Project management is an integral part of the business world and a vital part of any organisation. Project managers are entrusted with some of the most critical projects in a company's history.
Project managers possess the skills and experience necessary to plan, execute, and coordinate projects. They work with stakeholders to understand their needs then develop project initiatives that achieve stakeholder goals while also being within budget. To be a successful project manager, you need excellent time management skills and strong interpersonal abilities so that you can function effectively regardless of which end of the spectrum your current task falls.
If you are interested in this profession, it is essential to know how much you can expect to earn before deciding whether this is right. Project management can be a gratifying career, depending on the country they work in, their experience level, and the industry they operate within. To provide you with a complete project management salary guide for 2022-2024, we will discuss the project manager's salary range list of the countries where you can find project manager salaries.
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Project Management Is A Top Career Choice where you are highly rewarded for your input and hard work. However, many factors determine a project management salary. Experienced managers command higher pay rates than new entrants to the profession because of their knowledge and experience level, while entry-level positions are offered lower average wages. The difference in the salaries determines by the five major factors mentioned below;
Earning a certification in Project Management Courses can help you validate your skills and experience, translating into higher salaries. Among the professionals surveyed by PMI (Project Management Institute), experts found that those with Project Management Professional (PMP) certifications had median earnings of $25,000 more than those without them.
To stand out from your completion, pursue certifications and strengthen your resume. Certificates often work as confidence boosters that translate into better performance and make an excellent first impression on your employers.
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It pays to work hard and be a good project manager. The more you put in, the better your earnings will become, with experience translating into higher paychecks for those who invest their time wisely. As you progress on Project Management Skills, your level of pay will increase accordingly.
When the company needs a project manager, they assign them to different roles based on their skills.
It can dictate how much each individual makes and which position is most in demand. Employees have different levels of experience, and the company is structured with these in mind. For example, entry-level project managers are paid a lower wage than executive-level positions that require more qualifications to enter them.
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The salary of a project manager varies drastically according to the industry you are appointed in. Fast-growing industries that depend heavily on technology and project management roles are paid the most average. However, there may be valid salary variations amongst companies in the same sectors.
Construction, Finance, Information Technology, and healthcare are some of the leading industries with the highest paying project managers. Their salary ranges from $60,000 to $72,000.
Location is one of the essential determinants in determining salary as a project manager. In addition, living costs and job demand will determine how much money you are making.
As the living costs in a region increase, so do wages. Therefore, if there is a high demand for project managers or other skilled professions locally, then employers are more willing to invest their money and offer higher salaries with better benefits packages.
The size of your organisation can play a role in how you earn each year. The larger the company and team, the higher-paying job for project managers. For example, companies with fewer than 100 employees reported a $111K median salary. In contrast, those who work at organisations with 10,000 or more staff members earned an annual income of $120,000.
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The project manager's salary differs in each country. It varies from the labour, government, and professional hurdles faced in each country. Switzerland has the highest-paid project management professionals with over CHF 119,970 per year.
It is followed by the United States, where professionals are paid $116,000 per annum. The third highest-paid country is Austria, where the average salary is over A$142,100 for an entry-level job.
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Candidates with a Project Management certification are prioritised and compensated more than non-certified candidates. The median salary depends on factors such as country of residence, years of experience, position or role within the company, and average size projects managed, including project budget and team size.
The following table shows the salary of Project Managers in different countries;
Countries | Median Salary |
Switzerland | CHF 119,970 |
United States | $116,000 |
Australia | A$ 142,100 |
Netherlands | ANG 78,900 |
Qatar | QR 297,350 |
United Arab Emirates | AED 299,700 |
New Zealand | NZD 116,000 |
Canada | C$ 91,400 |
Sweden | SEK 623,450 |
Singapore | S$ 96,400 |
India | ₹ 21,35,700 |
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The hierarchy of a project management team is more complex than you might think. Some positions require little to no experience, while others may be reserved for only the most seasoned executives. In addition, there are entry-level positions that require little to no experience, and there are also executive-level positions that require a certain expertise for the job.
An Associate Product Manager of entry-level ensures that projects are finished on time, on budget, and with the help of multiple supervisors. They oversee costs & budgets to ensure efficiency in running large projects by senior project managers. A senior project manager of the executive level oversees the implementation of projects from start to finish, ensuring that they stay within budget and timelines while also sourcing supplies for each phase in advance. Hence, the salaries of each manager depend on their role in an organisation. The table below indicates the variation in the salary of project managers on experience;
YEARS | USA | INDIA | UAE | SINGAPORE | HONG KONG |
Below 3 years | $83,000 | ₹16,01,260 | AED 179,981 | S$ 29,378 | HK$ 403,590 |
3 to <5 years | $90,000 | ₹16,66,800 | AED 239,853 | S$ 74,228 | HK$ 447,187 |
5 to <10 years | $103,400 | ₹19,21,500 | AED 259,940 | S$ 89809 | HK$ 544,000 |
10 to <15 years | $120,000 | ₹24,40,800 | AED 348,834 | S$ 105,185 | HK$ 751,000 |
15 to <20 years | $126,690 | ₹26,75,900 | AED 419,950 | S$ 124,780 | HK$ 775,200 |
20+ years | $135,000 | ₹38,54,190 | AED 490,900 | S$ 136,714 | HK$ 767,100 |
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The project manager hierarchy can challenge to parse. There is Project Manager one, two and three, with an accompanying salary increase for each level. The first level, Project Manager one, is the lowest paying and has less responsibility than the other two levels: Project Manager two and Project Manager 3.
Other prominent roles and their salaries in different countries are given below:
ROLES | USA | INDIA | UAE | SINGAPORE | HONG KONG |
Director of PM | $144,000 | ₹34,27,100 | AED 479,700 | S$ 148,000 | HK$ 993,230 |
Portfolio Manager | $138,000 | ₹27,78,900 | AED 477,500 | S$ 155,500 | HK$ 854,670 |
Program Manager | $125,400 | ₹24,58,600 | AED 365,450 | S$ 119,745 | HK$ 744,900 |
Project Manager III | $115,000 | ₹21,41,900 | AED 359,900 | S$ 104,350 | HK$ 695,100 |
Project Manager II | $100,000 | ₹19,24,400 | AED 264,400 | S$ 91,442 | HK$ 596,250 |
Project Manager I | $87,360 | ₹15,45,940 | AED 223,690 | S$ 71,700 | HK$ 443,600 |
Project Manager Specialist | $92,200 | ₹12,85,100 | AED 239,900 | S$ 62,000 | HK$ 491,944 |
Project Manager Consultant | $120,000 | ₹16,06,290 | AED 299,700 | S$ 91,714 | HK$ 536,300 |
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The highest-paying industries for project management professionals are based on the advancement of technology and demand. The following are some of the Top-paying industries according to the Project Management Institute:
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In all industries, countries, and positions, project managers must gain specific skills that can help them increase their earning potential. Some of them include:
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To Sum Up
Project management is a profession that requires many skills, including project leadership and communication. The salaries for project managers vary depending on the country they are working in or their industry. There is a lot to consider regarding project management and the salaries that go with them. We hope our guide helps you make an informed decision based on your goals, experience, and industry.
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