Latest salary survey shows rising salaries, high demand for talent
News | by CIOL Bureau
NEWTOWN SQUARE, USA: In alignment with signs of improvement from various global economies, the project management profession is experiencing continued growth and high median salaries, according to the recently released 2013 Project Management Salary Survey from Project Management Institute (PMI).
The PMI Project Management Salary Survey Eighth Edition is based on self-reported salary information from more than 36,000 project management practitioners.
The report provides a comprehensive look at compensation in the global project management field, measuring salaries across eight major position description levels in 33 countries, said a release from PMI.
Report reveals a significant upward trend in compensation for project professionals, fueled by projected growth of US$6.61 trillion within the project management profession and the creation of 15.7 million new project management roles worldwide between 2010 and 2020.
“These numbers are great news for project managers who are looking to expand their careers with new skills, individuals who may be interested in a career change and those who are coming out of school or military service and considering what job would best suit their future goals,” said Mark A. Langley, president and CEO of Project Management Institute.
Most survey participants (71 per cent) report that their total compensation (including salary, bonus and other forms of compensation) increased over the 12 months prior to completing the salary survey, with over one fourth (28 per cent) of respondents reporting increases of at least 5 per cent over that time period.
2013 salary survey findings according to PMI include:
* The median annualized salary recorded in the survey, across all countries, roles and experience levels is US$88,399.
Approximately 75 per cent of respondents earned at least US$58,249, and the upper 25 per cent earned at least US$116,183 (USD).
* Project Management Professional (PMP) credential holders can earn upward of US$15,000 more in certain countries than non-credential holders, with median salaries in the United States, Switzerland, Australia, Germany and the Netherlands exceeding US$100,000.
* The median salary varied greatly depending on a number of key demographic factors, including: country of employment, position/role, average size of projects managed (including average project budget and average project team size), and number of years’ experience in project management.