A project is a collective effort to procure and utilize resources and raw materials to create value through a unique product, service, or process. The course of projects includes various factors, including legal clearances, finance, operations, and materials. Examples of professional projects include the construction of a building, the development of software, and business expansion. Irrespective of the projected outcome, a project involves multiple aspects that need specific skills and experts, and the quality of the result depends on the coordination among these experts. Hence, they need supervision from project management professionals.
India is emerging as a world leader in hosting project managers for prestigious jobs across multiple fields. According to a survey of 26,000 project managers conducted in over 34 countries and included 17 million project managers, PMP salaries in India can range from INR 12 lakh to INR 17 lakh annually. Also, certification in PMP provides an opportunity to gain the knowledge and skills required for project management.
Who is a Project Management Professional?
Project management professional, abbreviated as PMP, is an internationally recognized designation awarded to individuals with the ability to handle and manage projects. Every project has a cycle of initiation, planning, and execution. Each stage has a series of tasks and requires discrete expertise and resources. PMP professionals define these requirements based on the goals of the project.
Throughout the project, they review each activity and make necessary changes. In addition, PMP professionals determine the budget of the project and the required time for the completion of the project.
Why Should you Pursue a Career as a PMP in India?
As a developing country, India is vigorously undertaking projects to improve its infrastructure through government and private funding. In addition, the industries are expanding their business through several projects, increasing production facilities. As a result, it has led to an increase in the demand for project management professionals. Though technology is rapidly advancing, handling a project is not getting simpler as the expectations are growing parallelly for better products.
People who wish to work in project management or who want to show their dedication to the industry benefit from obtaining a PMP certification. Using their credentials, employers can find applicants with the qualifications they need for project management positions. Here are a few of the top advantages you may look forward to if you obtain your PMP credential:
- It is globally accepted.
- It helps you become a more efficient project manager.
- Your CV will gain value from PMP, making you more appealing to companies. Additionally, possessing the credential can help you stand out from the competition if you're seeking jobs.
- Your project management abilities will need to be updated if you pursue PMP certification. The exam may also introduce you to fresh thoughts and ideas that you might apply to your regular work.
- You can improve as a project manager by getting PMP certification because it will give you new knowledge and abilities. This may result in more successful projects and happier employees.
Average PMP Salary in India
The average salary of PMP professionals in India is Rs. 12.5 lakh per annum, which ranges between Rs 4.2 and 28 lakhs. The average PMP salary in India per month is Rs 88,590 to 90,922.
Factors Affecting Project Manager Salary in India
There are multiple factors affecting the salary of the project manager in India. They are as follows:
1. Sector & Company
The project management professional salary in India depends on the sector and company. The average salary of PMP professionals in India may differ according to the type of sector and the businesses operating under it, the salary basically depends on the revenue generated by each. For example, the software industry generates more revenue than the manufacturing industry. Companies that work on projects from clients from large-scale industries pay PMPs more that those working on Indian-based projects.
In addition, the PMP jobs salary in India depends on the location of the origin. For example, project managers working for Google posted in the US earn more than the project management professionals working for its branches in other countries, including India.
2. Location
The salary of PMPs in the IT sector in India is independent of location. For instance, a PMP working in Infosys in Pune earns the same as one working in Bangalore. However, PMP professional salary in India in the manufacturing sector depends on the location. Because the factors for the success of these companies, such as ease of resource procurement, depend on their base. But the difference in, the pay scale is different across industries.
3. Experience
The average PMP fresher salary in India is 13.7 LPA. While mid-level PMPs with 4-9 years of experience earn about 13 LPA, advanced PMPs with experience of 10-20 years earn 18 LPA.
4. Skills
Every job demands a unique combination of skills and abilities based on the responsibilities entailed by the positions. Similarly, project management professionals must have a few technical skills under each category. The important skills are as follows:
These are tools and technologies required to implement in project management for higher efficiency of project progression. The various tools are as follows:
- Project Management Methodologies
These are usually industry-specific and need in-depth knowledge and experience in the industry. However, some commonly used methodologies include.
Waterfall methodology controls the flow of the project downwards as a process, this allows you to move from one project once it is finished.
This methodology is used to collaborate and self-organize the internal teams.
The scrum methodology is used for a team of not more than a collective of ten people. It's spread over short meetings to be held daily.
Lean methodology is focused majorly on removing waste from key areas to lay a positive impact on the team.
PRINCE2 certified methodology differs from traditional methods like Waterfall and does not work on the mantra of one solution for all problems.
Many project management software is available and applicable for different industrial set-ups. A PMP must be familiar with all the tools and features that suit the given project the most. Project planning, Project scheduling, Project budgeting, Risk management, Cost management, and Task management are a few tools that help in efficient project management software.
The salary of a project management professional in India depends on soft skills because they are deciding factors in the quality of the project outcomes. Some crucial soft skills are as follows:
Good communication skills and the ability to negotiate for conflict resolution and stakeholder management help to build the leadership skills required for project management.
- Interpersonal Skills and Troubleshooting Abilities
Interpersonal skills like adapting to constant changes in technology and market dynamics help you manage the project effectively.
Critical thinking and the Ability to handle multiple tasks simultaneously is one soft skill that the project manager should possess.
