The Most Rewarding Project Management Careers and Their Pay

The way businesses carry out tasks within predetermined boundaries when pursuing an objective is through project management. To complete a project successfully, efficient project management requires multitasking, organizing team members, and attention to operational details. Knowing the chances available, what the different roles entail, and what abilities are required might help you locate a suitable career path if you have a particular passion for project management employment. In this post, we outline 10 project management careers together with their expected pay and primary responsibilities.

What exactly is project management?

The process of employing information, techniques, and tools to successfully execute projects is known as project management. Project management techniques are widely used by many businesses in a variety of sectors, including manufacturing, construction, and technology. The method of project management often involves distinct phases, some of which may include:

• Beginning: Clients or key stakeholders establish the project’s objectives during this phase. To ascertain whether the project’s return on investment (ROI) outweighs its dangers, they conduct the study.
• Planning: A project manager often outlines the project’s scope during this stage. Gathering and assessing the project’s needs, identifying potential hazards, and developing a plan for the project’s successful completion are all part of this phase.
• Executing: Work on the project officially starts at this stage. Tasks are delegated by a project manager, and teams carry out the project as it was described during the planning stage.
• Monitoring: The project manager monitors the project’s progress to make sure it is proceeding on schedule and within the allotted spending limit. They keep an eye on the project and change as necessary.
• Closing: The project team gives the customers or stakeholders the finalized product during this phase. Teams assess the project, pinpoint accomplishments, and think back on areas for potential changes once the stakeholder or client gives the product their approval.

The significance of project management

Project management is a tool used by businesses to produce results in a controlled, precise, and predictable manner. Project management procedures can assist managers and their teams in organizing intricate plans, reducing risks, and delivering high-quality solutions on time and within budget. These are a few significant advantages of project management:

Establishes the project’s scope

Teams may find it difficult to manage projects since they may have numerous complex tasks, especially ones that extend for months or years. So that teams can adhere to defined timeframes for each activity, project management entails specifying the project scope. Teams may remain committed to the task at hand and effectively fulfill goals with a defined scope and firm deadlines.

Example: You are a project manager for a software business that develops unique solutions for the hotel sector. A hotel wants its business to develop a unified property management platform that all staff members may utilize. The scope is discussed at a team meeting by your project manager. Your team compiles the system’s needs, such as visitor tracking, turnover rate, and billing. Your team decides the duration of each task based on these specifications. Your ability to stay focused on the job is aided by this scope.

Quality regulation

The timely and complete delivery of a quality project that satisfies all of the defined objectives is a crucial component of project management. A project manager keeps a tight eye on the development and output of their team to ensure successful project delivery. To make sure the finished product satisfies the standards and specifications, a project manager monitors the work of their team, looks for any challenges that could degrade the quality, and develops workable solutions.

Example: As the project manager in charge of overseeing the creation of a new software application, you convene regular meetings and weekly one-on-one team meetings to assess the project’s progress. By running tests and inviting engineers from outside your team to assess the code, you can also audit the caliber of the work that your team produced. Your teammates offer fresh insight into the work’s quality and insightful criticism that aids the team in producing better work.

Lowers hazards

Identifying if a project’s risks are greater than its rewards is the first step in the project management process. A project manager performs risk analysis and creates strategies to reduce potential difficulties if a business decides to move forward with a project. The project manager can put procedures in place if an issue arises to mitigate the risk’s effect and keep the project moving forward. Less risky projects guarantee prompt completion and success.

Example: You and your project manager learn there might be a lag in the delivery of project supplies during the execution stage of a building project. The project manager calls a special meeting to discuss potential solutions to reduce this risk. Your project manager assesses each potential solution and decides to use the one that presents the least danger to the remaining portions of the project.

Cuts down on project costs

Project managers and other stakeholders create the project’s budget during the planning stage. Project managers can cut costs because they are aware of their actual resource spending limits thanks to a detailed budget. Also, a project team or department can recycle the procedures in subsequent projects after they develop cost-effective project management stages.

Example: As a project manager, you compare the project’s current price against the budget for a section of each day. You discover during your assessment that some resources you allotted for the project cost more than you had budgeted for during the planning stage. You may ensure the project remains within its budget by regularly evaluating this data and making adjustments in other areas.

