Updated April 21, 2023
Overview of Project Manager Salary
Needless to say, “Project Management is the leading factor undertaken by businesses around the world for the purpose of delivering optimum business results consistently”. With many businesses going around and establishing project management offices and investing in hiring leading project managers and expert project team members, there seems to be a growing demand for these individuals in the market. In this article, we will be discussing project manager salaries.
When thoroughly invested, organizations see the benefits that project, program, and portfolio management are reaping. The investments in money, time, and resources are humongous and are all in the efforts to give businesses added benefits in terms of returns, productivity, and performance.
In this article, we will look at one such resource investment that is so very crucial in the entire project management play that these businesses undertake. This crucial link is in the Project Manager. We will look through exactly who a project manager is, why we need these project managers, and the million-dollar question, how much is a project manager’s salary?
Who is a Project Manager?
A Project Manager is an individual who uses all of the project management knowledge, tools, and techniques to complete a project successfully. Project managers are those essential individuals the business needs to charter business project plans and execute them to completion successfully.
Project managers must be highly qualified and dedicated to handling and steering projects to achieve the business objectives and goals they are designed to complete. A project manager is responsible for preparing elaborate and highly detailed plans for the project and determining their credibility. They are also individuals who perfectly manage the people involved in the project, such as the project team members. They are leaders who use their effective communication skills to prepare communication plans and maintain a steady relationship with other stakeholders or members associated with the project.
A project manager must also look at quality as an important component of the project. It’s important that quality is at every stage of the project, and accordingly, the outcome would also be laden with quality. Another aspect of a project manager is risk assessment and management and the different mitigation strategies to be implemented should there be risks encountered.
Why is there a demand for Project Managers?
You’ve read through the many roles and responsibilities that a project manager undertakes, and I am sure you’re convinced that it’s a job role to reckon with. With many businesses resorting to projects, many organizations are looking out for these stellar personalities to gain a competitive hand over other organizations within the industry.
With the growing need for project managers, businesses are going to pay their project managers. As the demand increases, so does the quality of project managers and, in turn, the quality of businesses. Rudimentary processes are now put under the scanner to polish and refine them with the help of project management.
The approaches used in project management are all methodological and systematic, thus helping projects achieve their goals efficiently and effectively. Growing efficiency and effectiveness assure businesses’ trust in project managers, and now they have spread across different industries and sectors. With demand comes the difference and range of remuneration.
Different Levels of Project Managers and How Much Project Managers Earnings?
This section will look at the different levels of project managers employed across industries. These are varied industries that look at different product and service types, so they need a project manager for each sector and industry. Though these project managers cater to the project management aspect of the business, they conduct their work differently from each other and converge at some points to achieve project excellence. Let’s have a look.
Note: Many other project manager groups are prevalent within each of these types of project managers.
Construction Project Manager
Planning and executing a construction project manager’s salary requires a lot of precision and a systematic approach to the entire process. Bringing in project management to cater to this industry seemed very fitting at all levels and, thus, born the role of a construction project manager. Responsibilities such as planning and managing a construction job from the start till the end brought the construction project manager sala role to the forefront of project management.
Architectural Project Manager
An architectural project manager would shoulder responsibilities very similar to that of a construction project manager, and they even work in close quarters with them. Along with their collaboration with construction project managers, an architectural project manager also looks through the coordination among the design team and many different consultants who aid the entire process of conceptualizing the design till the actual construction of the unit is undertaken.
Insurance Claim Project Manager
In the case of other natural calamities or fires, or floods within the insurance claim industry, you will see project managers carrying out all the possible investigations and management of restoration of client homes/offices as per the contracts. Project management plays a vital role in this area, and each claim is turned into a full-fledged project.
Software Project Manager
Regarding project management, a software project manager’s salary would possess the same set of project management skills as their counterparts in different industries. Still, the distinguishing factor would be the added and advantageous software development background and skills to facilitate the smooth functioning of a software development process.
Developing software would require a project manager’s salary to know the intricate details needed. A software project manager salary will look at traditional project management approaches, just like the project manager salary in the manufacturing and construction industries, and modern and flexible approaches, such as Agile, Scrum, XP, and more. Software project manager salary involves the creation of a new entity altogether, and results can be unpredicted or varied from the previous attempts at project management. Therefore, a more flexible and scalable approach must be undertaken.
A software project manager’s salary must follow the software development lifecycle (SDLC) while working on a project.
