If you are considering a career as a Project Manager (PM), it’s important to understand salary expectations, and what factors can affect it. In this article, we'll share some of the average salaries for different PM roles as well as some of the key factors that influence PM salaries.
How does experience affect Project Manager salaries?
One of the most significant factors that impacts Project Manager salaries is experience. Typically, the more years you have under your belt, the higher your earning potential. Entry-level Project Managers can expect a different salary range than those with several years of experience.
- The average salary of an entry-level Project Manager is £35,000
- The average salary of a mid-level Project Manager is £55,000
- The average salary of a Senior Project Manager is £70,000
How does location affect Project Manager salaries?
Location plays a pivotal role in determining your salary as a Project Manager. Salaries can vary significantly from one city to another, and even from one country to another. This is primarily influenced by the cost of living in a specific area. Larger cities such as London tend to offer higher salaries to account for higher living expenses.
- The average salary of a Project Manager in London is £65,000
- The average salary of a remote Project Manager is £50,000
- The average salary of a Project Manager in the North is £50,000
- The average salary of a Project Manager in the Midlands is £50,000
- The average salary of a Project Manager in the Southwest is £48,000
- The average salary of a Project Manager in Wales is £45,000
- The average salary of a Project Manager in Scotland is £50,000
How does industry and specialisation affect Project Manager salaries?
The industry you choose to work in can impact your earning potential. For example, Project Managers in technology, finance, and healthcare often earn higher salaries due to the high demand for their skills. Additionally, specialising in a particular field, such as IT, construction, or healthcare, can also lead to a higher salary package.
How does education affect Project Manager salaries?
A strong educational background and relevant certifications can boost your Project Manager salary. Consider pursuing certifications like the Project Management Professional (PMP) or Certified ScrumMaster (CSM). These credentials not only enhance your skills but also make you more attractive to employers. Find more information about Project Manager qualifications here.
How does company size affect Project Manager salaries?
The size and reputation of the company you work for can also affect your salary. Larger, well-established organisations tend to offer higher salaries and more comprehensive benefits packages. However, startups and smaller companies might compensate with other unique perks.
Here are some different Project Manager roles and their average salaries
- The average salary of an IT Project Manager is £55,000
- The average salary of an Infrastructure Project Manager is £58,000
- The average salary of a Technical Project Manager is £57,000
- The average salary of a Digital Project Manager is £54,000
- The average salary of an Agile Project Manager is £55,000
- The average salary of a SAP Project Manager is £60,000
- The average salary of an Oracle Project Manager is £90,000
- The average salary of a Retail Project Manager is £50,000
- The average salary of a Change Management Project Manager is £55,000
- The average salary of an Electrical Project Manager is £52,000
What do Project Managers contractors get paid?
Contract Project Managers are often paid more due to factors like flexibility, specialised skills, and the absence of benefits, which allows employers to allocate a larger portion of their budget to compensation. PM contractors can negotiate higher hourly rates, reflecting their expertise and adaptability for specific projects.
The average daily rate for a Project Manager contractor is £500
Top tips for getting the best possible Project Manager salary
- Negotiation skills - Your income may be considerably impacted by your negotiation skills. Never be afraid to negotiate your pay when you receive a job offer. Make a strong argument for your ideal salary by researching industry standards.
- Stay informed - Project management is a dynamic field and pay trends might shift over time. To make sure you're getting paid competitively, stay up with market trends and industry benchmarks.
Becoming a Project Manager can be a rewarding career choice, both professionally and financially. While Project Manager salaries can vary widely based on the factors listed above, this article should provide you with a solid foundation for understanding the basic salary details in this profession.