What is the average salary of a Project Manager?

Every business desires a capable project manager to oversee and manage the growth of their projects. Many programs are frequently operating simultaneously in a company, and a project manager is typically in charge of multiple projects. As a result, firms in India are not afraid to pay more for project managers. In this blog, we’ll talk about the average project manager salary being offered based on various factors.

If you have the necessary abilities and are willing to stay current, your project management job is likely to continue to expand. This is especially true when considering that a project manager’s compensation is based on how upskilled and updated they are, either directly or indirectly.

As a result, the ability to manage a project and many teams are a necessary talent. The manager’s pay will be determined by the type, scope, and several projects he or she manages.

What is Project Management? Who is a Project Manager?
Median Salary of a Project Manager in India
Project Manager Salary in US
Factors affecting the salary of a Project Manager
What are companies looking for?
Why should you opt to become a Project Manager?
Conclusion

What is Project Management? Who is a Project Manager?

Project management is the process of overseeing a project from start to finish. It might be as easy as automating a department’s operating procedure, or it could include working on a new project with clients, vendors, and other stakeholders. Ideation, creativity, execution, and closure are the major processes of project management. Planning, team management, procurement, integration, control, and risk assessment are some of the skills which are an integral part of the project management process.

A project has a timeline that is determined by the product that has to be delivered. Unlike a product that evolves with the customer’s needs, a project has a precise description of what needs to be delivered.

The project manager is in charge of leading the project and ensuring that each phase achieves its goals. They are engaged in establishing the project’s major objectives, purpose, and scope, developing an integrated development plan, managing the team during the execution stage, and monitoring each element until it is completed and reviewed.

Finally, the project manager is the individual who is held accountable for the project’s success or failure. Project managers supervise and manage product development to guarantee that the product is delivered on time and within budget. The most difficult problem a project manager confronts is balancing cost, time, and quality while maintaining the project’s scope. Their responsibilities include:

Identification and reduction of possible hazards in a timely manner
Creating timelines, budgets, and hiring personnel
Project scope, tasks, infrastructure, materials, and reports are all managed
Learn more about product managers’ duties and responsibilities

Project management includes implementing techniques, procedures, expertise, and experience to fulfill a project’s goals.

Median Salary of a Project Manager in India

The average project manager pay in India, according to Glassdoor, is about Rs.14,00,000. In India, for example, the average compensation for a software engineer is about Rs 5,00,000. So, as a project manager, you might earn nearly three times as much as your software engineer peers!

There is a growing demand for Project Managers in India. MNCs bringing their projects to India are certain that India has the talent to lead them. As a result, numerous companies are establishing warehouses, industrial facilities, and call centers. According to the Economic Times, the project management profession is expected to exceed overall worldwide job growth in the next few years, resulting in many new job openings with very competitive compensation. According to the Project Management Institute (PMI) research, India would require over 7,000,000 additional project managers over the next ten years to handle the expanding industry.

Project managers are needed in building and manufacturing, information technology, banking, and insurance. This type of management is constantly in high demand. The list goes on and on. That is the major reason for the high project manager compensation in India. The never-ending demand

According to estimates, India will overtake China as the world’s second-largest generator of project management-related employment by 2027. By 2027, there are anticipated to be 22 million additional project management employment vacancies worldwide.

Also Read: 41 Project Manager Interview Questions and Answers

Project Manager Salary in US

According to Indeed, the average Project Manager Salary in US is $74,122 per year. There is a growing demand for Project Manager’s in India as well as in the US. Upskilling in this domain will help you advance your career and power ahead. Apart from the average salary, individuals are also offered a $13,500 cash bonus per year depending on their performance or other factors. Now that we know about the salary in India and US, let us take a look at some of the factors affecting the salary of a project manager.

Factors affecting the salary of a Project Manager

The following are the four key variables that influence Project Manager Salary in India:

Sector and Firm – In most job descriptions, the company you work for has an impact on your final wage. The industry in which a project manager chooses to work has a greater influence on their eventual compensation. In addition, the greater the name of the brand or firm, the higher the compensation will be.

Experience – Managers with greater experience will earn more money than those who are managing their first initiatives.

Location – A project manager’s compensation is heavily influenced by his or her location. In comparison to a job in a small town, a position in a city recognized for its information technology infrastructure will offer a greater wage.

Skills – The better your capacity to understand, the more vital talents you have. In India, location is expected to play a significant influence in determining project manager pay.

Project Manager Salary based on Sector and Firm

According to PayScale, different domains offer different salaries. For example, a construction project manager’s typical pay is around Rs. 1,000,000 whereas IT Project Managers working for large IT businesses on difficult software projects may make close to Rs 15,00,000 per year, which is very good compensation.

