Which Are The Top Rated Roles For PMP Certification Holders?

Engineer Project Manager - Engineering project management professionals assist engineers in accomplishing their tasks. They facilitate clear communication with clients and assure them of timely delivery of their products. The average salary for an engineer project manager has seen a rise up to USD 113,366 per year. This is a clear indicator of the increasing complexity of engineering projects and the requirement for skilled management.

Aerospace Project Manager- A project manager designation in aerospace is a dream come true for those who couldn’t become aerospace engineers. This profession holds all the excitement they have desired in planning or manufacturing aerospace systems. PMP certification holders occupy a prime position in this industry due to their quality control and risk management competencies. The entry-level project manager's salary has increased to 135,000 USD yearly. Moreover, marking the pharmaceutical industry as one of the top-paying sectors, as it continues to innovate and expand.

Pharmaceutical Project Manager- With the pharmaceutical industry reaching its peak in sales, it guarantees an attractive project manager salary. Project managers are responsible for supervising medication developments without exceeding the time frame for scheduled activities ad research. They even ensure the production of quality products within the decided project budget. Such individuals receive an annual average remuneration of USD 117,111, highlighting the necessity that they play in the timely delivery of life-saving medicines.

Consulting Project Manager- The most versatile of PMP job profiles, is the role of a consulting project manager. As a consultant, an individual gains access to different industries for advising the professionals there. They get to work with sales managers at one time while environmental engineers at the next. So, job monotonousness is out of the question. In this field, the salary of a senior project manager has risen to USD 140,000 per annum, which emphasizes the necessity of qualified professionals in different areas.

Resources Project Manager - This job profile is highly lucrative with its salary growth by USD 5000 a year according to a 2018 survey. The salary of an associate project manager now stands at USD 140,000. It is an indicator of the growing importance of resource management in a large number of industries like agriculture and mining. Individuals desiring to work in the agriculture, mining, or petroleum industries must opt for this role.

Construction Project Manager - The forecast regarding the construction industry is that its business would reach USD 15 trillion in the next 3 years. India, China, and the United States would account for a major portion of this change. This proves how luring will be the construction project manager salary soon. It is projected at USD 100,157 annually, as infrastructure development accelerates worldwide.

IT Project Manager- This is the most common profile of all the others mentioned here. Besides, it has become significant for its attractive pay package over the years. The anticipated salary for IT project managers is around USD 108,144, underlining the critical role of technology in project management.

Mobile healthcare is the upcoming trend in the medical industry. Both the developing and developed economies are embracing it. The demand for cross-functional projects and software development in this sector is increasing. An incredibly high technical manager salary awaits PMP Certified individuals, estimated at USD 117,668, as the healthcare sector embraces digital transformation.

USD 79,488 is the Assistant Project Manager salary which might slightly differ from one industry to another. These figures ascertain the unstoppable financial growth one will attain in the project management role. The current global PMP salary varies between USD 124,873 and USD 145,537.

A sneak peek into how PMP-trained individuals fare in different countries based on the ‘’Earning Power” 10th edition survey. This survey provides accurate information on the trending project management salaries in different countries.

Table Source: Pay Scale

Aspirants passionate about working overseas can take a look at this chart for selecting the nation they wish to work in.

What are the factors influencing the salary of PMP professionals?

Industry : For effective career planning, project managers need to comprehend the salary potential of different industries. Different sectors have different compensation levels that are dependent on the complexity and demands of the projects. In fact, consulting, aerospace, and pharmaceuticals are some of the industries that offer attractive salary packages because their work is critical and indispensable.

PMP certification does a great deal to improve your earning potential. It indicates to the employers that you have the necessary skills and knowledge to manage projects. This credential provides more weightage and makes you more attractive to employers in the upper salary bracket.

Organizations are on the lookout for professionals who have the PMP accreditation and who are the best at carrying out and leading projects, managing risks, and achieving success.

Pharmaceuticals is one industry where project managers are responsible for critical drug development, while consulting has them giving strategic advice in various sectors. Each industry offers different problems that will need a specific kind of expert to solve.

Being aware of these trends will help you make a choice between the industries to decide which of them is your best option.

Studying the salary ranges of different sectors will not only help you find the right place for your skills but will also indicate where you can get the most benefit in terms of your earnings.

