What is the Average Salary for Project Managers?

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. 

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:

What Factors Affect the Project Manager Salary?

There are many factors that affect the project manager’s salary. These include the following:

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:

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). 

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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