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’s seems to be a growing demand for these individuals in the market. In this article, we will be discussing project manager salary.
Organizations are clearly seeing the benefits that project, program, and portfolio management are reaping when thoroughly invested into. The investments in the form of money, time, and resources are humongous and are all in the efforts of giving 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, which these businesses undertake. This crucial link in the Project Manager. We are going to look through exactly who a project manager is, why we need these project managers, and the million-dollar question, how much project managers salary.
Who is a Project Manager?
A Project Manager is an individual who puts into use all of the project management knowledge, tools, and techniques in an effort to be able to successfully complete a project. Project managers are those essential individuals needed by the business to successfully charter business project plans and execute them to completion.
Project managers need to be highly qualified and dedicated to handle and steer projects into achieving the business objective and goals they are designed to complete. A project manager is responsible for preparing elaborate and highly detailed plans for the project and determines the credibility that they carry. They are also individuals who perfectly manage the people involved in the project, such as the project team members, and are leaders who put into 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 is also required to look at quality as an important component of the project undertaken. It’s important that quality is at every stage of the project, and accordingly, the outcome would also be laden with quality. Another aspect to a project manager is risk assessment and management and also 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 many responsibilities that are undertaken by a project manager, and I am sure that 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 with a view to gaining a competitive hand over other organizations within the industry.
With the growing need for project managers, businesses are going all the way when it comes to paying their project managers. As the demand increases, so do the quality of project managers and, in turn, the quality of businesses. Rudimentary processes are now put under the scanner with the aim of polishing and refining them with the help of project management.
The approaches used in project management are all methodological and systematic, thus, helping projects to achieve their goals with efficiency and effectiveness. Growing efficiency and effectiveness assures the trust businesses have 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?
In this section, we will look at the different levels of project managers that are employed across industries. These are varied industries that look at the different product and service types, and so they need a project manager for each different sector and industry. Though these project managers cater to the project management aspect of the business, they do conduct their work in a different manner from each other and converge at some points to achieve project excellence. Let’s have a look.
Note: Within each of these types of project managers, there are many other project manager groups that are prevalent.
Construction Project Manager
Planning and executing a construction project manager’s salary is 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, was born the role of a construction project manager. Responsibilities such as planning and managing a building construction job from the start till the end brought the construction project manager sala role to the very 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 the conceptualizing of the design till the actual construction of the unit is undertaken.
Insurance Claim Project Manager
In the case of other natural calamities or fires, floods within the insurance claim industry, you will see project managers carrying out all the possible investigation 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
When it comes to project management, a software project manager’s salary would possess the same set of project management skills as that of their counterparts in different industries, but the distinguishing factor would be the added and advantageous software development background and skills to facilitate smooth functioning of a software development process.
Developing software would require a project manager’s salary to be well aware of the intricate details that are needed during the process. A software project manager salary will not only look at the traditional project management approaches, just like the project manager salary in the manufacturing and construction industries, but also 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 adaptable yet scalable approach needs to be undertaken.
A software project manager’s salary is expected to duly 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 have the responsibility of making sure the quality and value is added at each and every stage across the production line.
Project Managers Salary
It isn’t something written in stone, and these salary trends are ever more on the increase 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 has 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 salary is dependent on two factors:
Take, for instance, as per recent statistics and reports, you will find the highest-paid project manager salary in the United States, Australia, and Switzerland, while the lowest project manager salary comes from India, Egypt, and China. A few numbers supporting this claim are mentioned as follows:
Highest range – $105,000 to $135,000
Lowest range – $24,000 to $27,000
With regard to 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 experience the project manager carries with them. Take, 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 an established and experienced project managers earn a national median salary of approx. $96,000. Similarly, software project managers’ salaries average out at $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 taken by directors of PMOs within organizations.
Studies have also shown that project size also influences what these project managers earn. A high-end project crossing the $10 million mark has their project managers earn a staggering 40% more than the median figure.
Year on year, these figures are expected to grow, implying that the project management approach is gaining even more importance as the businesses are undertaking 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 is given below:
Construction of Project Manager Salary
For the duties and responsibilities that a project manager salary construction is carried out, as per the latest statistics, the remuneration seems to be a good chunk. This project manager salary construction is to manage and communicates directly with the different designers, architects, and contractors with a view to performing a methodical operation of building and constructing.
As far as the salary goes, we can have a project manager’s salary construction is 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 be able 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., but 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 renowned position, a software or IT project manager salary has very well brought about a revolution when it comes to the different approaches of project management.
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 rather a line of work carried out by professionals whose sole aim is to incorporate a sense of system within the organization, with a view to bringing 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.
With a striking growth rate of 12% per year, project management is growing tremendously. Growth in project management would be a more or less equal growth in the hiring patterns of project managers and, thus, growth in their salaries as well.
This job role is and will remain a lucrative career choice for professionals who have a view to lead projects and bring about a difference in the corporate world.
The average salary is getting into this race with zeal and determination and is even taking to various project management certifications to get their hands on fine opportunities on the market. The field is set, and the match is about to begin. It’s a great pitch for project managers to hold on to their bats.
This has been a guide to a project manager’s salary. Here we also discuss the basic concept, 5 types of project manager salary. You may also look at the following articles to learn more –