Fosters teamwork

During a project, collaboration enables teams to cooperate to achieve their common objectives. Team members can increase their productivity and complete projects on time when they collaborate on a variety of duties. Workflows can be made more efficient by allowing teams to capitalize on each member’s abilities while working together effectively.

Example: Your team holds a regular meeting to exchange ideas in addition to your daily meeting and meetings with your project manager in person. Members offer new information that the other members of the group might find beneficial during this session. Participants also present their problems for the group to solve together. After the meeting, every team member recognizes a colleague’s effort or accomplishment.

Enhances resource use

A project manager must properly allocate resources to meet timelines and remain within budget. The time of a project team or expenses associated with it, such as travel, equipment, and supplies, are examples of resources. Defining the resources required to accomplish a project and creating a plan to use them effectively make up a significant portion of project management. Teams can make the most of their resources by starting work on new projects as soon as one is finished on time.

Example: As a part of the team that develops software, you enter your weekly timekeeping data into a system that allows you to track the number of hours you put into each of your project-related duties. Your project manager analyzes the resulting report at the start of the following week. The project manager can use this report to establish whether you’re allocating the appropriate time frame to each activity to fulfill deadlines and enable the team to finish the project on time.

Promotes lifelong learning

Project managers along with their teams review the project at the closure phase. Retrospectives are post-project gatherings where people discuss the method, achievements, and failures. Team members should identify their strengths and potential improvement areas during retrospective meetings. To help other teams create effective project management procedures, project managers may utilize this input for the next projects and communicate it to them.

Example: The project manager convenes a retrospective session for the project team following the launch of a new product. They commend each team member individually and emphasize the team’s accomplishments to start the meeting. They then invite participants to share their stories. You talk about how, although taking longer than you anticipated, you did an excellent job of documenting your approach to make it simple for other people to understand precisely what you did as well as how you did it. You intend to set aside a particular period per day in the future to record your efforts.

What are the duties of project management careers?

Project management careers typically involve organizing files, contracts, and reports, planning projects and assigning responsibilities within them, and directing team members toward completing their assignments and achieving the overall objective. For example, if the business is adhering to a deadline, it is your responsibility as the project manager to supervise all project-related activities to ensure that the work is finished to the satisfaction of the client. You must let your team members know the project’s objectives, the anticipated completion date, and any other pertinent information.

What types of project management careers do we have?

Any organization can benefit from having a project manager, who works in most industries and academic fields. To oversee and steer their projects within specified timeframes, many businesses seek skilled project managers. The duties of a project manager mostly rely on the industry in which they work. The following are some of the top project management careers available:

1. A project manager for construction

Nationwide average yearly pay: £46,337

Primary responsibilities: Construction project managers with a project management career are responsible for a variety of tasks, including communication and paperwork. They oversee all parts of the construction process, ensuring that buildings meet all legal standards while negotiating tactical choices with construction sector team members like engineers and architects. Also, they keep an eye on spending and make sure that the job is finished successfully, on time, and within the allocated budget.

These managers with a project management career are in charge of projects including shopping centers, bridges, and both commercial and residential building construction. They establish plans and due dates, buy and keep track of the required resources, and delegate work to team members by their guidelines. Get a bachelor’s in engineering or a similar subject to operating as a project manager in the construction industry.

2. A product marketing manager

Nationwide average yearly pay: £57,809

Primary responsibilities: Project managers with a project management career in marketing make sure that advertising efforts are successful in reaching the intended market. They work together with marketing professionals to develop promotional tools and techniques for enhancing client purchases and public impression of their goods. Product managers ensure that the team meets the promotional objective within the given time frame by collaborating with team members like writers and designers in the marketing department.

As a marketing project manager, it is your responsibility to analyze data and conduct research surveys of various groups, using the results as case studies or as the foundation for fresh concepts to enhance existing procedures. Get a bachelor’s degree in an area like marketing or business management at the very least to work in the marketing sector or product management.