Engineering Project Manager
In the field of R&D and manufacturing, an engineering project manager’s salary takes the lead when it comes to managing the functioning of the product line. Right from the concept stage until the product completion and dispatch to customers, project managers are responsible for ensuring quality and value are added at every stage across the production line.
Project Managers Salary
It isn’t something written in stone, and these salary trends are increasing, with more and more businesses resorting to project management. The goal of every business is to maximize its output and cash in on the profits received while investing less. With project manager salary taken care of that aspect and following the “More with less” mantra, it’s becoming quite a catch to be a project manager salary in any industry.
The project manager’s salary is dependent on two factors:
You will find the highest-paid project manager salary in the United States, Australia, and Switzerland, while the lowest salary comes from India, Egypt, and China. A few numbers supporting this claim are as follows:
Highest range – $105,000 to $135,000
Lowest range – $24,000 to $27,000
About industries there is another long list of industries looking at project manager salaries in totally different lights. As per the article published by CIO, the following statistics come to light:
- Consulting – $120,000
- Pharmaceuticals – $114,000
- IT – $104,000
- Natural resources – $116,000
Another factor contributing to these ranges is the project manager’s experience with them—for example, the project manager’s salary scene in the United States. Here, an entry-level project manager would have a national median salary of approx. $89,000, while established and experienced project managers earn a national median wage of approx—$ 96,000. Similarly, software project managers’ salaries average $100,000, and engineering project managers earn $107,000. The top cake of the upper limit of the highest range (that is, $135,000) normally is for directors of PMOs within organizations.
Studies have also shown that project size influences what these project managers earn. A high-end project crossing the $10 million mark has its managers make 40% more than the median figure.
These figures are expected to grow yearly, implying that the project management approach is gaining even more importance as businesses undertake change programs and projects. Certified professionals are also valued against non-certified professionals, giving them a clear advantage and a boost to leading projects of the millennium.
5 Different Types of Project Manager Salary
In this section, we will look at 5 different types of project manager salary:
Construction of Project Manager Salary
As per the latest statistics, the remuneration seems to be a good chunk of the duties and responsibilities of a project manager’s salary construction. This project manager’s salary structure is to manage and communicate directly with the different designers, architects, and contractors to perform a methodical operation of a building and construction.
Regarding the salary, we can have a project manager’s salary construction to earn an average of $90,000, and the upper limits, based on experience, can extend to $135,000.
Architectural of Project Manager Salary
Working in close quarters with a project manager salary construction, architectural project managers don’t deal directly with the plan undertaken on the construction site but rather deal with the design team to correctly structure the building project as per requirement.
Architectural project manager salary average at $85,000.
Insurance Claim for Project Manager Salary
Closing in on claims settlements and other home and organizational claims, Claims Managers are not far behind when it comes to competitive salaries and a handsome amount of work. With the bridge shrinking further, we have Insurance Claim for Project Manager salary average looking at the salaries of $75,000 p.a. Still, the range can very well be $41,000 to $113,000 with many different factors project manager influencing, as mentioned in the previous section.
Software Development of Project Manager Salary
Sitting on the top of the chain is the software project manager salary is coming up with the average of salaries amounting to $108,000 as per recent stats. Having an equally challenging workload and a prominent position, software or IT project manager salary has brought about a revolution regarding the different project management approaches.
Engineering Project Manager Salary
An engineering project manager salary average who is in charge of manufacturing lines and many other industrial functionalities can have an earning average of $86,000 annually.
What is in Store for the Future?
A project manager job role isn’t quite considered a profession but rather a line of work carried out by professionals whose sole aim is to incorporate a sense of system within the organization to bring about a complete increase in performance. With the stakes rising further for project managers and project management, on the whole, the entire world seems to be heading towards cutting itself a piece of this much sought-after methodology for enhanced business performance.
Project management is growing tremendously, with a striking growth rate of 12% annually. Growth in project management would be a more or less equal growth in the hiring patterns of project managers and, thus, in their salaries.
This job role is and will remain a lucrative career choice for professionals who have a view to leading projects and bringing about a difference in the corporate world.
The average salary is getting into this race with zeal and determination. It is even taking to various project management certifications to get their hands on fine opportunities on the market. It’s a great pitch for project managers to hold on to their bats. The field is set, and the match is about to begin.
This has been a guide to a project manager’s salary. Here we also discuss the basic concept and 5 types of project manager salaries. You may also look at the following articles to learn more –