Every company has people who are critical to various processes of the business. Just like many of those portfolios, a well-skilled project manager is someone who handles the entire project development process.
There are many projects running simultaneously in every company and this is where project managers come in as in-charge of different projects. It is due to this that many companies offer respectable salaries to project managers in India and other countries.
For the project managers with the required skillset, the career progression as well as the salary only go in the upward trend. This is more so because the project manager’s salary in India as well as other countries is dependent on how skilled or upskilled and updated a project manager is. The project manager’s salary in India depends on multiple factors including the type, scale, and number of projects they manage.
Project Manager Salary in India
India is the hub of many industries from varied sectors. The country has the right talent and people who can handle different projects. This is why there are many warehouses, production units and other set-ups in India and the project manager’s salary in India is on an upward swing. There are four main factors that affect project manager’s salary in India: the sector and company, experience of the project manager, location of the company as well as the project manager, and skills. The better all these are, the better would be the project manager’s salary.
Project Manager’s Responsibilities
A project manager’s salary would depend on the kind of responsibilities that are allocated to them or the ones they can take up. Some of the main criteria that decide a project manager’s salary include the following responsibilities that they are expected to take up.
● Focus on customers and provision of excellent customer experience
● Ability to ideate and communicate requirements as well as managing project progress and milestones.
● Identifying and effectively mitigating risks
● Resolving issues and challenges and escalating when appropriate
● Managing the scope of a project, its budget, timeline, resources, etc.
● Managing on-premise and off-premise resources
● Undertaking a diverse scope of services analysing different factors
● Keeping up-to-date on things and compliance with internal processes and procedures
● Supporting the sales cycle
Now that we have walked through the project manager’s roles and responsibilities, let us take a look at some of the factors that affect a project manager’s salary.
Factors Affecting Project Manager Salary in India
Project managers have various roles and responsibilities which have a direct bearing on their salary.
Project managers who have more experience tend to take a higher share of the salary pie. This is compared to freshers who may be just managing their first project.
This is another factor affecting the average salary of a project manager. For instance, project managers in metros get a higher salary when compared to someone in the Tier 2 and 3 cities.
Another major influencing factor in terms of the average project manager’s salary is the company and sector in which they work. The bigger the company, the better the pay-out is.
When project managers have the requisite skills, they can give a better performance and therefore, earn better.
A fresher project manager draws the following salary.
Salary ₹237,650–1,125,151 per annum
Bonus ₹4,894–154,507 per annum
Commission ₹26,000 per annum
Total Salary Range ₹239,808–1,185,568 per annum
For Experienced Employees
For candidates who are in the middle of their career, the annual project lead salary will be as follows.
Salary ₹474,757–1,727,870 per annum
Bonus ₹10,107–237,792 per annum
Commission ₹50,000 per annum
Total Salary Range ₹488,036–1,818,675 per annum
Project Manager Salary in Other Countries
The salary of a project manager depends on the geography or location they are in, apart from the other factors mentioned above. The associate project manager’s salary will be different from the project lead’s salary and so on. Here is a breakup of their salary according to their country.
The United States US$72,400
Get Certified Today, Earn Better Tomorrow
Project management is one of the most established domains today. This article clarifies that the role of project managers and the importance of project management will only increase in the times to come. Every business has many projects running at the same time, and this is where companies require minds in the form of project managers who can handle all these requirements. project management offers various certification courses in project management. Here are three such courses that can help you get skilled or upskilled based on what level you are in.
IIM Calcutta’s Advanced Programme in Supply Chain Management
This programme helps supply chain practitioners looking for a challenging, advanced programme for driving supply chain profitability and efficiency through contemporary modelling, strategies and analytics.
IIT Delhi’s Certificate Programme in Project Management
This programme will help you understand project management concepts and principles and deliver projects with a precise focus on time, budget, and quality. It will introduce you to the tools and techniques used for comprehensive project management – from its initiation to closing. Enrolling in this programme will equip you with robust planning abilities, the capacity to set clear goals and realistic objectives and achieve them with a single-minded determination.
Executive Certificate Programme in Advanced Project Management by S.P. Jain Institute of Management and Research, Mumbai (SPJIMR)
This seven-month programme will introduce you to the tools and techniques used for comprehensive project management – from its commencement to conclusion. Joining this programme will advance your understanding of the concepts and principles of project management and build your ability to deliver projects with a precise focus on time, budget, and quality. Additionally, on completing this programme and fulfilling all the academic requirements, you will be eligible for the prestigious SPJIMR Executive Alumni Status.