Whether you are seeking a project coordinator position or a senior project manager salary, a project management salary is quite competitive. Depending on your duties and the needs of your employers, you will spend most of your time organizing different parts of a project and updating documentation to show progress. Typically, this job involves seeing a project through from the time the contract is signed to creating a detailed project plan to the completion of the last task.
When you are considering your future career path, it is so important that you do the proper research on the careers that interest you. When you research different career paths, you will be able to compare one career to another to get a good idea of what is a good fit for you personally, and which types of training are a realistic goal for you.
One great way to research different career options is to start by looking at different degree options. When you start your research this way, you will get a broad picture of how much time and money you might need to invest in your education, as well as what you can realistically expect to accomplish with your degree as well.
In this post, we will look specifically at the details of earning a Master’s Degree in Project Management. If you have been wondering if this particular degree option is worth it, now’s the time to do the research and get answers to these important questions. Let’s dive right in.
What Do Project Management Professionals Do?
Before we get into the details of these degree options, let’s take a moment to consider what a project management professional actually does. Project management can vary from industry to industry. Just about every industry in America makes use of project managers as part of their core teams.
A project manager is a team member that is responsible for planning and executing projects. This can include establishing the project scope, managing the team, procuring resources, and assigning resources.
This can look different from one industry to the next, but in general, the project manager is the individual who is responsible for the success of individual projects. Precisely defining what a project manager does in a broad sense can be difficult. You can get more information on what project management looks like in each industry, by digging into that particular industry.
Just remember, that a project manager is a leadership role in most companies, and the position will entail planning and executing different goal-oriented projects.
Is Project Management A Good Career?
Project management is a great career if you have the skill set and the leadership abilities to succeed in it. These positions often pay well and have a lot of opportunities for showing your abilities to the company for future promotions. This is a good career for those who wish to move up in the corporate world eventually.
Is A Project Management Degree Really Important?
Yes, it is important to obtain a project management degree if you want to be seriously considered for these types of positions. Project management is an integral part of the business world. While working on a project management degree, you will receive a business education that will help you succeed and handle the demands of this position.
Do I Need A Master’s Degree In Project Management?
It is not necessary to obtain a Master’s Degree in order to get started on this career path. However, most project managers do have the ambition of moving up in the corporate world. If you also have this ambition, a Master’s Degree in Project Management can help you make this goal a reality.
When applying for higher positions or promotions within your company, having a Master’s Degree in Project Management listed on your resume can be a strong asset. This lets hiring managers know that you have taken this position and your education seriously.
In a broader way, having a Master’s Degree also sends the message that you are a dedicated, focused individual who is capable of setting goals and seeing them through.
Earning this type of degree can most definitely increase your marketability in whatever field of industry you plan to use it in.
What Does A Masters Project Management Program Teach?
Masters in project management programs will vary between each institution, but in general, you will learn management skills that are needed to evaluate, analyze, and apply ideas while you are leading projects.
This type of degree also focuses heavily on decision-making and ethical decision-making. Another important component of most project management degree programs is a focus on best practices for both planning and execution, as well as managing contracts and asset procurement.
Some common project management courses will include
- supply chain management
- agile project management
- engineering project management
Can I Complete A Masters In Project Management Online?
Yes, there are many online options when it comes to this type of degree. Many bachelor’s program business degrees are easily obtainable online because they require little to no hands-on training. An online degree can be far more convenient than on-campus programs for working adults who want an MS in project management. Other programs in graduate school will still let you interact with other students.
Most students have established excellent study skills and independent work habits by the time they are ready to pursue their Masters in Project Management degree. If you have these skills, you can complete a master’s degree quickly.
Many programs also offer accelerated programs to help working professionals earn this credential quickly while also maintaining their regular job.
Is a Masters Degree in Project Management Worth It?
Is a masters in project management worth it? Whenever someone is considering a career path and the necessary training to accomplish that goal, you must consider the cost. When considering the cost of a master’s degree, you should consider both the cost in money and the time you will be investing. The big question then becomes, will this investment be worth it?
A master’s in project management can help you land a project management position, and these positions do pay well. Depending on the size of the company you work for, most project managers can expect to make over $100,000 a year. According to the Project Management Institute, this position in most industries will earn you $116,000 a year.
