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:
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 project manager 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:
Besides your experience, your role or title will reflect the amount of project manager 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:
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 project management salary growth. According to PMI, the average salary and increasing percentage with and without PMP are the following:
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:
The industry where you work influences the project manager salary you will earn. 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:
Consulting project managers command the highest average salary among the industries listed. This premium reflects the dynamic nature of consulting work, which often involves managing multiple clients across diverse sectors, adapting to varied project requirements, and delivering value in high-pressure environments. The role demands strong interpersonal skills, strategic thinking, and the ability to navigate complex stakeholder landscapes. Consulting firms typically value experienced project managers who can deliver results swiftly and efficiently, justifying their top-tier pay.
Project managers in the pharmaceutical industry also enjoy high compensation, reflecting the sector's regulatory complexity and the critical nature of project outcomes. Managing pharmaceutical projects requires stringent adherence to compliance, extensive coordination among research, development, clinical trials, and marketing teams, and managing risks associated with product safety and approval processes. The high salary indicates the specialised knowledge and expertise required to navigate this highly regulated, fast-paced industry.
IT project managers earn robust salaries due to the ongoing demand for technology innovation and digital transformation. They oversee software development, infrastructure upgrades, and IT service management projects that are central to organisational success in a tech-driven economy. The it project manager salary reflects the need for strong technical understanding, agile methodologies, and the ability to manage cross-functional teams delivering complex technology solutions on tight deadlines.
Project managers working on government projects receive a competitive salary that balances public sector constraints with project complexity. Government projects often have unique challenges such as stringent procurement rules, budget limitations, and public accountability. These roles require adeptness in navigating bureaucratic processes, compliance with regulations, and delivering projects that serve public interests. The salary reflects the specialised skills necessary for managing projects in this environment while maintaining public trust.
Healthcare project managers play a crucial role in improving patient care, implementing new healthcare technologies, and managing compliance with health regulations. The salary level mirrors the critical nature of healthcare projects, which often involve multiple stakeholders including medical professionals, administrators, and regulators. These projects require careful risk management and change control to ensure patient safety and operational efficiency.
Project managers in construction oversee the planning, execution, and delivery of physical infrastructure projects. The salary reflects the responsibility for managing large teams, budgets, and complex schedules, often under tight regulatory and safety constraints. Construction project managers must balance resource allocation, subcontractor coordination, and client expectations, ensuring projects are completed on time and within budget.
Project managers in resources, energy, and utilities sectors typically earn salaries that reflect the challenging nature of their projects, which can include large-scale infrastructure, sustainability initiatives, and regulatory compliance. These projects often involve significant capital investment and environmental considerations. The salary corresponds with the need for expertise in managing long-term projects with complex stakeholder ecosystems, ensuring efficiency and adherence to strict industry standards.
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 project manager salary. For that, be self-motivated and passionate about earning this certification and empower your career as soon as possible.
Yes, project managers are generally well paid, with salaries varying by industry, experience, and location. High-demand industries like consulting, pharmaceuticals, and IT often offer competitive salaries reflecting the complexity and responsibility of the role.
Communication. Effective communication with team members, stakeholders, and clients is essential for coordinating tasks, managing expectations, and ensuring project success.
Project managers in consulting and pharmaceutical industries tend to be the highest paid, often earning well above average salaries due to the critical nature and complexity of projects in these sectors.
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