5. Certifications
Project managers without certifications lack the necessary technical skills and rely more on their experience and soft skills. Consequently, they take a long time to gain expertise. Additionally, it leads to low-quality outcomes or discrepancies in the balance sheet towards the end of the project.
PMP certification is optional for project managers in many companies. But it enhances the credibility of your candidature for the position. A PMP aspirant must have 7500 hours of experience in project management or a four-year degree with 4500 hours of experience in project management.
The best way to start your career as a PMP is to receive basic Project Management training, which introduces you to PMP tools and methodologies. It lays the foundation for your future and helps you to comprehend the options you can consider based on your passion.
PMP Salary Based on Cities in India
The PMP average salary in India varies among cities as the number of projects and values differ, affecting the demand for project managers. In addition, the location of different companies also affects their scope.
| City | Average Salary in Lakhs per year | Lowest Salary
(For experience of about four years) | Highest Salary
(For experience of up to 18 years) |
|---|
Bangalore | 17 | 6 | 29.4 |
Chennai | 15.1 | 4.5 | 25.2 |
New Delhi | 11 | 4.5 | 25,6 |
Mumbai | 13 | 5 | 25.4 |
Pune | 15.3 | 5.4 | 27 |
Hyderabad | 16 | 6 | 28 |
Gurgaon | 14.6 | 5.5 | 28.2 |
Noida | 15.5 | 5 | 27.1 |
Ahmedabad | 9.7 | 4.5 | 22 |
Kolkata | 12 | 3.6 | 24.9 |
PMP Salary in India Based on Industries
The value of products and services varies across industries. Hence, the projects need different expertise, and the salaries depend on the effort required. PMP average salary in India in a few industries is as follows:
| Industry | Average Wage in Lakhs per year | Lowest Salary
(For experience of about four years) | Highest Salary
(For experience of up to 18 years) |
|---|
Advertising | 10 | 4.5 | 26 |
Agriculture | 13.7 | 5.6 | 20.8 |
Airlines/aviation/aerospace | 18 | 5.5 | 32 |
Architecture and interior design | 8.7 | 4.8 | 22.7 |
Automobiles | 17.2 | 7 | 28 |
Banking / Insurance / Accounting | 12.8 | 4.2 | 40 |
Biotech and life sciences | 15 | 6.3 | 26 |
BPO / KPO | 17.6 | 4.3 | 27 |
Chemicals and Agro-based industry | 15 | 5.1 | 32.2 |
PMP Salary Based on Companies in India
PMP professionals from different companies earn money based on many factors associated with them. They include the company's scale, turnover, and influence in the market. Some of the highest-paying companies and the salaries are as follows:
| Name of Company (experience) | Average Salary in Lakhs per year | Lowest | Highest |
|---|
Thales (8 to 22 years) | 46.1 | 12.2 | 102 |
Google (6 to 10 years) | 44.4 | 13.1 | 100 |
BCG (10 to 17 years) | 41.3 | 19 | 82 |
Shell (10 to 21 years) | 32.1 | 22 | 38.8 |
Amazon (2-14 years) | 31.6 | 14 | 80 |
Intel (7 to 19 years) | 32.2 | 10.6 | 58 |
Nestle (7 to 18 years) | 27.1 | 15 | 41 |
Hindustan Petroleum (9 to 15 years) | 26.3 | 20 | 35 |
Indian navy (9 to 16 years) | 24.8 | 18.7 | 28 |
Accenture (6 to 17 years) | 23.4 | 10.8 | 36.5 |
Tata Technologies (10 to 21 years) | 23.3 | 17 | 31.1 |
PMP Salary Comparison by Gender in India
The average salary of a male PMP manager range between Rs. 6,59,179 to 21,73,384, while that of a female PMP manager varies between Rs. 4,60,107 to 17,54,870. About 12% of female project managers are certified PMPs in India, resulting in a low pay scale.
PMP Bonus and Incentive Rates in India
According to Glassdoor, the cash bonus for an average salary of 16 lacs per annum ranges from INR 38,000 to INR 4,00,000. In addition, some companies offer stocks with an average value of 2 lakhs per annum.
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Can PMPs in India Expect a Salary Increment in 2024?
India is one of the fast-growing countries by population and standard of life. It is actively taking part in global affairs and contributing to technological advancements. Major tech players, such as Google and Amazon, from various industries, are seeking a place in India as it opens possibilities to expand the business.
Consequently, project management professionals can expect an increase in the market value raising revenue from new projects. Hence, opportunities for fresh project management professionals will increase, and existing professionals can expect a rise in their salaries in 2024.
Conclusion
Project management professionals have a significant role in channelizing productivity and resource strength to execute projects of all kinds in various sectors of the economy. Moreover, every industry needs skilled PMPs to make a quantum leap for the successful execution of new projects and provide the consumer market with tested, price-friendly, valuable products and services in great volumes, besides taking their businesses on a global scale.
Therefore, PMP certifications are invaluable for those who aspire to play a central role in managing the operations of a business and helping the companies grow to their full potential. KnowledgeHut's PMP training and certification enhance project management skills through hands-on training using online portals, which offer the convenience of learning at your convenience of location.
