|September 25, 2013
AACE International’s annual salary survey reports that the average yearly base salary for among worldwide project and cost management professionals employed full-time in 2012 was $102,613 – a 7.3% overall increase since 2011. The average bonus in 2011 was reported as $19,484. (In the United States and Canada alone, these figures were $117,343 (+5.8%) with a bonus of $20,796). The normalized base salaries for AACE members were on average about $12,000 higher than for non-members with the same amount of work experience.
“It is difficult to determine from the survey alone whether more financially successful project and cost management professionals are more motivated to join AACE International or whether the wide spectrum of professional resources and practical solutions that members can apply to their every day career challenges simply make them more valuable to the employers or clients,” commented Executive Director Dennis Stork. “In any event, it appears obvious that investing in AACE International dues pays significant dividends for many TCM practitioners.”
The average respondent was male (85.0% versus 15.0% female), about 44 years old, with 19 years of work related experience, and an undergraduate or graduate degree in an engineering related field. About 82% of respondents indicated they were somewhat satisfied or very satisfied with their job.
About 21% of respondents changed employers between 2011 and 2012. Those that changed employers voluntarily enjoyed a 12% overall base salary increase compared to about 6% for those that remained with the same employer, or who changed employers involuntarily.
The majority of respondents indicated their job-function to be project controls (26.4%) or cost estimating (20.5%). Other job-functions included: planning & scheduling (15.9%), project management (15.3%), cost engineering (14.4%), claims and dispute resolution (3.8%), and other (3.8%).
The majority of the respondents work in the construction industry (29%), oil/gas production (16%), or engineering (11%). 48% are located in the United States and 14% in Canada.
The survey also shows that women’s salaries are about 4% less than men’s, despite having the same level of experience. In 2012 that translated into a $4,375 difference in base salary.
As this and previous surveys have shown, there is a very strong correlation between salary and years of experience. As such the data presented also includes salary data that has been normalized by years of work experience for that particular sample.
AACE International members will have access to the most recent salary survey as part of their membership dues. Non-members may purchase the current salary survey for $50.00. Individuals wishing to participate in the 2013 Salary Survey should click here.
AACE International represents more than 8,600 members involved in the practice of total cost management worldwide. The Association offers a variety of professional resources, including the highly respected Cost Engineering Journal, a robust virtual library with more than 4,900 technical articles, recommended TCM practices, a portfolio of professional certifications and educational and professional development opportunities that range from its annual meeting to its Online Learning Center.