New research from the Project Management Institute (PMI) indicates that project managers in Australia are among the highest paid in the profession globally, with median salaries reaching US$103,789, a figure surpassed only by the United States.
In Australian dollars, the median pay equates to around AU$150,000, demonstrating the financial rewards accessible in various sectors for skilled project practitioners.
The results emerge from PMI's annual Earning Power: Project Management Salary Survey. Additional findings reveal that professionals boasting the Project Management Professional (PMP) certification earn on average 33% more than those without, highlighting the value of professional certification in this field. In the year before taking the survey, 66% of respondents witnessed an increase in total compensation.
The nations where project practitioners report substantial median salaries, outside Australia and the USA, include Germany (US$99,512), United Kingdom (US$87,993), and Singapore (US$79,464).
The findings propose that amid cost-of-living pressures and career reconsiderations, Australian professionals should acknowledge the significance of continuous education and skill advancement to maintain a competitive edge in today's job market.
SoHyun Kang, Managing Director for Asia Pacific at PMI, states, "Certified and skilled project professionals are pivotal for project success. This reported increase in compensation is a true recognition of the impact PMP-certified project professionals deliver in their daily work, a trend that's great to see both in Australia and across Asia Pacific."
"Organisations are relying on project teams to make strategic priorities and successfully implement business transformation. Project managers are being rewarded for the pivotal skills they offer."
Furthermore, the report notes a correlation between a project manager's salary and the size of the projects they manage. In Australia, the median salary stands at US$79,329 for projects with budgets less than US$100,000, which escalates to US$132,216 for projects with budgets exceeding US$10 million.
Despite the apparent monetary advantage of the PMP certification, research shows other benefits. Almost half of those surveyed (46%) in Australia perceive their PMP certification as invaluable to their career progression.
Earning the PMP certification substantiates professionals with the skills required for project success, aiding them to break into industries they are passionate about and construct a career around their passion. Sustaining the PMP certification manifests a commitment to continuous learning, particularly relevant as emerging technologies are becoming integral to everyday business operations.
The PMI Salary Survey underscores the earning power of the project management profession within Australia and serves as an industry-leading source of data for both project practitioners and organisations seeking contemporary insights into the salary landscape for today's project professionals.