So you want to be a project manager, huh? Can’t say I blame you. Project managers are like the quarterbacks of the business world – calling the shots, leading the team, and raking in the big bucks. At least, that’s how it looks from the outside. But what’s the reality? How much dough can you really expect to make as a PM? Let’s dig into the data and find out.
According to Glassdoor data, the average project manager in the US makes around $91,000 a year. Not too shabby! But averages can be misleading. PM salaries range widely based on factors like education, experience, company size, industry, and location.
Newbie PMs with little experience can expect to start around $65,000, while seasoned vets at huge corporations pull down $150,000+ (but have to deal with way more BS – more on that later).
The median PM salary – meaning half make more, half make less – is around $116,000, according to PayScale. Not bad for telling people what to do for a living!
Not surprisingly, scoring more degrees equals more dollars. PMs with a master’s degree make a median of $120,000, while those with just a bachelor’s take home $110,000.Getting an MBA boosts salaries even more, to a median of $130,000. But beware – business schools love to sell you on how an MBA guarantees riches when the reality is more complicated.
An MBA won’t automatically make you a better PM. And some accomplished PMs don’t even have college degrees! Skills and experience matter more than letters after your name.
Wanna make more money as a project manager? Get more experience! PMs with over 20 years under their belts median $135,000, while newbies median just $83,000.My advice? Find a company that values developing talent internally over chasing “rockstars”. Learn from experienced PMs. Build your skills. Then, watch your salary rise steadily over time.
Jumping jobs every two years to chase quick salary bumps is tempting. But in the long run, slower and steadier wins the race. Loyalty and relationships still matter in business.
Managing more people means more pay. PMs leading teams under five median just $108,000. But for teams above 20, salaries jump to $130,000.However, more people, more problems. Large teams equal more stress, office politics, and cat herding. Give me five talented team players over 20 primadonnas any day.
Where you work significantly impacts how much you make. Coastal cities and tech hubs have the highest PM salaries:
Meanwhile, in the South, PMs median under $100,000, according to Robert Half:
Tech companies pay PMs big bucks – median $136,000. Finance and banking are also lucrative, with a median of $134,000.Meanwhile, PM salaries in academia and government drag – a median of just $91,000.But money shouldn’t be the only consideration. Work somewhere with a mission you believe in. Contribution and purpose matter more than a fat paycheck.
Before you chase top PM dollar at a huge corporation, consider the downsides:
Many top PMs eventually go independent or join smaller companies to escape the corporate BS. Less pay, but more freedom and fulfilment.
The most important skills for commanding a high PM salary are leadership, communication, strategic thinking, and emotional intelligence. Technical skills and industry/domain knowledge are also valued. Proven ability to deliver projects on time and on budget.
Project management is a great career if you love leading teams, overseeing complex initiatives, and want a job with lots of variety and challenges to solve. It pays well and is in high demand across many industries. Just be prepared for some bureaucracy and office politics in large organizations.
The technology and finance industries pay project managers the highest salaries – a median of around $135,000. Government and non-profit sectors pay the least – a median of around $90,000.
Pay varies based on education, experience, team size, location, and industry. But skills and relationships matter more than credentials.
Big salaries come with tradeoffs – more stress, politics, and busy work. Love what you do and who you work with. That’s worth more than money.
Now you know the straight dope on project manager pay. Choose wisely, grasshopper!
Up until working with Casey, we had only had poor to mediocre experiences outsourcing work to agencies. Casey & the team at CJ&CO are the exception to the rule.
Communication was beyond great, his understanding of our vision was phenomenal, and instead of needing babysitting like the other agencies we worked with, he was not only completely dependable but also gave us sound suggestions on how to get better results, at the risk of us not needing him for the initial job we requested (absolute gem).
This has truly been the first time we worked with someone outside of our business that quickly grasped our vision, and that I could completely forget about and would still deliver above expectations.
I honestly can't wait to work in many more projects together!
Disclaimer
*The information this blog provides is for general informational purposes only and is not intended as financial or professional advice. The information may not reflect current developments and may be changed or updated without notice. Any opinions expressed on this blog are the author’s own and do not necessarily reflect the views of the author’s employer or any other organization. You should not act or rely on any information contained in this blog without first seeking the advice of a professional. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this blog. The author and affiliated parties assume no liability for any errors or omissions.