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Wednesday, 22 June 2022

How Much Does An Experienced Project Manager Earn?

Project managers take the responsibility for managing projects and ensuring that they are completed on time and within budget.


It's a well-paying job with opportunities to rise to higher-paying positions. 


Experienced Project Manager

While assigned specific tasks, project managers must guarantee that person has the same shared vision and project goals.


When projects do not proceed as planned, problem-solving may be required, and they are frequently given budgets for projects and must ensure that all parties involved adhere to budgetary restrictions.


In this profession, to reach certain goals, project managers may need appraisals, as well as leadership and inspiration.


To aim for a higher salary means one has to be educated about the ways to climb the career ladder. 


As this is a leadership role, several years of experience in the field becomes necessary, and you must demonstrate past leadership skills and duties.


Let’s take a closer look at the average project manager's salary and how much an experienced project manager can typically make. 



What Is A Project Manager’s Average Salary?

According to the US Bureau of Labor Statistics, project management professionals earn median earnings of $77,420 as of 2020, with the last ten percent earning $42,180 and the highest ten percent earning $135,220.


Secondly, according to Burning Glass, which gathers and analyzes millions of job posts throughout the United States, the median pay for a project manager is estimated at $80,280.


Of course, that's not the entire story; if variables like education and experience are taken into account, the median salary changes dramatically.


Additionally, the Project Management Institute surveyed more than 7000 project managers in the United States, which revealed the average annual salary to be around $115,000. 


Another factor that tends to affect the project manager's salary is the size of the team they have to manage.


For a project manager that only has to manage a small team of 5-10 people, the salary will be significantly lower than those who have to manage a team of 20 people or more.



What’s The Pay By Experience Level for Project Manager?

An entry-level project manager with less than 1 year of experience can expect to make an average total salary of $64,326 (including tips, bonus, and overtime pay).


At the same time, an early-career project manager with 1-4 years of experience gets an average total salary of $74,067.


Based on 1,708 salaries of project management professionals, the average total income for a mid-career Project Manager with 5-9 years of experience is $89,099 per year.


Based on 1,728 salaries, an experienced Project Manager with 10-19 years of experience earn an estimated average salary of $102,703.


Employees with a long career (20 years or more) may get an average total salary of $111,744.



Key Takeaways

The following are some major points from the article:

  • An experienced Project Management Professional with years of experience can make up to $102,703
  • The variables are taken into account like education, experience, skills, and certifications which change the median salary dramatically
  • While entry-level positions make around $64,326, project managers with 10+ years of experience can earn around $102,703 to $111,744


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