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Salary of an MBA Graduate in Project Management
Project Management Job Growth
Project management is a growing occupation with increased specialization, evidenced by the quadrupling of membership within recent years of the Project Management Institute (PMI), the nation’s largest professional association for project managers. According to the organization, it certified more than 90,000 professionals and signed up nearly 150,000 new members from around the world in 2012.
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Salary Information for Project Managers
Salaries for project managers depend on geographic location, industry, experience and education. Yearly earnings are difficult to determine because many project managers earn bonuses at the completion of an assignment. As of January 2016, PayScale.com reported the median salary for project managers in the information technology industry was $84,797. In the construction industry, project managers made a median salary of $69,765.
The PMI publishes a full salary report that bridges industries as well as 19 countries and includes a breakdown of several demographic variables.
MBA in Project Management
Graduates from specialized MBA programs may become full-time project management professionals in a variety of industries, while other managers incorporate project management responsibilities in their job description. Earning a master’s degree in project management is therefore a skillful career move for both people starting out in their business careers and for mid-career professionals. Formal training is becoming the preferred avenue for career entry as the profession develops; therefore, graduate certificate and degree programs are becoming more prevalent as interest in this career grows.
Core project management courses at the graduate level include team building, risk management. planning and ethics. Key skills emphasized in training programs are statistical analysis, math, cost-benefit analysis and decision science. The ability to make effective presentations and create clear project documentation is also honed. In addition to these fundamental project management courses, field-specific training – such as in engineering, construction science or information science – is often part of graduate work.
Since education and experience have a major impact on the salary that these professionals earn, students are encouraged to fine-tune their skills through additional project management courses and hands-on training. With a master’s degree in a specialized field, these graduates have a better chance at increasing the job opportunities that are available to them.
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