How Much Does An Project Manager Earn?
It is a great time for new project managers. There is a significant number of employers seeking senior-level project managers in many industries. The salary range for project managers varies from $50,000 to $150,000 according to the PMP report.
However, several factors affect the project manager salary. Hence, it will be beneficial if you know what kind of factors affect the mean income along with where you can find higher-paying companies.
Breakdown of Project Manager Salary
If you’re interested in becoming a project manager, it’s important to understand how much money you can expect to make once you find employment.
The average salary of a project manager in the United States ranges from around $51,000 to more than $100,000 per year and the median salary is approximately $76,000. In comparison, the average annual salary for all workers in the United States is about $46,800.
On the higher end of salaries for project managers are those who work in IT services and computer systems design with an average of about $109,000 per year. Those who work for aerospace products and parts manufacturing companies earn about $103,000 per year on average.
Factors Affecting Project Manager Salary
There are many factors that affect the project manager’s salary. Some of the most important ones include:
- Location: The geographic location you work in will impact your salary, as well as the cost of living and taxes.
- Experience: How much experience you have working as a project manager directly impacts how much money you earn in this role. Generally speaking, it is expected that with each year of experience on the job or in this position, your pay will increase by roughly 3% to 5%.
- Skills: Having certain skills can also lead to higher pay for project managers who specialize in them (e.g., software development). Project managers who are good at what they do tend to get promoted more quickly than those who aren’t quite so adept at their jobs; thus, one should try hard to hone their professional skill set constantly so that they can continue moving up the corporate ladder over time!
Industries for Higher Project Manager Salary
- IT and telecom: $78,453
- Banking and finance: $77,506
- Healthcare and life sciences: $77,505
- Manufacturing: $75,750
- Construction: $75,749
- Energy and utilities: $74,843
- Government (local): $73,595
- Retail and consumer products (supermarket): $71,500
As the industries above have shown us that the higher-paid project managers are those working in technology-related fields. The reason for this is that these positions deal with data that require highly specialized expertise.
Before you start applying for jobs, it’s important to understand what the average salary is for project managers in your industry. This will give you a better idea of what employers are willing to offer and how much more you can earn by moving up the ladder within your company.
While experience does play an important role in determining pay scales, there are other factors that come into play as well, such as location and industry demand. So keep these few things in mind when considering your career options!