Project managers are the stars of any project, so they are usually considered to be assets for companies. While it is great to have a competent project manager on the team, it can be a challenging process to recruit one.
That said, there are only so many people who can do this successfully! It becomes crucial to select competent employees and make sure that they are compensated for the success they bring to the company.
Taking these factors into consideration, the average project manager salary on the experienced spectrum is anywhere from $100-$120k every year. If your salary is not quite up to this level, there could be reasons behind it.
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Breakdown of Project Manager Salary:
The success of projects largely depends on the project managers because they manage every aspect, starting from ideation to delivery. They are great at fixing timelines, allocating work, coordinating with clients and stakeholders, and tracking the progress and success at each step. Releasing industry-related products is their responsibility.
However, project manager salaries vary greatly based on several factors. It could be location, experience level, skill level, educational qualifications, and many more.
One is location, and here’s how it’s different:
- In the United States: $70k – $100k+ every year
- In Canada: $60k -$80k+ per year
What Factors Affect the Project Manager Salary?
There are many factors that affect the project manager’s salary. These include the following:
- Location: The average salary of a project manager varies depending on where they work and which industry they are in. While project managers make around $70k – $100k+ every year in the United States, they make only $60k -$80k+ per year in Canada. In cities like New York City or San Francisco, it can be more than double that of other parts of the U.S.
- Company – If your company is fairly reputed in the industry, then you would be able to claim a higher salary with benefits like generous vacation time and health insurance coverage! You would also be able to get salary increments regularly.
- Experience – As you gain more experience working as a project manager, it becomes easier for employers to see how valuable your contributions have been over time and what kind of value those contributions could bring to their business.
However, there’s no need to worry! You’ll still earn plenty as long as you perform to the best of your capabilities because there’s always room for improvement. You could build your skill and experience with every role you get.
How to Improve Project Manager Salary:
The easiest way to get higher pay is by taking on more responsibilities, learning new skills, and showing that you are a competent employee. However, if that doesn’t work, you can always switch companies or even industries, if they don’t pay that well.
If you want to earn more money as a project manager, here are a few tips to do it:
- Learn new skills: A good way to increase your earning potential is by getting certified in a new area of expertise or becoming familiar with various software tools that may help streamline your work processes.
For example, if you want to get promoted from junior level project manager (JLP) status into senior level project manager (SLP), you could take up certification programs available through PMI’s Project Management Institute (PMI).
- Gain Experience: Companies are generally more obliged to place their faith in an applicant with a lot of experience and good professional history. However, try to be mindful about the jobs you take and make sure that you’re paid fairly for the work you do.
- Switch industries or location: Make sure that you know the living expenses of the location before you decide to quit your job and move to another place. Changing industries can help you get higher pay, but if you have a lot of experience and knowledge about one industry, you could try to find well-paying jobs within that industry to effectively utilize your knowledge.
Conclusion:
There are several factors affecting the project manager’s salary, starting from skill to the location your company is based in. While the base salary is $70k, being a project manager is a lucrative enough job to increase it steadily as you gain knowledge and experience.
Make sure that you take up jobs that are well-paying or negotiate a fair amount that compensates for your knowledge. Try to be in the loop about industry trends and learn more through certifications and skill-building courses.
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