State of the project manager: Growing demand for project-based professionals is fast fueling a worldwide talent gap, leading to substantial career opportunities in project management — and salaries that can be expected to rise considerably. Credit: Thinkstock Organizations are increasingly relying on project management professionals to implement strategic initiatives, drive change and deliver on innovation. And whole industries just now realizing the value of project management are expected to spur a boom in demand for project management skills in the coming decade, according to the a recent report from the Project Management Institute. Project managers, especially, bring a valuable set of skills and knowledge that organizations will increasingly need to execute strategic projects in the years ahead. However, the PMI report reveals a troubling gap between the increasing demand and expected availability of skilled project professionals from 2017 to 2027. This gap spells significant career opportunities for those interested in pursuing a career in project management — and rising salaries. [ Find out how to pick the right project management methodology, beware the most common project management mistakes to avoid, and gear up with the 15 essential project management tools. | Get the latest project management insights by signing up for our newsletter. ] SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe Magnitude of the skills gap By 2027, employers will need to fill nearly 90 million project management related roles, according to the PMI report, which was completed by Anderson Economic Group. These roles include project managers, program managers, portfolio managers, schedulers, business analysts, change management experts and others. Fueling this increase is the fact that various industries across the U.S. are adopting a more project-oriented model in recognition of the benefits around goal attainment and strategic focus. Attrition rates, including retirements, are a second catalyst for the expected project management skills gap. Here is a look at the growing demand for project professionals within some of these industries as a result of attrition and expansion. 7 million jobs in manufacturing and construction 5 million jobs in information services and publishing 6 million jobs in finance and insurance 7 million jobs in management and professional services 279,000 jobs in utilities 49,000 jobs in oil & gas Project management goes global But the increased reliance on project management in the next decade isn’t isolated to the United States alone. The projected skills gap for project management professionals will affect many countries across the globe. If the project management skills gap continues and roles go unfilled, the result could be a potential GDP loss of 208 billion dollars in 11 countries collectively (United Kingdom, United States, UAE, Saudi Arabia, Japan, India, Germany, China, Canada, Brazil, and Australia), according to the report. Estimated project management jobs by country 2017-2027 Country 2017 2027 China 34.9 million 46 million India 14.7 million 21.7 million United States 6.7 million 8.8 million Japan 3.4 million 3.8 million Brazil 1.9 million 2.4 million Germany 1.9 million 2 million United Kingdom 1 million 1.2 million Canada 690,184 779,828 Australia 474,495 574,399 Saudi Arabia 201,127 228,077 UAE 73,352 93,861 How does a skills gap translate into opportunities? The project management skills gap will translate to substantial opportunity for those pursuing a career in project management. With project management professionals earning on average 82 percent more than non-project-oriented professionals, the estimated increases in project-related jobs (2.1 million in the U.S. alone) over the next decade will open up a large number of well-paying job opportunities. The demand for skilled project professionals indicate they are valuable to businesses interested in more accurately executing on strategy and driving excellence. This demand will also continue to elevate the salaries for these high-value professionals. PMI’s ninth edition salary survey shows an annual median of $108,200 for project managers working in the U.S. Here are additional annual U.S. median salaries by years experience, certification status, position, project team size and project management technique. Project management salaries based on experience Years Experience Median Salary Less than 3 years $74,900 3 to 5 years $85,000 5 to 10 years $100,000 10 to 15 years $112,200 15 to 20 years $120,000 20+ years $125,000 Project management salaries based on PMP certification status PMP Status Median Salary Have PMP certification $111,000 Do not have PMP certification $91,000 PMP for less than 1 year $95,000 PMP for 1 to 5 years $104,000 PMP for 5 to 10 years $120,000 PMP for 10 to 15 years $124,000 PMP for 20+ years $133,000 Project management salaries by title Position Median Salary Director of PM/PMO $135,000 Portfolio Manager $128,000 Program Manager $120,000 Project Manager III $105,000 Project Manager II $95,000 Project Manager I $87,000 Project Management Specialist $85,000 Project Management Consultant $110,000 Project management salaries by team size Project Team Size Median Salary Less than 5 $100,000 5 to 9 $107,070 10 to 14 $111,000 15 to 19 $115,823 20+ $120,000 Project management salaries based on PM technique employed Project Management Technique Less than 1 year 1 to 5 years 6+ years Agile / interactive / incremental PM / Scrum $103,000 $109,000 $120,000 Extreme PM $106,000 $109,377 $120,000 Process-based PM $107,000 $100,000 $115,550 Event chain PM $107,070 $105,000 $120,000 Project portfolio management $96,788 $108,000 $125,000 Program management $93,502 $103,000 $122,000 Earned value management $101,000 $107,000 $122,500 Lean project management $105,000 $108,000 $120,000 Critical chain PM $107,000 $104,000 $118,000 Waterfall PM $100,000 $100,000 $116,400 Risk management $92,750 $100,000 $120,000 Change management $95,000 $100,000 $116,500 Resource management $96,000 $97,500 $119,000 Source: PMI Project Management Salary Survey To find out more information on this skills gap, the impact, and how it is opening up significant job opportunities for those interested in a project-management related career, read PMI’s skills gap report. Related project management articles: Related content news CIO Announces the CIO 100 UK and shares Industry Recognition Awards in flagship evening celebrations By Romy Tuin Sep 28, 2023 4 mins CIO 100 IDG Events Events feature 12 ‘best practices’ IT should avoid at all costs From telling everyone they’re your customer to establishing SLAs, to stamping out ‘shadow IT,’ these ‘industry best practices’ are sure to sink your chances of IT success. By Bob Lewis Sep 28, 2023 9 mins CIO IT Strategy Careers interview Qualcomm’s Cisco Sanchez on structuring IT for business growth The SVP and CIO takes a business model first approach to establishing an IT strategy capable of fueling Qualcomm’s ambitious growth agenda. By Dan Roberts Sep 28, 2023 13 mins IT Strategy IT Leadership feature Gen AI success starts with an effective pilot strategy To harness the promise of generative AI, IT leaders must develop processes for identifying use cases, educate employees, and get the tech (safely) into their hands. By Bob Violino Sep 27, 2023 10 mins Generative AI Innovation Emerging Technology Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe