Project managers are highly paid individuals, with a per capita income well above average. One of the major factors that decide the salary variations among project managers is their geographical location. Here are the average annual salaries in USD that project managers earn in various parts of the world:
- North America: $113,000, where the national average is $41,557
- South America: $49,000, where the national average is $5,240
- Europe: $62,000, where the national average is $26,300
- Africa: $59,000, with a national average of $5,700 in North Africa and a low of $1,770 in Sub-Saharan Africa
- Asia: $92,000, with a national average of $7,570 in East Asia and $2,660 in South Asia
- Oceania: $98,000, against the national average of $45,668
Influence of Experience and Certifications on Salary
The salaries received also depend on the years of work experience that the project manager has, and the number of certifications possessed. The individuals are in control of these factors and their contribution to a salary rise must be appreciated. Each year of experience can add $1,060 to the project manager’s salary, irrespective of their international location.
However, certifications hold more weight; holding a PMP certification gives a raise of $4,982 and each year after that can bring in $439 more, provided the validity of the certification is maintained. It would seem like not many project managers are aware of these benefits, going by the low 9% of them that undergo more than 11 days of training each year. 20% of them do 6 to 10 days, while 35% manage 3 to 5 days. The proportion of managers that receive only 1 or 2 days of annual training is quite high, at 22%. Worst of all is the 14% that do not undergo any training at all throughout the year.
Influence of Demographics on Salary
Most project managers are older than 40, comprising 57% of the worldwide manager set. 26% of them are over 50, while only 6% are below 30. For every year that they grow older, they are entitled to around $404 more, annually. In terms of gender distribution, 64% of project managers are male; the remaining 36% are female.
Top Industries Employing Project Managers
Project managers are needed to handle projects in various industries. 15% of them work for Information and Technology services, while 13% of them are employed in software firms. Financial companies constitute 10% of project management jobs. Government offices offer 8% of project managerial positions. The medical and manufacturing industries each utilize 6% of the services of project managers, while 3% of them are hired by the energy and retail sectors, each. There are other fields where project management positions exist, but each of them has a very small percentage.
Summary
- Project managers earn the highest salaries in all parts of the world, although their annual average varies drastically among the continents.
- Most of the project management jobs are available in the Information Technology sector.
- To earn more, they can seek employment in better-paying countries or build on their experience and certifications.
- Importance must be given to trainings, as these also contribute to a higher pay.