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Project managers are responsible for planning and executing projects鈥攁 critical role in any business. It鈥檚 a well-paying career with room to advance into even higher-paying positions.

听Let鈥檚 take a closer look at how much project managers typically make, as well as some of the factors that can influence your salary.

How much do project managers make?

The Association for Project Managers (APM) completed a salary and market trends survey in the UK (Nov 2020) and found that the average project professional salary is 拢47,500, with 49 percent of those surveyed, earning over 拢50,000.

Factors that impact project manager salary

Your cash compensation as a project manager ultimately depends on a variety of factors. If you鈥檙e looking to maximise your paycheck, consider these components of the pay equation. Many companies also incorporate bonuses to complement a project manager's salary.听

Education

As in most industries, a higher educational attainment can often mean a higher paying salary and a better chance of landing a job in project management. The degree subject is open and it is possible to get a job in project management with any degree, although degrees in business, or project management are particularly useful.

According to APM, salaries increase with age and time on the job. For graduates in the early stages of their career, the average salary is 拢27,500. There is no definitive figure for the average starting salary for graduates in the UK, but it is estimated to be between 拢25,000 and 拢30,000, which makes project management a financially rewarding career choice.

In addition to enhancing your earning potential, studying for a higher degree might also make you more competitive in the job market. By completing a business-related degree, such as a Master of Business Administration, you can build the leadership skills companies are looking for and open up the possibility of moving into executive management in the future.

Certification

Earning a certification in project management and holding membership with APMcan help to validate your skills and experience to employers and can sometimes translate into a higher salary. APM reports that members' salaries have increased from 拢47,500 to above the profession鈥檚 average wage to 拢52,500, compared to non-members, with salaries that remain at the industry average. Full members (MAPM) earn an average of 拢62,000, whereas non-members with five years experience can earn 拢52,500.

While the AMP is certainly a highly-respected credential, it鈥檚 not the only one. You can also get certified in project management methodologies, like Agile, Scrum, or PRINCE2, or earn an industry-specific credential, like the CompTIA Project+ for information technology (IT) project managers.

Level of experience and type of contract

Generally speaking, the more time you鈥檝e worked as a project manager, the more you can expect to earn. Luckily it doesn鈥檛 take long for experience to start translating into more money.听

According to the AMP 2021 survey, a student on a placement year can earn on average 拢17,000 (pro rata) and an apprentice or trainee can earn an average of 拢22,500. The salary level increases as a person moves up the chain into more senior positions.

APM found that the type of contract offered also makes a difference. A freelancer or consultant working as a project manager can command an average of 拢72,500 compared to someone on a permanent contract earning 拢50,000 or a fixed-term contract earning 拢42,500. []

Job title

You鈥檒l find several roles along the project management career path. While your position might correspond to your seniority and level of experience, this is another way to look at typical salaries. According to Glassdoor ( June 2022), these alternate job titles pull in the following median annual salaries:

听

• 听Lead project manager: 拢66,944

• 听Project management consultant: 拢48,703

• 听Senior project manager: 拢69,705

• 听Project portfolio manager: 拢101,867

• 听Director of project management: 拢80,746

Here鈥檚 a similar breakdown of average annual salaries found by the APM survey:]

• 听Project portfolio manager: 拢67,500

• 听Project management consultant: 拢57,500

• 听Senior project manager: 拢57,500

Industry

What industry you choose to work in as a project manager can have a significant impact on your salary. While there are project managers working in a wide range of fields, these are among the highest paying (according to Glassdoor):听听

Highest-paying industries

听Other common industries

Location

In many industries, including project management, where you live can impact how much money you make. According to the APM survey, London has the highest project management salary at an average of 拢52,500, and Wales, Yorkshire, and Humberside have the lowest at 拢42,500.[]

When thinking about location, it鈥檚 important to take into consideration cost of living as well. The areas that correspond to the highest pay鈥攐ften major cities鈥攖end to come with higher living expenses. London wages often come with a London weighting, due to the high cost of living and costs of commuting into the capital.

As companies continue to digitise employee interaction and collaboration鈥攁 trend accelerated by the COVID-19 pandemic鈥攖here may be more opportunity for online positions that allow you to work from anywhere. Companies like Amazon, Revolut, Cazoo, and Philips have already begun hiring for remote project managers.

Team and company size听

The size of your organisation (and the size of the team you manage) can also play a role in how much you earn each year. In general, the larger the organisation and team, the higher the median annual salary for project managers.

Project management methodology

While less significant than the other factors we鈥檝e discussed, the project management methodology you work with could also have an impact on your pay. For example, according to a PMI salary survey, project managers who use Extreme Project Management techniques tended to earn more than those who used Agile, Lean, and waterfall techniques.[]

It鈥檚 important to keep in mind that methodologies and techniques often depend on the industry, company culture, and type of project.

Next steps

If you鈥檙e interested in a career in project management, start building a foundation of job-ready skills through the Google Professional Certificate in Project Management. These six courses can help you prepare for an entry-level role, and upon completion, you can apply directly with Google and some 130 other employers.