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How Much Should You Earn?

03 May 2024
How Much Should You Earn?

Project managers are required in every industry; it means you can become a project manager anywhere despite your interest in any field; besides, you can also be an entrepreneur with project management skills. It indicates a sea of opportunities, and the project manager's employment rate is expected to grow by 6% by 2032. Learning project management tools, methods, and skills keeps you updated. It opens thousands of opportunities for you, which will increase with earning a project management certification.

Opting for a career in project management can be highly rewarding for those with an organized mindset who enjoy seeing the results of their work and are looking for an exciting job full of challenges and without a daily routine. As most industries rapidly evolve due to the appearance of AI and ongoing technological advancements, project managers' potential expectations and earnings are also changing, and the average earnings of project managers vary due to these changes.

According to PMI, the typical salary for a project manager with 5 to 10 years of experience could exceed $100,000 in the United States, and this amount can increase or decrease depending upon multiple factors such as country, region in the same country, industry, organization size, years of experience, and qualifications.

The role that a project manager plays is highly valued across all industries and across the globe; the potential earning varies, thus underlining the importance of weighing your options, developing your skills, factoring your interests and career goals where it is essential for navigating a fulfilling and profitable career as a project manager. If you want to become a project manager, consider all these factors. With the right combination of knowledge and experience, you could be well on your way to a successful career. In this article, we will discuss the expectations of project managers and their average salaries and the factors that can affect their expectations, which as the following:

Experience

the more experience a project manager has, the higher the salary he can expect to earn. A project manager who has 15 years of experience can earn more than who has 3 or 5 years of experience.

Years of Experience

Industry

The type of industry that can impact the project manager's salary. A project manager in the healthcare industry can earn more than a project manager in the construction industry. According to PMI1, in November 2023, the highest-paying industries to project managers are the following:

Type of Industry

Role

Distinct roles are different. A senior project manager earns more than a project manager. According to the PMI survey mentioned above, the median annual salaries in the US for project management professions are the following:

Project Management Role

Location

Where the project manager lives can impact his salary by considering the cost of living. Post-pandemic, most organizations have opportunities to work remotely. The average wages are the following:

Location

PMP certification

PMP certification holders earn salaries higher than non-certified project managers across the globe, according to PMI2, are the following:

Annual Salaries by PMP Certification

Annual Salaries by PMP Certification

PMP certification holders demonstrate the most significant salary increases in South Africa, where PMP certification holders report a median salary of at least 65% higher than those who do not hold the certification.

So, in addition to these factors reported by PMI, many more factors could affect the project management professionals' salaries. Still, the most crucial factor is "to get certified", which is the easiest way to increase your salary across all industries and help you dive more into the world of project management. To be a certified project manager, do not hesitate to contact our institute and take a step toward increasing your salary, your income and, thus, your lifestyle.


Reference Literature

1,2PMI, Earning Power Project Management Salary Survey Thirteenth Edition, Nov 2023.