Will PMP Certificate impact the salary of Project Managers?
What is the first thing that occurs to a PMP Certification aspirant? Whether the investments made will pay off or not. Surprisingly, the PMP Certification salary for various job profiles is irresistible. The opportunity to work in diverse fields is equally luring. A project manager is a skilled instructor who has perfect knowledge of fine-tuning a project. He is adept at steering it across both the calm and rough sea.
Project Management roles are constantly emerging in industries that one couldn’t even think of a few years back. These are no longer limited to the IT industry but have expanded the employment scope with a variegated pay structure. From mines to construction sites, project managers are making their way into diverse arenas.
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. USD 124,434 is the engineering project manager salary per year.
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. Even the entry-level project manager salary is USD 129,732 a year.
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 remuneration of USD 133,246.
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. The senior project manager salary in this domain is USD 134,149 annually.
Resources Project Manager - This job profile is highly lucrative with its salary growth by USD 5000 a year according to a 2018 survey. USD 134,577 per annum is the associate project manager salary. Then one can imagine how far the salary of executive positions can rise. 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 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. There is hardly anyone in this generation who doesn’t fall for the IT project manager salary.
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 waits for the PMP Certified individuals.
USD 75, 523 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.
|Country||Salary (Local Currency)||Salary (in USD)|
|Switzerland||130,000 CHF||USD 130,996|
|United States||USD 112,000||USD 112,000|
|Australia||142,000 AUD||USD 108,593|
|Germany||82,000 EUR||USD 88,449|
|Netherlands||80,000 EUR||USD 86,292|
|UAE||312,000 AED||USD 84,930|
|New Zealand||120,000 NZD||USD 84,480|
|Qatar||300,000 QAR||USD 82,314|
|United Kingdom||65,000 GBP||USD 81,227|
|Belgium||72,346 EUR||USD 78,035|
|Saudi Arabia||211000 SAR||USD 56,000|
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?
According to PMI's Project Management Salary Survey, PMP certified professionals earn 20% 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 : Experience often leads to high salaries. According to the PMI salary survey, the average salaries of project managers vary greatly depending on their experience levels. Project managers with less than three years of experience can earn an average salary of USD 75,000 a year. Project managers with 5-10 years of experience make USD 100,000 while those with 10 years or more of experience earn USD 130,000 per year.
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.