What Is Project?
Before we jump into project management, let’s understand what’s the project? A project is a temporary endeavor undertaken to create a unique product, service, or result.
For example, The development of software to improved business processes, the construction of a building or bridge, the relief effort after a natural disaster, the expansion of sales into a new geographic market — all are projects. This leads us to the conclusion that a “project” is something that is common and that everybody is familiar with it for a long time.
What Is Project Management?
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
The process that involves managing a project from idea to completion is project management. Something needs to be done for a common goal which could be as simple as buying an expensive item or as complicated as constructing a satellite. The activities could be further divided especially if the project is something big. In the past, the simple ‘project’ of buying a car could just mean that the family in the household needs to save to pay for it. But now, having been used in businesses and organizations, these projects are growing in scope so there is a need to divide them into chunks of sub-projects.
Depending on the product to be delivered, a project has a specified time frame within which it is initiated and completed. In contrast to a product that evolves with customer needs, a project carries a clear definition of what needs to be delivered. Because of the demand, the project manager’s salary in India is one of the highest.
What Is A Project Manager?
Project managers (PMs) are responsible for planning, organizing, and directing the completion of specific projects for an organization while ensuring these projects are on time, on budget, and within scope. They are accountable for the entire project scope, the project team and resources, the project budget, and the success or failure of the project.
And in the end, the project manager is the person held responsible for the success or failure of a project.
If you are here, then either you are an existing Project Manager, or you are looking to pursue this field for your future. Either way, let’s take a look at the salaries you can expect.
Project Manager - Job Description
Responsibilities For Project Manager
- Determine and define project requirements, scope and objectives
- Predict resources needed to reach objectives and manage resources in an effective and efficient manner
- Prepare budget based on scope of work and resource requirements
- Track project costs in order to meet budget
- Develop and manage a detailed project schedule and plan
- Provide project status on a consistent basis to various stakeholders about strategy, adjustments, and progress
- Manage contracts with vendors and suppliers by assigning tasks and communicating expected deliverables
- Utilize industry best practices, techniques, and standards throughout entire project execution
- Monitor progress and make adjustments as needed
- Measure project performance to identify areas for improvement
Qualifications For Project Manager
- Certificate / Diploma in project management preferred
- Bachelor’s degree in computer science, business, or a related field
- 5+ years of project management and relevant experience
- Proven ability to solve problems creatively
- Strong familiarity with project management software tools, methodologies, and best practices
Rising Career Opportunities In Project Management
Project management has evolved during the past decade and various tools and new trends are shaping the future of project management. In a world-widely getting disrupted by digital and data, organizations are increasingly finding the need to respond faster and be more agile in the way projects are being managed.
- 33% expected growth in Global project management labor force through 2027 resulting in 22 million new project management jobs creation
- 7 million new project management jobs by 2027 in India
Going by the reports, by 2027, India will be the second-largest producer of project management-oriented jobs in the world, second only to China. At a global level, 22 million new project management job openings are expected by 2027.
Project Management Job Openings
First, let us look at the opportunities open to project managers in India. A simple LinkedIn search can land you on more than 15000 job opportunities for an IT Project Manager in India, and that too from reputed service and product-based organizations.
On Naukri.com, there is more than 70000 project manager-related job openings from different firms in India. Out of these, almost 28000 are from Bangalore, followed by 13500 from Delhi and 5000 from Pune and Mumbai each. There are ample opportunities for people with the right skill sets and experience. So, there are opportunities galore for project managers, and the indispensable nature of their jobs ensures that project manager salary in India is quite elevated.
Project Manager Salary In India
Let us look at the most important aspect – the Project Manager Salary in India. How much can you earn if you enter this field?
The Median Project Manager Salary In India
According to Glassdoor, the average project manager salary in India is around Rs 15,00,000. For comparison, the average salary for a software developer in India is only around Rs 6,00,000. So, being a project manager could you fetch almost three times more income than your software developer counterparts!
Project Manager Career Path & Salary Based On Experience
Let’s explore different experience and seniority levels and their salary trajectory
Here are the different seniority levels and average salary
- L2 – Project Manager :
- Experience -> 2 – 6 years
- Average Salary -> 15 Lakhs
- L3 – Sr Project Manager :
- Experience -> 7 – 14 years
- Average Salary -> 23 Lakhs
- L4 – Delivery Manager :
- Experience -> 15 – 20 years
- Average Salary -> 26 Lakhs
- L4 – Delivery Director :
- Experience -> 15 – 20 years
- Average Salary -> 31 Lakhs
- L6 – Vice President – Project Management :
- Experience -> 15 – 25 years
- Average Salary -> 39 Lakhs
List Of Top And Popular Recruiters
Your salary will also depend on the company you are working in. Normally, tech giants Amazon, Microsoft, Google, and Goldman Sachs pay more than average. But getting into these can be quite challenging as they generally have a rigorous recruitment process and tend to require higher aptitude and problem-solving skills than average.
