How Much Does a Project Manager Earn?

Project managers are highly sought after across a range of industries and according to most projections, they are expected to continue to be in high demand in the future as well. But how much does a project manager earn? Which industries pay the most? Where is demand the highest? Find out where you are most likely to get a job as a project manager and most importantly, where you will earn the most including useful hints and tips on how to increase your salary no matter if having a long-standing career as a project manager or still trying to get into project management.

Average Project Manager Salary and How It Compares to the National Average

A project manager plays the key role in successful realisation of a project according to preset time-frame, budget and requirements, which helps save a lot of time, money and resources. As a result, project managers can look forward to a very rewarding salary across a range of industries and across the UK. According to the most recent figures by Glassdoor, SalaryTrack, Totaljobs, Indeed and Adzuna, project managers on average earn from £41,910 to £52,500. Based on the latest release of the Annual Survey of Hours and Earnings, that’s 31.6% to 45.4% above the national average of £28,679. However, project manager earnings vary greatly across different industries as well as locations. The figures on the payslip also depend greatly on experience, so senior project managers can expect to earn more than their junior colleagues who have just entered the profession.

How Much Does a Project Manager Earn Across Different Sectors?

Looking at different jobs and recruiting sites, The Knowledge Academy discovered that there is a substantial variance in how much a project manager earns across different industry sectors, with project managers in the top earning industries making more than twice as much as their counterparts in the lowest paying sectors.

Source: SalaryTrack (Aug 21st, 2018)

According to the most recent data by SalaryTrack, project manager salaries are highest in the Legal sector (£65,000). At £63,000, IT project manager salaries are second on the list, followed by Banking & Finance (£57,000) and Engineering project manager salaries (£56,000). Project managers working in the Secretarial & Admin and Customer Services sectors have, based on the same data, the lowest salaries, earning on average ‘only’ £29,000. They are surpassed by those working in Education and Catering & Hospitality only by £2,000, which fell behind Health & Medicine, and Senior Appointments sectors by £12,000. On average, reaching about £45,000, sales project manager salaries are exactly in the middle of the list of earnings by sector.

Project Manager Earnings Across the UK

Unsurprisingly, the London region has the highest average project manager salary - £60,000. Likewise, the UK capital has the largest number of vacant project manager jobs. Of over 90,000 project manager jobs listed on Adzuna, as many as 27,653 or nearly one third of all jobs are located in London. But the UK capital isn’t just the best location to find a project manager job. According to SalaryTrack data, it is also the best location to find the highest-paying positions. Don’t forget that where you get your qualification or university degree can also affect how much you earn!

 
Source: SalaryTrack (Aug 21st, 2018)

After London, the East of England has, at £40,000, the highest average project manager salary, followed by the West of Midlands, the East Midlands and the South East England, all having an average project manager salary of £38,000.

Ways to Increase How Much You Earn as a Project Manager  

Even though average project manager salary varies considerably between different skill/experience levels as well as across industries and locations, the average salary is nevertheless very rewarding. But there are ways to maximise your earnings as a project manager. Examples include:

• Relocate. The table of average project manager salary by location clearly reveals that location matters a lot when it comes to earnings. So, it may be worth to consider relocating to one of the top paying regions of the UK.

• Find a contract. Compared to the salary of project managers holding permanent positions, those working on a contract tend to earn more. But before deciding for this option, keep in mind that as a contractor, you are not entitled to sick pay, holiday pay, etc. And when the project is completed, you will need to find a new contract.

• Utilise the right tools for the job. You can become better in your field if you use the best project management tools. Microsoft Project in particular is a must-have, being one of the most popular project management softwares in the world.

• Improve your skills and qualifications. The Knowledge Academy offers several project management courses which can help you improve your skills and qualifications: Prince2® Foundation & Practitioner, PMP® Certification Training, Agile Project Management Foundation & Practitioner (AgilePM®), APM PMQ, Scrum Master Certification, and Change Management Foundation & Practitioner, to mention the most popular ones. In addition to increasing your promotion prospects, becoming a qualified project manager will also help you climb the salary ladder.

Feature image credit: supervector555/Shutterstock