Project managers are essential employees for organizations and businesses to be successful. They oversee strategic programs and lead a project team from its inception up to its completion to generate higher revenue for the company. So, how much do project managers make?
This article will give an overview of the average project manager salary, top project management skills, employment growth, and how much a freelance project manager makes. Read below to learn everything you need to know about the typical salary of project managers.
Project Manager Salary: An Overview of How Much Project Managers Make
- Average Salary: $75,584
- 10th Percentile Salary: $50,000
- 90th Percentile Salary: $114,000
According to PayScale, a project manager earns around $48,000 to $120,000 per year. PayScale reports that the national average salary for the role ranges from $75,584 to $78,087. Your salary will depend on your level of experience, location, and education.
Meanwhile, a report published by the Project Management Institute states that the median salary for Project Management Professional certification holders is around $115,000. The report is based on 30,000 respondents in 40 countries. This means that getting certified can help you earn more in the field.
How Much Do Project Managers Make Per Hour?
PayScale states that the average hourly pay is $26.69. Meanwhile, according to the same report, a late-career role will earn as much as $35.26 per hour.
Do Project Managers Make Good Money?
Yes, project managers make good money, especially if you have a project management certification. It gives you more advantages and makes you more competitive as you pursue the project management career path. The salary will also depend on your location, skill level, and years of experience.
How Much Do Project Managers Make? A Salary Breakdown by Location, Experience, and Skills
The salary for project managers will depend on several factors: location, experience, and skills. Other key factors are your level of knowledge and level of education. In the following sections, we look into the median salary, the annual wage, and the technical skills you will need to become a successful project manager and have a rewarding career in project management.
Project Manager Salaries by Location
According to the Bureau of Labor Statistics, wages vary in different states or cities because of the local demand for the job and the cost of living. As well, a large company will pay a higher yearly salary than local and smaller companies. Below are the top five states where project management is a high-paying career path, according to ZipRecruiter.
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|Location||25th Percentile Salary||Median Salary||75th Percentile Salary|
Project Manager Salaries by Level of Experience
A project management professional starts with an entry-level project manager salary. Your yearly salary will increase as you gain years of project management experience in the field and work your way up the career ladder. Below are the salaries for each experience level as a project professional from PayScale.
|Experience Level||10th Percentile Salary||Median Salary||90th Percentile Salary|
Project Manager Salaries by Skill
This section explores the average wage of a project manager based on skills, according to PayScale. Project managers who handle more innovative projects and have higher technical skills will gain a higher salary. Those who have more knowledge of project management and are more senior project managers have higher annual salaries than others.
|Skill||10th Percentile Salary||Median Salary||90th Percentile Salary|
How Much Do Freelance Project Managers Make?
According to ZipRecruiter, a freelance project manager has an average salary of $94,625. This is significantly higher than the national average project manager salary in the job market. Those who opt to do a freelance project manager job should consider getting a Project Management Professional Certification.
If you think it’s time to switch careers, a project management certification will come in handy. As a freelance project manager, you can work on more challenging and complex projects, which is also one of the top reasons why they earn more than the average yearly salary. Freelancing increases your knowledge and skills as you continue your career.
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Project Management Job Outlook
The Project Management Institute, in its Project Management Job Growth and Talent Gap report, says there is a growing demand for project managers from 2017 to 2027. In the years to come, a wide range of industries is projected to fill project management positions, incorporating the project management process in their fields.
Is Project Management a Good Career?
Yes, project management is a good career. Based on salary reports and job outlook info, it has many opportunities for career growth and a high yearly salary range compared to other career paths. Industry trends dictate that the average pay range for program managers and project management contractors has a high chance of improving as you gain more experience.
Enroll in a post-graduate degree in project management to increase your project management knowledge and employ more innovative project management methodology. You can also attend project management bootcamps to increase your technical skills, learn more project management tools and project management software, and handle more project plans.
How Much Do Project Managers Make? FAQ
The types of project managers are engineering project managers, marketing managers, construction project managers, and IT project managers. People can also consider being product managers, security project managers, project coordinators.
You should consider pursuing an online project management course or advanced degree to get a higher annual salary. You should also consider industries that offer a high salary for project management such as IT, where the average yearly salary for project managers is $88,801, according to PayScale.
To become a project manager, you can enroll in business management or related business degrees. Project management education is a vital component in a career in project management. There are various key steps to becoming a project manager aside from earning a degree, such as bootcamps and other diploma courses.
There are many project management software tools available for project managers, and your choice depends on the project team size. You can use collaborative applications as a project management tool to communicate with your team. The best ones are Trello, Hive, Asana, Basecamp, and Monday.
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