If you have people skills and organisational skills, you may thrive in a career in project management. An exciting discipline in higher education, project management opens up many roles, such as leading a team of engineers in an IT project, to name one. An effective project manager oversees a diverse group of individuals, communicates with executive leaders, and keeps projects on track in an ever-evolving and fast-paced environment.
For a project management professional with mid-level seniority, earning a Project Management Institute (PMI) certification is a vital step in showing competency and getting a pay hike or promotion. However, in an increasingly competitive labour market, such certification alone is not enough for an aspiring project manager to be more easily noticeable than the rest. This is why it is important for anyone keen on enhancing their project management skills to earn a postgraduate degree in this field, like an MS or MBA. Some schools offer PMI-accredited project management courses that lead to master's-level qualifications, which attracts aspiring project managers.
Let’s dive right in…
What is Project Management?
As a process, it is something that turns big business ideas into definitive results. Project managers aim to ensure that business goals come true. This requires not only the capability to produce and execute smart processes for employees to follow while collaborating on tasks, but also strategic thinking regarding how an organisation can achieve its mission. As a management type, it pays attention to action rather than theory.
Project management is also a field that demands diplomacy, as project managers sometimes have to resolve issues between their team members and coordinate negotiations between dissenting groups within their team.
All managers have project manager roles and responsibilities to a certain extent, which means most aspiring managers can benefit from specialised training in this field, as it offers key skills in project implementation.
Benefits of Pursuing a Degree in Project Management
There are many benefits to earning a degree in project management. The more aware you are in everything that project management entails, the better your chances are of advancing in this career. Here are some factors that popularise project management courses in higher education.
A Growing Field
Employers abroad actively seek project management professionals, especially because it is an industry that continues to grow. People with project management skills are necessary in many fields abroad, including healthcare, technology, law, financial services, and construction. Many jobs require you to be able to come up with business-related ideas. With the continuous demand for companies to be more efficient and smarter, the skills attainable from project management courses will be increasingly valuable to virtually any employer.
More Jobs
Because this is a growing field, there are more jobs available to project management graduates as well. The Bureau of Labor Statistics forecasts an 8% increase in the number of jobs in project management between 2016 and 2026. As per the BLS, management jobs generally tend to result in above-average pay, like around $95,000 in May 2021. If you join a degree program in project management now, it could just offer you a competitive advantage when it comes to landing a high-paying job some years later.
Many Career Paths
You can use project management skills in nearly any career path you wish to pursue abroad. This is a versatile degree as most organisations require skilled leaders with the capability to solve problems, delegate appropriately, and manage workflow. Project managers have to set project goals, tasks, and an appropriate deadline, either by themselves or through their subordinates.
Competitive Pay
With a degree in project management, you can land a rewarding and challenging job with excellent pay. The pay for project managers in the USA can range between $85,000 and $135,000, depending on their field, education, location, and experience. Almost every manager works in fields like construction, telecommunications, information technology, engineering, or architecture.
High Demand
There is an insanely high level of demand for project managers around the world. As per a recent PMI estimate, by 2027, there will be around 88 million vacancies in roles related to this field. This level of labour shortage presents an opportunity to aspiring project managers in the future. With a PMI-accredited degree in project management from a school abroad, you can show your future employer that you have knowledge and skills in this field.
Possibility of Moving from One Industry to Another
High pay is an attractive aspect of project management jobs, but the most appealing part of working in this field is perhaps the option to go up the career ladder or shift positions between multiple industries. This is possible because project management skills and knowledge are transferable from one type of project to another.
Admission Requirements for a Graduate Degree in Project Management
How can you qualify for a postgraduate degree program in project management? While entry requirements vary from one school to the next, some of the criteria are common for project management as well. Here are the common requirements to get into a degree program in project management:
- Bachelor's degree
- English proficiency
Not every university requires work experience for an MBA in Project Management. However, work experience is usually required for an executive MBA program.
Top Jobs After a Master's in Project Management
A graduate degree in the field of project management opens up plenty of employment opportunities. Here is a table showing some of the best career paths for project management graduates:
|
Role |
Average annual pay |
Growth rate |
|
Project manager |
$84,000 |
11% |
|
Assistant project manager |
$63,000 |
5 to 10% |
|
Senior project manager |
$120,000 |
5 to 10% |
|
Consultant |
$84,000 |
5 to 10% |
|
Project scheduler |
$88,000 |
5 to 10% |
|
Project team lead |
$80,000 |
5 to 10% |
|
Program manager |
$120,000 |
5 to 10% |
|
Director of program management |
$145,000 |
5 to 10% |
|
$70,000 |
5 to 10% |
|
|
Construction manager |
$95,000 |
11% |
How to Select a Degree in Project Management
If you want to earn a master's in project management, you should evaluate all your options to determine which program best suits your professional and personal objectives. When you try to determine the program, it is worth considering the following factors:
- Whether the program offers the kind of opportunities that will let you apply what you learn in class to practical scenarios.
- Whether the course offers a specialisation that makes it possible for you to attain the knowledge and skills vital for success in your preferred industry.
- Whether the program has an internship, research, or practicum stream that makes it suitable for your career objectives.
- Whether the course follows Project Management Institute practices and standards and contributes to PMI certification.
Each of the above factors is a highlight of the Master of Project Management program at CQUniversity, which makes it popular among aspiring project managers and those on their path towards career growth.
Should I pursue an MS or MBA in Project Management?
You have to consider certain factors before making a decision on this. The knowledge and skills you gain from an MBA in project management are different compared to an MS in this field. If you need broader knowledge in management and business, an MBA in project management is ideal for you. If you want specialised training in project management, an MS is your best option out of the two. Compare multiple project management courses and consider your career goals before arriving at a final choice.
Do Project Managers Have Demand?
To cut a long story short, yes. As per a BLS projection, there will be a 7% increase in the number of project management specialist vacancies until 2031, which indicates a continued requirement for this position.
How Long Is a Master's Degree in Project Management?
The duration of a master's program in project management varies depending on your specific program and school. Usually, it takes one to two years to complete the program. However, some schools provide courses that lead to the qualification in about a year. If the program requires you to complete a capstone project or thesis, however, it may take longer to complete. It is important to research different programs to find the one that fits your academic and career goals.
How Much Does a Master's Degree in Project Management Cost?
The cost varies from one program to another and from one institution to the next. The tuition fees for a master's degree in project management range between $20,000 and $70,000 in the USA, £20,000 and £35,000 in the UK, CAD 20,000 and 40,000 in Canada, and AUD/NZD 23,000 and 40,000 in Australia and New Zealand. However, it can be lower or higher, depending on factors like school location and whether it is a part-time or full-time program. It is important to look at different institutions and programs to determine the best option for your financial situation.
For more details regarding project management as a field of study that can benefit you in your future career, contact our counsellors.
