Are you considering a career as a government contract project manager, but unsure about the salary prospects? Look no further, because we have the information you need.
According to the Bureau of Labor Statistics (BLS), the median annual salary for project managers was $93,370 in May 2020. However, it’s important to note that this figure can vary based on factors such as location, industry, and experience.
In the government contracting industry specifically, project managers can expect to earn a higher salary due to the complex nature of the projects and the additional qualifications required. A study by Payscale.com found that the average salary for a government contract project manager is $87,000 per year, with the top earners making over $120,000 per year.
Experience is a significant factor in determining a project manager’s salary. Entry-level project managers in government contracting can expect to start with an average salary of about $60,000 per year. However, those with five or more years of experience can earn salaries well into six figures.
Location also plays a significant role in determining a government contract project manager’s salary. According to Payscale.com, project managers in Washington D.C. earn an average of 18% more than the national average, with an average salary of $102,000 per year. Other top-paying cities for government contract project managers include San Francisco, Houston, and Seattle.
In addition to salary, government contract project managers may also receive additional benefits such as health insurance, retirement plans, and paid time off. These benefits can vary based on the employer and the specific job position.
In summary, government contract project managers can expect a respectable salary, with opportunities for significant growth with experience. While the salary may vary depending on location and industry, project managers can expect to earn a comfortable living wage while managing complex projects for the government.