Written by Coursera • Updated on Aug 11, 2022 Show
Project managers are responsible for planning and executing projects—a critical role in any business. It’s a well-paying career with room to advance into even higher-paying positions.  Let’s take a closer look at how much project managers typically make, as well as some of the factors that can influence your salary. How much do project managers make?The Project Management Institute (PMI) surveyed 7,575 project managers in the United States as part of their Earning Power: Project Management Salary Survey—Twelfth Edition (2021) [1]. The survey found that the median annual salary was $115,000. The US Bureau of Labor Statistics reports a median salary (as of 2020) of $77,420 for project management professionals, with the bottom ten percent earning a median of $42,180 and the top ten percent $135,220 [2]. Factors that impact project manager salaryYour cash compensation in this field ultimately depends on a variety of factors. If you’re looking to maximize your paycheck, consider these components of the pay equation. EducationAs in most industries, a higher educational attainment can often yield higher pay. According to the PMI Salary Survey, a majority of those surveyed in the US (92 percent) had at least a bachelor’s degree. Reported salaries go up along with degree level.
In addition to enhancing your earning potential, earning a higher degree might also make you more competitive in the job market. By earning a business-related degree, such as a Master of Business Administration, you can build the leadership skills companies are looking for and open up the possibility of moving into executive management in the future. specialization Business FoundationsSolve Real Business Problems. Build a foundation of core business skills in marketing, finance, accounting and operations. 4.7 (16,880 ratings) 148,799 already enrolled BEGINNER level Average time: 7 month(s) Learn at your own pace Skills you'll build: Positioning (Marketing), Marketing, Marketing Strategy, Customer Satisfaction, Financial Accounting, Accounting, Financial Statement, Balance Sheet, Decision-Making, Change Management, Human Resources (HR), Discounted Cash Flow, Corporate Finance, Cash Flow Analysis, Process Management, Operations Management, Six Sigma, Inventory, Finance CertificationEarning a certification in project management can help to validate your skills and experience to employers. This can sometimes translate into a higher salary. Among the professionals in the US surveyed by PMI, the median salary for those holding a Project Management Professional (PMP) certification was $25,000 more than those without. While the PMP is certainly a highly-respected credential, it’s not the only one. You can also get certified in project management methodologies, like Agile, Scrum, or PRINCE2, or earn an industry-specific credential, like the CompTIA Project+ for information technology (IT) project managers. professional certificate Google Project Management:Start your path to a career in project management. In this program, you’ll learn in-demand skills that will have you job-ready in less than six months. No degree or experience is required. 4.8 (57,210 ratings) 795,151 already enrolled BEGINNER level Average time: 6 month(s) Learn at your own pace Skills you'll build: Organizational Culture, Career Development, Strategic Thinking, Change Management, Project Management, Stakeholder Management, Business Writing, Project Charter, Project Planning, Risk Management, Task Estimation, Procurement, Quality Management, Project Execution, Coaching, Influencing, Agile Management, Problem Solving, Scrum, Effective Communication Years of experienceGenerally speaking, the more job experience you have, the more you can expect to earn. Luckily it doesn’t take long for experience to start translating into more money. According to job listing site Glassdoor, project managers with one to three years of experience earn an average base salary of $7,363 more per year than those with no prior experience (as of February 2021). The PMI Salary Survey reports similar data—a $15,000 increase in median annual salary between those with less than three years of experience and those with three to five years of experience. Job titleYou’ll find several roles in this career field. While your position might correspond to your seniority and level of experience, this is another way to look at typical salaries. According to the PMI Salary Survey, these alternate job titles pull in the following median annual salaries:
Here’s a similar breakdown of average annual salaries, this time based on Glassdoor data (2021):
IndustryThe industry you choose to work in can have a significant impact on your salary. While there are project managers working in a wide range of fields, these are among the highest paying (according to the PMI Salary Survey and Glassdoor): Highest-paying industries
Other common industries
LocationIn many industries, including project management, where you live can impact how much money you make. Data from job posting site ZipRecruiter indicates that project management jobs in the San Francisco Bay, Boston, and New York City areas tend to have the highest annual salaries. When thinking about location, it’s important to take into consideration cost of living as well. The areas that correspond to the highest pay—often major cities—tend to come with higher living expenses. As companies continue to digitize employee interaction and collaboration—a trend accelerated by the COVID-19 pandemic—there may be more opportunity for online positions that allow you to work from anywhere. Companies like Amazon, HubSpot, Oracle, Twilio, and UnitedHealth Group have already begun hiring for remote project managers.
Team and company sizeThe size of your organization (and the size of the team you manage) can also play a role in how much you earn each year. In general, the larger the organization and team, the higher the median annual salary for project managers. Those working at a company with fewer than 100 employees reported a median salary of $101,879, according to PMI, while those at a company with 10,000 or more employees brought in $120,912. Leading a project team of one to four people corresponded to a median salary of $105,000. On the opposite end of the spectrum, project managers with teams of 20 or more people reported a median salary of $130,000. According to Glassdoor, working at a company with fewer than 50 employees versus more than 5,000 employees could yield a salary difference of nearly $20,000. Project management methodologyWhile less significant than the other factors we’ve discussed, the project management methodology you work with could also have an impact on your pay. For example, PMs who responded to the PMI Salary Survey who use Extreme Project Management techniques tended to earn more than those who used Agile, Lean, and Waterfall techniques. It’s important to keep in mind that methodologies and techniques often depend on the industry, company culture, and type of project. Next stepsIf you’re interested in a career in project management, start building a foundation of job-ready skills through the Google Professional Certificate in Project Management. These six courses can help prepare you for an entry-level role, and upon completion, you can apply directly with Google and some 130 other employers. professional certificate Google Project Management:Start your path to a career in project management. In this program, you’ll learn in-demand skills that will have you job-ready in less than six months. No degree or experience is required. 4.8 (57,210 ratings) 795,151 already enrolled BEGINNER level Average time: 6 month(s) Learn at your own pace Skills you'll build: Organizational Culture, Career Development, Strategic Thinking, Change Management, Project Management, Stakeholder Management, Business Writing, Project Charter, Project Planning, Risk Management, Task Estimation, Procurement, Quality Management, Project Execution, Coaching, Influencing, Agile Management, Problem Solving, Scrum, Effective Communication Related articles
Article sources1. Project Management Institute. "Earning Power: Project Management Salary Survey—Twelfth Edition (2021), https://www.pmi.org/learning/careers/project-management-salary-survey." Accessed December 28, 2021. 2. US Bureau of Labor Statistics. "Occupational Employment and Wages, May 2020, https://www.bls.gov/oes/current/oes131198.htm." Accessed December 28, 2021. Written by Coursera • Updated on Aug 11, 2022 This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals. Which of the following makes up the largest percentage of a senior level executive pay?Share-related remuneration makes up the largest portion of senior executive compensation and as buybacks generally boost a company's share price, they also boost executive pay.
What is a disadvantage of piecework incentive plans?Disadvantage: Sick or Injured Workers
This could shut down or seriously reduce production output. Additionally, depending on the materials and equipment, if workers are working too quickly in an attempt to produce more, workers could potentially injure themselves, which could open up the company to liability.
What is a disadvantage of piecework incentive plans quizlet?What is a disadvantage of piecework incentive plans? Piecework plans tie production standards to the amount each worker earns.
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Which of the following makes up the largest percentage of a senior-level executives pay?
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