A project manager will be the one in charge of what is happening in a project. He or she oversees the work of his or her subordinates while checking the progress of the project at each stage. Project manager salary will be attractive depending on the industry and the level of expertise in the field. The job description will also dictate how much you will get as a salary from the job of a project manager.
The amount of average salary a project manager will be expected to rake in will depend on the past projects he or she has managed, the level of education in the discipline, and the employer. Also, different states offer different salary packages to project managers.
According the latest Project Manager job trends, project manager salary is as below:
1. Average Salary 77,870,
2. Median Salary 75,000,
3. Highest Salary 1,115,000,
4. Salary Range $20,000 – $1,115,000.
Project manager salary data based on real job postings and can be vary with the changes in the project manager salary job posting range.
How Much Do Project Managers Make?
The average annual pay for a project manager is around $61,000. Although this salary averages for the lowest earner and the highest earner, it provides a clear picture of what to expect if you indeed to pursue a career in project management. However, the annual income of a project manager will be affected by more than just the experience, employer or state they choose to work in. It can be determined by bonuses, performance, or profit shared as a result of the project. Most employers will have additional packages for the project manager on top of the basic salary.
An entry level project manager can expect to get around $40,000 per year while an experienced project manager can go home with $94,000. Although the benefits like bonuses, commissions, and medical cover can be included as part of the salary, some project managers depending on the employer might not enjoy such privileges. Employers will scale through the portfolios of project managers before they can arrive at the best candidate. Depending on the experience you have in the field, and how your portfolio looks, you will get an equivalent paycheck.
A project manager’s work is to plan, budget and generate reports on the progress of the entire project until completion. Every stage of development of the project will be overseen by the project manager to ascertain that all regulations and procedures set are in agreement with the set principles and standards. The experience of a project manager will help them perform their duties in a professional manner. In almost every department, there will be project managers to manage different projects that the industry or company pursues. For example, the human resource department has a project manager and also the IT department.
|Profession / Job||Lowest Salary||Average Salary||Median Salary||Highest Salary|
|Assistant Project Manager Salary||$23,205||$68,610||$70,180||$182,105|
|Associate Project Manager Salary||$22,000||$68,885||$67,610||$225,000|
|Construction Project Manager Salary||$27,500||$68,655||$65,000||$234,000|
|Electrical Project Manager Salary||$45,000||$80,735||$82,200||$135,000|
|Engineering Project Manager Salary||$35,000||$90,185||$85,165||$214,860|
|Healthcare Project Manager Salary||$65,000||$76,000||$75,000||$88,000|
|IT Project Manager Salary||$22,360||$85,235||$80,000||$925,000|
|Junior Project Manager Salary||$25,000||$54,935||$53,332||$130,000|
|Marketing Project Manager Salary||$31,780||$64,635||$60,000||$175,000|
|Real Estate Project Manager Salary||$28,000||$137,240||$41,975||$1,740,000|
|Senior Project Manager Salary||$35,000||$100,235||$95,640||$1,092,000|
|Software Project Manager Salary||$45,000||$98,745||$90,000||$1,000,000|
|Technical Project Manager Salary||$37,105||$91,970||$89,700||$218,940|
Project Manager Job Description:
The work of a project manager is to oversee the progress of projects within the company. However, the project manager will work with top management to plan and budget for the projects. The pre-project activities will entail laying the foundation and setting aside budget and resources to be used in implementing the project.
The project manager will analyze the risks and benefits of the project before it can commence or a budget can be set for that purpose. He or she will carry out a performance appraisal to determine the feasibility of the project to the company or whether the objectives are attainable.
The employer will look for planning and development qualities in a project manager. It involves tasks such as coordinating the project on how it should be done, documenting every stage of the project in the form of reports and assigning tasks to the team depending on their area of expertise.
The project manager may not be directly involved in performing some of the tasks needed to complete the project, but provides support and direction to the team. The task of managing the budget and the completion time of the project will be for the project manager. He will manage how resources should be utilized at every stage of the project and ensure that the deadline is met for every stage of the project.
A project manager will provide solutions to problems the project team faces when executing their duties by either offering alternatives or making changes to the project so that it can meet the deadline and still stay within the initial objective. When such changes or alternatives are made, the project manager has to include the changes in his report for the purpose of reviewing by top management.
Project Manager Job Requirements:
The requirements for one to become a project manager will depend on the employer and also the job description. Since there are project managers in a broad range of disciplines or departments, you have to pursue a discipline that is in line with the type of project manager you want to be. For example, for the IT project manager, you have to pursue an education qualification that is IT related.
- Education Requirements
At least, a bachelor’s degree will increase your chances of getting the job of a project manager. An employer might be hiring a project manager who is proficient in the IT sector. You, therefore, have to pursue a bachelor’s degree in Computer Science or any IT related discipline. However, in becoming a project manager, you need to acquire management skills through training and experience in managing other projects.
Some employers will insist on a master’s degree qualification especially for senior project managers. A formal business training such as master’s in Business Administration (MBA)will be required regardless of the specialty.
- Training & Certification
Training as a project manager will equip with the skills and knowledge in project management. You can work under a licensed project manager to learn from the different projects they are managing.
Employers will hire project managers who have the right certification from the project management institute. There are various project management software you have to be familiar with if you desire to work as a project manager. They include open Workbench, Microsoft project, PERT, and Scitor Project Scheduler among others. Certification in project management professional (PMP) will help improve your chances of being hired.
Other project manager skills and requirements include:
- Strong analytical and mathematical skills.
- Excellent organizational and leadership skills.
- Good reporting skills. Good reporting skills.
- Able to produce reliable budget estimates.
- A good time manager.
- Good reporting skills.