How Much Does a Project Manager Make? 2023 Guide
Project management salaries within the science, technology, engineering, and math (STEM) fields are especially high due to the rapid growth and demand in these industries. In fact, 93 percent of STEM jobs offer wages well above the national average, and the national median salary for all STEM positions is almost double the average wage https://deveducation.com/ for non-STEM roles. Earning a project management certification can help validate your skills and experience to employers. Among the professionals in the US surveyed by Project Management Institute, the median salary for those holding a Project Management Professional (PMP) certification was $25,000 more than those without .
For example, you may choose to specialize and become a program manager or portfolio manager. A PMP certification is often preferred or recognized for promotions and career advancement. The certification is earned through the Project Management Institute, a globally-recognized association that promotes collaboration, education, and research within project management. The organization also maintains international certification standards, credentialing, policies, and procedures.
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In general, the larger the team, the higher the median annual salary for project managers. According to PMI, those working in teams with fewer than five members reported a median salary of $105,000, while those with 20 or more brought in $130,000. For one, project managers with master’s degrees earn a median salary of $120,000 compared to $110,250 for those with bachelor’s degrees. Project managers typically have educational backgrounds in business, marketing, or communications as well as certification in industry-specific project management. In addition to education, project managers often start their careers in roles like project coordinator, junior project manager, or assistant project manager. Where you work can have a huge impact on earnings, in addition to your education, experience, specialization, project team size, and industry.
While the PMP is certainly a highly-respected credential, it’s not the only one. You can also get certified in project management methodologies, like Agile, Scrum, or PRINCE2, or earn an industry-specific credential, like the CompTIA Project+ for information technology (IT) project managers. In top-paying project management industries such as government, projects are more complex and often require specialized knowledge of particular software, making project management salaries higher than average. Becoming a certified project manager not only helps you enhance your salary, but it demonstrates to employers that you have the skills and knowledge to manage projects and teams successfully.
Earning a certification or advanced degree can significantly increase your salary as a project manager. In many industries, including project management, where you live can impact how much money you make. Data from job posting site ZipRecruiter indicates that project management jobs in the San Francisco Bay, Boston, and New York City areas tend to have the highest annual salaries. BrainStation’s Project Management career guide is intended to help you take the first steps toward a lucrative career in project management. Your project management salary can also increase depending on your area of specialization within the discipline.
Project managers should consider these factors when considering their potential salary and career growth. A recent global study found that professionals with a PMP certification earn 22 percent more on average than those without one across all countries and industries. In the U.S., a project manager with a PMP certification makes $120,000 annually as compared to $95,000 without one. In the U.S., the median salary for a project manager is $116,000 across all industries, with most project managers earning between $93,000 and $140,000. Generally speaking, the more job experience you have, the more you can expect to earn.
Indeed reports that the average Senior Project Manager makes roughly $118,000. Will bring you nearly $150,000 annually, with the other aforementioned cities also paying a premium for Senior Project Managers. There is, however, huge variance in terms of salary with the Project Manager job title.
- By seeing strategic projects from inception to completion, project managers can reduce company costs, increase organizational efficiencies, and help generate higher revenues.
- Project managers are responsible for planning and executing projects—a critical role in any business.
- Project management salaries within the science, technology, engineering, and math (STEM) fields are especially high due to the rapid growth and demand in these industries.
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By seeing strategic projects from inception to completion, project managers can reduce company costs, increase organizational efficiencies, and help generate higher revenues. In addition to enhancing your earning potential, earning a higher degree might also make you more competitive in the job market. Let’s take a closer look at how much project managers typically make, as well as some digital project management course of the factors that can influence your salary. Project managers are responsible for planning and executing projects—a critical role in any business. It’s a well-paying career with room to advance into even higher-paying positions. Alternatively, specializing in a particular project management methodology that is in particularly high demand can also help to increase your salary.
Analyze the market and your qualifications to negotiate your salary with confidence. This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals. When thinking about location, it’s important to take into consideration cost of living as well. The areas that correspond to the highest pay—often major cities—tend to come with higher living expenses. Review the job openings and experience requirements for the Manager, Project job to confirm that it is the job you are seeking.