Project managers organize projects and shepherd members to successful completion of projects while ensuring that they don’t take too long or go over budget.
They can lower corporate expenses, boost organizational efficiency, and assist in bolstering profits by overseeing critical initiatives through from start to finish.
Fortunately, the value of project management is recognized by firm executives. Ninety-seven percent of businesses believe project management is crucial to their success and they’re ready to pay for it.
So, if you’re in this critical job, you may well believe that it’s time to have your experience recognized in the form of a higher salary, whether from your current company or from somewhere else.
Here we have discussed the average project manager salary and the factors that contribute to a higher pay.
How Much Does a Project Manager Earn in the United States?
According to Salary.com, the data collected on May of this year suggests that the average Project Manager salary in the United States is $69,154, with a pay range of $61,509 to $78,227.
The figure is based on several factors including schooling, certifications, supplementary talents, and the number of years in your field. The website lets you decide your exact salary objective by providing more online, real-time compensation data than any other website.
However, Glassdoor, the national average income for a Project Manager is $88,907. Salary estimates are based on 1,13,579 anonymous salaries provided by Project Manager workers in the United States.
How Much Does an Experienced Project Manager Earn?
In the United States, the national average income for an Experienced Project Manager is $86,163. According to Glassdoor, this salary estimate is based on 1,44,180 anonymous salaries posted by Experienced Project Managers.
How to Improve Your Salary
There are several factors that contribute to project manager salaries, such as years of experience, education, industry, and location. If you have worked in your field for a while, you can ask for a raise, move to better positions, or change your employer if you feel that you are not compensated fairly for your work.
When it comes to location, project manager salaries are higher in areas like San Jose and San Francisco with a yearly pay of $123,026 and $123,026 respectively. However, it is significantly lower in areas like Utah, where the salary is $66,817. However, factor in the cost of living for these cities so that you are paid fairly.
It can also depend on the team size, where if you manage a team of 20, your salary will be much higher than if your team size is just 5-10 people.
While choosing your industry, those like mining and consulting tend to pay much more than creative or marketing fields.
Many things influence the salary that you may make as a project manager, including education, specialization, project team, industry, and location. While you have some control over several of these things, the first one is the one you have the greatest control over your education.
Your education will help you in gaining the necessary job experience, which will have a direct influence on the amount of money you will earn as a project manager.
Project managers with more than 20 years of experience, for example, may make a median annual pay of $135,000 in the United States, compared to $83,000 for those with fewer than three years of industry experience.