How Much Do Project Managers Make?
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Project managers are highly paid professionals who steer projects from the planning phase to completion. They partner with stakeholders and internal team members to ensure organizations complete projects on time and within budget. Project managers work in various fields, from software to construction.
Who makes things happen in an organization?
When a company or team decides on a project, the decision of who keeps things moving and how is vital to its success. Within organizations of all sizes, project management is the process of planning and implementing an organization’s priorities. It is how companies create deliverables and put them in the hands of customers or stakeholders.
Project managers describe the people in charge of ensuring project completion, team member alignment and client satisfaction.
What Is a Project Manager?
Project managers (PMs) are individuals whose primary job is to shepherd a project from start to finish. Project managers are commonplace in fields as diverse as software and app development, healthcare, construction and disaster relief.
Because project managers can work in so many different industries, the skill set and salary bands for people in this position can vary as the projects they work on.
What Does a Project Manager Do?
The people who do the work often have many responsibilities at once. A project manager’s daily workload includes the following tasks :
Project managers fulfill an essential function because they provide leadership and motivation to their teams. Project management is such vital work that a 2020 study from the Project Management Institute found a link between poor project performance and 11.4% wasted investment.
How Much Do Project Managers Make?
According to the Bureau of Labor Statistics (BLS), the median annual wage for project management specialists across all industries in May 2021 (the most recent data available) was $94,500 . When viewed by sector, the median annual wages for the top industries break down as follows:
Highest-Paying Project Manager Jobs
Pay depends on more than industry, however. Some project managers oversee multiple projects at once, while others manage teams of project managers. Listed below are some of the highest-paying project manager jobs.
Project Executive
In most cases, a project executive is the head of the company’s project management team. Within the PRINCE2 project management model , executives refer directly to a project manager who represents a project’s overall business interest.?
They are responsible for planning and monitoring all ongoing projects and their progress. Some companies may have them oversee project managers directly, whereas in other organizations, their authority and oversight might filter down through project directors.
Most project executives manage teams of people and are points of escalation for conflicts between project managers and other stakeholders. For their experience and skill, project executives can expect to make a nationwide median annual wage of $158,226.
Change Management Consultant
Change management describes a unique method of reorganizing a company’s assets, workforce or processes to reach a specific goal. Private equity and consulting firms such as Bain & Company and Prosci are proponents of change management and often employ consultants to spearhead those efforts.
The BLS reports that management analysts (a catchall term for change management consultants) make an annual median wage of $93,000 across all sectors. The highest-earning consultants can command a median yearly salary of $100,170.
Project Director
The project manager may run the show for one or more projects, but who wrangles the project manager(s)??
Project directors lead a team of PMs. Their responsibilities include aspects of project management such as planning, risk management and monitoring finances. They also have leadership responsibilities, such as performance updates and staffing decisions.
Project directors often work from a more strategic rather than hands-on level. They align projects with the organization’s overarching goals and objectives. For their experience and knowledge, project directors enjoy a wide pay scale. Allowing for variations in the size and scope of organizations, the median annual salary for this position sits at $167,409 .
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Healthcare Project Manager
Healthcare project managers specialize in coordinating healthcare programs and their operations. They are also known as medical and health services managers . Sometimes, they may have the titles of healthcare executives or administrators.
PMs in the healthcare industry often work in hospitals, nursing homes, outpatient clinics and surgery centers. Most managers focus on improving efficiency and quality for their organizations. They manage facility finances, including patient fees and billing.
Healthcare project managers may spearhead priorities such as data retention and digital health records. Their work can also involve careful collaboration with medical staff and department heads. The annual median wage for these roles is $101,340 , but the actual amount can vary based on the facility they manage and their experience.
Financial Project Manager
Financial project managers are responsible for the planning and administration of finance projects. They perform many of the same duties as PMs in other industries, with a financial focus. That means they track progress, delegate responsibilities, prepare reports and push deliverable completion.?
The average salary for this role in the United States is $78,723 , based on recent data from Salary.com.
Skills to Become a Project Manager
Becoming a project manager is a lucrative career path, but it may not be the right fit for everyone. It takes specific skills to succeed. Most project managers excel in the following areas or have spent years developing the skill sets necessary to thrive .?
Communication
Project management requires the ability to communicate with others well. They must share project deadlines, timelines, expectations and job requirements in a way that stakeholders can understand. Because these conversations can happen in writing and over the phone, strong written and verbal communication is a necessity.
Time Management
Ensuring the completion of deliverables and milestones is a fundamental piece of the project management puzzle. Project managers should manage their time and that of their team members.
Organizational Skills
Project managers are expert delegators. They determine who needs to accomplish each part of a task and give them as many tools as possible. Because many project managers oversee multiple tasks simultaneously, they must stay on top of overlapping deadlines and priorities.
Problem-Solving
A large chunk of the project management process is promptly solving problems . So, PMs must prepare for contingencies and other roadblocks. They should also be able to proactively identify potential issues (and viable solutions) before they arise.
Leadership
Because project managers must shepherd tasks and projects, they need the ability to take charge. But leadership is not simply telling others what to do. Effective leaders must listen to feedback and understand what others can contribute to the project.
Benefits of Becoming a Project Manager
Project management offers fantastic benefits to those who can thrive. For example, it provides a straightforward career path with little ambiguity about what is next. In addition, project salaries are typically high across all industries that hire PMs. And there are quite a few industries that do. Healthcare, architecture, software, finance and construction are just some industries that require project management.
Career Outlook for Project Managers?
The industry is set to remain stable over the next decade. Experts at the BLS estimate a 7 percent growth between 2021 and 2031 . That translates to roughly 70,400 job openings each year.
The areas in which project management continues (and will continue) to thrive include computer systems and design services. Because information technology (IT) projects will only become more complex over the next few years, more project managers must manage this workload.
Top Takeaways
(Reporting by NPD)