What is a Master’s in Project Management?
In the past, civil engineering projects were usually supervised by architects and engineers themselves. After all, who better to ensure the success of projects then the designers themselves? By the 1950s, however, people began to understand that management was a science in itself. With the rise of scientific management (also known as Taylorism), project management became a distinct discipline on its own. This has allowed us to optimize the allocation of people and resources to meet success criteria in a far more efficient manner than was possible in the past.
A master’s degree in project management is designed to teach you how to apply the analysis and synthesis of workflows to achieve goals within given constraints, such as time and budget. This is an important and sought-after degree, as projects are temporary endeavors which require skills that are distinct from those needed for operations, i.e., “business as usual.”
A master’s in project management could teach you about the five major process groups:
- Initiation: Crucial to the success of any project, this involves determining the nature and scope of the project. This involves the proposal, work breakdown schedule, and financial analysis.
- Planning: This involves planning the project to a greater level of detail, taking into account management methodology, resource requirements, scheduling, and budgeting.
- Production or Execution: The project’s deliverables must be executed in accordance with the plan, allocating and managing both human and material resources.
- Monitoring and Controlling: The performance of the project must be observed and measured to ensure it follows the plan, and if necessary, corrective action must be taken.
- Closing: This includes finalizing activities, settling contracts, and reviewing the implementation to apply to future projects.
What Can You Do With a Master’s in Project Management?
What’s your passion project?
An IT project manager rolls out a new computer system to make retail operations more efficient. A project management consultant helps a company to increase its productivity and profitability by improving its project management practices. A construction manager oversees the building of a new high-speed railway to alleviate traffic and reduce pollution. All are possible futures for someone with a master’s in project management.
These are only a few examples. There are countless possibilities. You get to choose what you’ll do, and you don’t have to know what that is right now. A master’s in project management could give you the tools you need to work in a wide variety of industries, so you’re not committing to a career before you even finish your degree.
Best Programs for Master’s in Project Management
Here’s the best part: We’re going to give you the secrets to finding the best programs for adults, programs that could help you get your master’s in project management faster and with as few headaches as possible. We know planning for college can be confusing, and OnlineDegree.com is dedicated to helping you find the right path for you so that you can complete your degree and start your new career as soon as possible.
Why We Love a Master’s in Project Management
- Higher salary: Master’s in project management holders sometimes make more money based on their degree alone.
- Growth Potential: A master’s in project management is a great degree if you’re looking to get into upper management.
- Career choices: A master’s in project management could be your ticket to one of many great careers.
Online vs. Traditional Campus Master’s Programs in Project Management
Most people who think about going back to school and getting their master’s degree in project management never even get started. Exams, application fees, and making school work around your schedule are all significant obstacles.
What if those obstacles were removed?
With adult-friendly schools, there is really no reason not to go back to school anymore. What makes a school adult-friendly? Here are a few key attributes:
- Adult-friendly schools are totally online. Online learning is best for busy adults, who have to balance their ongoing education with work, kids, and everything else that comes with being a grownup. Online schools offering a master’s in project management allow you to work college around your life, not the other way around.
- Adult-friendly schools can offer accelerated programs, with ongoing enrollment. What’s better than getting your master’s in project management in two years? Getting it in a year! And with ongoing enrollment, you don’t have to wait until fall or spring to start on your new journey; many schools offer monthly enrollment periods, meaning you can start whenever it works for you.
- Adult-friendly schools can offer more support than traditional schools. This includes, but is not limited to, career services, making it easier for you to begin your new career. Because, at the end of the day, isn’t that why you’re going back to school?
Admissions Requirements for Master’s in Project Management
What do you need to do to go back to school? Surely the first step is the GRE or another entrance exam, right?
Many adult-friendly schools do not require GRE or entrance exams. Online master’s in project management programs generally require only a bachelor’s degree to get started, and there are no application fees to worry about–meaning you start when you’re ready.
Master’s in Project Management Curriculum
As mentioned above, a master’s program in project management is designed to teach you about the initiation, planning, production, monitoring, and closing of projects. Other areas typically covered include benefits Realization Management (BRM), critical chain project management (CCPM), earned value management (EVM), iterative and incremental project management, lean project management, phased approach, process-based management, project production management, and product-based planning. These areas of knowledge could all help you to lead the completion of successful projects.
What Courses Will I Take in My Master’s in Project Management Program?
Because project management is a crucial and challenging role that requires a broad spectrum of knowledge and leadership skills, the core curriculum of a master’s program in project management will include a healthy mix of courses designed to build and develop your abilities in these crucial areas. Examples include:
- Scope and Scheduling: Before a project begins, it is important to plan it out: determining its scope, evaluating the environment, estimating resources used, and setting a schedule.
- Team Management: A project manager must identify, assign, and communicate roles and responsibilities; evaluate the strengths and weaknesses of individual team members; and adapt their personal management style to suit the needs of both the project and the organization.
