Each business desires a capable project manager to control the project's development. Businesses run several tasks in parallel, and a project manager typically oversees numerous projects. Therefore, companies are not hesitant to provide higher project manager pay. This article will keep you updated on the project manager's salary. The average project manager wage is close to $109,722 to $127,210. Project managers lower business expenses, improve organizational processes and contribute to better profits by overseeing initiatives from idea to conclusion. The most efficient way to be a pro at project management is to go for Project Management certification course.
Who is a Project Manager?
The project manager, with expertise in overseeing projects, plays a critical role in ensuring successful goal achievement at each stage. They are responsible for identifying major project objectives, developing a strategic plan, directing the team through implementation, and overseeing all project components until completion and evaluation. Alongside these responsibilities, project managers also navigate the aspect of project manager salary, ensuring equitable compensation for their role.
They monitor and supervise product design, ensuring an effective delivery process within the defined parameters of design, expense, and timeline. Balancing price, timeframe, and performance while safeguarding the project's scope remains a key challenge for project managers, who bring their skills to overcome such obstacles and achieve both project success and a fair project manager salary.
Project management uses techniques, procedures, expertise, and skills to accomplish the objectives of a particular project. Project managers must be technically proficient in specific disciplines and have a history in the industry.
Projects have pre-established goals, and managers ought to be capable of achieving them. Project managers are expected to plan and oversee the project in an effective and organized manner.
Average Salary of a Project Manager
Check below the project manager's salary per hour, month, and annually.
| Salary per Hour | $58
|
Salary per Month
| $6,500
|
Annual Salary
| $74,000 |
Project Manager Salary in 2024
There are a multitude of factors that impact a project manager's salary. Below we have discussed these factors in great detail. Consider all these factors before deciding on how you want to proceed further:
Salary Based on Different Factors:
The top 6 factors that affect project manager salary the most are discussed in great detail below:
1. Project Manager Pay Based on Experience/Role
People with higher experience usually earn higher. That trend is also justified by the pay for a project manager.
- Entry-Level Project Manager Salary- The typical starting salary for a project manager pay is $74,933
- Mid-Level Project Manager Salary- A mid-level project manager has an average income of $76,300
- Experienced Project Manager Salary- An experienced project manager makes an average income of $85,475
Project managers having 1-4 years of experience can anticipate making about $ 74,000 annually. The average annual salary for a project manager with between 10 and 19 years of training is an amazing $85,000.
2. Salary of Project Manager Based on Employer/Company
It is evident that salary has a significant impact on employee performance. The more fair compensation provided to employees, the more efficient they will be. On the other hand, if workers receive less income, they will be less productive.
- Google: The annual compensation for a Google Project Manager is $192,777. With $130,000 as base pay and $62,777 as additional pay.
- Apple: The average annual wage for an Apple Project Manager is $177,162. With $125,818 as base pay and $51,344 as additional pay.
- TCS: The average annual wage for a project manager at Tata Consultancy Services is $84,535
- Cognizant: The annual compensation for a Cognizant project manager is $94,056.
- Infosys: The annual compensation for a project manager at Infosys is $112,068.
- IBM: The annual compensation for an IBM Project Manager is $134,859.
- Amazon: The annual compensation for an Amazon Program Manager is $140,585. With $98,399 as base pay and rest as additional income.
3. Project Manager Salary Based on Skill-set
Skills can be acquired through academics and real-world and professional experiences. Technical proficiency is another determining aspect. For instance, knowing a lot of sketching skills would enhance your CV if the position is related to project management for the building. Additionally, this would enhance your odds of being paid well as an entry-level project manager.
A variety of talents influences the pay for a project manager. Some of the most important abilities of a project manager are listed below:
| Skills | Average Salary |
|---|
| Project Management | $74,000 |
| Agile Software Development | $93,121 |
| ITIL | $65,000 |
| Project Coordinating | $69,447 |
| Microsoft Office | $68,000 |
4. Project Manager Salary Based on Certifications
The ability to effectively manage teams and projects is demonstrated to recruiters when you become a certified project manager. People with a PMP certificate make an average of 22% more per year than those who don't have one in all nations and business sectors.
Promotions and job progress frequently favor or acknowledge those with a PMP certification. Training for this certification can be done through PMP course. Earning a PMP certification can boost the average pay of Project managers.
5. Project Manager Salary Based on Location
The cost of living significantly affects a project manager's pay. In contrast to a job in a minor metropolis, one in a city with a strong technological infrastructure would pay more.
| Location | Average Salary |
|---|
| India | 14.5 lakh per year |
| USA | $77174 yearly |
| UK | £44815 per year |
| UAE | AED 19,000 per month |
| Australia | $128362 per year |
| Canada | $79500 per year |
| Singapore | $6000 per year |
| Germany | $63000 per year |
| Philippines | ₱39420 per month |
6. Project Manager Salary in Top Industries
There are hundreds of Industries that require a project manager. But this position has a different level of prominence in these sectors. Thus, the pay is different for the same role.
| Industry | Average Salary (USD) |
|---|
| Agriculture | $16200 per annum |
| Airline/Aviation | $23000 per annum |
| Architecture | $10000 per annum |
| Automobile | $20000 per annum |
| Banking | $16500 per annum |
| FMCG | $16800 per annum |
7. Project Manager Salary Based on Education Background
Having a certain degree tells your recruiter and employer what skills you might possess. The general trend being higher levels of education equals more pay. The base salary is around 7 thousand dollars per annum and goes as high as 26.5 thousand dollars per annum.
| Qualification | Average Salary (USD) |
|---|
| BSC | $7200 per annum |
| BE/BTech | $14500 per annum |
| MTech | $26550 per annum |
| MSc | $24100 per annum |
| MS | $18000 per annum |
| PG | $12000 per annum |
Why are Project Managers Paid So Much?
The main reason for this is there is high demand for good project managers and the lack thereof. Creating the project concept, forming and running several project groups, and finding problems and resolving them are why project managers are paid so well. Project managers pay with 1-4 years of experience can expect to make about $74,933 annually.
The average annual salary for a project manager with between 10 and 20 years of experience is $85,000 annually. Therefore, the longer you stay in the field, the greater results it will produce for you. It is a grueling task. Moreover, the responsibilities of work being completed within the time frame lie over you. You also have to control the finances while ensuring stakeholder happiness.
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Future of Being a Project Manager
There is a tendency toward projecting skilled work, which means that a growing number of people are conducting project management as a regular part of their jobs. There would always be challenging tasks that call for a firm hand and a specific set of abilities to be brought to a project accomplishment.
Businesses must immediately adapt to the increased international, unpredictable, and speedy corporate environment and launch new products and services. The individuals who can make that possible are project managers.
The project manager's job is increasingly becoming a proactive leadership role for bringing about change within a company rather than just someone who can mark work as accomplished on a chart.
Conclusion
Understanding project manager salary is crucial for professionals seeking to thrive in their careers. It makes sense to be drawn to the large income a project manager can receive. But in order to be successful, you must be passionate about seeing a project through to completion. You can gain the abilities, as was already indicated, but you must be certain of your motivation for pursuing the career.
It is recommended that you participate in credible PRINCE2 training. You can get well-paying jobs in IT, production, economics, medical, and other interesting industries with the PRINCE2 certification. The need for Project managers internationally is at an all-time high right now. If you are willing to grow and prosper as a Project Manager, the KnowledgeHut Project Management certification course is one of the best and most suitable.