3. A software engineer

Nationwide average yearly pay: £45,955

Primary responsibilities: Project managers with experience in the software industry are well-versed in it. They use this in conjunction with effective communication techniques to streamline challenging software-related tasks. When clients describe their goals for a project, it is the software project manager’s responsibility to comprehend their ideas and objectives, convey those goals to the team of tech experts, talk about how to complete the project within the allotted time and carry out the required checks to make sure the finished software functions as intended.

Software project managers with a project management career operate in a field that deals with designing and refining computer applications, thus they must receive the appropriate training. Get a bachelor’s degree in a subject like information technology or computer science. Learning about and using the stages of the software development life cycle (SDLC) helps one become a professional in this sector.

4. Healthcare supervisor

Nationwide average yearly wage: £35,953

Primary responsibilities: Project managers with a project management career in the healthcare industry are managers who are in charge of both medical and non-medical workers, including physicians, nurses, pharmacists, accountants, division heads, and janitors. Your responsibilities as a healthcare project manager include enhancing procedures at healthcare facilities by guaranteeing that the machinery is in good working condition and that there are enough supplies for staff members to function effectively and for the comfort of patients. Healthcare managers are well-versed in the fundamentals of the healthcare industry and possess strong interpersonal and multitasking abilities. Get a degree in healthcare management or public health administration to work successfully in this sector.

5. Engineering supervisor

Nationwide average yearly wage: £57,047

Primary responsibilities: One of the biggest subfields in project management is engineering because there are so many subfields a project manager can work in within engineering. Engineering positions as one of the project management careers specifics is heavily influenced by the field. The company creates and distributes innovative items in some industries. Some engineers improve already-existing goods and machine components to boost the performance of the equipment they utilize them with.

Engineering project managers are in charge of the organization’s management and establish goals and a timeframe for accomplishment. They also allocate resources and responsibilities to the staff and keep in touch with the clients. Engineering has some subcategories, including biomedical, mechanical, chemical, agricultural, material, marine, civil, nuclear, industrial, electrical, and aerospace engineering. Get a degree in one of these areas if you want to manage engineering projects.

6. A research manager

Nationwide average yearly pay: £38,846

Primary responsibilities: In the pharmaceutical industry, project managers with a project management career are in charge of managing everything that has to do with pharmaceuticals. This includes producing and testing medications to make sure they adhere to regulations and are suitable for use in human medicine. They speak often with all parties engaged in the management of disorders and diseases, whom they afterward record. A pharmacy degree will allow you to interact with other medical professionals, like nurses and scientists while working in such a job.

7. Consultant

Nationwide average yearly wage: £80,369

Primary responsibilities: A project manager is needed for advice across a wide range of professions and specializations, making this one of the top-paying project management careers. Consultants can work for many organizations. For example, a production business would need a consultant to help them analyze and examine their product with more objectivity. A consultant may be hired by an insurance firm to extensively review their data and provide guidance on how to manage particular elements of their business. Get a project management master’s degree and take some accredited project management certificate programs to become a consultant.

8. Energy supervisor

Nationwide average yearly wage: £41,378

Primary responsibilities: In the energy industry, project managers with a project management career perform their tasks mostly by developing novel energy systems or improving the functionality of already existing ones. Along with other team members, they carefully choose the contractor concepts that will be most helpful to the undertaking and the company. They keep an eye on all the tools and supplies needed for the project and make sure that everyone on staff is secure while they are at work.

9. A legal services manager

Nationwide average yearly wage: £44,745

Primary responsibilities: Project managers with a project management career are responsible for overseeing budgets, keeping an eye on resources, and managing projects to ensure they are finished by the deadline. Law project managers also frequently interact with the team to share information. A legal degree may not be necessary for this project management career, but knowing is useful when interacting with clients or when potential employers are looking for proof that you are knowledgeable in your field.

10. A finance manager

Nationwide average yearly wage: £44,474

Primary responsibilities: This work pertains to jobs that generate business revenue. Your responsibilities in this project management career include managing the organization’s finances, including analysis, investments, forecasting, and planning. To be a successful finance manager, you must have extensive financial understanding. Get a bachelor’s degree at the very least in finance, and take both accredited and unaccredited financial training classes.

