HOW MUCH DOES A PROJECT MANAGER EARN IN 2021?
• In the United States, the average project manager compensation is $112,000. Project managers' salaries are quite high when compared to accountants, who earn an average of $50,000, however this is due to their supervising nature. • Many factors influence a project manager's compensation, as students learn in the PMP and CAPM course. We'll examine each one and provide salary estimations that take each factor into consideration.
1. YEARS OF EXPERIENCE • As with many other careers, the amount of money you make as a project manager is determined by your level of expertise. • Project managers with more than 15 years of experience, for example, earn an average annual compensation of $122,000, compared to $75,000 for those with less than three years of experience.
2. ACADEMIC QUALIFICATIONS • Earning a project management certification or an advanced degree might significantly boost your compensation as a project manager. • According to a recent global survey, project managers who have completed a PMP or CAPM Course – with PMP certification – earn up to 23% more than those who do not. A project manager with PMP certification earns an average of $119, 235 a year in the United States, compared to $99,070 for those without.
3. INDUSTRY Salaries for project managers differ depending on the industry. Because of the demand and complexity of the job, certain industries will pay more, while others will pay less, depending on the nature of the positions. According to the Project Management Institute, project managers earn the most in the following industries.
INDUSTRY
AVERAGE PROJECT MANAGEMENT SALARY (US)
Information Technology
$110,000
Government
$110,000
Oil, gas, utilities
$110,425
Engineering
$112,000
Aerospace
$115,000
Consulting
$120,000
Agriculture, mining, & natural resources
$120,40
Pharmaceuticals
$125,500
Because of the great need for project managers in these businesses, project management salaries in the IT and engineering sectors are particularly high.
4. PROJECT TEAM SIZE As a project manager, the size of your team has a substantial impact on your salary. The more people on your team, the more money you'll make. According to the Project Management Institute's estimates, the following are the ranges. TEAM SIZE
AVERAGE PROJECT MANAGEMENT SALARY (US)
1 – 4 people
$100,000
5 – 9 people
$107, 070
10 – 14 people
$111,000
15 – 19 people
$115,823
20+ people
$120,000
4. PROJECT TEAM SIZE As a project manager, the size of your team has a substantial impact on your salary. The more people on your team, the more money you'll make. According to the Project Management Institute's estimates, the following are the ranges. TEAM SIZE
AVERAGE PROJECT MANAGEMENT SALARY (US)
1 – 4 people
$100,000
5 – 9 people
$107, 070
10 – 14 people
$111,000
15 – 19 people
$115,823
20+ people
$120,000
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If a project has a budget of more than $10 million, project managers are more likely to earn more. Specialization and location inside the United States are two other elements that influence a project manager's salary. A project manager in San Francisco, for example, can earn up to $20,000 more than one in the same field in Miami, Florida. Ready to become a certified project manager? Enrol in a CAPM or PMP Course online.
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