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Project Management
11 April 2024 - 4 min read
Let’s be honest, when you’re looking into developing or pursuing a career, there’s only one question, the answer of which can be a dealbreaker about whether you’ll be going into that industry or not: how much can I earn?
Like any other role, the same question stands for those looking to get into project management. The reality is, however, that there’s no one-size-fits-all response to that question. It all comes down to industry and, in some cases, seniority.
To give further insight, we did some research into the salaries you can expect in the UK’s project management industry, based on the “Salary and Market Trends Survey 2023”, published by the Association for Project Management, in association with YouGov.
Here’s a rundown of the most common Project Management roles in the UK, along with the average salary for each job.
Assistant project manager is considered an entry level role and in the UK the average salary is around £32,500, according to APM.
This role works closely and reports to the Project Manager, assisting in coordinating projects from start to finish during the planning, procurement and execution of projects.
Usually, it entails a wide array of management and administrative tasks to assist an organisation’s project manager.
In the UK, the average salary for a project administrator is approximately £27,500 based on APM’s salary report.
Essentially, project administrators are responsible, as their title suggests, for various administrative tasks relating to a project. These duties typically involve documentation, handling budgets and ensuring the project team is on track and on target.
They tend to work closely with project managers, alleviating them from administrative tasks, making their job easier and assisting with the project’s progress.
Project engineers in the UK typically receive an average salary of £47,500 according to APM’s salary survey guide.
Project engineers’ role is responsible for overseeing projects within technical and engineering aspects, to ensure the highest level of accuracy and quality is being employed for the project.
They tend to work with project teams to translate project requirements into implementable tasks with practical and realistic deadlines, as well as work closely with clients to resolve issues within the project plans and budgeting.
According to APM, business analysts’ salary in the UK is around £37,500.
Their role involves collecting data regarding an organisation's operations to improve its systems and processes, suggesting ways the organisation can operate more effectively and maximise revenue.
The primary duties of business analysts revolve around gathering and analysing data to develop and investigate potential solutions, as well as improvement, to organisational challenges.
They may work in-house for a company, working only for projects of that employer, or may work on a consultancy contract, working for different organisations and various projects, sometimes simultaneously.
The annual salary for project managers in the UK according to APM is approximately £47,500.
Project managers are essentially responsible for the day-to-day management of a project, from planning to execution. They must display competence in managing 6 aspects of a project, which include the scope, schedule, finance, risk, quality and resources.
Generally, project managers work on specific projects with determined deadlines, definite outcomes and have to remain within the decided budget. However, depending on their level of experience, seniority, or company size, project managers may handle one, or multiple projects at a time.
Portfolio managers are typically considered senior-level professionals and their salary reflects that as they tend to receive around £67,500 in the UK according to APM.
Portfolio Managers are usually responsible for creating, analysing and managing investment strategies and financial information such as stocks, bonds, investment opportunities, capital movements, economic forecasts and trading volumes. They are essentially focused on the analytical aspect of investment rather than the sales side.
In most cases, portfolio managers follow a predetermined strategy to meet their client’s investment objectives, dictated by an investment policy statement (IPS) drafted by the two parties.
While some portfolio managers might work with families and individuals, others work for organisations and institutions as corporate investors.
Nonetheless, a career in project management is undoubtedly a lucrative one, perfect for individuals seeking a fulfilling and rewarding career path. It’s a dynamic field, suitable for those with an organised mindset and a desire to drive change. As no two projects are ever the same, a career in project management is the furthest thing from boring and mundane, and ideal for those that like to continuously work on different things.
We hope that you now have a better idea about project management, including the roles, responsibilities and salaries you can expect before taking the leap to becoming a project manager in your chosen industry.
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