Project managers are critical when it comes to completing any project. These professionals are usually the first point of contact for clients and prospects, and they should be able to deliver a professional and compelling sales pitch. In addition, project managers typically do not have much previous work experience in their current profession, so salary is at the forefront of their minds.let us know about salaries For Entry Level Project Manager.
Salaries For Entry-Level Project Managers
Junior project managers starting their careers with no prior experience earn $48,000 per year working for business consulting companies or similar organizations. According to PayScale, entry-level management professionals make roughly $47,642 annually. In addition, business management teams might give a small salary bump each year until that employee eventually reaches the senior level. Generally, project managers at this level can expect to earn roughly $55,000 annually. However, this is just an average, and there will be a lot of variation among employees in terms of experience and skill set.
According to Gartner’s 2017 CIO Agenda Survey, six-figure salaries are now more prevalent in the IT world than ever. Tech executives, in particular, make more money than they have previously because of the greater demand for digital transformation capabilities in many industries like insurance or financial services.
In addition, salaries are typically a bit smaller in junior roles and entry-level jobs. Most project managers will eventually move up to the senior level, in which they can earn more money based on their performance. In general, this profession has experienced a significant salary boost over the past several years and is projected to grow exponentially for at least the next decade.
How Entry-level Project Managers Are Paid?
Entry-level project managers typically make between $40,000 and $60,000 annually. This salary aligns with the average in the IT field for younger managers without much work experience on their resumes. Those with a few years under their belts can expect to earn more money as they continue to develop their skills and expertise.
Most senior-level engineers in this profession are paid a flat rate per project. They will earn more money while working on smaller projects that take less time than more significant and complex projects. For example, senior-level engineers often work on smaller and less complicated contracts or software development projects with a smaller scope than others.
Factors That Affect The Salaries
Entry-level project managers typically have a few years of experience in their current profession, but they might have less if they are fresh out of college.
Similarly, those with a few years under their belts can expect to earn more money as they continue to develop and hone their skills and expertise. In addition, the industry in which a project manager is employed also impacts earnings, but many variables come into play when discussing the salary for entry-level managers in certain professional fields. For example, entry-level project managers in construction earn considerably more than those who work for consulting firms or IT companies because of the nature and scope of the projects. Similarly, project managers that work for small firms will usually have lower salaries than those who work for large corporations like IBM or Microsoft.
Project managers that work for the government make more money than those employed by private companies. In addition, professionals with advanced degrees or certifications in their current profession typically earn higher salaries than their counterparts. For example, entry-level project managers with a bachelor’s degree from an accredited institution can earn up to $51,000 per year working for a small business consultancy firm, while others without a degree can only expect to earn around $43,000 annually. On the contrary, project managers with advanced certifications and master’s degrees generally earn more money right out of college because of their greater skill set and credentials.
In addition, project managers with a few years of experience in the IT field can expect to earn considerably more money than their counterparts. For example, in 2017, average salaries for senior-level project managers ranged from $97,000 to $120,000 per year. Senior-level professionals earn significantly more when working for larger organizations like IBM and Accenture.
Project Manager Salaries Across Cities In The US
New York pays the highest amount to project managers, will an average of $89,500 per year, closely followed by Washington DC at $89,400 per year.
Chicago is the third-highest paying city for project managers, paying an average of $80,400 annually. San Francisco, Los Angeles, and Minneapolis are among the top ten highest-paying cities for project managers.
The lowest city for project managers is Houston, which pays an average of $63,300 per year to its employees in this profession. The second cheapest city for project managers is Cincinnati, at $63,600 annually. Cleveland rounds out the three cheapest cities for project managers with an average salary of $64,000 per year.
Additional Compensation For Project Managers
There are many ways for project managers to earn additional money within the same organization. Most companies looking for project managers offer some form of other compensation as an option. Further compensation includes signing bonuses, profit-sharing programs, and partial company ownership or similar incentives.
The Average Salary For Project Managers
A variety of factors can influence the pricing of a service or product. For example, if the type of work performed in this role requires specialized skills that are not widely used within an organization, it can be more expensive to provide these services or products to customers. In addition, senior project managers typically have to manage more projects at any given time than junior-level managers.
For this reason, it is common for companies to pay higher salaries to senior-level project managers. PayScale reports that industry leaders typically start at this level and then earn around $84,000 per year on average. Conversely, junior project managers can expect between $40,000 and $60,000 annually.
As the demand for digital transformation increases, so does the need for project managers. The Bureau of Labor Statistics (BLS) projects that employment will rise by 9% for entry-level and junior-level positions over the next several years. It means there will be plenty of opportunities for professionals with a background in project management to find work throughout the United States. It is good news for workers interested in increasing their earning potential through professional development and experience. For example, an inexperienced project manager can earn around $40,000 per year on average while working on a contract basis or smaller projects.