In order to command the highest project management salary, your education needs to match your experience. Top project management salary positions go to consultants with certifications and master’s degrees. You don’t strictly need to have a master’s to get a job in project management and you can always move up within your organization. However, increasingly, a master’s in business administration or project management is a prerequisite for positions with greater responsibilities.
Project management salary positions involve organizing team members as well as the internal and external clients. You have to plan meetings and coordinate logistics including work being done on one or more projects.
A project management salary can be quite competitive, especially once you have enough experience to land a senior project manager salary. Project manager education allows you to quickly advance in this niche field. There is typically a huge demand for qualified project managers, and you can easily command senior project manager salary levels after a few years of experience and a master’s degree.
You can often get a master’s degree in as little as 18 months. after you get your degree, work on gaining experience. Senior project manager salary in the high six figures require 5-10 years of additional experience.
Many people choose to go for certifications but a project manager education at the master’s level shows a real commitment to the field. A senior project manager salary that requires many years of experience could be within reach after achieving your master’s.
With a project manager education, you learn how to organize information and use software that can help with duties related to being a project manager. Project manager education should include a balance between theoretical and practical applications. For example, you need to know how to produce budgets, monitor expenses and provide updates in different software tools used for project management.
With a masters in project management salary, you can increase your project manager starting salary or move up at your current position.
What is the Average Starting Salary Project Managers Make?
The average starting salary project managers enjoy depends on the person’s education and experience. According to the salary.com, the average project manager salary is $76,000. Project manager starting salary typically ranges around $67,000, wild top salaries average $89,000.
Masters in project management jobs can go even higher, especially in financial and technical fields. Factors impacting masters degree in project management salary ranges Include certifications, specialized skills and the number of years you have worked in the field.
How much does a project coordinator make?
Masters degree in project management salary for those with prior experience in project management might include project coordinator jobs. How much does a project coordinator make? These professionals make $106,000 on average in the United States. However, there’s a very wide range for this position, according to salary.com.
A masters in project management worth it if you can get a position at the high end of this range which falls between $45,000 and $166,000.
It’s important to keep the potential in mind as you work your way through a certification or master’s degree. In general, a masters in project management salary is much higher than those with the same experience but no master’s degree.
With a masters in project management salary, you can secure a position with a project manager starting salary that’s much higher than those for candidates with just a bachelor’s degree. Maximize your average starting salary project manager potential with additional courses, certifications or a master’s program.
According to the U.S. Bureau of Labor Statistics, project coordinators and other project management specialists are in high demand.
How much does a project coordinator make? A lot more with the formal education to stand behind their resume. Is a masters degree in project management worth it? Project managers in computer information systems typically need a master’s in project management to qualify for the job.
Masters in project management jobs include the following (shown with average salary):
- Information Systems Managers $208k
- Medical and Health Services Managers $189k
- Administrative Services Manager $166k
- Construction Manager $165k
- Senior Portfolio Manager $125k
A masters in project management jobs is preferred for most of these positions. That’s why professionals often pursue a master of project management jobs after attaining their degree online or in an evening program.
What Job Can I Get with a Masters in Project Management?
What master’s degree in project management jobs are most lucrative? A masters in project management is worth it if you’re interested in pursuing a master’s in project management jobs in financial or technical fields. You can build a niche that makes your master’s degree in project management salary even higher.
Masters in project management jobs depend on the firm foundation a formal education imparts on successful graduates. Master of project management jobs make the hard work and sacrifice of getting your degree pay off, literally and figuratively.
What job can I get with a masters in project management? Masters in project management jobs vary widely and span every industry from healthcare to technology to construction. Most master’s degree in project management jobs are challenging and rewarding and allow you to use the skills you picked up in an accredited master’s program.
Some Final Considerations
There are a few other things you should consider. If paying for your education is an important part of your budget and future financial planning, you will want to consider your tuition carefully. If you will be taking out loans to complete your Masters in Project Management, you should consider if you will be able to earn a suitable salary as a project manager to pay back these loans in a timely manner. In most cases, a project management salary is more than adequate to pay back student loans. However, if you also have other debt you are paying on, you will need to plan carefully.
A degree is only an asset if it is helping you progress in your financial and personal goals.