Project management forms an integral part of any business. People working in this field are called project managers. They are responsible for taking care of different projects to deliver optimum results to generate favorable business outputs. In the modern world, there is a high demand for skilled individuals in project management. They have unique opportunities to grow and earn attractive salaries. This article will dig deeper into the engineering project manager's salary.
A project manager's job involves different things- from management knowledge to proper techniques to other tools. In addition, there are various things to ensure that a project is planned and executed in the best way possible. Hence, it is no wonder that a project manager needs to be highly qualified and can steer a project in a way that can yield successful results. The earnings of project managers depend on different things. In this article, we will go beyond the surface to know about those things in a better manner
How Much Do Engineering Project Managers Make?
When it is the primary responsibility of an engineering project manager, then in one line, it can be described as a position that allows an individual to oversee the entire engineering projects that are taking place within an organization. As an engineering project manager, one needs to manage various aspects simultaneously. Here are some of the responsibilities a project manager in engineering needs to take care of.
- Schedule resources for projects
- Prepare budgets for projects
- Purchase materials for projects
- Manage the progress of projects
What type of salary can an engineering project manager make annually? There are several factors involved when it comes to determining the salary structure. The first among them is experience. The more the experience, the better the salary. Other than that, a candidate's skills are also considered when determining their salary. For example, if you have completed a PMP certification course, you can expect a better salary than your counterparts. Also, the job role and the location of the job play important roles in making sure that you get a lucrative salary. The lowest salary range for an engineer project manager is $68,531. Similarly, the highest salary range is $145,139.
What Does a Project Manager Do?
There are several things involved in the responsibilities of a project manager. Here are some of the key responsibilities that a mechanical engineer project manager or a related field project manager should take care of:
- Prepare project reports to present them to the stakeholders
- Manage teams across different departments
- Ensure project completion on time
- Resolve issues related to the project
- Ensure project quality
- Co-ordinate with technical writers to get technical manuals and documents ready
- To find out ways to improve the project efficiency
- To provide customer assistance
- To perform project evaluation
- Strategies to Earn More as a Project Manager
Engineering Project Manager Salary in 2024
Engineering Project Manager Salary: Based on Experience
The beginning of an Engineering Project Manager career is an exciting time, but it's also a period where you'll be learning about the industry and how to succeed. According to talent.com, a beginner Engineering Project Manager can expect to earn a median salary of $90,003.
An Engineering Project Manager with 3 to 5 years of experience can earn around $110,000, according to talent.com.
According to talent.com, a senior project manager with 5-10 years of experience can expect to earn around $145,000. This salary may seem high, but it is justified by an advanced engineering product manager's experience in managing projects with high complexity or uncertainty.
For example, if you have worked for 10 years as an engineering project manager, you are likely to have managed more complex projects than a junior engineer who has only been in the field for 5 years. If your previous projects involved significant amounts of uncertainty, then this will also influence your salary level.
Engineering Project Manager Salary: Based on Location
1. India
An engineering project manager in India can expect to earn an average salary of ₹7,64,362 yearly.
Top Cities
| Average Salary
|
| Hyderabad | ₹4,27,269 |
| Lohaghat | ₹3,10,727 |
| Lucknow | ₹3,01,481 |
2. US
Salaries for engineering project managers in the US vary according to location, experience, and industry. The average salary of Engineering project managers in the US is $99,161.
Top Cities
| Average Salary
|
| Sunnyvale | $122,726 |
| New York | $115,475 |
| Chicago | $108,078 |
| Denver | $106,403 |
| Atlanta | $104,591 |
3. UK
In the United Kingdom, the median Engineering Project Manager salary in the UK is £49,186.
Top Cities
| Average Salary
|
| London | £57,341 |
| Saint Ives | £57,017 |
| Manchester | £53,580 |
| Stevenage | £50,522 |
| Stoke-on-Trent | £48,955 |
4. Australia
In Australia, engineering project managers can expect an average salary of $110,856.
