Project Management

What You Should Know about the Salary for Project Management

If you’ve been considering a career in project management, well done. Project management offers a secure future for those who enjoy this type of work. The projections indicate that the project management sector will grow 33% between 2017 and 2027. The best thing about project management is that it isn’t tied to one specific industry, which means you can manage projects in a single industry of your choice, or you can bridge industries. You can be employed by a single company, or choose to freelance, working for multiple clients as projects arise.

What Is Project Management?

If you think you might be interested in project management, you will be happy to know the field is exactly as it sounds. You are responsible for overseeing the entire scope of a project and ensuring that it runs smoothly and successfully. This requires managing a team of people to ensure that all stages of a project are completed.

In general, projects that require specialized management are not part of the routine operations of a company. Instead, they are initiated to create or accomplish something specific that is often a one-time need. There are particular stages for the management of a project to see it through from beginning to end. The success of each stage relies on the success of the step before it. The stages include:

  1. Project initiation
  2. Project planning
  3. Project execution
  4. Project control
  5. Project completion

You must be proficient in each of these to become a competent, sought-after project manager. You must also be a good leader, have strong communication, critical thinking, organization, and function well under pressure. This means you need to seek out a program that will teach you the basics of project management and help you develop the skills you need to succeed. But before we get into what it takes to find a program, let’s talk about the salary for project managers.

Salary for Project Management

The salary for project management is very good. It averages more than $75,000 a year and can go as high as nearly $100K. If you are looking to freelance, the salary for project management can be even higher, at an average of more than $94,000 a year. However, it is essential to understand that the pay for project management is dependent on several factors, which include:

  • Your seniority
  • The sector in which you are working
  • Your specialization
  • Your geographic location
  • Your level of education
  • Whether or not you are certified
  • The average budget of the projects you work on

Of course, your salary will also depend on who hires you. And if you want the very best project management positions, you need to have the very best education.

Why Choose a College-Level Project Management Program

There are two routes you can take to become a project manager. You can get an associate degree, or you can get a university degree in project management. Both of these will provide you with the proper training so that you can go out into the world as a project manager. Just remember that ultimately, the salary for project management relies on your level of education, and it also relies on whether or not you have your project management certification.

The top of the line certification for project management is the Project Management Professional (PMP) certification. To qualify to take the test for this certification, you need an undergraduate degree in project management, three years of project management experience, and 35 hours of project management training or a CAPM Certification. If you only have an associate degree or your high school diploma, you can still get certified, but you will need five years of project management experience, in addition to the other requirements.

How to Choose a Project Management Program

As you can see, it is worth your while to get a high-quality undergraduate or graduate project management degree. With this degree, you will be certified sooner, and you will have the project management training you need built into your four-year undergraduate degree.

Of course, the project management degree program you choose matters. You want one that prepares you well for your work and your certification. With that in mind, here are some tips to help you choose the right project management program for you:

Choose the right degree – If you are just starting, then you will likely want to get an undergraduate degree in project management. However, if you already have a business degree or another type of degree that relates to a specific industry (i.e., computer science), then you can look at getting a master’s degree in project management. Either way, make sure the program is accredited.

Ensure the program covers your interests – The content of each program and the courses in it will depend on the professors and their specific experience and areas of interest. Research your options thoroughly to ensure the program you choose focuses on the form of project management in which you are interested.

Make sure you will gain practical experience – Choose a program that will provide you with practical experience in project management. You may find a wide variation in the style of teaching, so it is essential to match that with your own personal learning style while still gaining the practical experience of a research or management project.

In the end, your best route to becoming a successful project manager is to get your undergraduate or graduate degree. This is also the best way to ensure the salary for project management that you receive is among the highest. So, take the time to do your homework and really dig deep to ensure the school and program you choose are the very best.

The Nth Degree

Is an online magazine created by Newman University to provide valuable content to all students bound for undergraduate and graduate college.