Project Manager Salary: Your 2024 Guide

Let us take a closer look at how much project managers typically make, as well as some of the factors that can influence your salary.

How much do project managers make?

The Project Management Institute (PMI) surveyed 1,743 project managers in India as part of their Earning Power: Project Management Salary Survey—Twelfth Edition (2020) [1]. The survey found that the median annual salary was approximately ₹19.2 lakhs. 

Glassdoor reports the average annual project manager annual salary to be ₹15,00,000 in India, with a range of ₹5 lakhs to ₹32 lakhs, depending on role and experience [2]. These figures are based on 29,863 salaries submitted by individuals in project management roles.

Factors that impact project manager salary

Your cash compensation as a project manager ultimately depends on a variety of factors. If you are looking to maximise your paycheck, consider these components of the pay equation.

Education

As in most industries, higher educational attainment can often yield higher pay. According to the PMI Salary Survey, 11th Edition (2020) [3], a majority of those surveyed in India (53 percent) had a master's degree, 39 percent had a bachelor’s degree, and 5 percent had a doctoral degree. Reported median salaries go up along with degree level:

• Some college or associate degree: ₹16,00,000

• Four-year college degree: ₹19,00,000

• Master’s degree: ₹20,00,000

• Doctoral degree:₹ 20,50,000

Earning a degree specifically in project management can also positively influence your salary. The 2020 PMI Survey further reports those with a degree not in project management earn a median ₹19,93,400, while those with a project management degree earn ₹20,00,000.

In addition to enhancing your earning potential, earning a higher degree might also make you more competitive in the job market. By earning a business-related degree, such as a Master of Business Administration, you can build the leadership skills companies are looking for and open up the possibility of moving into executive management in the future. Explore courses like the Business Foundations specialization from the Wharton School of the University of Pennsylvania to discover the path that’s right for you. 

Certification

Earning a certification in project management can help to validate your skills and experience to employers. This can sometimes translate into a higher salary. Among the professionals in India surveyed by PMI in 2021 [4], the median salary for those holding a Project Management Professional (PMP) certification was about ₹3,00,000 more than those without, representing an 18 percent salary increase. 

While the PMP is certainly a highly-respected credential, it is not the only one. You can also get certified in project management methodologies, like Agile, Scrum, or PRINCE2 or earn an industry-specific credential, like the CompTIA Project+ for information technology (IT) project managers.

The Google Project Management Professional Certificate is designed for those with no prior experience who are looking to build job-ready skills in the project management industry. 

Years of experience

Generally speaking, the more time you have worked as a project manager, the more you can expect to earn. Luckily, it does not take long for experience to start translating into more money. 

According to the 2021 PMI Salary Survey [5], median project manager salaries increase by years of experience:

• Less than three years: ₹13.9 lakhs

• Three to under five years: ₹14.0 lakhs

• Five to under 10 years: ₹17.2 lakhs

• 10 to under 15 years: ₹22.0 lakhs

• 15 to under 20 years: ₹28.1 lakhs

• 20 years or more: ₹36.1 lakhs

Job title

You will find several roles along the project management career path. While your position might correspond to your seniority and level of experience, this is another way to look at typical salaries. According to the 2021 PMI Salary Survey [6], these alternate job titles pay the following median annual salaries in India:

• Project management specialist: ₹12.9 lakhs

• Project management consultant: ₹15.0 lakhs

• Project manager 1: ₹15.0 lakhs

• Project manager 2: ₹17.4 lakhs

• Project manager 3: ₹20.0 lakhs

• Program manager: ₹24.0 lakhs

• Portfolio manager: ₹29.2 lakhs

• Director of project management: ₹32.1 lakhs

Industry

What industry you choose to work in as a project manager can have a significant impact on your salary. While there are project managers working in a wide range of fields, these are among the highest paying in India, according to the 2020 PMI Salary Survey [7]:

• Construction: ₹14,50,000

• Aerospace: ₹18,00,000

• Manufacturing: ₹19,00,000

• Pharmaceuticals: ₹19,00,000

• Consulting: ₹19,50,000

• Engineering: ₹20,00,000

• Health care: ₹20,00,000

• Information technology: ₹20,00,000

• Financial services: ₹20,25,000

• Telecommunications: ₹21,00,000

• Resources (agriculture, mining, etc.): ₹22,44,000

Location

In many industries, including project management, where you live can impact how much money you make. Data from Glassdoor indicate the following salaries by city in India:  

• Bangalore/Bengaluru: Average ₹18,25,000, Range ₹6,00,000- ₹35,00,000 [8]

• Delhi: Average ₹9,00,000, Range ₹5,00,000 - ₹25,00,000 [9]

• Mumbai: Average ₹12,00,000, Range ₹5,00,000 - ₹25,00,000 [10]

• Lucknow: Average ₹8,27,144, Range ₹3,00,000 - ₹21,00,000 [11]

• New Delhi: Average ₹15,00,000, Range ₹5,00,000- ₹30,00,000 [12]

When thinking about location, it is important to take into consideration the cost of living as well. The areas that correspond to the highest pay—often major cities—tend to come with higher living expenses. Some locations offer a higher number of job opportunities as well. According to job postings on Naukri.com in August 2022, Bangalore/Bengaluru, Delhi/NCR, Mumbai, Pune, and Hyderabad/Secunderabad offer the highest number of project manager positions, ranging from 2,600 to over 5,700 per city [13].

As companies continue to digitise employee interaction and collaboration—a trend accelerated by the COVID-19 pandemic—there may be more opportunities for online positions that allow you to work from anywhere. Companies like Aegon Life Insurance, ABC Worldwide, Espire Infolabs, Cactus Communications, and Q3 Technologies are hiring remote project managers in India, based on job postings on Naukri.com [13].

As companies continue to digitise employee interaction and collaboration—a trend accelerated by the COVID-19 pandemic—there may be more opportunities for online positions that allow you to work from anywhere.

Team and company size

The size of your organisation (and the size of the team you manage) can also play a role in how much you earn each year. In general, the larger the organisation and team, the higher the median annual salary for project managers. Those working at a company with fewer than 100 employees reported a median salary of ₹16,94,500, according to PMI [14], while those at a company with 10,000 or more employees brought in ₹20,00,000 annually.

Leading a project team of one to four people corresponded to a median salary of ₹15,00,000. On the opposite end of the spectrum, project managers with teams of 20 or more people reported a median salary of ₹21,00,000 [14].

Project management methodology

While less significant than the other factors we have discussed, the project management methodology you work with could also have an impact on your pay. For example, project managers in India who responded to the PMI Salary Survey and use process-based, event chain, and extreme project management, Lean, and Agile techniques tended to earn more than those who used resource management, risk management, and program management.[14]

It is important to keep in mind that methodologies and techniques often depend on the industry, company culture, and type of project.

Next steps

If you are interested in a career in project management, start building a foundation of job-ready skills through the Google Professional Project Management Certificate. These six courses can help prepare you for an entry-level role, and upon completion, you can apply directly with Google and some 130 other employers.