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What is Project Management? Everything You need to Know | Salary for the role

Last updated on 28th Jan 2023, Artciles, Blog

About author

Swathi Gopinath (Software Engineer - MicroStrategy )

Swathi Gopinath, a software engineer at MicroStrategy, provides the most powerful, scalable, and user-friendly platforms for analytics, mobility, and security. She plays a role in enabling MicroStrategy products to be best-in-breed and optimized for leading organizations to analyze big data and distribute actionable business insight across their enterprise.

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    • In this article you will get
    • Who is a Project Manager?
    • Factors impacting Project Manager salary 2023
    • Why are Project Managers paid so much?
    • Conclusion

Who is a Project Manager?n

The project manager is in a charge of overseeing a project and making sure every stage achieves its goal. They are responsible for an identifying the project’s major goals, aims, and extent, developing a overall strategic plan, directing the team to implementation stage, and overseeing every component of a project until its completion and evaluation.

To ensure an effective delivery process are inside a set design, expense, and timeline, project managers are in charge of a monitoring and supervising product design. A project manager’s major impediment is striking a balance between a price, timeframe, and performance while still maintaining a project’s scope.

Project management uses a techniques, procedures, expertise, and skills to finish the objectives of a specific project. A Project managers must be technically proficient in a specific disciplines and have a history in an industry. Projects are have pre-established goals, and managers ought to be a capable of achieving them. Project managers are an expected to plan and oversee the project in effective and an organized manner.

Project Manager skills

Factors impacting a Project Manager salary 2023

There are the multitude of factors that impact project manager’s salary. Below discussed these factors in a great detail. Consider all these factors are before deciding on how want to proceed further:

Salary based on a different factors:

The top 6 factors that can affect project manager salary most are discussed in a great detail below:

Project Manager pay based on an experience:

A People with the higher experience usually earn more. That trend is also justified with the pay for project manager.

Entry-Level Project Manager Salary:The typical starting salary for the project manager pay is $74,933.

Mid-Level Project Manager Salary:A mid-level project manager has average income of $76,300.

Experienced Project Manager Salary:An experienced project manager made an average income of $85,475.

Project managers are having 1-4 years of experience can anticipate making a about $ 74,000 annually.The average annual salary for project manager with between the 10 and 19 years of training is amazing $85,000.

Salary of a Project Manager based on employer:

It is evident that a salary has a significant impact on an employee performance. The more fair compensation are provided to employees, more efficient they will be. On other hand, if workers are receive less income, they will be a less productive.

Google:An annual compensation for the Google Project Manager is $192,777. With $130,000 as a base pay and $62,777 as additional pay.

Apple:An average annual wage for Apple Project Manager is $177,162. With $125,818 as a base pay and $51,344 as additional pay.

Cognizant:An annual compensation for the Cognizant project manager is $94,056.

Infosys:An annual compensation for the project manager at Infosys is $112,068.

IBM:An annual compensation for IBM Project Manager is $134,859.

Amazon:An annual compensation for Amazon Program Manager is $140,585. With $98,399 as a base pay and rest as additional income.

Project manager salary based on a skill-set:

Skills can be acquired through the academics and a real-world and professional experiences. Technical proficiency is the another determining aspect. For instance, knowing a lot of a sketching skills would enhance a CV if the position is related to the project management for a building. Additionally, this would enhance a odds of being paid well as entry-level project manager.

    SkillsAverage Salary
    A project management: $74,000
    An agile software development: $93,121
    ITIL: $65,000
    A project coordinating: $69,447
    A Microsoft Office: $68,000

Project manager salary based on certifications:

The ability to an effectively manage teams and projects is also demonstrated to recruiters when become a certified project manager. People with the PMP certificate make an average of a 22% more per year than those who don’t have a one in all nations and business sectors. Promotions and job progressare frequently favor or acknowledge those with the PMP certification. Training for this certification can be done through a PMP Course. Earning an PMP certification can be boost an average pay of Project managers.

Project manager salary based on location:

In contrast to a job in the minor metropolis, one in a city with a strong technological infrastructure are would pay more.

    LocationAverage Salary
    India 14.5 lakh per year
    USA $77174 yearly
    UK £44815 per year
    UAE AED 19,000 per month
    Australia $128362 per year
    Canada $79500 per year
    Singapore $6000 per year
    Germany $63000 per year
    Philippines ₱39420 per month

Project manager salary in Top 10 industries:

There are hundreds of an Industries that need a project manager. But this position has a various level of prominence in these sectors. Thus, the pay is various for a same role.

    IndustryAverage Salary (USD)
    Agriculture $16200 per annum
    Airline/Aviation $23000 per annum
    Architecture $10000 per annum
    Automobile $20000 per annum
    Banking $16500 per annum
    FMCG $16800 per annum

Project manager salary based on education background:

Having the certain degree tells a recruiter and employer what skills are might possess. The general trend being morelevels of education equals more pay. The base salary is around the 7 thousand dollars per annum and goes as high as a 26.5 thousand dollars per annum.

    QualificationAverage Salary (USD)
    BSC $7200 per annum
    BE/BTech $14500 per annum
    MTech $26550 per annum
    MSc $24100 per annum
    MS $18000 per annum
    PG $12000 per annum
Roles and Responsibilities of Project Manager

Why are Project Managers paid so much?

The main reason for this is there is more demand for a good project managers and lack thereof. Creating a project concept, forming and running several project groups, and finding a problems and resolving them are why project managers are paid more well. Project managers pay with a 1-4 years of experience can expect to make an about $74,933 annually.

The average annual salary for the project manager with between 10 and 20 years of an experience is $85,000 annually. Therefore, the longer a stay in the field, the greater results it will produce . It is the grueling task. Moreover, responsibilities of work being completed within a time frame lie over ,also have to control a finances while ensuring a stakeholder happiness.

Conclusion

It makes a sense to be drawn to a large income a project manager can receive. But in order to be a successful, and must be passionate about seeing a project through to the completion. Can gain the abilities, as was already indicated, but must be certain of a motivation for pursuing a career.

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