- Project Cost and Financial Management: This would likely cover projecting costs, measuring project performance, and managing assets and liabilities.
- Technical Communication: This could improve your professionalism in both written and oral communication and teach you to organize information for different audiences.
- Managerial Ethics: Complex issues must be resolved using ethical practices, and good project managers will strengthen the ethical culture of their organization.
- Risk Management: It is important for any project manager to determine acceptable levels of risk, identify potential threats, and formulate appropriate responses.
Specializations and Concentrations
Depending on the school and program you choose, your master’s in project management could fall under one of the following titles:
- Master of Science (MS) in Project Management
- Master of Science (MS) in Operations and Project Management
- Master of Business Administration (MBA) in Project Management: Some MBA programs offer an emphasis in project management. The gold standard for executives in the US, this degree is usually more business-oriented, covering topics such as accounting, economics, and finance.
Additionally, your school could allow you to choose a specialization or concentration within your master’s in project management program. Examples include:
- Information Technology (IT)
- Architecture, Construction, and/or Engineering
- Real Estate Development: This usually focuses on creating successful commercial developments.
- Transportation: This could cover road, rail, and air transportation facilities and operations.
- Sustainability: This is a forward-thinking area of project management designed to help shape the future by creating and implementing sustainable solutions.
Master’s in Project Management Program Length
Most master’s degrees in project management require between 30 and 36 credits to graduate. Normally, a master’s program in project management takes two to three years to complete. An accelerated plan, however, could take closer to a year. This is where adult-friendly schools really shine. They know their students have jobs, kids, and other obligations that make a traditional school schedule unrealistic. The best adult-friendly schools make the process as convenient as possible, and they could get you into the workforce as fast as possible, because they know that’s what adults want.
Choosing the Right University or College Master’s in Project Management Program
Choosing the right school for you can be exciting, but it can also be a hassle. Tuition costs, application fees, accreditation, enrollment windows, and entrance exams are just some of the variables to consider.
That’s why we created the Smartplan. We want to help people go back to school, to make college more accessible and affordable for everyone. With our Smartplan, we make it easy for you to start on your path towards your master’s in project management. Here are just some of the benefits of your OnlineDegree.com Smartplan:
- No application fees
- Accredited colleges and universities
- No entrance exams or testing
- Faculty and professors who understand adults
- Discounts and scholarships available
- Open enrollment dates
Best Jobs for Those With a Master’s in Project Management
What can you do with a master’s in project management? What kind of salary can you expect? Here are some common careers for master’s in project management holders, with salary data estimates provided by the Bureau of Labor Statistics:
- Project Management Specialist: This is someone responsible for keeping projects on schedule, managing costs, and increasing productivity. You could make anywhere from $39,930 to $128,420 per year.
- Project Scheduler: Complex projects, especially those in fields like engineering, require many different people to adhere to the same schedule, and this requires an expert to design that schedule. You could make anywhere from $39,930 to $128,420 per year.
- Project Management Consultant: You could specialize in advising project managers on improving efficiency and increasing their organizations’ profits by reducing costs and increasing revenues. You could make anywhere from $49,700 to $154,310 per year.
- Construction Manager: This could involve coordinating and overseeing a wide variety of projects, including structures, roads, and bridges. You could make anywhere from $56,140 to $164,790 per year.
- IT Project Manager: Especially important today, this person manages projects related to a company’s computer systems. You could make anywhere from $87,480 to well over $200,000 per year.
We’ve compiled some of our favorite careers, but a master’s in project management does provide you broad skills to work in a variety of positions, as master’s in project management holders are usually in high demand across many industries. Best of all, you could work for a company to gain experience and then go into business for yourself! These are just some of the endless possibilities you can choose from.
Cost and Tuition
Cost and tuition vary from school to school, and you’ll want to speak with each of your prospective schools directly. Fortunately, online schools are generally more affordable than their in-person counterparts. Adult-friendly colleges understand that you want to save, and they could even help you with financial aid if you’re eligible. You’ll definitely want to speak to a few schools, and OnlineDegree.com can help you with that.
Frequently Asked Questions (FAQ)
Q: Do I need to know what job I want before I start a master’s program in project management?
A: No! A master’s in project management could prepare you for a wide variety of careers. You certainly don’t need to know what job you want today.
Q: Will I make more money with a master’s in project management?
A: That depends on a variety of factors. But as you can see above in the “Best Jobs for Those With a Master’s in Project Management” section, your new degree could mean excellent earning potential.
Q: How long will I be in school?
A: That could depend on you, your current job, and any other obligations you might have. A master’s program in project management could take anywhere from one to three years, but our Smartplan is designed to help you find the right degree for you, so you could finish as quickly as possible!
Best Jobs for Master’s in Project Management Degrees
How to save time and money
Our mission is to help you to avoid paying full price for college. We want your Master’s in Project Management degree to be affordable and accessible. Here’s how you could save:
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