Project Management is an important and highly valued profession in many industries, and the salaries of project managers reflect this. However, the average project manager’s salary varies significantly from industry to industry, and even within the same industry, salaries can vary greatly depending on a person’s experience and work location.
In this blog, we’ll look at the average Project Manager’s Salary and discuss the things that can affect their pay.
How Much Do Project Managers Make?
According to the Bureau of Labor Statistics, the average salary for a project manager in the United States is $109,000 per year. This is much more than the average salary across all jobs, which is $40,820. But it’s important to remember that these numbers show a limited pay range that project managers can get.
Factors Influencing Project Manager’s Salary
Many aspects affect the salary of a project manager. We’ve talked about these things in great detail below. Before you decide what to do next, think about all of these things:
- Job Roles
Let us understand exactly how the mentioned pointers affect the project manager’s salary in the upcoming sections.
Generally, the more experience a project manager has, the higher their salary. This is because experienced project managers can handle difficult projects and take on more responsibility.
The survey from PayScale revealed the following details:
|Experience (Based on the level)||Years of Experience||Salary (Payscale, December 2022)|
The location of the project manager can also significantly impact their salary. For example, project managers in major cities/countries tend to command higher salaries due to the higher cost of living.
The project manager’s salary details in different locations are as follows:
|Location||Salary (Payscale, December 2022)|
As mentioned, the type of industry a project manager works in can significantly impact their salary. Different industries pay project managers differently. For example, construction project manager’s salary is $67,853, while a project manager in the healthcare industry earns around $73,547.
The below depicts the project management salary across the different industries based on the research done by Payscale:
|Industry||Salary (Payscale, December 2022)|
Soft skills can be learned in the classroom, in the real world, and on the job. Technical skill is another thing that makes a difference. For example, if the job is in project management for construction, having a lot of sketching skills would look good on your resume. This would also improve your chances of getting paid well as a first-time project manager.
The pay of a project manager depends on many different skills. Here are the list of project management skills and their respective salary:
|Project Management Skill||Salary (Payscale, December 2022)|
|Strategic Project Management||$80,321|
This is another way to look at average salaries. Different job positions earn differently. According to PayScale, the following are the median annual salaries for these other job titles:
|Job Roles||Salary (Payscale, December 2022)|
|Project Manager (Unspecified Type / General)||$77,334|
|Director of Operations||$94,087|
|Information Technology (IT) Manager||$92,751|
|Project Manager, Information Technology (IT)||$89,988|
Salary greatly affects how well an employee does their job. The more employees are paid fairly, the better they will do their jobs. On the other hand, workers will do less work if they make less money. Similarly, different companies pay differently. Let us look into it deeply now:
|Company Name||Project Management Salary (Payscale, December 2022)|
|Northrop Grumman Corporation||$94,937|
|Booz, Allen, and Hamilton||$109,640|
Other Factors Affecting Project Manager Salary
In most cases, project managers with higher levels of education, such as a master’s degree, will earn higher salaries than those without. The higher the education, the more salary is.
Employers may be more likely to hire you if you have a Project Management Certification. This can lead to a higher salary sometimes. For example, the Project Management Institute polled professionals in the US and found that those with a Project Management Professional (PMP) certification could make 23% more than non-PMP certified.
Project managers are in high demand and can earn substantial salaries. However, a project manager’s salary will depend on various factors as we discussed above. Understanding these factors allows you to determine the appropriate salary for your skills and experience.
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