Business Development Manager Salary Chicago
Business Development Manager Salary Chicago – Project management has become one of the most lucrative fields of work, with companies beginning to realize the importance of project management. A report published by the Project Management Institute (PMI) predicted that the field of project management is projected to grow by 33% by 2027 – an impressive 22 million jobs.
With the rise of the work-from-home trend likely to continue even after the COVID-19 pandemic, project management roles are more important than ever. Glassdoor also ranks project managers as the 3rd best job in the US in 2021 based on salary, job satisfaction and potential job growth.
Business Development Manager Salary Chicago
Aside from the attractive statistics, there are many other reasons to get into project management. Project managers generally earn a good living, have job security, work reasonable hours, and enjoy a number of fringe benefits.
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The answer to this, however, is not so simple. Many factors go into determining how much earning potential a project manager has.
Companies have different job titles and responsibilities assigned to project managers, not to mention unique criteria for hiring and promotions. Financial strength and business goals also dictate the potential salary range for project managers.
In this article, we will learn about the latest facts about project manager roles, salary ranges, and factors that affect project manager salaries.
However, running a project without effective project management processes can be a recipe for disaster. Good project management means more than just delivering on time, budget, and scope—it means bringing clients and teams together, getting everyone on the same page, creating a vision for success, and helping everyone navigate unforeseen disasters. Here are three main reasons why businesses hire project managers:
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Project management helps provide direction to teams. It allows team members to perform to their full potential. Project managers motivate, remove obstacles, guide and inspire the team to do their best work.
Project managers also provide a hierarchy system that allows them to ensure clear lines of accountability. This helps avoid any confusion when it comes to assigning tasks and roles to team members.
Additionally, project managers keep everyone on their teams in line because at the end of the day, whether the project fails or succeeds is their responsibility.
One of the responsibilities a project manager has is to make sure that they execute their assigned projects properly so that they fit well within the larger context(s) of a client or company.
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In other words, project management ensures that project goals are aligned with the goals of the business itself. And as projects progress, risks tend to emerge. The project manager is responsible for identifying these risks and leading remediation efforts.
Project managers analyze potential risks, try to mitigate those risks before they occur, and create contingency plans if one of them becomes a real issue. This requires project managers to have the ability to ask the right questions, discover risks early, and the ability to mitigate those risks.
If you want a more in-depth look at the importance of project management, check out Markup Hero’s Guide to Project Management Basics.
The difference between the salaries published on job portals like Glassdoor or PayScale shows a huge difference between the salaries of project managers. Salaries range from $56,000 to $200,000.
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This inconsistency can be attributed to many factors, both internal and external. Each factor has enough action to cause serious fluctuations on its own.
Each company assigns project managers different roles based on their needs. These roles and their importance dictate how much money each project manager makes.
A project manager team can be built into a hierarchy with different pay levels. There are entry-level project manager positions that require little to no experience, while there are also executive positions that require a certain degree of expertise.
An Associate Product Manager (APM) is tasked with helping senior project managers execute large projects that require multiple supervisors. They oversee project costs and budget and ensure the team finishes on time.
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Other responsibilities include reporting to senior management, delegating tasks and making sure everyone stays on schedule. However, an associate director does not have company-wide decision-making authority.
Experts say that you can enter the field with just a high school diploma, given that you have previous work experience as a project manager intern.
If you’re new to this field, check out Markup Hero’s article on 10 Project Management Essentials for Beginners in 2021.
A senior project manager or project manager is charged with overseeing the implementation of a project from start to finish through budgeting, procurement, and project release planning.
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It is a thorough leadership role that requires the individual to hold important meetings, communicate with important stakeholders, and make important decisions that affect the company.
Senior product managers may also perform HR roles, such as hiring and managing employees. They set deadlines for other workers as well.
Senior project managers are usually promoted from project manager, product manager or marketing manager positions. However, it is not uncommon for individuals to move into this role from other sectors, given that they have the skills and knowledge required to do so.
Are you a veteran project manager looking for a new tool to help you manage your projects? Check out Markup Hero’s review of Paymo, the One Tool to Rule Them All!
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IT project managers coordinate with other IT professionals and administrative staff to produce new software. They organize, design and integrate important interoperable information technology.
The core responsibilities of IT Managers are the same as other project manager positions – to organize people, manage time and resources, and oversee the development of a project from inception to completion.
Location is one of the most important determinants of a project manager’s salary. The cost of living and the labor demand of the country you live in will determine how much you earn as a project manager.
Higher living costs contribute to higher wages. If the area you live in has a high demand for project managers, companies will offer higher salaries with more benefits.
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On average, project managers in the US are paid more. The average salary of a project manager in the US is around $116,000. However, there are standard pay variances in each US state.
The pay scale in some states is much higher than the rest of the country. For example, the average salary of a project manager in San Francisco is $91,000, while the average in Chicago is $76,000. East and West Coast managers also earn more on average.
Switzerland is the only country that surpasses the US in terms of the average salary of a project manager, where managers make $132,000 a year.
Nordic countries are closing in on the US in salary range. While European nations often have a high average salary range for product managers, this pay scale varies widely across European countries.
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On the other hand, the average salary of a project manager is often high and stable on the Australian continent.
Fast-growing industries that rely heavily on technology often pay project managers the most on average. The competitive nature in each industry also plays an important role.
However, wage differences can also be observed between companies in the same industry. Each industry often has different skill and training requirements from project managers.
For example, an IT company and a construction company will employ project managers with different educational backgrounds. This is another factor that affects the pay scale of project managers in different industries.
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The math here is pretty straightforward. The bigger the company, the more they will pay their employees. For example, tech giant Google pays its project managers $158,125 on average, while Amazon pays its project managers $95,000.
You are likely to get paid more working for a top company because these businesses often hire only the best of the best and have enough capital to motivate you to work harder to promote their own growth in the future.
The chart below shows the difference in pay scales between project managers employed by different companies (based in the US).
Project management certifications are relatively new to the business world. They were born out of the growing demand and importance of product managers as a form of quality control.
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Entry-level project management positions only require a high school diploma, and you can move up to more lucrative positions over time. Managers and mid-level executives can pursue these certifications to update themselves on current industry standards and gain an edge over their competitors.
You can also take project management courses to boost your resume. certifications often act as confidence boosters and will likely help you gain a strong skill set that translates to better performance.
A survey by the Product Management Institute reports that respondents with PMP certification report 22% higher average salaries than those without.
However, you do NOT need certifications to start your career as a product manager. But certifications will definitely boost your chances of moving up the project management ladder or being offered more
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