Team Study Hub Jan 25, 2024
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Project Manager Salary Guide in 2024

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.

Read Also: What is Project Management and Why is it Important?

Factors that Determine a Project Manager's Salary

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;

  • Certification
  • Experience and Job Title
  • Industry
  • Location
  • Company Size
  •  Certification

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.

Read Also: Benefits of PMP Certification

  • Experience and Job Title

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.

Read Also: How to Prepare for the PMP Exam

  • Industry

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

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.

  • Company Size

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.

Read Also: Why Choose Project Management as a Career

Project Management Salary Top 3 Countries

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.

Read Also: PMI RMP Exam Updates for 2024

Project Manager Salary Ranges

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.

Project Manager Salary by Countries

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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Project Manager Salary by Experience

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;

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

Read Also: Project Manager – A Complete Guide for 2024

Project Manager Salaries by Position or Role

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:

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

Read Also: PMP Professional Skills

Highest Paying Industries

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:

  • Manufacturing
  • Finance and Insurance
  • Construction
  • Aerospace
  • Business Services
  • Consulting
  • Information Technology
  • Healthcare
  • Engineering
  • Legal
  • Pharmaceutical
  • Real Estate
  • Food and Beverages
  • Government

Read Also: Project Management Tools

Top Skills for Project Managers to Earn More

In all industries, countries, and positions, project managers must gain specific skills that can help them increase their earning potential. Some of them include:

  • Leadership- As a project manager, you will be in charge of guiding your team to success. Therefore, you must have the leadership skills needed for ensuring that they follow through on time and within budget so that this is achievable.
  • Budget Management- When a company launches new products or implements new strategies, it comes with consequences. The project manager's responsibility is to manage budgets and ensure that they are adequate for any troubleshooting needs.
  • Strategic Planning- A project manager should be able to strategically plan a project and have the foresight to complete it. Strategic planning involves more than just getting tasks done. They require strategy, which is why you need someone who has experience in that field. You can also continue your higher secondary education with NIOS Course in Dubai.

Read Also: How to Improve Your Soft Skills?

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.

Read Also: How To Apply For The PMP Exam in 2024? 

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