Project management is a vast field that deals with various aspects of business, including leadership, planning, organizing, securing and controlling resources to achieve defined goals within a set time frame. Professionals in this field work under high pressure situations, with multiple deadlines to produce useful results for their organization. Students with a Master’s in Project Management are prepared to take on these high-intensity roles in a business as they are exposed to advanced concepts in business management, standards, regulations, structures and project portfolio management.
If you want to learn more about a Master’s in Project Management, this guide will provide you with a detailed look into everything you need to know, including education options and job outlook.
Opportunities with a Master’s in Project Management
A Master’s in Project Management can lead to a number of career fields at an advanced level, providing graduates with great growth opportunities, along with a high salary potential. According to the US Bureau of Labor Statistics, the job opportunities for management occupations are expected to grow by 5% in the years from 2019 to 2029. This growth will add an approximate 505,000 new jobs in this field within this time period. The high growth rate will be driven by the continuous creation of new businesses and organizations, along with expansion of existing ones.
Graduates of a Master’s in Project Management program might be able to find work in fields such as logistics, finance, marketing, human resources, economics, healthcare administration and entrepreneurship. Please note that nearly all fields of business require project managers for smooth running of operations or business expansion.
How long does it take to earn a Master’s in Project Management?
A Master’s in Project Management would typically take 2 years to complete with a full-time study format. Students who have transfer credits or are enrolled in an accelerated program might be able to complete the degree in less than 2 years. Some universities also offer a part-time option for students who are working alongside their education. In this case, the overall timeline of the degree would increase, with most degree seekers completing it in 3 years.
How much does a Master’s in Project Management cost?
A Master’s in Project Management can cost anywhere between $30,000 and $120,000, depending on a number of factors. For instance, private universities would certainly charge a lot more than public institutions. Similarly, in-state tuition would be lesser than out-of-state tuition. Other factors to take into account would be student loan and financial aid options available. Please note that tuition fees are not the only costs associated with a degree. Students might also have to consider the cost of residency, books, supplies and transportation as well.
Should I get a Master’s in Project Management?
A Master’s in Project Management can give your career a major boost in terms of job opportunities and salary outlook. Graduates of this program typically earn more than those who have a Master’s in Business Administration (MBA). Another benefit of getting a Master’s in Project Management is its diverse and varied coursework. Since this degree does not focus on one specific aspect of business, students will be prepared to take on a variety of roles in the job market. This will allow graduates a great deal of flexibility when looking for employment opportunities. Upon graduation from this degree, students will be prepared to take on challenging roles that involve managing a diverse set of tasks simultaneously.
In addition to the above, getting a Master’s in Project Management can also lead to a specific career path, if you opt for a concentration in your program. Potential concentration options include analytics, construction management, leadership, project business analysis and agile project management.
What can I expect from a Master’s in Project Management program?
A Master’s in Project Management would allow you to explore a variety of different subjects relating to business, finance and accounting. Students will learn how to initiate a project, complete its planning phase, execute it successfully and monitor it over a period of time before eventually closing it off. Common coursework students can expect to complete in this degree would include the likes of Business Analyses, Fundamentals of Research and Writing, Leading Organizational Change, Project Metrics, Monitoring and Control and Supply Chain Management. Degree seekers enrolled in a Master’s in Project Management may also have the option of choosing a concentration in areas such as Healthcare Administration, Public Administration, Criminal Justice Leadership, Applied Business Management and Human Resources Management.
Students enrolled in a Master’s in Project Management can expect to complete this degree in one to two years, with an expected credit hour requirement of 30-64.
How to choose a Master’s in Project Management program?
Students who intend to enroll in a Master’s in Project Management program need to take into account several factors before deciding on a program. The most important consideration for most students would be the cost and financing options available for the degree. Another important factor to keep in mind is the coursework involved and whether it meets your long term career goals. Students are advised to go over the coursework, concentration options, internship and work placement options available with a degree to ensure that it falls in line with their future targets.
Other things students should consider include the faculty credentials, campus facilities, notable alumni and accreditation status of the program.
Accreditation for Master’s in Project Management programs
Accreditation is one of the most important deciding factors when looking for a degree. This helps determine whether an institute meets the minimum quality standards of education or not. Please note that only students enrolled in accredited programs are eligible for federal financial aid. Accrediting agencies for programs in project management include the Association to Advance Collegiate Schools of Business, the Global Accreditation Center for Project Management Programs and the Accreditation Council for Collegiate Business Schools and Programs.
Admission Requirements for a Master’s in Project Management
Aspiring degree seekers who want to enroll in a Master’s in Project Management program would have to meet certain admission requirements set by the university. While these requirements tend to vary from university to university, there are certain admission criteria that are common to most programs. For instance, applicants will have to submit standardized test scores for GRE or GMAT, along with proof of professional experience and bachelor’s degree in project management. Furthermore, students will be required to submit their undergraduate GPA, which should ideally not be less than 3.0. Applicants will also be required to submit multiple letters of recommendation and would have to clear an interview conducted by the admission committee.
What can I do with a Master’s in Project Management?
A Master’s in Project Management can lead to a number of lucrative career options in different high growth fields. Graduates of this program may be able to find work in fields of construction, finance, healthcare and business. What you end up doing after completing a Master’s in Project Management would eventually depend on your previous professional experience, concentration and interests. With so many career paths to choose from, students are advised to research program details thoroughly before making a decision.
Popular Careers with a Master’s in Project Management
After the successful completion of a Master’s in Project Management, students can go for careers such as follows:
- Logisticians: According to data from the US Bureau of Labor Statistics, Logisticians will experience a job growth of 4% in the years from 2019 to 2020. The median annual salary for this occupation was $76,270 in 2020.
- Finance Managers: As per data from the US Bureau of Labor Statistics, Finance Managers will experience a job growth of 15% in the years from 2019 to 2020 and the median annual salary for this occupation was $134,180 in 2020.
- Marketing Managers: According to the US Bureau of Labor Statistics, Marketing Managers will enjoy a job growth of 6% in the years from 2019 to 2029 and the median salary for this occupation was $142,170 in 2020.
- Human Resources Manager: According to the US Bureau of Labor Statistics, Human Resource Managers had a job growth of 6% in the years from 2019 to 2029 and the median salary for this occupation was $142,170 in 2020.
How much money can I make with a Master’s in Project Management?
The amount of money you earn after completing a Master’s in Project Management depends on the career you opt for, as identified above. Careers in management are expected to pay an annual median income of $109,760, as per figures from the US Bureau of Labor Statistics. Project Management Specialists and Business Operations Specialists made an annual median income of $77,420 in 2020.
Do you need a master’s degree to become a project manager?
A lot of careers in project management do not require a master’s degree. However, earning this advanced credential can set you apart from the competition and help you get better job options, with higher salary brackets. When hiring, most businesses and organizations would prefer to offer employment to the highest qualified individuals. Nevertheless, please bear in mind that a Master’s in Project Management does not guarantee a dream job.