Factors influencing a Project Manager’s salary prospect

When it comes to paying, there is a lack of openness. People are irritated by money. However, as a project manager, you understand how important it is to have a thorough understanding of all parts of the job you're working on, including how much you're being paid in comparison to other project managers doing comparable work around the country. The information below will help you determine how you compare to the competition.

How Does Your Salary Compare?

Your salary as a project manager is influenced by your job title, role, location, and project size.

• Your title counts

The amount you are paid is mostly determined by your work title. Project Management Directors and PMO Directors, as expected, are at the top of the ‘serious money' list, while first-grade project managers are at the bottom. Project managers in the United States make an average of roughly $89,000, which is still extremely acceptable.

• Size matters

Employers are willing to pay a premium for those who can handle large projects. If your project budget reaches US$10 million, you will likely earn 40% more than if your project budget is less than $100,000.

• Top industries for project managers

It's also important to consider the types of initiatives you're in charge of. In the United States, the national median salary for project managers is $96,425. If you work in IT, your salary will increase by roughly $3,500. Engineering project managers are compensated even more generously, with a median income of $107,472.

• Location, location, location

Where you work has an impact on your compensation, just as it does in real estate. The countries that pay the most to project managers are Australia, Switzerland, and the United States. The top five highest-paying countries for project managers include the Netherlands and Germany.

Egypt pays the least in the world for project managers, with an average income of US $24,201. India and China are at the bottom of the international rankings as well. While pay in emerging economies may below, there are alternative options for project managers. Between 2010 and 2020, PMI predicts a greater than 12 percent increase in project management job openings, resulting in 6.2 million employments in 2020.

• Get certified, get rewarded

Do you want to make a fortune? Obtain a certification. Individuals with the PMP or CAPM certification earn about 16% more than those without the certification. In real money, that equates to around $14,500.

MBAs, more so than a project management Master's degree, have a beneficial impact on compensation. You can see how the short-term difficulty of obtaining a qualification will pay off in the long run. It's time to get back to school!