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Last post, we talked about Bottom-up Estimates, but today we are talking about project manager salaries in Philadelphia.
Project Management in Philadelphia
Project management is an increasingly important part of many businesses in Philadelphia and beyond. Project managers in Philadelphia are highly sought after for their expertise in managing large-scale projects, analyzing data, and problem-solving. As such, project manager salaries have also increased to meet the demands of the industry. This article will explore the average salary range for project managers in Philadelphia and how factors such as experience, education, company size, and location can impact salary expectations.
Average Salary Range
Philadelphia is a great place to work as a project manager. The average salary for this profession in the city is relatively high, making it an attractive job market. A project manager can expect to make significantly more than the national average for the same position, with salaries ranging from $90,000 to $120,000 per year.
The higher salaries in Philadelphia reflect the cost of living and demand for experienced professionals in this field. As one of the most populous cities on the East Coast and a hub for business activity, Philly has many opportunities for project managers. Employers here are looking for candidates with experience in budgeting, risk management, and team supervision. With these skills and qualifications under your belt, you could earn six figures or more depending on your experience level and employer type.
The Bureau of Labor Statistics reports that the median annual wage for all occupations in Philadelphia is $46,290 per year as of May 2019. The lowest 10 percent earned less than $30,400, while the top 10 percent earned more than $80,710. Project managers make an average salary range between $66,067 – $107,388 per year, according to PayScale‘s survey data from June 2020. This number may be slightly higher or lower based on location and job type (e.g., IT project manager vs. construction project manager).
Factors Contributing to Salary
Education Level
Education-level college degrees significantly impact the pay of a Project Manager in Philadelphia. A Bachelor’s degree is the minimum requirement for most project management positions, but higher levels of education can lead to substantially higher wages. With a Master’s or MBA, average salaries are around $76,000 and $90,000, respectively. Those with PhDs earn even more at an average wage of over $97,500 per year.
In addition to these three levels of college degrees, professional certifications and experience also play an essential role in determining the pay rate for Project Managers in Philly. The combination of credentials and relevant work experience can add 2-3 years to someone’s career trajectory and increase their salary by 5-10%.
Education level has a direct impact on pay. Project managers in Philadelphia are no exception. The city is known for its high salaries and wages, but it also has a higher education requirement than the national average for project managers.
In Philadelphia, employers typically require project managers to have at least a bachelor’s degree in engineering, construction management, or business administration. Those with more advanced degrees, such as an MBA or master’s in project management, will likely receive higher pay due to their increased knowledge and experience. Additionally, having specialized skills such as CPM scheduling or Six Sigma certification can significantly increase one’s earning potential.
Industry Type
The Philadelphia area is home to various industries and positions, but how does the specific type of industry affect earnings for project managers? Project manager salaries vary widely in this city, and the kind of industry one works in can significantly impact their overall earning potential.
For example, those working in the banking sector tend to make more than project managers in the IT industry. Banks require much experience, skill, and knowledge when managing projects. On top of that, they also provide higher levels of job security due to their larger size and usually longer-term projects. Furthermore, project managers employed by large financial institutions often benefit from bonuses or additional compensation tied to performance metrics.
In contrast, IT professionals often work with smaller teams or independently on shorter-term projects.
Experience Level
When looking for a project manager position in Philadelphia, it is crucial to consider your experience level. Experience level can be a significant factor influencing your wage potential.
Typically, project managers with more experience will command higher wages due to their knowledge and expertise in the field. For example, a project manager with ten years of relevant work experience may expect to earn 30-40% more than someone who has worked as a project manager for five years or less. Additionally, having certifications or other qualifications can provide a bump in salary expectations by demonstrating advanced skills and competency levels that employers highly value.
Geographic Location: City or Suburbs?
There are many factors to consider when deciding between living in a city or suburbs. Each potential geographic location has advantages and disadvantages, from the cost of living and commute time to lifestyle options. This decision may be even more critical for those considering a career as a project manager in Philadelphia.
Living in the city might be appealing due to its convenient locations for getting around town and access to cultural activities like going out for dinner or attending arts events. On the other hand, living outside the city may provide more affordable housing costs and the ability to live with more space than an urban area could offer. Additionally, depending on where one lives relative to their job can influence commute time – something that is especially relevant when it comes to project management roles because they often involve travel within the region or beyond.
Supply and Demand
Supply & demand is a fundamental concept in economics that affects the salaries of Project Managers in Philadelphia. Understanding these two economic factors can help employers and employees understand the current salary level and future trends.
As supply increases, wages tend to decrease; if many Project Managers are available, employers have more choices and can be more selective with their pickings. On the other hand, when demand is high, wages tend to rise; when there’s a shortage of skilled Project Managers, employers need to compete to get the best talent and raise salaries accordingly. In Philadelphia specifically, demand for experienced Project Managers remains strong due to its booming IT industry. As such, wages remain competitive compared to other cities around the country.
Negotiation Skills
Negotiation is a skill that project managers can use in many aspects of life and the workplace. For project managers, the ability to negotiate salary can mean the difference between making a good wage and being paid what you’re worth. Knowing how to negotiate your salary as a project manager in Philadelphia is vital to getting the best compensation possible.
