They say that money makes the world go round. For the most part, this statement is true as we all go to work to earn an income and provide ourselves and our families with a better lifestyle.
Across 34 countries, including Australia, the PMI surveyed the thoughts of more than 26,000 project management professionals to learn about their salary and what qualifications they held. Based on the responses, it was discovered that those with a PMP certification have, on average, a 20 per cent higher salary than their non-certified counterparts.However, for many candidates, the question remains - how do I get the highest income possible? Does it depend on where I work or what skills I have to offer the business? The Project Management Institute (PMI) recently looked into this topic as part of its Earning Power: Project Management Salary Survey, Ninth Edition report. For project managers, the PMI outlined that the key to a higher income was becoming PMP certified.
PMI President and Chief Executive Officer Mark A. Langley explained the findings in more detail.
"This information is a must-have for project management employees and employers alike - not to mention compensation committees, human resources departments and executive recruiters interested in the project management profession," he said.
Project management income in Australia
The PMI also released information based solely on the Australian market. This should prove helpful to both project managers seeking employment and businesses hiring in the coming months. The median salary for project managers is $138,037 - slowly increasing over recent years.
For candidates, the statistics highlight the importance of experience as well. Project managers with five to 10 years' experience can expect an income of around $100,000, but as experience grows, this number increases dramatically. As such, a project managers with more than two decades of success can demand an income of more than $150,000.
What else are businesses seeking in project managers?
While a qualification could attract a higher income, Australian businesses are looking for more from their project managers. According to the Department of Employment's construction project manager report, employers want candidates with specific experience in their chosen field and in relation to certain project values.
The importance of understanding specific project management software such as Microsoft Project was also cited in the report.
If you are a project manager who is looking for their next role, talk to the team at Design & Construct. With more than a decade of experience in this area, we can match your talent to your perfect job.