What is a Project Manager’s Salary and Why You Should Care
Project management is the art of using knowledge, processes, techniques, skills, and relevant experience to plan and complete a project effectively and within deadlines. As a project manager, you have the specific and critical task of planning and executing projects for a company. It is a demanding role and the project manager’s salary reflects the expectations of the professionals. We’ll give you a sense of how well it pays in this article.
Introduction to Project Management
First up, though, let’s quickly reiterate what project management looks like and what you would be expected to do as a project manager. In simple terms, project management is planning and executing a specific task, event, or duty within timelines and a set budget.
As a project manager, some of your responsibilities would include breaking down the tasks, allocating responsibility, ensuring quality and standards, monitoring budgets and timelines, dealing with variables, and delivering the expected outcomes.
ALSO READ: What is Project Management & How to Become a Good PM
Average Project Manager Salary Range Based on the Job Title
(All salaries mentioned are specific to the United States)
1. Project Manager
As of 2022, the average project manager earns roughly $80,000 annually. According to the US Bureau of Labor Statistics, the top 10% of project managers earn $135,220.
2. Assistant Project Manager
LinkedIn says an assistant project manager’s salary is about $66,500 annually. However, the salary scale ranges from $44,800 to $92,000 and can vary widely depending on education, certifications, skill sets, and relevant experience.
3. Senior Project Manager
According to Glassdoor, an average senior project manager reported a yearly salary of $123,925 with additional cash compensation ranging from $3,000 to roughly $43,000
4. Director of Project Management
As per Glassdoor, the median salary for a director of project management is $130,636, with additional cash compensation ranging from $8,177 to $82,021. The top 10% of project management directors report a base salary of more than $200,000.
5. Project Coordinator
A project coordinator handles administrative tasks for the project manager and ensures the smooth running of the project. The average yearly base salary for a project coordinator is $56,268, according to Glassdoor.
6. Project Scheduler
As the name suggests, project schedulers are professionals who develop and manage project schedules and monitor the timelines of assigned tasks. They are mainly seen in the fields of construction and engineering. Glassdoor data suggests that the median yearly salary for a project scheduler is $89,904, with additional compensation going up to $25,370.
7. Construction Project Manager
Construction project managers work on the planning and delivery of construction projects and make $93,322 annually, with an average additional cash compensation of approximately $9,000, according to Glassdoor.
8. Healthcare Project Manager
According to LinkedIn, a healthcare project manager earns up to $79,000 as a base salary in the United States.
Project Manager Salary Range Based on Knowledge and Experience
Knowledge and expertise heavily influence the project manager’s salary package. According to the Project Management Institute’s salary survey, your payment will be higher if you have a Master’s degree or do a specialized course in project management.
As with any field, more years in a particular industry directly translates to more money. For example, according to LinkedIn, project managers with 1–5 years of experience earn an average of $73,000 annually. In addition, anyone with less than a year of experience could earn up to $62,000.
Along with experience and knowledge, the industry you choose to work in also affects your pay scale. According to the Salary Survey conducted by the Project Management Institute (PMI), project managers in these industries earn the highest income on average annually:
- Resources (Agriculture, Mining): $134,577
- Consulting: $134,149
- Pharmaceuticals: $133,246
- Aerospace: $129,732
- Food and Beverages: $124,559
- Engineering: $124,434
- Utilities: $122,255
- Information technology: $122,245
In many government projects, project managers need to have specialized knowledge of particular software or might need their expertise on a topic, thus increasing their market price and salaries.
Build New Skills in Project Management
A project manager runs the project, so they must have a suitable set of project management skills comprising hard, soft, and technical skills. Besides being well-versed in any project management software, a project manager must also have excellent communication, time management, team management, planning, scheduling, budgeting, risk management, negotiation, organization, and problem-solving skills. You can explore Emeritus’s online project management courses to hone your skills further.
What is the Highest Salary for a Project Manager in the US?
The highest salary for a project manager in the US is $135,220.
Are Project Managers in Demand?
According to the Project Management Institute (PMI®), there will be 22 million new project management job openings by 2027. So it’s safe to say that project management is a lucrative career. And, project managers will continue to be in demand. If this is a career that you’d like to explore, read our related post, how to become a project manager, for more information on making the transition.
With millions of new companies coming up, project management professionals will be in high demand worldwide. And, in line for the highest-paying jobs. So if you’re aiming to make the most of the high project manager salary, check out Emeritus project management courses to become even more marketable.
By Siddhesh Shinde
Write to us at content@emeritus.org