Your pay will also be determined by the firm where you work. Amazon, Microsoft, Google, and Goldman Sachs typically pay more than the average. However, getting into one of them might be difficult because they usually have a rigorous recruiting procedure and need more aptitude and problem-solving abilities than the norm.

Some of the top recruiters for project managers are mentioned below:

Capgemini
Cognizant
Cognizant Technology Solutions Corp
HCL Technologies Ltd.
InfoSys Limited
Accenture Technology Solutions
Accenture
Wipro Technologies Ltd.

Top companies for Project Managers in United States

Company	Salary (per year)
Worley	$141,046
DXC Technology	$133,594
Lockheed Martin	$121,821
Northwell Health	$121,556
Fluor Corp.	$120,221

Source

Project Manager Salary based on Experience

Your compensation package will be larger if you have more experience. As a result, if you’re a newcomer to the business, you’ll need to temper your expectations properly. So, here’s how Project Manager pay in India varies based on how many years of experience you have:

Let’s look at how the compensation of a project manager in India changes depending on experience.

Entry-Level

The average salary of a project manager who is just starting out in their career can range from anywhere between Rs. 1,50,000 to Rs. 10,00,000.

Mid-Level

The average salary of a project manager who is just starting out in their career can range from anywhere between Rs. 4,68,000 to Rs. 20,00,000.

Experienced

The average salary of a project manager who is just starting out in their career can range from anywhere between Rs. 6,48,000 to Rs. 30,00,000.

In the realm of project management or any subject for that matter, experience is crucial. Project managers with 1-4 years of experience may expect to earn about Rs 6,20,000. On average, a project manager with 10 to 19 years of expertise may make Rs 20,00,000 per year.

Project Manager Salary based on Location

Your salary may also be affected by your geographic location. In India, location has a significant impact on project manager pay. In India, for example, an IT project manager’s compensation might exceed Rs 20,00,000 per year.

Highest paying cities for Project Managers in United States

Washington, DC – $96,028 per year
Atlanta, GA – $87,837
Los Angeles, CA – $85,345
New York, NY – $83,852
Houston, TX – $78,249

Project Manager Salary based on Skill Set

Different skills affect the salary of a project manager. Mentioned below are some of the most required skills for a project manager.

Computational Fluid Dynamics
Embedded/Real-time/RTOS
HTML
Software Architecture
Technical Analysis
Consulting Management
Product Management
IT Security and Infrastructure
Machine Learning

Skill	Average Salary
Project Management	Rs. 1,299,305
Client Interaction	Rs. 1,260,206
Project Coordinating	Rs. 1,210,350
Strategic Project Management	Rs. 1,392,208

What are companies looking for?

You need to understand what companies look for when hiring a project manager. This will help you develop skills and be the top candidate whenever you are applying to the company of your dreams.

Customer-focused and dedicated to creating an exceptional customer experience each and every time.
Have the capacity to come up with new ideas and express them to others. Maintaining project momentum and meeting project milestones requires planning, communicating, and managing project progress.
Risks must be identified and properly mitigated.
Facilitate the resolution of difficulties and bottlenecks, and escalate as needed.
Throughout the project, manage scope, budget, timetable, resources, quality, and customer satisfaction. Manage remote resources, including offshore employees, in a matrix environment.
Deliver a wide range of services where project management necessitates a thorough examination of various variables.
Maintain current understanding of internal processes and procedures, as well as adherence to them.
Assist the sales process

Why should you opt to become a Project Manager?

It’s only reasonable to be enticed by the hefty compensation a project manager may command. However, in order to succeed, you must have a strong desire to see a project through from start to finish.

Let us look at why you could be interested in this field:

Project managers are in great demand, and this trend is expected to continue. It means that a skilled project manager will be able to pick and choose whatever projects are right for them.
Project managers are needed in a wide range of disciplines, so you’ll have the opportunity to work in one that interests you. Infrastructure, IT, Healthcare, Manufacturing, Telecom, Oil and Gas, and so on are some of the industries you might look into.
Professional progress is possible due to the learning curve. You’ll be exposed to a variety of viewpoints from people of all cultures and sensitivities. It will also assist with personal development.
You improve your risk evaluation and management abilities. These are the abilities that are required for leadership positions. The majority of CEOs are seasoned project managers who have received accolades. To advance in your career as a product manager and earn the greatest potential project manager pay in India, you must keep your skills up to date.

Conclusion

Project management is a well-established profession that shows no signs of waning in popularity or demand. Handling and managing all of the fresh ideas that any firm generates on a daily basis would need some brilliant brains. A Project Manager is responsible for effectively transforming a concept into reality, and we trust you are up to the task!

These salary figures mentioned above are approximate and subject to change. The talents you have, the mastery you have achieved over them, and how rapidly you progress and help the firm expand are the true determinants of your compensation.