What is a high rate for Project Management?

[DieScum]

Just spotted an ad for an interesting sounding position in my speciality doing project management on a 12 month gig. It's a fairly niche gig and I doubt anyone else could come close to me for experience and contacts in that one very particular niche so I'd be confident of getting it.

It is being advertised as a high rate. So what is a high rate for a PM with specific niche knowledge? I'm thinking at least 500 but could I go in higher than that.

I'm permie at the moment with a 70k package so I'm not really interested unless the rate is excellent.

Had a poke around here: What is the salary of a project manager? | Project Manager Jobs

[zara_backdog]

Looking at the current market £400-£500pd looks average. Like all contacts their can be a huge difference depending on area and location. Just seen a couple on £600pd On London and One Birmngham). However there are also PM roles paying less then £300pd where the job spec's specifiy the same skills - Pot Luck I would say.

Most Job Boards have a section where you can see the average 'Market Rate' for a role.

As a BA - I have seen roles ranging from 150 - 400 per day.

[BrowneIssue]

It is being advertised as a high rate. So what is a high rate for a PM with specific niche knowledge?

Anything more than I am on.

London pays about £100 to £200 per day more than elsewhere. Finance adds about the same. Security clearance helps too. A financial qualification helps.

Specific niche knowledge, as a contract project manager, takes me between 3 hours and 5 days to acquire. Certainly to gain enough to run a project confidently and successfully. Frightening that, innit?

A project manager doesn't do the work and doesn't need exacting knowledge of how to make the projects. A P.M. needs knowledge of how to spot bulltulip and the people skills to get someone else to check the quality.

I'm thinking at least 500 but could I go in higher than that.

Most PMs pulling in more than that have grey hair and gravitas and are not working in IT.

I'm permie at the moment with a 70k package so I'm not really interested unless the rate is excellent.

First time contractors get lower rates. That's because of the number of permies who quit within the first couple of weeks of contracting.

Do NOT go into contracting for the money. You will not be able to hack it.

[oracleslave]

Most PMs pulling in more than that have grey hair and gravitas and are not working in IT.

Almost all pm's I know managing ERP implementations pull in more than that.

[XLMonkey]

Its difficult getting an accurate picture of the daily rates that people get from things like Jobserve. These don't reflect the rates that people get on renewal, or the number of contracts that are placed without advertising (or at least, without advertising on the jobserve's of this world)

You can get a reasonable idea of the actual rates from some of the survey's done by agents. www.russam-gms.com or www.executivesonline.com have downloadable surveys of the market that you can look at.

If you take the 2006 executivesonline survey of contractors as a benchmark, the average daily rate achieved for an IT project manager (not advertised) was 650. Russam generally comes up with averages a little lower than this (580-600). The market has distinctly cooled since then, so you would expect these rates to have gone down a litt.e

The problem you'll face is that the project manager job title covers a huge range of roles, from people who push an MS project plan, up to people who manage teams of hundreds. I think that you need to try to be much more specific about the type of project that you are looking at, to get a more meaningful benchmark.

[wantacontract]

If you are on 70k as a perm now. I would stay there....

Seriously, the market at the moment is all over the place.

And you'll be kicking yourself if you were to be forced after one £500/£600 contract to take £300 contracts....due to being on the bench...need money so you lower your rate, etc....

If only someone would offer me 70k, I'd bite their hand off....

[cupidstunt]

If you are on 70k as a perm now. I would stay there....

Seriously, the market at the moment is all over the place.

And you'll be kicking yourself if you were to be forced after one £500/£600 contract to take £300 contracts....due to being on the bench...need money so you lower your rate, etc....

If only someone would offer me 70k, I'd bite their hand off....

You may be kicking yourself if you don't take the lower paid contract as well though. When things get difficult in the market taking something for £300 per day to see you through until things pick up is not that bad an option. Going permie is of course another alternative