– The average project manager earns $100,459 per annum
– Senior-level positions saw an increase in salary while entry-level wages decreased
An estimated 16.5 million people work as project managers globally, over a quarter of a million in the USA alone.
Due to economic growth, the number of professionals in project-management-orientated employment needs to increase rapidly to keep up with demand and reach the forecasted number of 88 million by 2027.
As a result of high demand, employers are swiftly trying to grow their project workforces, offering salaries that make the role ‘financially attractive’.
But how much do those in the project management industry really earn?
The Digital Project Manager conducted its annual salary survey to discover the typical and average wage for someone working in project management, from entry-level to senior roles and throughout the hierarchy.
Over a 3-month period, 201 respondents working in project-related roles shared details on their experience, work set-up, type of contract, level of education, certification and most importantly, annual salary.
Looking at results from a few well-known career sites (e.g., Indeed, Glassdoor, Salary Expert), the typical salary for project managers ranges from $82,670 on one site to $140,000 on another. The career sites’ listings average project manager salary in the US was estimated at $95,434 and the average for someone in a project-led role overall was $96,512.
Meanwhile, the survey data revealed the average salary as $100,459.
However, we combined data from our salary survey with the data from career sites to show a more accurate average salary of $100,238.
While these figures include project manager salaries for multiple industries, the typical wage can be variable due to required skill sets or criteria.
The highest recorded salary is from those in the Retail/Commerce industry ($227,143), followed by Software/IT ($100,544), Construction ($91,667), Finance, Banking and Insurance ($91,533), Healthcare ($90,759), Media, Marketing or Advertising ($81,602), Government, Public or Nonprofit ($79,563) and Telecomm ($76,667) industries.
Moreover, data analysts also compared this year’s results with the survey data collected in 2020 to show and compare the salary increases or decreases over three years.
The average salary for a project manager has increased by $23,827 since 2020, where the average was $76,632.
One trend the survey typically demonstrates is the salary increase for those in senior roles. For example, Head of Project Management positions saw an average salary increase of $106,882 in 2020 to $165,795, while Senior Project Manager salaries rose from $97,452 to $120,549.
Although, those in entry-level or junior positions have been less fortunate with salary increases, as the average salary for a Project Coordinator decreased from $54,394 in 2020 to $52,333.
The decrease shows the increasing importance of experience and certification/professional qualification in the project management industry.
According to the survey results, those with five to 10 years of experience or more in the project management industry can collect an average annual salary of $150,403, while those with three to five earned $93,861 on average, followed by $86,519 for one to three and $69,000 for less than one year.
Digital project management courses, such as the PMP course, will not only give you a certification that boosts your salary and signifies to employers that you have the skills to succeed, but they give you increased flexibility in the way you manage a project and allow you to network and gain confidence.
Galen Low, General Manager at The Digital Project Manager, commented:
“It’s really interesting to see the difference between average annual salary for project management positions in 2023 compared to a few years ago.
“While the US economy is currently facing challenges with surging inflation and slow economic activity, it’s no secret that the project management industry is booming and will continue to increase rapidly due to high demand.
“But while there’s more jobs than ever, it’s now even more critical for those seeking project management roles to upskill by getting the necessary qualifications – especially if they want a desirable salary.”
You can find out more information on the study here.
