I recently received an email asking me about salary ranges for architects and project managers. The author of the email wasn't sure which job to take, and thought he'd make a decision based on money.
Candidates, don't make a decision based on money. Do what you love to do. Certainly there are people who are excellent architects and project managers — but I haven't met many. They tend to gravitate more towards one area or the other. I'm sure you love some piece of one of the jobs more than the rest of the role, so make sure you look for that.
Hiring managers, this is where your job analysis is critical. What are you offering in the job? If people are looking for money, decide what you'll offer in the job, so someone can make a career decision, not take a job based on the money.
Money is a poor motivator for work. (Alfie Kohn discuss this in Punished by Rewards). Sure, people need enough money, and money that keeps them in parity with the market and inside the organization. But don't allow money to be the motivating factor for a job in your organization. Make the job itself exciting and an opportunity for someone.