Top Cities
| Average Salary
|
| Sydney Western Suburbs | $151,289 |
| Newcastle | $145,917 |
| North Sydney | $138,074 |
| Melbourne | $124,997 |
| Sydney | $101,064 |
5. Canada
The average Engineering Project Manager salary in Canada is $88,312 per year.
Top Cities
| Average Salary
|
| Toronto | $174,947 |
| North York | $119,934 |
| North Vancouver | $117,577 |
| Burlington | $107,748 |
| Edmonton | $103,060 |
6. Singapore
In the city-state of Singapore, the Engineering Project Manager is a highly sought-after position in the engineering field. The average salary for this job is about $75,736 per year but can be higher depending on experience and the company. This is a great role if you want to get into project management in an exciting place like Singapore.
Top Cities
| Average Salary
|
| Clementi | $115,539 |
| Singapore | $74,634 |
Strategies to Earn More as an Engineering Project Manager
Do you know what the end goal of every project manager is? It is to work in a job that provides them with satisfaction and a handsome salary. However, if you find yourself standing far from that goal, maybe it is time to bring in some changes that can help you get better prospects in terms of salary. There are a few strategies that can help you earn more.
1. Specific Courses
Education plays a big role in the field of project management. With the help of better certifications and courses, you can easily bring a boost in your salary structure. So, make sure to go for those courses that can help you get industry-specific knowledge. Those are the courses that can help you negotiate a better salary.
2. Practice Makes a Person Perfect
There is no ignoring that the more you practice, the better you get. When you manage more high-value projects and build teams from scratch, you can expect it to impact your salary structure significantly. Also, the more experience you gain, the better your earnings are. Though there is no sudden jump in salary structure, if you have skills in project management, you can be sure that your salary will grow steadily along with your career.
3. Change the Industry
It is no secret that in project management, some industries pay more than others. So, you can change industries to get a higher-paying job. However, if you like working in a particular sector, it is better to stick to it and let your salary grow gradually.
Top Cities where Knowledgehut Conduct Project Management Certification Training Course Online
What are Some High-Paying Engineering Project Management Jobs?
For every industry, skillful project managers are needed. However, some of the specialized sectors pay more than others. They are:
- Marketing Project Manager
- Project Management Consultant
- Construction Project Manager
- PMO Manager
- Engineering Project Manager
- IT Project Manager
What Are the Factors Affecting Project Managers’ Salaries?
The salary of a project manager may depend on various factors. Look at the aspects that influence the salary structure.
1. Team size
This is a major factor that influences the salary of a project manager. A higher number of team members means the manager will get an increased salary. Project Management Institute conducted a survey, and they came up with the average salary that someone can get based on the size of their team.
Let's say your team has 1-4 members. Your average salary per year would be around $125,000. With 5-9 people on the team, you can earn about $146,500. If the team members lie between 10-14, the salary could be around $150,000. For 15-19 people, you can expect the average salary to be above $150,000. How much should you expect if you handle a team with more than 20 people? The amount is around $176,182.
2. PMP Certification
A proper certificate is a key that can open many doors for project management professionals. If you have a PHP certificate as a part of your project management course, you can be sure that it will prove your skill and help you negotiate a better salary with your potential employers.
Studies say that people who have a PMP certification, on average, earn nearly 22% more than those who don’t have one. This is considered a standard that can help people take their careers forward in this field.
If you consider the USA job market, you will see that a candidate with PMP certification earns around $120k. As you may have guessed, it is about 22% more than a candidate who is not backed by this certification.
Besides this certification, there are also others that you can explore:
- Certificate courses that deal with Project Management Methodologies like Waterfall, Scrum, and Agile.
- Certification in CompTIA Project+, despite it being a different industry, can help you take your career forward.
3. Education
This is a vast field and is backed by a proper educational path. It is essential for you to have four years of bachelor's degree in management to set foot in this world – and that means an entry-level position in terms of the job. However, that doesn't mean the scope of professional growth is restricted. With increasing experience, one can also see a rise in the average salary for a civil engineer project manager or a project manager in some other field of work.
