Professionals who are organized and thrive in dynamic, collaborative environments may choose to pursue a project management MBA degree.
“An MBA in project management prepares an individual to lead projects of various sizes and complexity across a variety of industries,” says Douglas Nelson, MBA program director at Seton Hill University in Pennsylvania.
As well as learning the tools, techniques and frameworks for leading projects, students “will also understand and manage the people, processes, communication and financial aspects of the project,” he says.
Some business schools offer MBA specializations in project management. Here’s how to choose a project management MBA and why.
What a Project Management MBA Is
A project management MBA combines theoretical concepts with real-world implementation, experts say.
“Project management as a specialization covers in-depth curriculum in project management principles, methodologies and tools,” says Melody Jones, founder and president of Vantage Point MBA, an admissions consulting firm.
Project management MBA courses cover project planning, risk management, budgeting, scheduling, quality control and team leadership, Jones says. Students learn the skills needed to manage projects from conception to completion.
“This skill set can be applied to any setting or business and focuses on how to complete projects efficiently and effectively. It is an essential skill for leaders,” says Jennifer Blackhurst, associate dean of graduate professional programs at the University of Iowa’s Tippie College of Business. “Project management is about planning, executing, communicating and completing work.”
[Read: How to Decide if an MBA Is Worth it]
Master’s in Project Management vs. Project Management MBA
A master’s in project management provides in-depth technical knowledge of project management tools and methodologies, Jones says.
It’s best for those in industries where project management is highly technical or specialized, like information technology, engineering or construction.
“An MBA, on the other hand, combines core business courses such as finance, marketing and operations with project management electives,” Jones says.
An MBA in project management can prepare students “for leadership positions that combine strategic oversight with project execution,” Jones says, and is great for aspiring business leaders who aim to “manage projects within the context of strategic business goals.”
Who Should Get a Project Management MBA
Ideal project management MBA candidates “thrive in organizing and leading groups of people to solve business problems,” Nelson says, “with strong analytical and leadership skills, who are comfortable in high-visibility, time-sensitive business environments.”
Project management “is a wonderful skill set for any manager or leader, whether it be in an entrepreneurial setting, a large corporation or a nonprofit — project managers get things done on time, on budget,” Blackhurst says.
Other traits that make for a good project manager are “communication, problem-solving, time management and adaptability — qualities that also make for strong MBA applicants,” Jones says.
[READ: How to Choose the Right MBA Application Round]
What Project Managers Do And Why it Matters
Project managers oversee specific projects and project teams from start to finish, ensuring projects are completed on time and successfully, staying within budget and meeting the requirements of all stakeholders, experts say.
“They manage everything from project planning, budget management and resource allocation, to stakeholder communication and quality control,” Jones says.
Jack Probst, an adjunct lecturer in information technology management at Georgia Institute of Technology’s Scheller College of Business, teaches project management courses at the undergraduate and graduate levels.
“I congratulate my classes on the first day for taking a class that they will use — the principles, concepts, processes and practices of project management — throughout their entire career,” Probst says.
Organizations constantly change, and uncontrolled change can be catastrophic for an organization, Probst says — and that’s where project managers are important.
“Project management provides a discipline to guide the organization through the necessary steps to effect change that supports an organizational goal, strategy or plan,” he says.
Examples of project management include a multiyear implementation of an enterprise resource planning (ERP) software package to oversee various aspects of a business; a plan to construct a new building or facility; or, on a smaller scale, developing a training course or a new web page, Nelson says.
How to Select a Project Management MBA Program
Many MBA programs offer students the ability to concentrate, specialize or major in project management, experts say.
These programs should also offer “strength in finance, strategy, decision making, accounting, operations and leveraging technology” to fully develop project management skills, Blackhurst says.
“Look for programs that offer electives and specialized programming related to your interests, and look at the employment reports,” Jones says. Employment reports can show whether graduates are landing jobs in your field and can be “a good sign that the program is equipped to help you achieve your goals.”
Your decision should factor in your career goals, learning style and geographic preferences, Jones says.
[READ: 3 Ways to Recover From a Bad MBA Interview]
What Can You Do With an MBA in Project Management?
Common positions include working as a project analyst, director of operations, project portfolio manager or construction project manager.
“For many, the broad scope of the role means they will never get bored, as every day is different. The role also offers constant learning and opportunities for career growth,” Jones says.
Experts say project management is a high-demand, high-paying field.
“Project management can be a lucrative career. (It’s) not uncommon for project managers to earn easily six figures and, for a senior project manager, in excess of $200,000,” Probst says.
The median salary for project managers in the U.S. is $120,000, according to 2023 Project Management Institute figures.
Studying project management is worthwhile, says Probst, who spent 30 years in organization leadership, another 16 years as a consultant and close to four years teaching.
“I don’t have enough hairs in my head to count the number of times project management was the focus for my teams or my clients,” he says.
Attempting to implement change or a shift in an organization “without the discipline of project management,” he says, “is a fool’s errand.”
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How to Choose a Project Management MBA and Why originally appeared on usnews.com