An MBA with a concentration in project management can provide a meaningful boost to your PM career. This role is already in high demand, and that demand is expected to grow exponentially in the coming years. Here’s a look at what the role entails, and how earning an MBA can help you reach that goal.
According to Salary.com, project managers who have an MBA typically make between $129,827 and $138,285. The Project Management Institute estimates that companies around the world will need nearly 90 million professionals to oversee projects by 2027.
The Many Faces of a Project Manager
Project managers wear a lot of hats, depending on the size and type of corporation. They take ideas and turn them into tangibles. They organize and delegate tasks to team members to get this done. They must communicate effectively with clients and other stakeholders to make sure everyone is on the same page regarding the scope, schedule and budget of a project.
Project managers need a keen understanding of the financial aspects of a project. They have to prepare detailed cost estimates and determine the best way to complete the project on or under budget.
Just as important, an effective project manager is a true leader — someone who can train and motivate people to meet project milestones on time.
How an MBA Can Help You Become a Project Manager
You could be an account or sales manager at your company and have designs on stepping up to project manager. Or you could have just entered the workforce and you’re still at entry level.
Whatever your situation, gaining experience at your job is obviously an excellent way to achieve your goals. But obtaining an MBA could put you on the fast track to project management, either at your current company or for another employer.
Online MBA programs that focus on project management teach the skills essential to finding a job in this lucrative field. Graduates know how to measure performance, schedule a project and allocate resources. An MBA in project management will make you knowledgeable in the financial aspects of an endeavor while preparing you to become a trusted, respected leader.
No matter what type of projects you eventually oversee, an MBA in project management will have you completely prepared. You will be able to take the skills you’ve learned and apply them to a vast array of projects around the world.
An MBA in project management will put you in the best possible position to take advantage of the many opportunities available to you.