Project management is profitable. And even more profitable if the job is tough and complex. So you never work for money. You perhaps know it. Projects need thorough planning followed by meticulous implementation. This is why project managers earn desirable salaries. And certified project managers command even advanced earnings.
If you’re new to project management and speculating where to start, this article is for you. We’ll discuss project managers’ salaries across aspects based on PMI salary report- 10th Edition like
- Certification status
- Project type
Let’s discuss these aspects in detail.
Project Manager Salaries Based on Countries
Where you live inspirations your income. Each country presents its distinctive mix of certification, labor, government and professional hurdles. Project managers face these actualities too.
- Switzerland has the uppermost average salary for people in this line of work. Project managers earn about US$130,000.
- The US comes next to Switzerland.
- Project managers take home US$112,000 annually in the States.
- Australia is the third highest-paid.
- The average salary there is US$108,000.
- At US$10,000 a year, Egypt is the country with the smallest unkind income for project managers.
- The image below imitates project managers’ salaries by country. The bottomless the green, the higher the average income per country.
Suggested Read: Roles & Responsibilities of the project manager
Project Manager Salaries Grounded on Gender
All project managers, irrespective of gender, earn about a similar amount of money until the age of 30.
After that age, salaries meander. Most countries experience a 23.4 percent salary increase for men over women in their late thirties.
Here’s a graphical illustration of male and female project manager salaries in the US, UK, UAE, Malaysia, India, Hong Kong, and Australia.
Project Manager Salaries Established on Position
Most organizations group project managers into three stages.
Separately from hierarchy, these levels also replicate pay rise. People holding project manager one positions earn less than those in project manager two stages.
The highest earners are typically people in project manager three positions.
How much precisely do these project managers earn?
Well, the figures differ by country, as the graph above reveals. But here’s what you’d expect for some of the highest earners.
Project Manager I
This is the entry-level project manager position.
They take home an average of US$87,426 and need less than three years of working experience in this field.
Project Manager II
These intermediate position holders must have over three but less than five years of work experience. They earn US$96,500 on average.
Project Manager III
This level is the coveted position of a senior project manager. Must have at least six years of work experience in the field. Their average yearly earnings stand at around US$110,000. Related positions like:
- Program manager,
- Portfolio manager, and
- Project management consultant
Earn a salary range of US$115,000 to US$134,000.
Meanwhile, a director of project management’s salary positions at an average of US$140,000.
Project Manager Salaries Based on Professional Experience
As we’d discussed under project management positions and levels, people with more experience earn more money in this field.
Your three to five years of experience would facility about US$85,000.
Meanwhile, a professional experience of 10 to 15 years earns you about $115,000. And people with more years of experience of over 20 years make well into the six-figure range, at $130,000.
As with other issues we discussed earlier, salaries based on professional experience fluctuate by location.
And this can be a huge deal.
The salaries of US-built project managers with only three to five years’ experience is US$85,000. But that figure is approximately double the pay of project managers in India with over 20 years of experience!
The table below shows you how project managers’ may change with years of experience, based on their country of habitation.
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Project Manager Salaries Based on Certification Status
Project managers without certification would make US$92,000. Whereas, project managers in the same position, but with certification would make US$115,000.
So a PMP certified project manager makes 23 percent higher than one without it.
South Africa reportedly shows even higher income alterations. In a PMI salary survey, people holding a PMP certification received a whopping 58 percent higher income.
Project managers in the US holding a PMP certification for five years or less make about US$103,000. Those who’ve held the certification for five to ten years command US$120,000 in salaries. And people with more than ten years of PMP certification earn about US$130,000 annually.
Here’s a graphical comparison of PMP certification holders versus non-PMP certification holders based on their country.
Project Manager Salaries Based on Industry
Your essential industry and project management position in that industry impact your earnings.
In the US, Pharmaceuticals pay project managers the maximum income, at US$131,833.
Temporarily, resource industries, like Mining, Agriculture and the respite come second here. They pay US$129,368 in salaries to project managers.
As constantly, pay varies by country. Here’s a table of how much project managers earn by industry, founded on the country where they repetition.
Also read: Deadly qualities of a project manager
Project Manager Salaries Built on Project Type
Project type also impacts pay. If a project is composite or demands complex planning and execution, it’d imitate on the earnings.
Employers are willing to pay higher for projects in business alteration and engineering. Project managers in these spaces make US$120,400 every year.
Other top-paying spaces contain
- Research and development
- Information technology
- Regulatory compliance, and
Here’s a graph of how project types link in terms of salary.