Project Manager’s Salary Trends for 2024

Are you looking for a new career in project management? Do you want to become a project manager? Or are you looking to advance your career in project management? Whatever your answer, you must look at project manager salaries in 2024 and get the information you need to start scaling up your career.

Project management is a great choice. It is an ever-growing, challenging, and rewarding career field that is gaining increasing attention, especially after the COVID-19 pandemic 2020, when more and more organisations are hiring dispersed teams and a virtual and remote work mentality is growing significantly.

A project manager has an opportunity to take on a wide range of responsibilities, work in a variety of industries all around the world, and progress up the ladder due to his level of skill range and years of experience. In addition, project managers are often well paid, and their salaries are high depending on several factors. In this article, we will discuss some of these factors that mainly affect project manager salaries, as the following:

Years of experience

Project managers with more experience can earn higher salaries. A project manager with ten years of experience can earn a higher salary than a project manager with three years of experience. Project managers with 1 to 4 years of experience can anticipate making about $74,000, and project managers with nine years of experience can earn an annual salary of around $85,000. According to a Glassdoor survey in July 2023, the average salaries for project managers, depending on the experience level, are:

Roles in the project management field

Besides your experience, your role or title will reflect the amount of salary you will earn. A senior project manager earns more than a project manager, and a project manager earns more than a project coordinator or assistant. According to the PMI survey “Earning Power: Project Management Salary Survey – thirteen editions”, published on November 2023, the median annual salaries in the US for project management professions are the following:

Salary based on certification

As soon as you become a certified project manager, your ability to manage a project is demonstrated to the recruiters, and your salary with a project management certification will increase. Project managers with a PMP certification make an average salary of 23% more per year than those who are not certified, and sometimes, they could reach an average of 32% more in some countries. A PMP certification is valuable to your career and a significant contributor to your salary growth. According to PMI, the average salary and increasing percentage with and without PMP are the following:

Salary based on location

Post-pandemic, most organisations have opportunities to work remotely; regardless of this option, the location could still impact the salary of project managers. The cost of living affects a project manager’s salary not only in the country where a project manager lives but also in the same country between cities; a project manager in New York City makes over $98,000 per year, while a project manager in Hawaii makes less than $80,000 per year. On the other hand, a project manager in a city with a solid technological infrastructure earns more than a project manager in a town with poor infrastructure. According to PMI, the average salaries based on location are the following:

Industries

The industry where you work influences the salary you will earn as a project manager. A project manager in the pharmaceutical industry earns more than a project manager in the construction industry. An IT project manager’s salary average in the US is $104,000 annually, while a construction project manager’s salary average in the US is $89,000 per year. According to PMI, the highest-paying industries are the following:

Employer or organisation

A project manager in a big organisation or company can earn more than a project manager in a small company. The average basic salaries for project managers in some of the biggest companies worldwide are the following:

Finally, the project manager’s role is becoming an increasingly proactive, driven, and dynamic job that drives organisational change. Globally, the high demand for project managers and the talent gap are the real reasons for the high salaries for project managers. So, with experience, expertise, and proper project management certification, you can earn a comfortable living and a rewarding career path. To be successful, achieving a PMP certification can boost your salary. For that, be self-motivated and passionate about earning this certification and empower your career as soon as possible.