How Much Does a Project Manager Make? 2023 Guide
As with most jobs, the amount of work experience you have will impact how much money you’ll make as a project manager. We’ve also gathered advertised salaries from actual job postings to provide insight digital project management course into what employers of project managers are offering as compensation. The size of your organization (and the size of the team you manage) can also play a role in how much you earn each year.
- On any given day, you might be interviewing and hiring new talent, managing team meetings, reallocating resources to cover an unexpected expense, or updating stakeholders on the progress of the project.
- Monday.com offers time-saving and easy-to-use features such as automations, time tracking, document sharing, and real-time collaboration.
- Learn what you need to know, from in-demand skills to the industry’s growing job opportunities.
- The BLS also breaks down compensation for project managers by hourly salary, and the median average hourly pay for project managers in 2022 was $46.
Work from anywhere with 100% access to your files via our mobile and desktop apps. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals. It’s important to remember that methodologies and techniques often depend on the industry, company culture, and type of project.
Job Description for Project Manager I
While less significant than the other factors we’ve discussed, the project management methodology you work with could also impact your pay. For example, PMI Salary Survey participants who use Extreme Project Management techniques tended to earn more than those who used Agile, Lean, and Waterfall techniques. In addition to enhancing your earning potential, earning a higher degree might also make you more competitive in the job market.
Visit our other pages focused on salary and education for project managers. So if you’re interested in becoming a project manager, keep these factors in mind. With the right combination of knowledge and experience, you could be well on your way to a successful career. Many factors come into your career and financial growth as a project manager.
Business
On any given day, you might be interviewing and hiring new talent, managing team meetings, reallocating resources to cover an unexpected expense, or updating stakeholders on the progress of the project. 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 https://deveducation.com/ portfolio manager. Earning a certification or advanced degree can significantly increase your salary as a project manager. By seeing strategic projects from inception to completion, project managers can reduce company costs, increase organizational efficiencies, and help generate higher revenues. Advance degrees and PMI certification can raise your salary by as much as 20% annually.
All PM roles are rewarding and can provide enormous career satisfaction as you witness the results of your labor and collaborative management. While typically thought of in the context of technology, for example, rolling out an app, software upgrade, or smartphone, products can also merge with other PM roles and take on business services. Since product management is such a core aspect of a business running sustainably, the focus here is on the why—what is the problem that needs to be solved for the customer.
Project management methodology
If you are attracted to the idea of managing a program, product, or project, you first need to understand what each role entails, and what the differences and similarities are, so you can make an informed decision. Northeastern’s Master of Science in Project Management embodies all of these features, making it a popular choice for professionals seeking to advance their career in project management. According to the BLS, the lowest earners for project managers and related professions earned about $52,499 per year in 2022. Meanwhile, at the other end of the spectrum, the highest earners made about $159,141 annually. Having the right digital skills is essential for anyone in a project management role.