Defining them with skills, the project manager is a planner, leader, and problem solver. They handle the most critical aspect of any organization- project management—overseeing different parts of projects. They work with team leaders and spearhead planning, designing, execution, managing the members, communication, and others. Consequently, project management jobs bag remunerative compensation packages, reaching as high as ₹23 lakh per year.
What Does A Project Manager Do?
Primarily, project managers are focused on handling the following aspects of projects:
- Scope: It refers to the overall range of the project involved in completing the assignment. Project managers here cover the alignment of project tasks with its objectives.
- Schedule: It involves developing the timelines to ensure the timely delivery of the project. They set up deadlines and constantly monitor and encourage reaching the milestones.
- Finances: Each project involves financial expenditure. Planning about spending on labor, technical requirements, and other endeavors is essential to avoid ending up with a lack of funding. The project owner does these.
- Risk: Performing risk assessment eases handling a project's negative or difficult times. It helps in building resilience and minimizes potential setbacks the project could face.
- Quality assurance: Project managers also develop quality standards to ensure meeting the timely deliverables. It works on the vital task of meeting stakeholder's expectations.
- Resources: The project manager's allocation and resource optimization task involves managing the team members and materials to utilize their potential. It helps in providing efficient results without loss of time and money.
The project managers work to accomplish additional tasks, such as planning, managing, collaborating, reporting, and adjusting the project endeavors as per the requirement.
Highest Paying Project Management Jobs
By now, you know some of the primary responsibilities of project managers. Learning the highest paying project management jobs by enlightenment into tasks and salaries of different sectors helps to come to a decision.
Marketing Project Manager
These managers focus on marketing projects while dealing with the development of campaigns from beginning to end, which includes generating ideas, planning their execution, and developing and further advertising them. They work in collaboration with the marketing director and their team.
Average salary: INR 2,87,312 per month
Health Services Project Manager
They deal with healthcare projects to plan, implement, and evaluate the proceedings in them. The managers focus on finances and communication of these projects to ensure timely delivery. They also emphasize quality.
Average salary: INR 1,72,731 per month
IT Project Manager
The project manager concerned with IT oversees the planning, execution and completion of Technology-related projects such as software applications, handling computer networks, data storage and retrieval and others. The managers coordinate with teams and manage resources to successfully deliver IT solutions within scope, budget and timeline.
Average salary: INR 1,37,083.3 per month
Engineering Project Manager
They lead projects in the engineering domain, such as designing and implementing new products in engineering firms. They can also oversee the product development life cycle. The engineering project manager's duties encompass mainly the project's technical specifications, delivering them accurately with minimum errors.
Average salary: INR 2,12,339.6 per month
Construction Project Manager
With the main task of supervising construction projects, the managers manage the budgets, labor, schedules and resources. The work here includes managing the construction of commercial buildings and coordinating with architects, contractors and subcontractors to ensure timely delivery.
Average salary: INR 86,621.5 per month
Senior Project Manager
They have extensive experience leading hefty teams and complex projects and are of immense value to any organization. They are primarily concerned with high-level decision-making and coordination. It involves orchestrating the integration of multiple software systems in a technology company. It also encompasses managing different teams and ensuring project alignment with organizational goals.
Average salary: INR 2,62,500 per month
Project management consultant
The consultants optimize the existing processes using analysis and strategic advice. Their tasks include advising the manufacturing company to optimize the supply chain processes or recommending technology adoption and process recommendations. They also improve the project management practices and enhance overall project management effectiveness.
Average salary: INR 95,517.9 per month
Project Management Office (PMO) Manager
The PMO manager governs the organization's project portfolio and establishes best practices. They are also concerned with developing standardized project management processes and leading the execution of multiple projects across the organization.
Average salary: INR 1,11,235.75 per month
Factors Affecting Project Manager Salary
Experience Level: The individuals can be categorized into three levels: entry-level, mid-level, senior-level or executive. The higher experience accompanies better dealing with real-life problems in the industry and polished analytical and problem-solving skills. It also includes better familiarity with specific or multiple software, methodologies, tools, and technologies in the domain, leading to a high salary.
Certification: Candidates interested in project management must opt for PMP Certification Training or Project Management Professional training. The Project Management Institute (PMI) offers a certificate of learning. It plays a part by giving the candidates a solid ground to negotiate their salary if they hold relevant and exhibitable experience. Besides agile or SCRUM certifications, PRINCE2 also helps learn relevant skills.
Location: The salary varies according to the economic situation of the country. Besides, within a specific country, the urban areas or regions also offer different amounts, depending on the local availability of talent and skills.
Industry:
Multiple industries require project managers. The salary varies depending on the industry's norms, activeness, importance, and economic factors. Several industries offering high salaries are information technology, healthcare and finance.
Project Management Methodology:
Knowing the critical methodologies explicitly required for the project management job you are applying for gives an upper hand and contributes to getting a higher salary. Methodologies like Agile are in high demand and secure a higher package.
Conclusion
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Frequently Asked Questions
1. Which country pays the highest to project managers?
The top country with the project manager's highest salary is Switzerland, with an offering of 1,30,000 CHF or USD 1,30,966.
2. What area of project management makes the most money?
The project management's highest salary depends on the different factors in any sector. However, the top-paying ones are information technology, pharmaceuticals, energy and finance.
Who is higher than the project manager?
Ans. The hierarchy from project manager continues with portfolio manager, director of project management and Chief Project Officer (CPO) or Chief Information Officer (CIO).
4. How can I increase my project management salary?
The easiest way to get the highest-paying jobs in project management is by increasing your worth. You can do it by gaining experience, obtaining certifications, developing specialized skills and pursuing advanced education.
5. Are project management salaries higher in certain locations?
Yes, project manager salaries vary. For instance, the list of countries with high-paying salaries includes Switzerland, followed by the United States and Australia in decreasing order.
