Question: How Much Do Freelance Project Managers Make?

How do I calculate my hourly rate as a freelancer?

A common approach to figuring out an hourly rate is to divide the salary you want by the number of hours worked each year:40 hours/week × 52 weeks/year = 2,080 hours.$100,000 desired salary ÷ 2,080 hours = roughly $50 per hour..

What does a freelance project manager do?

A freelance project manager is a contractor who leads projects on behalf of client organizations. Some freelancers work completely independently, and others find work through employment agencies or other third parties.

How do you bill a project manager?

Project managers may work as self-employed consultants or for a consulting firm that places them with clients. Several ways exist to charge for project management including invoicing an hourly rate, flat rate per project, retainer or consulting fee, or in phases of project completion.

How are project management fees calculated?

1 Answer. The cost of managing a project is typically a range of the total cost of the project and is very industry dependent. For example, your industry may suggest that PM and PM control costs will be 15% to 20% of the total cost of the project.

What is Project fee?

Project Fees means those fees that have been agreed to by the Parties and set forth in the Budget. … In no event shall such fees exceed the maximum amount permitted by the Department of Housing and Community Development as long as it is a Lender.

What percentage does a project manager Charge?

Based on the above estimates, the combined project management costs for all phases of a project total somewhere between 7–11 percent of the project’s TIC. If project controls support is added, project management costs will be in the 9–15 percent range.

How much should I charge as a freelance project manager?

The average freelance digital project manager contractor rate varied from $100 to $700 a day. Again, this is highly dependent on industry, location, and experience.

How do you calculate project management hours?

In general, add 15% of the effort hours for project management. For instance, if a project estimate is 12,000 hours (7 – 8 people), and then a full-time project manager (1800 hours) is needed. If the project estimate is 1,000 hours, the project management time would be 150 hours.

How much time should a project manager spend on a project?

The Construction Management Guide recommends a “rule of thumb” that 10% of the hours estimated for a project are for the project manager’s work. Then you can extrapolate from that how many projects he or she can handle (based on a normal 1800 hour work year.)

How do project managers make money?

Getting a good education, gaining experience, earning certifications, working in a competitive industry, and taking on bigger projects are a great approach to making more money as a project manager.

What is a typical project management fee?

Total Project Management Fee = Hourly Rate x Hours Per Month x # of Months. This hourly fee can vary drastically, depending on the size and scope of your project. Typical fees can range from $1,000 – $20,000 per month.

How many projects should a project manager have?

In a recent edition of PM Network magazine, project managers are bemoaning the number of projects they’re asked to manage, with the average number of concurrent projects standing at eight.

How do you price freelance work?

If you are finding your clients through some of the established freelance markets like Upwork, you will notice that more designers have an hourly rate quote. Some designers charge as little as fifteen dollars an hour and others charge hundreds. The average is around USD forty-five dollars an hour for graphic designers.

How much should I charge as a freelancer?

For instance, if you want to earn $60,000 dollars a year, that means you should earn $5,000 each month. If you intend to work for 40 billable hours each week, then you need to charge $125 per hour. In this case, if a client gives you a project that takes you ten hours, you would then charge them $1,250 for the project.

How much do project managers charge per hour?

Hourly Wage for Project Management Manager SalaryPercentileHourly Pay RateLocation10th Percentile Project Management Manager Salary$53US25th Percentile Project Management Manager Salary$59US50th Percentile Project Management Manager Salary$67US75th Percentile Project Management Manager Salary$75US1 more row