Companies need a project manager with extensive skills to be in charge of various projects. The project manager’s salary, plan, and documents are determined by the current project they are working on. This career requires giving your best to make the most out of it and have a long term relation with the employer for future considerations.
Project managers work closely with the upper management and various departments to make sure that the set goals for the project are on schedule. The job also requires them to work as an individual or with a team based on the project requirements. They can choose to specialize in one type of project or deal with a variety of projects in the human resources, IT, marketing construction, or advertisement sectors. The broad source of projects guarantees long term jobs; thus, it’s an excellent career to invest in and earn income.
Project managers should be organized, insightful, and natural leaders. Are you interested in pursuing a career in project management? Below are ways you can make more money as a project manager.
Average Project Manager Pay
The amount of money paid to the project manager depends entirely on the type of project they are dealing with and the employment contract terms. According to the reports provided by the Bureau of Labor Statistics, for construction project managers, the median annual pay is approximately $86,860 per year. This amount is equivalent to $40.32 per hour. On the other hand, computer or IT project managers earn $55.67 in an hour which is equivalent to $115,780 yearly.
Skills and Qualifications
Project managers need leadership skills first and foremost. They also need to be time conscious and adept in math, budgeting, and analytical skills to get the job done well and on time. They should be good communicators and planners to bestow responsibilities to their working team and ensure they follow the set plans.
How to Make More Money
Depending on the type of the project, the manager might be working directly with a large group of people. At times the project could be individually handled or designated to someone else. These variables are the determinants of the amount that is paid for the specific project. There are various strategies for making more money to consider including the following.
Ask for More Money
A project manager has the right to ask for more on a given project. As a project manager, do some research on your worth to the company. Then, prepare to have the pay increase conversation with the upper management. This request might be considered based on the logic of your proposal.
Know the Market
The project manager’s salary varies with the area of specialization and the location of the project. Research to compare different wages paid to project managers in different states and make a choice to invest your skills in the one paying higher than others.
Build Your Experience
In most cases, project managers are paid based on their skills and experiences. Increasing your expertise is the key to proving you deserve higher pay as a project manager. Demonstrate your skills by giving the company your best work. It is also a good idea to keep a record of the projects you have overseen, so you can show potential clients your successful projects.
Earning more money as a project manager requires proper planning, having more experience, getting certified, and understanding your company and the market trends. After having a clear picture of the amount of money you are worth as a project manager, you will be able to make money and ensure all your demands are met. If you are interested in other managerial jobs, click here.