Industry-based Salaries

Source: Pay Scale

According to PMI's Project Management Salary Survey, PMP certified professionals earn 22% more than those without the certification. Aside from having PMP Certification, there are various elements that influence the salary of a PMP certified professional. Location, job title, company, and experience are some of the factors that influence overall pay and career opportunities.

Location : Salary may vary based on the location professionals work. According to a PMI survey, Project Management Professionals in Switzerland, United States, and Australia earn high salaries. However, professionals in Nigeria and Egypt earn low salaries among the surveyed countries. There is also a possibility that the city within a high-earning country will have an impact on the expected salary.

Job title : There are different positions available for PMP professionals. Therefore, as per the job position and responsibilities salary may differ. For example, a Resources Project Manager earns USD 134,577 per year and an Engineer Project Manager receives USD 124,434 per year. Since these two jobs have different responsibilities in an organization, their wages fluctuate significantly.

Companies : The size of your company and the size of the projects can impact the salary of the professionals. Larger companies can afford to pay larger salaries to their high-value employees. Apple's average annual salary for a project manager is USD 184,167, which is 73% more than the national average. Google project manager's average compensation is USD 158,125, whereas an American Express project manager's income is USD 125,000 per year.

Experience : Generally, more experience translates to higher salaries. Project managers with less than three years of experience can earn an average salary of USD 72,791 annually. Project managers with 5-10 years of experiencen usually make USD 86,702, while those with 10 years or more of experience earn an average of 97,478 per year. This illustrates the significant salary growth associated with experience and the responsibilities that come with seniority. The following table outlines the average salaries, based on experience, across various project management roles:

A Quick Glance at Experience-based Salaries

Source: Pay Scale

Education : Continuing education, such as a master's degree or specific project management program, significantly impacts pay. Many organizations are attracted to candidates with terminal degrees. While these candidates may be paid higher salaries, they also demonstrate more in-depth competence in project management principles and methodologies.

Age : While age is not an indicator of a project manager’s experience, it can correlate with the project manager’s experience and ability to lead. Older project managers may earn higher salaries because their age adds experience and expertise to their role which also may correlate with greater seniority and may be in the higher-paying project manager role within the organization.

Position : The position of the project manager statistically relates to their yearly salary. For example, a Resources Project Manager can expect to earn USD 140,000 and an Engineer Project Manager can expect to make USD 130,000. A project manager’s salary is also contingent on the complexity and breadth of the projects.

Exploring Various Roles in Project Management

In project management, roles such as Program Managers, Project Coordinators, and Portfolio Managers are essential for driving projects to success. PMP certification greatly enhances the effectiveness of professionals in these positions. It provides a thorough understanding of project management principles, methodologies, and best practices.

For leaders, PMP certification builds confidence in managing complex projects and allocating resources effectively. It fosters strategic thinking, enabling alignment of projects with organizational objectives. This credential also sharpens communication skills, crucial for promoting collaboration among team members and stakeholders.

Project Coordinators gain valuable insights from PMP training that help streamline processes and improve project tracking. With a solid grasp of planning and execution, they can manage timelines and ensure tasks are completed efficiently. Furthermore, professionals in any project management role benefit from the prestige that PMP certification brings.

The following table explores the salaries associated with these roles, highlighting the financial rewards that come with PMP Certification in the project management field.

Average Salaries for Key Project Management Roles:

Why do PMP Certification holders earn more salary?

According to the PMI report, 81% of PMP qualified individuals earn more than their non-certified peers. They are in great demand across various sectors since they assist the organization in managing multiple projects and implementing new software solutions for the entire organization. It also stated that 60 percent of organizations are willing to hire PMP project managers owing to their project management skills and knowledge.

According to the PMI earning power report, there will be 90 million new project management employment possibilities by 2027, as well as a 37% growth in the output of project-intensive industries such as finance, manufacturing, construction, and IT. As a result, there is a growing need for project managers, which influences the average PMP certification income.

PMP Certified individuals are valuable to organizations for their governance which leads to strategic decision making. Such professionals align the business pursuits of enterprises with their business objectives. Certified individuals assist organizations in connecting the realization of business value with organizational strategy. Naturally, companies are willing to invest more in such professionals for assured potential returns. Project management is essential to improve the chances of success across an array of projects in an organization.

An ideal project manager is one who is knowledgeable in project management. Personality characteristics, problem solving competencies, leadership ability, attitude determine a project manager’s performance. The PMP Certification validates all these skills which justify the impressive remuneration these individuals are entitled to. They earn an income in exchange for effective project management that every business is in need of.