List of top recruiters based on their pay:
|Company||Median base salary||Range (min – max)|
|Deloitte||₹25,00,000 /yr||₹16.6Lakh – ₹35.2Lakh|
|Deloitte India (Offices of the US)||₹24,80,000 /yr||₹10.7Lakh – ₹33.7Lakh|
|Accenture||₹20,00,000 /yr||₹8.2Lakh – ₹26Lakh|
|Mindtree||₹20,00,000 /yr||₹12.8Lakh – ₹25.8Lakh|
|EY||₹17,40,000 /yr||₹10.9Lakh – ₹30Lakh|
|Cognizant||₹15,00,000 /yr||₹7.8Lakh – ₹20.4Lakh|
|L&T Technology Services Limited||₹15,00,000 /yr||₹11Lakh – ₹18.4Lakh|
|Larsen & Toubro||₹15,00,000 /yr||₹4.6Lakh – ₹22.8Lakh|
|Cisco||₹14,60,000 /yr||₹10.6Lakh – ₹21.7Lakh|
|Capgemini||₹14,20,000 /yr||₹6.6Lakh – ₹20Lakh|
|Infosys||₹14,00,000 /yr||₹8.7Lakh – ₹18.4Lakh|
|LTI – Larsen & Toubro Infotech||₹14,00,000 /yr||₹5Lakh – ₹22Lakh|
|Wipro Limited||₹13,10,000 /yr||₹4.8Lakh – ₹20Lakh|
|Tata Consultancy Services||₹12,70,000 /yr||₹5.3Lakh – ₹20Lakh|
|Tech Mahindra||₹12,00,000 /yr||₹5Lakh – ₹20.4Lakh|
|HCL Technologies||₹12,00,000 /yr||₹5.4Lakh – ₹18.9Lakh|
|Microsoft||₹10,90,000 /yr||₹6.3Lakh – ₹25.2Lakh|
|DXC Technology||₹9,50,000 /yr||₹3.6Lakh – ₹18.4Lakh|
|OYO||₹8,00,000 /yr||₹4.6Lakh – ₹15.3Lakh|
Top Paying Locations In India For Project Manager
Also, the amount in your paycheck may also depend on your location. Location plays a vital role in determining project manager salary in India. The table below shows that most of the bigger cities in India offer a salary higher than the national average.
Median base salary
Greater Bengaluru Area
₹4.3Lakh – ₹24.5Lakh
₹3.9Lakh – ₹23.4Lakh
Greater Hyderabad Area
₹4.4Lakh – ₹23Lakh
Greater Chennai Area
₹5.2Lakh – ₹22.5Lakh
Greater Madurai Area
₹3.6Lakh – ₹20Lakh
Greater Vadodara Area
₹3Lakh – ₹20Lakh
Kochi, Kerala, India
₹3Lakh – ₹18.8Lakh
Greater Delhi Area
₹3.6Lakh – ₹23.9Lakh
Noida, Uttar Pradesh, India
₹3.2Lakh – ₹21Lakh
Mumbai Metropolitan Region
|₹3.6Lakh – ₹20.4Lakh|
Project Manager Salary In Other Countries
How do Indian salaries compare to the top countries in the world? Let’s find out
Influencing Factors For Project Manager Salary
Here is a list of the factors that affect the Project Manager salary:
- More experience: Managers having more experience earn a higher amount of salary as compared to freshers, managing their first projects.
- Location: Location plays a vital role in the salary of a Project Manager. If a candidate gets a job in cities such as Bangalore, Chennai, etc, will be paid a higher salary when compared to other cities in India.
- Sector and company: The Project Manager salary also depends upon the type of company the professionals choose to work in. The sector they opt for also impacts their salary on a high scale. The bigger the company, the greater the salary.
- Skills: If they have sufficient skills, they can optimize their work efficiently. And greater the performance, more the benefits in terms of salary
Why Should You Become A Project Manager?
It is but natural to be attracted to the high salary that a project manager can earn. But, to succeed, you need to have a passion for driving a project from inception to closure. As is mentioned above, you can develop the skills but you should be clear on why you want to pursue the field.
Let us understand why you can pursue this field:
- Project management is very rewarding and job satisfaction is high in comparison with other job profiles.
- Project managers are high in demand and the demand is set to increase. It means a good project manager can pick and choose projects that suit them.
- A variety of fields requires project managers, so you will have a chance to work in a field that is of interest to you. Some of the sectors that you can explore are Infrastructure, IT, Healthcare, Manufacturing, Telecom, Oil, and gas, etc.
- The learning curve allows for constant professional growth. You will interact with different perspectives across cultures and sensibilities. It will also help with personal growth.
- You build your risk assessment and management skills. These are the skills that are essential for leadership roles. Most CEOs are experienced and applauded project managers. To make your career to grow as a project manager and earn the highest possible project manager salary in India, you need to have update your required skills.
Project Management is an unyielding, established domain. From the facts given in this blog, it is clear that this field is not going to diminish in importance at any time soon. Rather, its demand in the industry is going to be at the peak. Every organization comes up with brilliant and unique ideas, every now and then. To handle these ideas and projects, these companies need some great minds. Transforming an idea into reality can be thrust into the hands of a Project Manager provided the professional is well-equipped with the specific skill set.
We hope that the blog could clear your doubts about the salary, job opportunities, and related information you were seeking on Project Management. If you want to add more points or share feedback, you can tell us in the comment box down there.