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Are you planning to endeavour a career in project management? If so, you may wonder what India’s average project manager’s salary is. Well, there is a ray of sunshine; the average salary for project managers in India is expected to boost in the coming years. In fact, according to a recent study, the average salary for project managers in India is expected to touch the 3 million mark by 2025. So, if you’re interested in becoming a project manager, now is the time to do it. Read on to discover some valuable insights on the average project manager salary in India and what to expect in a few years.
The Ever-Evolving Demand For Project Managers in India
As the world advances, the demand for project managers increases. India is no different. The ever-growing economy and population are just two factors contributing to this demand.
In India, the average project manager (PM) salary is ₹14,57,834 per year. This works out to be about Rs 119,819 per month. The number is expected to increase as the country continues to develop. There are many reasons for this demand, such as:
- The increasing amount of infrastructure projects in India.
- The expansion of IT projects in India.
- The growing number of SMEs in India.
If you want a career in project management, it is the right time to do it! These businesses need project managers to help them with planning and execution. With such a high demand for project managers, it’s no wonder that the salary is also boosting.
What if we say we have just the right course to start with? Watch out for our Advanced Certificate in Operations, Supply Chain and Project Management which will prove to be a boon in becoming a successful and proficient project manager that earns well.
What Is The Average Project Manager Salary In India?
The salary for a Project Manager in India ranges between ₹5,00,000 and ₹26,00,000. In India, a Project Manager earns an average of ₹1,00,000 per year. The highest salaries for PMs are in Mumbai, Delhi, and Bangalore – where they can make up to ₹15,00,000 per year.
Salary Based on Location:
- Mumbai: ₹15,00,000
- Delhi: ₹12,00,000
- Bangalore: ₹10,00,000
- Chennai: ₹8,00,000
- Hyderabad: ₹7,50,000
- Pune: ₹7,00,000
Salary Based on Experience:
- Entry-Level (0-5 years): ₹6,00,000
- Mid-Level (5-10 years): ₹10,00,000
- Senior Level (10-15 years): ₹15,00,000
- Director Level (15+ years): ₹20,00,000+
Salary Based on Skills:
- Project Management Software: ₹10,00,000
- Microsoft Certified: ₹12,00,000
- Project Coordinating: ₹14,00,000
- Agile Software Development ₹15,00,000
- Information Technology Infrastructure Library (ITIL): ₹16,00,000
Salary Based On Sector & Company:
- Sectors
- Information Technology: ₹12,00,000
- Telecommunications: ₹11,00,000
- Banking and Finance: ₹10,00,000
- Consulting: ₹9,50,000
- Manufacturing: ₹9,00,000
- Companies
- Capgemini: ₹18,00,000+
- Cognizant: ₹15,00,000+
- Infosys Limited: ₹10,00,000+
- Accenture: ₹18,00,000+
- Wipro: ₹11,00,000+
(Note: All the salaries mentioned based on different parameters are approximate numbers, not exact figures.)
The average salary of a project manager in India is ₹14,00,000. However, salaries vary widely based on experience, skills, location, and sector.
What Are The Factors Influencing The Average Salary of Project Managers?
Several factors affect the salary of a project manager in India.
Size of Company
The company’s size plays an essential role in deciding the salary of a project manager. A project manager working for a large company earns more than one working for a smaller organization, as the working bandwidth will be higher at a large firm.
Experience
Experience is another major factor affecting the salary of a project manager. A manager with more experience will be well paid compared to the one who has just started his/her career.
Location
The location of the company also affects the salary of a project manager. A manager working in tier I cities will have better opportunities to earn than one working in tier II and III cities.
Type of Industry
The type of industry also determines the salary range of a PM. An IT or software development manager is more likely to earn a fancy salary than in other sectors.
Skills
The skills of the project manager also influence the salary of a PM. A manager with more skills, knowledge and certification will be the first in the line to earn an excellent salary package for his/her skilful contributions.
Also Read: What is Project Lifecycle? Know All The Phases
Type of Organization
The type of organization also affects the salary of a project manager. A manager working for a nonprofit organization may not earn a good package, whereas a profit-making organization will be able to provide an attractive salary.
Why Project Manager Salary In India Is Fancy?
The project manager’s salary in India is relatively high compared to other countries. The main reason behind this is the scope and nature of the project manager’s work.
In India, project managers are required to manage projects from start to finish. It entails everything starting right from planning and budgeting to execution and delivery. They need strong communication and organizational skills to handle all aspects of the project.
A project manager’s salary in India also depends on the size and complexity of the project. Complex projects requiring more time and resources usually pay a higher salary.
Project managers in India also have the opportunity to earn bonuses and other forms of incentives. These are usually based on the successful completion of the project and can add a significant amount to their total earnings.
With all the commitments they have to nail, PMs are paid pretty well to compensate for their incredible contributions to the company.
What Benefits Do Project Managers Get Other Than Salary?
PMs will have the opportunity to work on various projects. It can allow you to learn new things and gain new skills. You will also get the chance to lead a team of people and help them achieve their goals. In addition to salary, project managers also receive benefits such as health insurance and retirement plans.