When negotiating salary, it’s essential to have realistic goals and expectations based on local wages for similar positions. Researching the salaries of other project managers in Philadelphia is an effective way to figure out what kind of wage could be expected when applying to different companies or roles. It’s also beneficial to come prepared with facts about your qualifications and experience that can help strengthen your case for better pay.
Benefits of Being a PM in Philly
Business Scene
The business scene in Philadelphia is exciting for those interested in pursuing a career as a project manager. With the city’s abundance of corporate headquarters and its proximity to Manhattan, it’s no wonder why so many professionals are drawn to this bustling metropolitan area. Aspiring project managers should know that salary expectations are high in Philadelphia due to the competitive job market. Still, they can succeed in their chosen field with dedication and hard work.
Philadelphia is home to some of America’s most established corporations, such as Comcast, CIGNA, and Aramark – all of which have large project management teams with attractive salaries for experienced professionals.
Networking Opportunities
Networking Opportunities are essential for the success of any project manager in Philadelphia. Connecting with other professionals and organizations can open doors to new opportunities, provide access to resources, and foster growth. Project managers must ensure they have an up-to-date network of contacts they can use throughout their careers. Many professional networks in Philadelphia provide a platform for project managers to meet like-minded colleagues and industry experts.
One popular organization is the Project Management Institute (PMI) Greater Philadelphia Chapter which offers monthly meetings and events featuring guest speakers from different industries providing insight into best practices, challenges, and trends related to project management. Another organization is the Association of Project Management Professionals of Greater Philadelphia (APMP), which provides monthly events and professional development opportunities. These organizations can be found on the web at www.pmiphilly.org and www.apmp-pa.org, respectively.
Culture and Lifestyle
Culture and lifestyle are two of the most important factors when looking for a job in any given city. In terms of Philadelphia, the city is known for its vibrant cultural scene and diverse population. From famous art museums to historical attractions such as Independence Hall and the Liberty Bell, there is something for everyone to enjoy in this great city.
As an aspiring project manager looking to move to Philadelphia, you will want to ensure you understand the local culture and lifestyle before taking on a new role. The thriving tech sector has made Philly one of America’s top destination cities for startups and entrepreneurs. Plus, with renowned universities such as the University of Pennsylvania and Drexel University located within its boundaries, it offers plenty of opportunities for higher education.
Job Availability
Job Availability Overview
Philadelphia is home to several thriving businesses and industries, making it an ideal destination for project managers seeking employment. With the city’s vibrant economy and competitive job market, the salary range for experienced project managers is generous. In addition, numerous opportunities are available in various industries, such as healthcare, technology, finance, and professional services. Professionals looking to relocate to the city can expect to find diverse job prospects with plenty of career growth potential.
The Bureau of Labor Statistics reports that over 690 project management jobs were available in Philadelphia in 2019. Moreover, more than half of those positions had salaries above $81k per year – an excellent opportunity for aspiring professionals seeking higher wages.
Salaries by Experience Level
Project managers in Philadelphia have the potential to make a comfortable salary depending on their experience level. According to BLS data, those with less than five years of project management experience can expect a median salary of $95,000. However, as one’s knowledge grows, so does their earning potential. For project managers with ten or more years of experience, salaries can jump to as much as $105,000 and higher. As such, gaining additional hands-on experience is essential for those seeking to maximize their earning power.
It’s also crucial for hiring managers in the area to consider an applicant’s level of expertise when making salary offers – ensuring that they offer competitive compensation packages based on the applicant’s skillset and background.
Cost of Living
Project managers in Philadelphia have the potential to make a comfortable salary depending on their experience level. According to BLS data, those with less than five years of project management experience can expect a median salary of $95,000. However, as one’s knowledge grows, so does their earning potential. For project managers with ten or more years of experience, salaries can jump to as much as $105,000 and higher. As such, gaining additional hands-on experience is essential for those seeking to maximize their earning power.
It’s also crucial for hiring managers in the area to consider an applicant’s level of expertise when making salary offers – ensuring that they offer competitive compensation packages based on the applicant’s skillset and background.
Professional Development Opportunities
Professional development is an essential part of any career path, and project managers in Philadelphia are no exception. There are various professional development opportunities available within the city for those looking to increase their salary or improve their skill set. From courses offered by local universities to workshops hosted by industry-leading organizations, project managers in Philadelphia can find the resources they need to stay ahead of the game.
For those interested in continuing education programs, Philadelphia is home to many reputable universities offering online and on-site classes related to project management. University of Pennsylvania, Temple University, and Drexel University provide a range of courses designed for those already working as project managers or those just starting in the field. Additionally, many independent organizations throughout the city offer hands-on training and seminars that focus on specific aspects of project management, such as budgeting, scheduling, and communication techniques.
If you are looking for project management consultancies, you can learn more about our world-class services here.
Conclusion
A career in project management in Philadelphia can be a gratifying experience, both personally and professionally. The city of Philadelphia offers plenty of opportunities to pursue a career in this field with high salaries and excellent benefits, making it an attractive choice for anyone interested in project management. Project managers help businesses succeed by managing the various stages of project development, from planning to implementation. With the right combination of knowledge and experience, becoming a successful project manager is possible.