The median salary of Project Management Professionals has been found to vary with a number of key demographic factors, as per a ‘2013 Salary Survey’ report published by Project Management Institute, PMI, US. These include factors such as:
Country of employment
Number of years experience in project management
Position / Role
Average size of projects managed, including average project budget and average project team size
We present the comparison of salary information for 10 countries from the PMI report.
Country of Employment
The median salary for project management professionals vary widely from country to country. The country with the highest median salary ($134,658 USD) is Australia, whereas India and China are amongst the countries with the lower range of median salary (around $27,000 USD).
Within the various levels of project managers, salary appears to increase with added responsibility as a person proceeds from being a Project Manager, to a Program Manager, to Portfolio Manager, to the Director of a Project Management Office. There are some exceptions to this order though. In Germany the salary of Director of PMO is less than the salary of Portfolio Manager. The differential salary increase between different levels appears to be low in Japan, China and India.
Number of Years Experience in Project Management
The number of years a person has worked within the project management profession has a direct positive correlation with the salary. Again the difference in median salary varies by country. A dramatic increase is seen in Nigeria. The median salary ranges from $19,231 (USD) for those just starting out in the project management field to $61,538 (USD) for those who have been in the field for 10 -15 years. This represents an increase of nearly 230% from low-to-high experience in the field. The difference in median salary is not as striking in China.
Project Size (Average No of Team Members and Project Budget)
The size of projects managed, in terms of average number of team members and average project budget, also appears to have a positive correlation with annual salary.
In Nigeria, those managing projects with budgets of $10 million or more earn 96% more than those with projects under $100,000. In Japan and India the figure is around 50% more. In Japan, China and India those managing projects with larger teams (20 or more people) have a median salary that is 30 – 34% higher than those managing teams of 1 to 4 people.
The detailed report gives the salary information of Project Management Professionals for 33 countries.
I thank Mukund Sathe for sharing the ‘2013 PMI Salary Survey Report’.
Two major events scheduled on the 18th of December, were seen as deciding factors for the stock market movement in India by the end of 2013.
First was the announcement of monetary policy by the Reserve Bank of India (RBI) governor. Raghuram Rajan beat the market expectations of a hike in interest rates and surprised the markets pleasantly with no changes to the current monetary policy. RBI kept the repo rate unchanged at 7.75 % , the reverse repo at 6.75%, the cash reserve ratio at 4% and the marginal standing facility and the bank rate at 8.75%. Markets reacted favorably to the announcement.
Later on the same day, US Federal Reserve Chairman Ben Bernanke initiated pullback from Quantitative Easing (QE) before the end of his term in 2014, with Janet Yellen taking over as the Chairperson of Federal Reserve. As the size of the taper, $10 bn was in line with what the market had expected back in September, 2013, the announcement saw the US markets shooting up.
Collaborative attitude vs. individual brilliance has always been a matter of debate. The subject elicits different responses depending on the socio-cultural context.
Countries like Japan,with team driven culture, have made remarkable progress in technology, thanks to their collaborative attitude. The American system and the European systems have been able to drive innovation with the help of their educational and legal frameworks that allow for collaboration between various people, encourage out of the box thinking and risk taking.
In the Indian society though individual brilliance is highly admired, but team working skills do not receive the desired consideration. Read more
Notwithstanding the fact that trading foreign exchange on margin carries a high level of risk, the world’s largest market with 24-hour market action is the currency trading market.
There are more than 190 countries in the world with currencies that can be traded, of course, subject to government restrictions. The value of daily foreign exchange trading exceeds the value of annual international trade in goods and services by more than one hundred times.
The cumulative share in daily currency trading of the top ten currencies is about 180 percent and the rest of the currencies in the world have a share of 20 percent. (Since two currencies are involved in each transaction, the sum of the percentage shares of individual currencies totals 200% instead of 100%.)
As per reports of The Bank for International Settlements, which is an international organization of central banks, these are the top ten traded currencies of the world in 2013.
On 18th of July, in the year 1918, Nelson Mandela was born in the village of Mvezo in South Africa, who grew up to be anti apartheid revolutionary, served as the President of South Africa and became a great champion of humanity for the world.
Here are some quotes from Nelson Mandela By Himself: The Authorised Book of Quotations
What counts in life is not the mere fact that we have lived. It is what difference we have made to the lives of others that will determine the significance of the life we lead.
Death is something inevitable. When a man has done what he considers to be his duty to his people and his country, he can rest in peace. I believe I have made that effort and that is, therefore, why I will sleep for the eternity.
Everyone can rise above their circumstances and achieve success if they are dedicated to and passionate about what they do.
I never think of the time I have lost. I just carry out a programme because it’s there. It’s mapped out for me. Read more
Very few people will dispute the fact that managing expectations is critical to the success of any relationship, be it a business relationship, a professional relationship, or a personal relationship. A business that manages to balance the customers’ expectations with its product/service emerges successful. On the other hand, a business that fails to live up to the expectations of the customers, loses its customers to the competitors. At work, employees are rated on how often they exceed expectations, meet expectations or fail to meet expectations.
Managing expectations does not imply giving in to all the wishes of your clients or managers which you may think of as unreasonable, but it is about being objective, subtly putting across your views, setting the right expectations, communicating those expectations, and meeting the expectations. At work people need to manage expectations at different levels to ensure that their efforts are directed towards the desired outcomes and their performance gets noticed. As such those who can manage expectations well are often more productive at work.