4. Job Location
Project management is a domain of work that is also influenced by the location, much like other industries. This means the salary of a project manager can vary according to the city where they are working. When the salary is calculated, the cost of living in the city is also taken into consideration.
For instance, the project managers in New York City may earn around $95,250 per year. But, it can change to nearly $88,669 for those working in Los Angeles. Similarly, professionals in California can make about $83,240/ year. And the number is $88,134 for those working in Chicago.
5. Years of working
What is your work experience? This can be a huge determining factor in the salary you will be receiving. With years of working in reputed companies, one gains experience, which is highly valued in project management.
You have five to 10 years of experience; you can expect your median salary per year to be around $109,656. If you have between 10 to 15 years, the digits can increase to $121,000. For those who have 15 to 20 years of experience, you can easily earn about $140,000 median salary per year. And, for those who have over 20 years of experience, the number is around $160,000.
6. Salary depends on the industry too
Several industries require the position of a project manager. For example, you can be an electrical engineer project manager or work in another industry. Your salary will be dedicated based on the domain in which you work. For instance, the project managers working in STEM or any other technology industry can earn significantly higher than their counterparts in other industries.
The median Construction Project Manager Salary is around $125,000 per year. For consulting, it is nearly $165,000. The engineering project manager's salary comes to almost $150,000 per year. As for financial services, the number is around $153,000.
Here is a quick look at the salaries for the other industries besides mechanical engineer project managers:
- Food and beverage - $139,250
- Salary of Creative Project Manager - $78,796
- Government - $140,996
- IT Project Manager Salary - $140,000
- Insurance - $150,000
- Salary of Healthcare Project Manager - $131,000
- Real estate - $129,450
- Telecommunications - $143,500
- Agriculture and mining - $160,000
- Manufacturing - $132,000
- Marketing Project Manager Salary - $64510
- Utility - $160,000
7. Specialization matters
Instead of running everything under a big umbrella, the modern world prefers doing things in a specialized manner. When you can be a senior engineering project manager or a junior, you also need to know the kind of specialization you should opt for that can help you increase your salary.
Here are some top classifications within the project management job that you should be aware of.
8. Portfolio manager
These are some of the points you should remember:
- Plans projects milestone
- Alongside, also coordinates with the team to implement the project
- Manages project budget
- Average salary is between $91,245 - $110,283
9. Project manager
Here are some aspects that you should know about this field of work:
- Analyzes a project to look for improvement
- Looks for ways to increase project performance
- The average salary is around $140,780
10. Product manager
What does a product manager do? Read to know more:
- Manages multiple projects of similar nature
- Helps improve business outcomes
- The average salary is around $127,517
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Conclusion
The demand for excellent and skilled project managers grows with every passing day. If you are keen on getting a piece of this action, then the first thing you need to get certified with proper PRINCE2 training. It can open multiple doors for you. Also, it can help you take your career to a new height. Moreover, remember that some fields pay more salary than others, so pick your path accordingly. For instance, the salary of a civil engineer project manager will be more than others.
Frequently Asked Questions (FAQs)
1. Do project managers make more than engineers?
The project managers can make more than engineers. However, that depends on several factors like education, experience, job location, and specialization.
2. What's the highest-paid project manager?
Project management is a domain that is essential in almost every industry. However, the salary of a project manager varies from one field of work to another. Those associated with technology or the STEM field earn more than those working elsewhere.
3. What is the role of an engineering project manager?
As an engineering project manager, you need to use your expertise to take care of several things. Here is a quick look at the things you will need to handle:
- Plan the project
- Direct the project
- Co-ordinate the project
- Research and development related to the project
- Proposing and managing budget
4. Will a degree help me make more money?
Education is always helpful. So, when you are working in project management, you can be sure that proper certification can help you go a long way. So, getting a good degree is highly recommended.
