Project management skills and expertise are in demand globally, and earning potential remains promising. The Project Management Institute (PMI)regularly runs a salary survey to find out what kind of salary project managers draw across industries and across geographies. This is probably one of the most comprehensive salary surveys conducted for any job type.
Earning Power: Project Management Salary Survey—Eleventh Edition (2020), the latest salary survey from the Project Management Institute (PMI) equips practitioners with the most comprehensive view of project managers’ earnings from 42 countries around the world.
Greater awareness of how skill level, experience and certifications impact salary can give practitioners considerable earning power in a dynamic job market. And this critical data can help recruiters, human resources and compensation professionals establish fair and equitable salaries for project management roles within their organizations.
Some of the data you will discover in this PMI report might surprise you. In this article, we give you the complete lowdown on the findings of the survey.
The scale of the PMI salary survey is vast: over 32,000+ project managers across industries and verticals, across the globe. This sample size is a good representative of the population and provides a realistic representation of salary figures.
Quite a wide variety of information is collected by PMI’s team – position, years of PM experience, highest formal education, degree in project management, PMP® status, training per year, type of project, avg team size, project budget, and many more – from the sample size from each of the 42 countries.
The report is of about 360 pages long, with quite a detailed information segregated by countries.One can thus slice and dice the figures to extract an amazing amount of insights into how project management in general and PMP certification can impact the salary of employees across industries, verticals, positions, and geographies.
The top 3 countries on median salary figures were:
“There’s never been a better time to be a project manager”, states the PMI Salary Survey, Eleventh Edition (2020).But what the report truly indicates is that there has never been a better time to be a PMP® certified project manager.
The final verdict? Here it is:
Respondents with PMP® certification report 22% higher median salaries than those without PMP® certification.
Candidates with a PMP certification are prioritized over non-certified candidates. They are also more likely to get better compensation. However, the median salary depends on several factors such as their country of residence, years of experience, position or role and the average size of projects managed, including average project budget and average project team size.
|United Arab Emirates||$81,665|
|Years||USA||India||Singapore||Hong Kong||United Arab Emirates|
|Roles||USA||India||Singapore||Hong Kong||United Arab Emirates|
|Director of PM/PMO||$144,000||$46,000||$108,899||$127,679||$130,663|
|Project Manager III||$115,000||$28,750||$76,727||$89,375||$97,997|
|Project Manager II||$100,000||$25,875||$67,268||$76,607||$72,001|
|Project Manager I||$87,360||$20,772||$52,799||$57,073||$60,910|
|Project Manager Specialist||$92,221||$17,250||$45,613||$63,201||$65,332|
|Project Manager Consultant||$120,000||$21,563||$67,466||$68,947||$81,665|
A quick and interesting way of getting a sense of how the PM salary varies across countries is through an interactive map PMI has provided.
Click on the image below to see this yourself (opens in a new window, then hover the mouse over any country to know the rank and annual median salary in USD) –
Click to open the interactive salary map
There is a lot of money to be made in project management. But which industries pay the most?According to the PMI report, the highest paying industries for project management are:
Let us take a closer look at the top three highest-paying job markets for PMP-certified project managers, along with the average U.S. salary, a brief overview of the job responsibilities, and pros and cons of the role.
Average U.S. salary: $124,434
Engineers are some of the smartest people on the planet, but they can sometimes get caught up in the minutiae and lose sight of the big picture. An engineering project management professional keeps engineers focused on completing the task at hand for project success.
Average U.S. salary: $129,732
Aerospace PM works with engineers and designers to make sure new aircraft is delivered on time and on budget. Focus areas include risk management and quality control. A successful project means overseeing proposals leading to the development of new aircraft and aerospace systems.
Average U.S. salary: $133,246
Globally, the pharmaceutical industry is expected to breach $1.1 trillion in sales by 2022. So it’s no wonder that pharmaceutical project management professionals earn one of the top five salaries among PMPs.
Average U.S. salary: $134,149
A consulting project manager is the chameleon of the project management universe. The consulting PM could work with environmental engineers one month and sales managers the next. A consulting project manager’s goal depends on the industry of the company they are working with on a case-to-case basis. In general, the goal is to furnish industry expertise and advanced knowledge to the client so that they can be successful in their project.
Average U.S. salary: $134,577
Resources PMs work with farmers, mining, and oil companies to make the process of extracting and growing natural resources as efficient as possible by eliminating waste and improving communication. A successful project means overseeing the procurement of natural resources for efficient delivery to end consumers.
A program project manager has an average salary of $79,709. They are responsible for handling projects in areas like software design, development, user interface, etc.
According to the survey, here are the key skills thatyou should develop to boost your project management earning power:
Even though this is not the latest skill, it is one of the most important ones for becoming a program project manager. As you will be overseeing several people throughout the project, you must be able to manage them for ensuring that the project completes on time and budget.
One of the main parts of Project Management is to manage a project strategically. It is more than just getting a project done. A project manager should have the planning and foresight to complete the project efficiently.
When a company creates new products or implements new strategies, it comes with a cost. It is the responsibility of the project manager to manage the budget.
This includes managing multiple projects at the same time with the goal of improving the overall performance and efficiency of the company.
What all this boils down to is that if you are not already PMP® certified, you could be leaving 22% of your salary on the table right now.
What does about 20% of your annual salary means for you? Whatever your CTC is (cost to the company) currently, remove the last zero and double the amount – that is how much you are losing now by NOT being PMP certified.
If that does not make you to want to get PMP® certified, know that in 2021 the PMP® exam gets 40% more syllabus, and about 3 more types of questions (in addition to MCQ) added – making it one of the hardest (as if it is not already) exams to crack.
The best time to plant a tree was 20 years ago. The second-best time is now. – Chinese proverb
If you are worried about not being prepared for PMP®, here is the good news.Even if you are yet to start preparing for PMP®, you can get started now and within next 8 to 10 weeks you are sure to walk out with a PMP® certification in hand.
Based on years of PMP® coaching experience, here is a 4-part blueprint to your PMP® exam success in the shortest possible time frame with most confidence.
Assess the training provider on all essential aspects. What knowledge and experience do the instructors have? What do the past participants say about the course: the good, bad, the ugly? Do you get a copy of the PMBoK? What support you get after the class? How do you know if your preparation is sufficient to take the exam? Do you get any PMP Question Bank to practice and assess yourself?
Limiting your study resources to the top three, keeping PMBOK as the third one (as many as 80% questions may appear from PMBOK). Choose the remaining 2 study resources based on just one criterion – you must enjoy learning from them!
Create a study plan based on study strategies and techniques that top performers have adopted
Get a mentor or guide or join a close-knit study group that will guide you consistently.
For PMP® success, study momentum is the most crucial aspect. Study every single day!
Ready to start or grow your Project Management career? Check out our latest courses here and get the personalized guidance you need.
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