A competitive salary is just one of the many benefits to a career in project management. The role offers opportunities to work on varying projects across a wide range of industries, keeping the work engaging and challenging. It also offers plenty of opportunities for advancement, with options to move into higher management roles, including programme and portfolio management.
The average salary of a PRINCE2® project professional in the UK
Firstly, at the time of writing, the average salary of a PRINCE2® project manager in the UK is £54,000, and it’s even higher if you live in the capital at £82,000 [Adzuna]! That is a fantastic 50% above the national average, or 107% above the London average! A great salary by all accounts, and one which evidences the value of project professionals becoming PRINCE2 qualified.
Now for the icing on the cake…
PRINCE2 professionals are in huge demand!
If you are a qualified project professional, or currently studying to become one, it will be music to your ears to hear that PRINCE2 qualified candidates are in great demand!
PMI’s 2021 Talent Gap Report predicted a rise in the need for project managers and project professionals over the next decade, and we are already seeing this come to light. PRINCE2 job adverts are up 23% on last year, and the pay has risen as well – now 11.3% higher year-on-year! Salaries are increasing and endless opportunities are opening up too.
Project management-orientated employment (PMOE) is one of the fastest growing career fields. Presently there are over 5,000 project management jobs listed on sites such as Indeed and Reed.
You may ask, why is this? The short answer is that PRINCE2 is recognised globally as a process-based method which provides project professionals with a firm grounding in how to successfully and effectively manage a project. Essentially, PRINCE2 training provides the candidate with the framework for project success, and being PRINCE2 qualified provides evidence that the candidate has these skills in their toolkit.
Closing the talent gap in project management
In their aforementioned report, PMI identifies three reasons for there being a talent gap in the project field (a higher demand for professionals versus the supply of talent). Firstly, they noted an increase in the number of jobs requiring project management-oriented skills. Along with a higher demand for project professionals in emerging and developing countries due to economic growth. And finally, the rate of retirement from the workforce is a contributing factor.
Inevitably, people are leaving the profession and new talents are joining, but the rate at which candidates are joining the profession is not enough to meet the increased demand, and this is a problem. The report found that the global economy needs 25 million new project professionals by 2030. And to close the talent gap, 2.3 million people will need to enter PMOE every year just to keep up with demand!
It is clear that action needs to be taken to address the talent gap. The increase in PRINCE2 salaries shows that companies are already looking for ways to be competitive. The urgent need for workers with project management skills must also drive businesses to strategise. As well as recruiting new talents, they must champion learning and development initiatives to foster the talents of existing employees. Organisations should look to equip employees with the necessary project management skills which align with the company’s vision.
“Make sure your learning is aligned with business skills. Rather than looking at hours of learning and course-completion rates, instead focus on identifying what skills are lacking in your organisation. With that alignment and clarity, L&D can create a skill-building program that’s in lockstep with your business strategy.”
– Lori Niles-Hofmann, Senior EdTech Transformation Strategist, NilesNolen [LinkedIn Workplace Learning Report]
Getting started as a PRINCE2 professional
Entry level PRINCE2 positions start at £35,000 per year, while most experienced workers make in the region of £60,000 per year. And so, it is evident that, as well as helping you to manage projects more effectively, PRINCE2 training can help you achieve your goals and progress in a promising career.
Our PRINCE2 training courses begin at Foundation level, where you will form a good grounding and understanding of the PRINCE2 method and processes. There are no prerequisites for this course, and you don’t even need to be working in the field to take the course.
Once qualified, there is the opportunity to progress to PRINCE2 Practitioner level. By passing this course you become a registered PRINCE2 Practitioner. The examination measures whether the candidathttps://www.prince2.com/geolocate/uk/training/prince2/practitioner-with-exam/onlinee can demonstrate sufficient ability to apply and tailor PRINCE2 to the running and managing of a project. A successful Practitioner candidate should, with suitable direction, be able to start applying the method to a real project.
Take a look at our courses, find out more on our PRINCE2 FAQs page, or talk to us! Our knowledgeable team is on hand if you have any queries.