One of the most important things for any Project Manager is to keep their salary as high as possible. This is the main reason why a Project Manager needs to take the PMP Certification. Generally speaking, if you happen to be a Project Manager with PMP Certification, your salary would be higher than non-certified Project Managers.
A career as a Project Manager is an excellent choice for anyone who desires to be challenged, grow professionally and lead teams. The average salary for a Project Manager with the PMP certification is $85,000 annually
PMP certified project managers who bring a high level of knowledge and expertise to their organizations earn between $55,000 and $90,000 per year. Project managers with certification are typically employed in the technology, government and defense, healthcare and education industries. While a bachelor’s degree is not required for project management positions, most organizations prefer candidates with a master’s degree in business administration or project management. Project managers typically work full time in an office environment during traditional business hours.
Salary For Project Manager With PMP Overview
The Project Management Professional (PMP) certification is the industry standard for project managers. It’s also a highly competitive exam to pass, with only about half of all test-takers earning their PMP certification on their first try.
Project management is a complex and nuanced career path. There are many different ways to pursue it, and depending on where you’re starting from, your path may be long or short—and it may have some twists and turns along the way.
But one thing is for sure: It’s not easy! And if you want to make it in this field, you need to ensure that you’re getting paid what you deserve. (And yes, we know that sometimes that means asking for more money.)
So how much do project managers make? Well, there’s no one answer—it’s different for everyone. But we can tell you a little bit about how much PMP-certified project managers earn.
According to Forbes, entry level project managers with PMPs make $58K per year on average—but that number can vary widely depending on where they work and what kind of experience they have. Senior project managers with PMPs make an average of $79K per year (and senior project managers without PMPs make $71K).
Why get a Project Management Professional (PMP)?
Project Management Professional (PMP) is a widely recognized and respected project management certification. Positions for PMP certified project managers are in high demand.
Organizations recognize that inefficiently managed projects impact profits. Investing in skilled and agile project management professionals will enhance the organization’s overall success. Certified PMP project managers are found working around the world and in every industry. PMP project managers utilize standard methodologies and terminology to plan and facilitate all types of projects.
Six Factors that Increase a Project Manager’s Salary
1. A Project Management Certification or Graduate Degree
Earning a certification or advanced degree can significantly increase your salary as a project manager.
PMP Certification
Becoming a certified project manager not only helps you enhance your salary, but it demonstrates to employers that you have the skills and knowledge to manage projects and teams successfully.
A recent global study found that professionals with a PMP certification earn 22 percent more on average than those without one across all countries and industries. In the U.S., a project manager with a PMP certification makes $120,000 annually as compared to $95,000 without one.
A PMP certification is often preferred or recognized for promotions and career advancement. The certification is earned through the Project Management Institute, a globally-recognized association that promotes collaboration, education, and research within project management. The organization also maintains international certification standards, credentialing, policies, and procedures.
Master’s Degree in Project Management
The benefits of a master’s degree in project management are twofold. For one, project managers with master’s degrees earn a median salary of $120,000 compared to $110,250 for those with bachelor’s degrees.
Even more compelling, however, is that 34 percent of all project management jobs now prefer or require a graduate degree, according to a report by Burning Glass Labor Insight. Earning a master’s degree in project management will not only increase your salary but also your marketability. A strong graduate program can equip you with the specialized skills and hands-on experience you need to lead complex projects and advance your career.
2. Years of Experience
As with most jobs, the amount of work experience you have will impact how much money you’ll make as a project manager. For example, project managers in the United States with more than 20 years of project management experience years earn a median annual salary of $135,000 compared to $83,000 for those with less than three years’ industry experience.
3. Specialization
Your project management salary can also increase depending on your area of specialization within the discipline. For example, you may choose to specialize and become a program manager or portfolio manager.
Here’s how the three roles break down, based on annual salary by position description:
- Project managers plan, direct, and close projects by determining responsibilities, creating inclusive plans, and managing budgets. They typically make an average salary of $91,245.
- Program managers execute several related projects in a collective way—also known as a program—to improve a company’s outcomes, and they command an average salary of $127,517.
- Portfolio managers analyze an organization’s projects to help companies identify the best tasks, distribute the right resources, and improve project performance. They earn an average salary of $140,780.
Alternatively, specializing in a particular project management methodology that is in particularly high demand can also help to increase your salary.
4. Project Team Size
Team size also affects a project manager’s income. Depending on the size of the team, a project manager could earn an additional $25,000 per year. According to the Project Management Institute, median salaries in the U.S. by team sizes are as follows:
1-4 people: $106,888
5-9 people: $115,000
10-14 people: $121,533
15-19 people: $122,000
20+ people: $130,000
Project managers also make up to 40 percent more if they are managing initiatives with budgets exceeding $10 million.
5. Industry
The industry a project manager works in can have a significant impact on yearly earnings. According to the Project Management Institute, project managers in the following industries report the highest median income in the nation:
Resources (Agriculture, Mining, etc.): $134,577
Consulting: $134,149
Pharmaceuticals: $133,246
Aerospace: $129,732
Food and Beverage: $124,559
Engineering: $124,434
Utilities: $122,255
Information Technology: $122,245
Project management salaries within the science, technology, engineering, and math (STEM) fields are especially high due to the rapid growth and demand in these industries. In fact, 93 percent of STEM jobs offer wages well above the national average, and the national median salary for all STEM positions is almost double the average wage for non-STEM roles.
In top-paying project management industries such as government, projects are more complex and often require specialized knowledge of particular software, making project management salaries higher than average.
6. Location
Where you physically choose to work can also affect your salary, within the U.S. and worldwide. Nationwide, the average project manager salary by location is:
San Francisco: $91,318
Houston: $82,119
Seattle: $78,693
New York City: $79,231
Boston: $78,852
Chicago: $76,329
Charlotte: $73,899
Worldwide, the countries where project managers report the highest median salaries are: Switzerland, the United States, Australia, Germany, and The Netherlands. According to the Project Management Institute, project managers in these countries earn a median salary of:
Switzerland: $132,086
United States: $116,000
Australia: $101,381
Germany: $96,987
The Netherlands: $93,839
Where you work can have a huge impact on earnings, in addition to your education, experience, specialization, project team size, and industry. Project managers should consider these factors when considering their potential salary and career growth.
