Advancing in a project management career requires the development of a specialized set of skills. Effective project managers must be able to oversee a diverse team, communicate with executive leadership, and keep project plans on track—and do all of this in a work environment that is becoming increasingly digitized and automated.
For mid-career project management professionals, earning certification from an organization such as the Project Management Institute (PMI) is an important step in demonstrating competency and earning a promotion and a raise. In today’s increasingly competitive job market, though, certification alone may not be enough to stand out. That’s why earning a master’s degree in project management is worth it for anyone interested in building their skill set to get ahead.
What Are the Responsibilities of a Project Manager?
“A project manager takes a project and drives it through an organization, helping the organization achieve the project goals set forth by executive leadership,” says Christopher Bolick, assistant academic specialist for Northeastern University’s MS in Project Management program.
The main responsibilities of a project manager, Bolick says, focus on oversight of the five stages of the project life cycle:
1. Initiating: Define the primary objectives and scope of the project, identify the key stakeholders, discuss overall expectations, and secure the permission to move forward.
2. Planning: Create an integrated plan based on project goals in order to manage elements such as scope, cost, timelines, risk, quality, and communication.
3. Executing: Complete the work as scheduled and resolve issues as they arise.
4. Monitoring and Controlling: Throughout the project, compare actual performance with planned performance and adjust project plans as necessary.
5. Closing: Release resources that are no longer needed, close contracts, pay invoices, archive project files, and lead a post-implementation review.
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Why Is a Master’s in Project Management Worth It?
The project management field is expected to see substantial growth over the next decade, meaning it’s a great time to upskill and meet demand. According to a recent report from the PMI, employers will need to fill about 2.2 million project-related jobs each year until 2027. This need comes at a time when many project management professionals are retiring—which will create even more of a demand for young or mid-career professionals with the right skills and project management experience.
Obtaining PMP certification from the PMI is one way to advance your career. Certification helps demonstrate your proficiency in managing projects and teams. It also tends to lead to a salary boost—according to the PMI, the median annual salary of a project manager with PMP certification is $111,000, as compared to $91,000 for non-PMP holders.
However, PMP certification alone does not provide you with the wide range of skills necessary to manage complex projects or increasingly diverse teams. A master’s degree in project management can be key to advancing your career, as it focuses on building these critical skills, ranging from developing cultural awareness to managing interpersonal conflict to leading remote teams.
“The foundational goal of the Master of Science in Project Management program is to teach students how to efficiently and effectively deliver projects in an ethical manner,” Bolick says.
5 Benefits of an MS in Project Management
A Master of Science in Project Management will help you advance your career in five key ways.
1. You’ll Learn Project Management Skills in a Real-World Setting
In some experiential learning programs, students acquire knowledge and skills through observation and experimentation in a professional setting, by supporting organizations that would otherwise lack the resources to perform critical tasks such as cost estimating, scheduling, or quality assurance.
“We target a company that has a project to complete and develop a project management plan that they will use,” Bolick says. “Students see how the processes and tools that they are learning can be used in the workforce.”
Experiential learning also allows students to build their communication skills, especially with the executives and project sponsors who authorize a project to move forward. This alone may make a master’s in project management worth it to some, as PMP certification alone will not address the nuances of interpersonal communication in the same way.
2. You’ll Identify Key Project Management Trends
Today’s emerging project management trends reflect the changing nature of how organizations define and organize teams. “Teams may no longer be comprised of traditional resources,” Bolick says. “They may not be centrally located. They may be supported by artificial intelligence and machine learning systems.”
This digitization of the workforce requires new competencies, Bolick adds. As tactical and repeatable processes such as routine cost estimation are automated, project managers will have to increasingly use their soft skills to facilitate a team’s work. This requires developing a range of skills that includes cognitive flexibility, analytical savvy, and managing resource efficiency.
Managing a digitized workforce also requires paying closer attention to cultural dynamics. Project teams, like the companies that employ them, are increasingly global, with employees based in disparate locations and representing a variety of cultural backgrounds. “The cultural awareness factor is important now more than ever,” Bolick says.
3. You’ll Be Prepared for a Senior Project Management Role
A master’s degree in project management is not always required for a role as a project manager, but the requirement is becoming increasingly common. According to a recent report from Burning Glass Labor Insight, 34 percent of project management job postings prefer or require a graduate degree in addition to requiring PMP certification.
What’s more, a master’s degree can prepare you to take on additional project management responsibility within your organization—and increase your earnings as a project manager:
- Take a role as a senior project manager. According to a recent PMI survey of project management professionals in the United States, a promotion to a more senior project management role is accompanied by a salary increase of at least 10 percent. For example, moving from a Project Manager II role to a Project Manager III role typically comes with a 13 percent raise.
- Manage a larger team. Project managers’ earnings increase as they take on the added responsibility of managing larger project teams. A project manager who oversees a team of 20 or more people earns about eight percent more than a project manager with a team of 10 to 14 people, according to the PMI.
- Manage a larger project. The overall budget of a project can impact the salary of a project manager overseeing that project. Larger projects tend to have larger teams and tend to be a higher priority for an organization. According to the PMI, a project manager overseeing a project with a budget of more than $10 million can expect to earn about 18 percent more than someone overseeing a project with a budget of less than $1 million and 40 percent more than someone overseeing a project with a budget of less than $100,000.
4. You Can Prepare for a Project Management Role in a Specific Field
While many of the guiding principles of project management can be applied to a job in any industry, there are certain business processes, regulations, and best practices that apply to specific industries. Construction and energy, for example, have specific regulations regarding workplace safety. Health care has strict protections in place for the use of personal health information. Information technology often moves and changes direction at a much faster pace than other industries.
One factor that makes a master’s in project management worth it is the ability to select a concentration in the field that you currently work in or would like to transition into. Faculty have experience working in a variety of industries and share that perspective with students throughout the program, Bolick says. In addition, the experiential learning process at Northeastern offers real-world project management experience in your desired industry, allowing students to see firsthand which industries offer the best fit for their management style.
5. You’ll Learn Skills With an Impact Beyond Project Management
Even if your career path eventually takes you in a different direction, the skills that you learn from earning a master’s in project management will help you in whatever new role you take. The key characteristics of an effective project manager—organization, discipline, time management, and communication—are well-suited for any job in today’s ever-changing world.
For more information about how a degree in project management can help advance your career, download our free guide below.