There are many factors that influence the project management-related salary. Mainly the following factors impact project management salary:
● Work experience in project management
● Position/Job title
● PMP Certification Status
● Project Size
● Industry
● Location
Work experience in project management
Employee compensation has a lot to do with work experience. Work experience validates the ability of a professional to efficiently manage the roles and responsibilities of the given position. Familiarity with the industry or projects is an advantage for employers. The more experience you gain more will be the salary.
According to Earning Power: Project Management Salary Survey—Twelfth Edition (2021), here is the list of annualized salaries of project managers based on work experience in the United States:
Position/Job title
There are many roles in project management field. A job title is not just a description of work. It impacts your salary as well. The job title corresponds to your level of experience and seniority level. Salary usually increases with added responsibility.
According to Earning Power: Project Management Salary Survey—Twelfth Edition (2021)
The PMO or Director of Project management earns an average annual salary of $145,000 in the United States. Based on different positions, here is the list of average annual salaries in the United States:
PMP Certification Status
PMP certification is an important factor that affects salary. The recent survey carried out by Project Management Institutes is based on self-reported salary information from more than 30,000 project management professionals from around 40 countries. The majority of survey respondents (79%) hold the Project Management Professional (PMP)® certification. PMP certification holders report higher median salaries than their counterparts without the PMP certification.
According to PMI's Earning Power: Project Management Salary Survey—Twelfth Edition (2021), the median salary steadily increases with the length of time one holds a PMP certification.
Evidently, in the United States, PMP certification holders report a median salary over 32% higher than those who do not hold the certification.
Below is the list of countries and the impact of PMP certification status in different countries:
Project Size
The project manager's salary is also based on the size of the teams and the size of the projects. In a recent study of PMI's Earning Power: Project Management Salary Survey—Twelfth Edition (2021), average annual salaries are higher among those managing larger projects versus those managing smaller projects.
The following table showcases the average annual salary of project managers based on team size in the United States:
Industry
Ever heard that there is a difference in salaries of the same title in different industries? Yes, there is a huge difference in the salaries of the same title in different industries due to various factors.
Dr. Marzena Baker, MAIPM and lecturer at the University of Sydney for AIPM Salary Report, stated that
“I think the difference in salaries is based on the skill sets that are in demand and how much the particular industry is adding to the economic situation of the country”
According to U.S. BUREAU OF LABOR STATISTICS, The top paying industries for project management specialists in the US are as follows:
Resources, consulting, aerospace, engineering, or IT are the high-paying industries. Experience in these industries can fetch you a higher salary. According to PMI's Earning Power: Project Management Salary Survey—Twelfth Edition (2021), the salaries of project managers in different industries are as follows:
Location
Considering the salary based on location is highly significant because major cities come with higher living expenses.
According to U.S. BUREAU OF LABOR STATISTICS, The top paying states for project management specialists in the US are as follows:
Also, The top paying metropolitan areas for Project Management Specialists in US are as follows:
However, the impact of Covid-19 has left a huge impact on working norms everywhere. It has accelerated the remote working trend like never before! This might impact salary as well.
Companies like Amazon, HubSpot, Oracle, Twilio, UnitedHealth Group, and other big companies have already begun hiring remote project managers.
Conclusion
With the data presented above, we can conclude that there are many factors that influence project managers' salaries. Enhance your skills and be future-ready with professional certifications by Gold Standard Certifications. We conduct Instructor-Led training, self-paced courses, live sessions, and workshops, to engage learners and provide opportunities to understand on-the-job problems to get the upskilling and training you need. Prepare yourself to be the best project manager by joining Gold Standard Certification’s Project Management Professional (PMP) training and certification.
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