How Much Money Does an Experienced Project Manager Earn?
Does a project manager earn well enough?
You are the be-all and end-all of any project. You are the project manager.
So you’re fantastic at goal setting, strategic planning, budget creation, leading a team toward a single goal, and keeping track of everyone and everything.
You are the one accountable for the successful management of a project from start to finish. You serve as the link between top executives and their teams.
In this guide, we will discuss the salary for project managers and the factors impacting it so that you can bump up your pay!
How Much Does a Project Manager Make?
As part of Earning Power: Project Management Salary Survey—Twelfth Edition, the Project Management Institute (PMI) polled 7,575 project managers in the United States. According to the report, the typical annual pay is $115,000.
According to the US Bureau of Labor Statistics, the median pay for project management professionals in 2020 is $77,420, with the least ten percent making $42,180 and the highest ten percent earning $135,220.
According to Built In, the average income for a project manager is $93,050. In the United States, the average cash bonus is roughly $9,421 each year. However, the average total remuneration for a Project Manager is $102,471.
Another website, Glassdoor, estimates the national average salary for a project manager in the United States to be roughly $88,907 per year. To discover project manager salaries in your area, sort by location. Salary estimates are based on 1,13,579 anonymous project manager salary submissions to Glassdoor.
Factors Affecting Project Managers’ Salary
Your cash benefit in this profession is ultimately determined by a number of things. Consider these pay equation components if you want to maximize your compensation.
1. Education
Higher educational attainment, like in most industries, can often result in higher remuneration. According to the PMI Salary Survey, the majority of people polled in the United States held a bachelor’s degree or higher. Salary reports increase with the degree level.
A higher degree may make you more competitive in the job market, in addition to increasing your earning potential. Earning a business-related degree can help you develop leadership skills and pave the way for a career in senior management.
2. Years of Expertise
In general, the more employment experience you have, the more money you may anticipate earning. Fortunately, it doesn’t take long for experience to translate into greater money.
According to Glassdoor, project managers with one to three years of experience make $7,363 more per year in base pay than those with no prior experience as of February 2021. According to the PMI Salary Survey, those with fewer than three years of experience earn $15,000 more per year than those with three to five years of experience.
3. Job Title
This professional field contains a variety of roles. While your position may be related to your level of seniority and experience, there is another way to look at typical earnings. These alternative job titles earn the following median annual salaries, according to the PMI Salary Survey:
- $92,221 for a Project Management Specialist
- $120,000 for a Project Management Consultant
- $125,000 for a Program Manager
- $144,000 for a Project Management Director
Key Takeaways
In today’s time, skilled-based jobs are valued high. So if you’re interested in making your career in project management, start building a foundation of job-ready skills. The following are some takeaways from this guide:
- A project manager’s starting compensation is roughly USD 89,230 per year.
- Factors including education, certificate, years of expertise, industry, location, and so on can dictate your pay.
See Also: Top 10 SEO Tools 2022