Discover what it takes to thrive as a Project Manager and the potential for high salaries in this career field. Learn about the skills, opportunities, and personal attributes required for success in this role.
Key Insights
- Project Managers are in charge of planning, resource allocation, task delegation, and communication for every stage of a project.
- Key skills needed to be a successful Project Manager include communication, time management, organization, budgeting, and resource management.
- Prospective Project Managers can develop these skills in their current positions or through volunteer opportunities.
- The average salary for a Project Manager is approximately $116,000 per year, but this can vary based on location.
- The demand for Project Managers and salary prospects can be higher in certain cities and states, such as Washington DC, Austin, the San Francisco Bay Area, Houston, Raleigh-Durham, Boston, Virginia, New Jersey, and Arizona.
- Successful Project Managers are self-motivated, organized, and excellent at time management. Freelancing as a Project Manager can potentially lead to a higher salary and more work opportunities.
What Do Project Managers Actually Do?
Project Managers are responsible for the successful completion of projects. They oversee every stage and every aspect of a project for a company or a client, including planning, resource allocation, task delegation, and communicating with team members and upper management.
Do You Possess Strong PM Skills?
Project Managers are required to have an extensive toolkit of well-developed soft skills. These include communication skills, time management, planning and organization, task delegation, budgeting, and resource management.
To become a Project Manager, you should demonstrate the skills required to complete projects successfully. You might look for opportunities to develop these skills in your current position or through managing projects as a volunteer.
Do You Live in an Area with a Demand for PMs and High Salaries?
The average salary for a Project Manager is around $116,000 per year. That’s more than double the national average across all occupations. However, salaries for Project Managers can vary based on where you live.
You might want to consider what job opportunities, salary expectations, and professional networks exist in your area. Some of the best cities for Project Managers include Washington DC, Austin, the San Francisco Bay Area, Houston, Raleigh-Durham, and Boston. Some states, such as Virginia, New Jersey, and Arizona, offer higher-than-average salaries for Project Managers.
You might check the average salary for a Project Manager in your area. You may also want to look into if there is a local PMI chapter. Since project management is growing so rapidly, there is a good chance that your city’s opportunities (and salaries) will only increase in the future.
Consideration #3 Are you a Goal-Getter?
A Project Manager’s primary goal is the successful completion of a project. You’ll need to be self-motivated and organized to be a Project Manager. You’ll also need excellent time management and motivation. The project won’t be successful if you aren’t able to make it that way.
Many Project Managers work as freelancers managing projects for clients, which can lead to a much higher salary and additional work. You’ll need to be as much of a self-starter in getting clients as you are at completing projects.