How To Make $100,000 a Year as a Project Manager

Share This Post

“Further, a six figure income means you have developed significant career capital. You will have more and more options to choose your projects and increase your satisfaction,” the article says. In other words, the more you make, the more in control you typically are.

There’s some good advice in the article that moves beyond the standard apply for better jobs and network to find out who is paying more. The first suggestion (of four) is do your research. As the article points out, “You need to start by discovering the best opportunities and capabilities of six figure project managers. Fortunately, the Project Management Institute (PMI) has taken the guess work out of earning a high income. It says the four factors that affect project manager compensation are:

  1. Work Experience
  2. Education
  3. Industry
  4. Project Complexity

When it comes to work experience, these observations are made:

  • For Early Career Project Managers: If you have less than 10 years of experience, reaching the $100,000 salary will be challenging.
  • For Mid To Late Career Project Managers: In many industries, ten years of experience starts to open new experiences. A successful PM with a record of accomplishments should be making this much after 10 years.

With respect to education, you have to be a believer and be what is considered an enthusiastic achiever. “This elite group regularly looks for educational experiences to develop their skills and knowledge. They regard their PDU requirements to maintain the PMP certification as a minimum, rather than a maximum,” the article says.

How does your industry impact your earnings? According to the article, “The Top 5 Industries That Pay Top Project Manager Salaries

  1. Consulting: $125,000
  2. Resources (Agriculture, Mining etc): $122,000
  3. Pharmaceuticals: $120,000
  4. Aerospace: $117,000
  5. Engineering: $113,000

The article says to use this information to consider switching industries. “You might be in a declining industry. Or your industry may simply not place a high value on project management. In either case, advancement to a higher project manager salary will be easier if you switch to an industry where your contribution is likely to be valued,” is a good observation.

Project complexity is the fourth and final element to boosting your take-home pay to more than $100,000. “By any measure, our world is becoming more complex. Despite these challenges, organizations and companies are determined to improve and make changes. That’s why your ability to manage complex projects impacts your potential earnings,” the article says.

Want to make more money? Tackle projects that are larger in scope is the solution. “To reach a $100,000 income, you need to take on projects with large budgets. As a rule of thumb, I would suggest focusing on projects with budgets over $1 million. Of course, you will need to tailor this concept to meet the parameters of your organization,” the article adds.

spot_img

Related Posts

Medication Made Easy: Canadian Pharmacy Online

Introduction In today's fast-paced world, convenience is key, especially when...

Safari Spectacular: Wildlife Encounters in Africa

Embark on a thrilling safari adventure through the untamed...

Money Mastery: Unlocking the Secrets to Economic Independence

In the pursuit of a life marked by financial...

Dubai’s Premier Destinations for USDT Procurement: A Comprehensive Guide

In the dynamic and fast-paced world of cryptocurrency, Dubai...

Supporting Initiatives that Prioritize Equity and Justice

Supporting initiatives that prioritize equity and justice is essential...

Efficiency Redefined: High-Efficiency Boilers Revolutionizing Energy Consumption

Introduction: Unveiling the Era of High-Efficiency Boilers In a world...
- Advertisement -spot_img