Many credible companies have incentives, project manager recognition, and project manager salary bonuses to attract and retain the best project managers. Some of the attractive benefits given to project managers are:
- Paid Time-Off: Most project managers receive 2-3 weeks of paid vacation time, 10-12 holidays, and 5-7 sick days.
- Health Insurance: Many project managers are offered health insurance, which can benefit them greatly.
- Retirement Plans: Project managers often have the opportunity to participate in 401k or other retirement plans.
- Bonuses: Bonuses are often given to project managers for a well-done job. These bonuses can be either released quarterly or during festivals.
- Awards and Recognition: PMs are often recognized for their hard work and dedication to their projects.
Want to enjoy the benefits of being a project manager and bag an attractive salary package? Start preparing now! Watch out for our Advanced Certificate in Operations, Supply Chain and Project Management, an advanced-level certification course to get closer to your goals.
Why Project Management Is A Thriving Field?
In India, the role of a PM is to ensure that a project is timely and completely within the planned budget and to the required standard. They are responsible for planning, executing, and monitoring all aspects of a project, and must liaise with clients, stakeholders, and team members to ensure that everyone is on track.
With the ever-growing importance of globalization and digitalization, a growing number of businesses are looking to outsource their projects to Indian firms. As a result, the demand for qualified project managers is booming.
If you’re considering a career in PM, you can expect plenty of job opportunities and good salary prospects. In India, the salary of a project manager is around 7 lakhs per year on average. With experience and expertise, you can boost it up to 15 lakhs per year or more.
There is no doubt in asserting that project management is a thriving field due to the reasons mentioned below:
- India has a strong service-based economy
India’s economy is largely service-based, with the sector accounting for more than 60% of GDP. It includes various industries, such as information technology, healthcare, finance, and retail. As businesses in these industries continue to grow, they will need more project managers to help them plan and execute their projects effectively.
- India is a hub for outsourcing
Outsourcing is big business in India, with the country being home to some of the world’s largest outsourcing companies. It has created a massive demand for project managers to manage outsourced projects effectively.
- The Indian government is investing heavily in infrastructure projects
The Indian government is currently investing billions of dollars in infrastructure projects such as roads, railways, and airports. Such a wave of investments is creating a need for experienced project managers who can ensure that these projects are completed promptly and within budget.
- Rapid economic growth is creating new opportunities
Indian economy is growing rapidly, creating new opportunities for businesses in a wide range of industries. It is fueling demand for project managers who can help companies to take advantage of these opportunities and successfully execute their projects.
- Project management is a well-established profession in India
The project management profession is well-established in India, with many universities offering degree and diploma programs in the field. It has helped to create a pool of qualified project managers ready to take on the challenges of the job.
Also Read: Understanding Project Selection And Its Importance
Will There Be Any Improvement In Project Manager Salary in 2024?
There is no doubt that the salary of a project manager will continue to rise in the coming years. According to a corporate survey by Glassdoor, the average salary of a project manager in India is expected to reach Rs 1,10,890 per year by 2024. It is a significant increase from the current average salary of Rs 93,430 per year.
However, it is essential to understand that the salary of a project manager is not only dependent on their experience and qualifications. It also depends on the industry they are working in as well as the location of their job. For instance, project managers in the IT industry earn more than those in other industries. Similarly, project managers based in Mumbai or Delhi tend to make more than those based in other cities.
If you want to kickstart your project management career, we suggest you check out our Project Management Professional (PMP) certification course. This course will help you gain the necessary skills and knowledge to become a successful project manager.
How To Become A Project Manager?
A project manager is responsible for successfully executing a project from start to finish. They are the ones who develop the project plan, set timelines and ensure that all stakeholders are on board.
To become a successful PM, one must have a strong foundation in the field one wishes to manage. For instance, if you want to become a construction project manager, you should have experience working in construction. Once you have this experience, you can then begin pursuing project management certification.
Many project management certifications are available, but the most popular and widely recognized is the Project Management Professional (PMP) credential from the Project Management Institute (PMI). To earn the credential, you must pass an exam that checks your knowledge of project management concepts and best practices.
Once you have your PMP credential, you can begin applying for jobs as a project manager. Your salary will depend on and be subject to change concerning different factors, such as your experience, education, and location.
Conclusion
The Project Manager role is expected to grow significantly in the next few years in India. Due to the ever-growing economy and population, there is a high demand for Project Managers in India.
As the economy continues to grow and project manager salaries in India continue to rise, it’s essential to stay updated with the latest industry trends. By understanding the project manager salary landscape in India, you can be sure you’re being paid what you’re worth and have a competitive edge when negotiating your salary.
With the right skills and experience, a Project Manager can earn an excellent salary. If you think of becoming a Project Manager, it is your cue to start planning your career path.
Go through our Advanced Certificate in Operations, Supply Chain and Project Management to get a headstart.
More Information:
Major Project Management Activities – You Must Know
How To Become A Better Project Manager? Top 10 Tips