11. PMO supervisor

Nationwide average yearly wage: $94,366

Primary responsibilities: A PMO manager with a project management career, also known as a project management office manager, is in charge of making sure all project managers who engage with customers on behalf of the business adhere to a set of standards. PMO managers typically carry out tasks like consulting with project managers to talk about industry standards, providing business leadership with project management metrics, and adopting modifications to procedures or policies as necessary.

12. Project manager for IT

Nationwide average yearly wage: $100,456

Primary responsibilities: An IT project manager with a project management career is in charge of managing initiatives connected to the creation and use of IT. The majority of the time, this entails doing tasks like creating IT goals, managing the procedures followed by the IT team, and making sure everyone involved in the project has access to the tools required to finish it.

Project managers: what are they?

A project manager is a management expert that manages projects either directly for their firm or as a consultant for a clientele. Regardless of the business they work in, the majority of project managers concentrate their efforts on upholding these six key aspects of their project:

• Scope: The project scope is the extent of the work, taking into account the particular requirements to finish the task to the project owner’s satisfaction.
• Schedule: To make sure the project is on pace to fulfill deadlines, project managers regularly monitor the timetable.
• Finances: Many project managers keep an eye on the project’s budget and, with the project owner’s consent, change expenditures or deliverables as necessary.
• Risk: Another important aspect that project managers monitor is risk analysis and mitigation before and throughout the project.
• Quality: A component of the project manager’s duties includes making sure that the individual parts and the finished result are of an adequate standard for the project owner.
• Resources: Project managers work with resource sourcing and resource approval to accomplish projects.

The majority of project managers with a project management career can anticipate carrying out these extra job responsibilities in addition to these six major project components:

• Planning: To make sure all stakeholders are aware of and happy with the project’s plan, project managers frequently consult with project owners both before and throughout the project.
• Managing: Usually project managers oversee several workers who are engaged in various project-related duties and act as the site’s primary leader.
• Collaboration: In addition to collaborating with other project team members, project managers frequently work with the project leader to make sure all stakeholders are included in decision-making.
• Reporting: Another crucial job responsibility for project managers is to regularly update stakeholders both inside and outside the organization on the status of the project.
• Adjusting: Project managers occasionally need to make adjustments to reflect changes in the timeframe or the availability of resources.

Suggestions for succeeding as a project manager

Make use of the following advice to enhance your project management profession and land a position in a lucrative project management career:

• Examine certification. To give yourself a competitive edge when looking for a project management career, think about becoming certified in project management or a particular project management specialization.
• Obtain experience. Project managers with substantial experience frequently land specialized and more lucrative project management careers. Develop your résumé by taking on a variety of assignments.
• Choose a niche for yourself. Search for a niche or industry that appeals to and suits your strengths. Develop the specialized project management abilities required for that field and make it your area of expertise.
• Build up your network. Make an effort to expand your professional network of project managers and similar personnel. You can discover new project management careers and chances with the aid of a solid network.
• Take lessons from difficulties. When managing a project, use the difficulties you encounter and conquer them to help you become resilient and creative in the workplace.
• Set definite objectives. Regularly set oneself both short- and long-term goals. Making plans for achieving your goals is simpler when you are aware of your goals.

Conclusion

These are the top project management careers in terms of salary. The next step is to earn your PMP certification and begin distributing resumes and cover letters.

Of course, including some of your project management software expertise will make your CV look much better.

Frequently Asked Questions about project management careers

• What does a project manager do 90% of the time?

You must interact with other project managers, executive staff, clients, stakeholders, and team members for 90% of the project management work. Mediator: Project managers can use the skill of getting people with divergent objectives to cooperate to achieve project and organizational goals.

• Which country offers project managers the highest salaries?

According to the PMI Pay Study, the average pay for a project manager in the USA is US$116,000, the highest of all the nations on this list and second only to Switzerland.

• Is project management a lucrative field?

The typical project manager will make around $80,000 per year as of 2022. The top 10% of project managers make $135,220 annually, according to the US Bureau of Labor Statistics.

• What is the most important position in project management?

Positions at the senior level

Program/Project Director: In this top role, which frequently doubles as department head, a project director oversees a portfolio of projects. Head of Program/Project: A senior, C-level executive who oversees the whole project organization.