What is the average Project Manager Salary? Well it depends on your country and town or city, your experience, the industry you will be in and your level education. Read on to find out what factors impacts salary and how to research the typical salary you can expect!
With the high demand for good careers and surge in unemployment, many people in the world are eager and willing to pursue any profession that comes in their way. Among the many disciplines available, the number of people joining the project management field has increased over the years.
This is a discipline of planning, initiating, controlling, executing and closing the work of a team to achieve the set goals whilst meeting specific success principles.
Project management is a broad skill that covers a large number of industries from IT, constructions, marketing to telecommunications. Among the many FAQs in the field, you will find many aspiring project managers asking, "What is the project manager salary?"
If you also have the same question in mind, the best answer you can get is from an individual who is currently a project manager. Despite the answer you will get, the salary of project managers varies greatly. And if you don't get a distinctive answer, there are several sources for ascertaining more about project managers salaries. First look at the U.S Government's Bureau of Labour and Statistics. Other sources include official associations that include the Project Management Institute (PMI) and employment websites where most of the providers self-report their monthly or annual salaries.
Factors to Help Determine the Project Manager Salary
In many occasions, employers consider certain parameters besides market information when determining the amount of salary to assign their workers. Salaries differ dramatically in every field and even within the same occupation. Here are few factors attributed to these differences in the project management career. Take a look:
This is one of the biggest elements that affect incomes in the professional field. The 9th edition of the PMI Salary Survey reports that the project managers in Switzerland have the highest salary of $130,000 compared to Egypt where the median is $19,602.
Salaries within countries vary depending on the area you work or how challenging it is to work in that region. For instance, if you work in big cities such as New York, London or even Berlin, as a rule of thumb your salary is going to be higher than those working in rural localities.
For example in the United Kingdom the average salary in Plymouth a city of around 264 thousand people is 36,773 the average in London is 48,689.
If you are in search for a well-paying career, you have to keep in mind that education still pays. Statistics in the project management sector show that at every education level an employee achieves, and this impacts their earnings positively. The more you pursue your education besides earning more, you also have higher changes of landing into better job positions. To become a project manager, you usually have to be a holder at least a bachelor's degree in business management. Or else a bachelor's degree in other fields like marketing, computers science and engineering.
Typically, more exposure in a certain field guarantees higher pay. To be a top project manager, you should have worked as an intern in the project management sector, or served as a project assistant, project coordinator or a junior project manager in a number of companies. Your exposure in the field should speak for itself.
The PMI have found that the number of years of experience that you have as a Project Manager is more important than work experience generally. US Project managers with less than 3 years' experience earn an average yearly wage of $74,900 compared with $125,000 for those with 20 plus years.
Your performance report
Many employers review workers reports to effect salaries or promotions. If you are among the best employees in the project management sector, your salaries may likely increase than those with poor reports.
In essence, there are many factors that influence project management salaries. The core thing is that project managers play important roles in the success of company.
The moderate project manager salary starts at around $55,000 and up to $100,000
depending on the size or scope of the project. To earn more as project manager, you have to grow with changes in technology and education sector. Don't just stay stagnant at one position. Make new strides and earn better income.
Using Salary Checker Websites
When you search the web for the typical salary for any project role you will come see websites like PayScale, Glassdoor and local recruitment company websites. These are good places to start your search and we have suggested several in our list of the Top 10 ways to research Project Management Salaries
However, do treat the results with caution as these sites appear to show average salaries that are on the low side
. We don't have anything more than ancedotal evidence for this, but these sites rely on people volunteering their salary information so even if the salaries aren't low the averages that these sites return are likely to be based on a small amount of data.
How to prepare for the question 'what is your pay expectation?'
So when you are asked 'what is your pay expection?' how do you make sure you aren't underselling yourself? We suggest following this process in your research:
Follow these steps to decide what salary you should ask for
- Search the web and make sure you drill down by job title, industry and by the company you are applying to
- Check the company's career pages - some do still advertise a salary band
- Check recruitment agency websites for similar roles and even better give them a call and ask them the typical pay for the role and company that you are targeting.
- If you are lucky enough to have a contact in the company you are applying to (or you know an ex-employee), ask them if they can give an indication of the pay or payscale.
- Finally if you are already a Project Manager take your current salary and add 20%. To some of you this is going to sound like a lot and to others too little! But if nothing else it will help you to make sure you take your well earned and value experience into account when negotiatng your salary.
The Top 10 ways to research Project Management Salaries
1. Search the web for 'salary checker'.
This will bring up global salary checking sites and local recruitment sites that provide salary information.
2. totaljobs salary checker https://www.totaljobs.com/salary-checker/salary-calculator
3. Glassdoor https://www.glassdoor.com
this site will redirect to your country so you can check local salaries
4. PayScale https://www.payscale.com/mypayscale.aspx
5. Reed Average Salary - UK https://www.reed.co.uk/average-salary
6. Ask your local recruitment agents
– this is probably the best way to get an indication of salary as recruiters will know what people they have placed are actually paid and what salaries certain companies are prepared to pay.
7. Ask your colleagues and friends
. You don't have to ask them their salary, but you could ask what they would level of pay they would suggest you ask for.
8. Visit the specific job page on the a company's website
– often adverts on linkedin and other job sites don't show salary band whereas the company's website does.
9. Ask people in your Linkedin network
– private message people who work at the company and ask. Don't be bashful about this, they can always say they don't know or would prefer not to say.
10. PMI Project Management Salary Survey https://www.pmi.org/learning/careers/project-management-salary-survey
- this was completed in 2015, but still relevant and hopefully they will run another survey soon.
Further reading on Project Management Careers
Example Job Descriptions for Project Management Roles
Why we need Project Managers!
Advantages of Project and Programs
How to guides on key Project Management topics
Project Management: A Beginner's Guide for the first time Project Manager, start hassle-free career to project management
Project Management Step by Step: How to Plan and Manage a Highly Successful Project
Dennis Lock. 2013. Project Management
- The Bible for Project Managers!