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Project Managers Salaries in 2024: Expectations and Insights from the Survey

27 Jan 2024
Project Managers Salaries in 2024: Expectations and Insights from the Survey

The history of project management is the history of the 20th century. It begins with Henry Gantt at the beginning of 1900 and continues to this day. Its modern age started in 1995 and continues to the present day when the project manager profession has become a career line. With the agile revolution in 2001, the project manager profession has developed into one of the highest-demanding professions. Also, in the last few years, most of industries have become more projects oriented which make the project manager’s profession a rewarding and highly valued profession, where the project managers can enjoy competitive salaries; these salaries can vary depending on several factors, such as education, years of experience, industry, role, work location and certification. In this article, we will discuss the expectations of project managers and their average salaries and the factors that can affect their expectations, which are as follow:

1. Education: Project managers with a high level of education can earn higher salaries; the higher the education, the salary is. A project manager with a master’s degree will earn a higher salary than those without. Most project managers have a bachelor’s degree, and around 14% of project managers hold a master’s degree. According to Glassdoor survey in July 2023, the average salaries for project managers depending on the education level are:

Education Data

2. 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. According to Glassdoor survey in July 2023, the average salaries for project managers depending on the experience level are: 

Experience data

3. Type of industry: The industry can impact the project managers salaries. A project manager in the healthcare industry can earn more than a project manager in the construction industry. According to “Earning Power: Project Management Salary Survey – thirteen editions” survey published by PMI in November 2023, the highest paying industries to project managers are the following:  

Type of industry Data

4. Role or title: distinct roles earn differently. 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: 

Role or title Data

5. Location: The project manager's location can impact his salary while considering the cost of living. Post pandemic, most organizations have opportunities to work remotely. The average salaries are a follow:

Location Data

6. Certification: certified project managers can earn more than those without certification. Project management certification can lead to a higher salary; in the US, project managers with PMP certification make 23% more than those non PMP certified. And according to PMI’s survey mentioned above, with insights from over 20,000 professionals across 21 countries, this survey compares median salaries in US dollars and PMP certification status and as per its findings, individuals with PMP certification report high median salaries than those without PMP certification, 33% higher on average across the 21 countries and many participants believe that obtaining PMP certification has been valuable to their careers and a significant contributor to salary growth. Here are the average salaries with and without PMP certification:   

Certification Data

So, in this rapidly changing world, with the advancement in technologies and the shifting of organizations to digitize their work, the project manager’s profession is in high demand, and project managers can earn substantial salaries. 

Now, you have a better understanding of what you can expect if you are looking for a job in the project management field. So, earning a high degree, improving your performance, enhancing your soft skills set and your technical skills, choosing the industry that fits your career goals, and most importantly earning a project management certification, can increase or enhance your earning potential, make you more competitive in the job market, elevate your resume level and improve your chances of getting a high salary. Finally, it is the time to move forward and take actions toward enhancing your earning potential and increasing and achieving your expectations.