Project management salaries By observing the strategic projects from completion to inception, project managers could reduce company costs, increase organizational efficiencies, as well as help generating the higher revenues. Fortunately, the importance of the project management function wouldn’t lose on company leaders. Ninety-seven percent of organizations would be agreeing strongly that project management is considered to be critical to the success of their company and they would be willing to pay for it.
Factors influencing PMP Certification Salary
1. Project Management Certification or Graduate Degree
Earning a certification or advanced degree could help you out significantly increase your salary as a project manager.
- PMP Certification
Obtaining the certified project manager not only to help you enhancing your salary, but it would also be demonstrating to employers that you would be possessing the skills as well as knowledge for managing teams and projects successfully. A recent global study would have found that professionals with a PMP certification would be earning about 22 percent more on average than those without one across all industries and countries. In the U.S., a project manager with a PMP certification Salary would be reaching about $120,000 annually as compared to $95,000 which is of the individuals who are without PMP.
- Master’s Degree in Project Management
The benefits of a master’s degree in project management would be twofold. Project managers with master’s degrees are going to earn a median salary of $120,000 which would be compared to $110,250 for those with bachelor’s degrees.
2. Years of Experience
As with most jobs, the amount of work experience which you would be possessing is going to impact how much money you would be making as a project manager. Project managers in the United States with more than 20 years of project management experience years would be earning a median annual salary of $135,000 compared to those with less than three years’ industry experience which would be about $83,000.
3. Project Team Size
Team size would also be affecting a project manager’s income. Depending on the size of the team, a project manager would be able to earn an additional $25,000 per annum. According to the PMI, median salaries in the U.S. by team sizes would as follows:
- 1-4 people: $106,888
- 5-9 people: $115,000
- 10-14 people: $121,533
- 15-19 people: $122,000
- 20+ people: $130,000
4. Industry
The industry a project manager works in could have a significant impact on annual earnings. According to the Project Management Institute, PMP Certification Salary in the following industries would be reported the highest median income in the nation:
| Industry | Salary |
| Resources (Agriculture, Mining, etc.) | $134,577 |
| Consulting | $134,149 |
| Pharmaceuticals | $133,246 |
| Aerospace | $129,732 |
| Food and Beverage | $124,559 |
| Engineering | $124,434 |
| Utilities | $122,255 |
| Information Technology | $122,245 |
5. Location
Where you choose to work physically would also be able to affect your salary, within the U.S. as well as across the globe. Here are some of the average project manager salaries location-wise:
| Location | Salary |
| San Francisco | $91,318 |
| Houston | $82,119 |
| Seattle | $78,693 |
| New York City | $79,231 |
| Boston | $78,852 |
| Chicago | $76,329 |
| Charlotte | $73,899 |
| Switzerland | $132,086 |
| United States | $116,000 |
| Australia | $101,381 |
| Germany | $96,987 |
| The Netherlands | $93,839 |
So, if you wish to make a career and earn the aforementioned PMP Certification Salaries, you must look out the SPOTO PMP Exam Dumps to check out our training resources which would be able to ensure your success and that too in the first attempt.
