Are you worrying about which path will lead you to a better career progression? Well, these days, people who generally prefer something innovative to work with pick the project management profession as their career goal. If you just finished your academics or are thinking about a change in your career line, establishing oneself as a PMP is quite a challenging task for any candidate.
The need for Project Management Professionals is growing rapidly in any sector including manufacturing and construction sectors to information technology enabled services to healthcare and many others. So, you have got a wider list of industrial domains to choose from and settle your career in project management.
Top Industries With High Demand for Project Managers
A leading health sector is always backed by a high-end technical team, compound demand management, supply chain network, IT team followed by recruitment team, and so on. So, whenever the need for a project manager arises these days, the health sector conducts a vast recruitment to fill the vacancies of project management.
This wider industrial sector takes care of oodles of health projects that are associated with creating job roles and vacancies on a regular basis. Furthermore, the higher remuneration of the health sector makes it the best part and first choice for project managers.
Oil & Gas
The world today is energy driven. Everything starting from house to office to transportation, etc., are driven by power. As the need for energy is evident in almost every aspect of our daily lives, the demand for the oil and gas industry has reached the peak in the global market.
There is a gamut of job opportunities in the oil and gas sector across the world. The vast requirement for innovation and supply chain in the production of eco-friendly fuels has increased the project growth in this domain. So, people who have the necessary skills to suit the opportunity of Project Management in the core industry, may apply in this growing sector to be a part of it.
It is one of the best paid industrial sectors across the globe. The IT sector demands for the candidates who can innovate ideas as well as the people from non-technical backgrounds.
Every individual hopes to start and eventually establish his/her career in the IT sector as a project manager, whose job will be to assist the assigned project team in a software development. If the person is from a non-tech stream, starting the career as a project manager is still possible. Provided, you have to learn about the fundamental methodologies concerning project management. Plus, you need to complete a certification program in Project Management Professional.
Banking & Insurance
Insurance and Banking sectors also have available scopes for project managers. Whenever a new banking policy pops up in the dedicated domain, the demand for an efficient project manager steps in.
Certain non-governmental banks including HDFC, ICICI, and Axis do frequently hire candidates with required knowledge and expertise (in handling, planning and assessing the details and arrangement of a project) for the post of a project manager.
ITeS / BPO
Being a project manager, dealing with the clients and resolving their problems is the key role to be played in the ITES/BPO sector. So, if you have experience in both inbound or outbound processes, then you are the one for this platform. Whether it is about leading a team or attending to a customer, this sector is an idyllic platform for you to begin and settle your career on.
So, here you will get a huge scope and opportunity to excel in the role of project management domain in ITES/BPO industry. All you have to do is refine your expertise and gain experience in this field to get hired by any of the many renowned organizations out there.
Salary And Future Growth of Project Management
Coming to the salary of a Project Manager, it depends on your domicile and which industry you choose to settle with.
For instance, the average payroll for a Project Managers in international countries like the United States, Switzerland, Australia, amounts to $108,000, $133,605, and $134,658, respectively. On the contrary, the maximum average earnings in nations like Egypt, India, and China is not more than $27,156, $27,052, and $24,201, respectively. So, the payscale for the same job role depends from one place to another is evident here.
Wages differ in the USA as well. For instance, the national average salary for entry-level vacancy in Project Manager role is maximum $89,286, whereas, the range amounts to $96,425 for the established Project Management Professionals, for IT project managers, the median salary is $100,000, and lastly, it is $107,472 for project managers from engineering domain.
Directors of Project Management Offices are the ultimate gainers, earning the most amounting to $134,791 annually on an average.
Furthermore, notice that the salary of a Project Ma age also depends on the project size that the person has to take care of. A report from the Project Management Institute says that the Project Managers can earn about 40% over their usual income if their project cost surpasses $10 million.
According to the latest report, concerning the demand for Project Management Professionals, it is concluded that their need in the industries (irrespective of any sector) is increasing with the accelerating growth of industrial jobs. The demand for PMP is much expected to rise by 33% through the year 2027.
The data given in the previous bullet holds certain implications for the scope of project management in future. Let’s consider an example, suppose, any particular field is expected to rise by 12% within the interval of 2010 to 2020, whereas the Project Managers are currently making the growth to 16% over what the non-certified professionals can make.
So, this implies three things:
- Project management is going to be one of the leading professions in the long run, particularly among the newcomers who otherwise would not have appraised the role of project manager as any profession.
- There will be greater focus in the skills of managing hard projects. Project management professionals will be required to manage the entire project through certain software applications (made for project management). Also, they will be expected to demonstrate their ability in assessing the formal project management techniques.
- Proper certification will be given more preference during the time of recruitment; project managers with PMP and MBA qualifications will be expected to get more priority than what they usually get now.
Let’s Sum It Up
Well, there are obviously several other grounds considering, including the person’s work experience, academic qualification, time spent in the dedicated domain, and even the aptitude followed by basic likeability of the candidate.
However, the above discussed segments tell you (for students) all that you must know, before pursuing your career in industrial Project Management.
If you are a jobber, make sure to attend a reliable PMP certification program to add more value to your existing work experience on Project Management.
Hope it helps!