Project managers are responsible for the planning and execution of projects within a company or organization. Department heads and other employees look to project managers when an issue arises within a project.
Project managers move along a project to meet a deadline, but they do not usually participate in the actual work of the project. Key responsibilities include:
- Explaining the scope and communicating the project’s goals to employees.
- Gathering and disseminating project requirements. How large a workforce is needed? What information do employees need to complete the project?
- Managing costs, timelines and quality of work completed by employees.
Businesses and organizations of all sizes employ project managers. There are project managers across industries like construction, architecture, insurance, engineering and software, just to name a few.
According to PayScale, IT project managers, mechanical engineering project managers and general engineering project managers tend to earn a higher salary due to the level of skill, expertise and the amount of work that goes into managing projects in those industries.
Experience and time on the job play a critical part in determining a project manager’s salary, with a direct correlation between experience and a higher salary. The median annual salary for those with one to four years of experience is $55,473, while those with 10 to 19 years of experience earn $84,768. When project managers have 20 years of experience under their belt, they may earn salaries above the six-figure mark.
Finally, there’s a correlation in project managers’ salaries and the number of employees at their employer. Project managers at large companies (50,000 employees or more) earn almost 31 percent more than project managers at small companies (10-49 employees).
In addition to industry, years of experience and company size, project managers can earn higher salaries and become eligible for better jobs by pursuing graduate-level education. Campbellsville University offers an online Master in Management and Leadership degree program that helps students to be better managers with expertise in modern leadership skills. Graduates are experts in team management, business ethics, conflict resolution and more. Project Management is a required course.