Project Management has become a popular job around the world, and not just because of the healthy paycheck.
Every industry divides its work into projects that must be delivered on time without sacrificing quality. Since good project management yields happier clients, better profit margins, and streamlined work pipelines, demand for project managers has risen exponentially.
Experienced or even novice employees from different domains like engineering or management can learn project management on-the-job. You can also obtain relevant education from bootcamps or certifications to learn and validate your project management (PM) skills.
It’s also a common trend for software engineers and developers to transition to the project management domain after getting a few years of hands-on experience. So, basically, no matter where you’re currently at in your career, there’s room for you in the field of project management. Let’s talk a bit more about the basics of project management, and then we’ll dive into the good stuff—project management salaries.
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Project Management Salaries by Level and Experience
The income for project managers generally ranges between $61,000 and $135,000 per year. The average salary of a project manager is estimated to be about $94,774 a year, and additional compensation like bonuses lie anywhere between $2,000 to $21,000.
The average salary for entry-level project managers is $75,109, while highly experienced PM’s can bring home up to $126,00 annually. Mid-level project managers can earn up to $78,076 per year, while director-level project managers can easily take home up to $123,561 per year.
However, none of these stats are defining factors for your earning potential. The right combination of skills, experience, and tools is what’s important. You should focus on having excellent communication skills, the capacity to work with stringent timelines and budgets, and the willingness to handle challenging tasks. The better you are at your role, the more you’ll make for yourself.
As we mentioned, project managers are in high demand, and the demand’s expected to grow. Because of this, wages are expected to rise as well. So, you can look forward to job security moving forward.
Project Management Salaries by Specialization
Project management can be divided into two avenues:
- Project management: The focus here is on planning, coordinating, and closing projects. You do this by determining responsibilities, hatching inclusive plans, and managing cost constraints. The average salary is $75,109.
- Program management: As a program manager, you’ll execute multiple projects in a collective manner that constitutes a program. Your role helps to improve a company’s productivity and outcome. The mean wage is $84,566.
Depending on the avenue you want to go down, you should consider specializing in its most relevant methodology. Methodologies like Agile and Scrum are particularly hot in the IT market, while Kanban, Lean, and Six Sigma are highly valued for manufacturing industries or organizations with a sharp focus on product quality.
Project Management Salaries by State
In 2020, the Bureau of Labor Statistics assessed project manager salaries, averaged them according to seniority levels, and adjusted them based on the cost of living per state. The top five highest paying states for project managers are as follows.
- District of Columbia - $105,730
- Maryland - $99,170
- Virginia - $97,570
- New York - $97,340
- Massachusetts - $96,960
The amount you can make per city will be different than the average earning potential for each state. According to Indeed, the top-paying cities for project management professionals are:
- Washington, DC - $97,213
- Los Angeles, CA - $84,102
- New York, NY - $83,074
- Atlanta, GA - $78,497
- Houston, TX - $78,298
- Chicago, IL - $77,261
- Dallas, TX - $75,805
- Charlotte, NC - $74,654
We hope you’ve found this article useful and that you have a much better understanding of the average earning potential as a project manager. Work on becoming as well rounded as possible through education, soft-skills, and dedication, and you’ll be set up for success to make an impressive salary in project management.
How do I get into technical project management?
You can get into technical project management by having an in-depth understanding of software development, computer programming, and mathematics. In addition to this, a good knowledge of Management Information Systems (MIS) is also needed. It is also important to have industry-specific experience to develop the required skills.
Will a degree help me make more money?
Some employers may require you to have certain educational backgrounds and certifications. Nevertheless, you also need to have a substantial set of skills that demonstrate your level of expertise in the field of project management. A good combination of education, skills, and experience will help you achieve a higher pay scale.
How much do project managers make?
The salary of a technical project manager depends on many aspects such as level of education, location of the job, team size, PMP certification, and area of specialization. The average income ranges between $61,000 and $135,000 per year, with the average salary being about $94,774 a year.
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