dynThe field of project management has long been considered to be interesting and important. The Japanese seemed to have pioneered this area, focusing particularly on the manufacturing industry where they have implemented a range of project management techniques to increase productivity. While many organizations still praise these techniques and theories as being the best, it is now also recognized that they do not increase employee engagement or satisfaction, which in turn has a negative effect on productivity.
What this demonstrates is that project management is a continuously changing field that requires the expertise of people who understand the different concepts of business, while also knowing how to research, develop, implement, and manage new project management tools and techniques. It should come as no surprise, therefore, that those who hold a Project Management MBA are in incredibly high demand. They are prepared, better than anyone else, to take on responsibilities relating to projects in a variety of different organizations and industries, but to do this from a business administration perspective, which is far more long term than what any project could ever be. Jump to 9+ AACSB Online MBA Programs for 2017.
Why Earn a Project Management MBA?
One of the main reasons why Project Management MBA is so popular is because of the amazing employment opportunities it offers. However, the program itself is also incredibly interesting. Graduates are equipped with the skills they need to increase their understanding of existing and emerging technologies, ensuring that their work leads to cost effective results. They learn about business environments and timelines, and they learn how to create and change projects as per the requirements of an organization.
During the degree program itself, students are usually exposed to a variety of real world scenarios, where they have to manage a project for a set duration. This will increase their understanding of how to motivate and lead others, how to solve complex problems, how to direct projects, and how to maintain a budget. The benefit of this being part of an MBA program is that it provides you with the transferable skills in business, strategy, marketing, finance, law, and accounting, that can be applied in any type of organization.
A final benefit is that Project Management MBA need not be a terminal degree. Because this field of management, and business administration as a whole, is now playing such an important role in the world, several doctoral degree programs have also been designed. These give you, as a student, the opportunity to push your skills and knowledge to the top level, complete independent research projects to truly change the world of business, and if you so choose, to teach the next generation of Project Management and Business Administration students.
Whether or not you choose to complete a doctorate degree, you know that there will be many different career opportunities out there for you once you complete your Project Management MBA.
Each school sets its own admission requirements. However, MBA programs are usually all pretty competitive, and the admissions requirements set by the DeVry University Keller Graduate School of Management are quite representative of those of others. They are:
• A bachelor’s degree from an accredited institution
• Proof of prerequisite skills
• A minimum GPA of 2.5
• GMAT/GRE (may be waived for those with a higher GPA)
• TOEFL/IELTS for non-native English speakers
Curriculum and Courses
Similar to the admission requirements, schools can set their own curriculum. However, if they are to obtain and maintain accreditation for their school, and particularly for their program, they must meet certain high standards of education. This is why accreditation should be a main factor of consideration if you are considering enrolling in a Project Management MBA. The curriculum at Southern New Hampshire University is quite representative of what to expect from a high quality program. Their subjects include:
• Project Management
• Seminar in Project Management
• Mathematics and Statistics for Business
• Economics for Business
• Financial Reporting and Analysis
• Business Law
• Human Behavior in Organizations
• Business Environment, Innovations, and Entrepreneurship
• Accounting and Financial Analysis
• Leading in an Organization
• Marketing and Strategy
• Ethics, Corporate Culture, and Social Responsibility
• Finance, Economics, and Decision Making
• Government Impact on Business
• Operations Management and Technology
• Quantitative Analysis for Decision Making
• Project Management for PMP Certification
Career Outcomes and Job Titles
Once you have a Project Management MBA, numerous career opportunities exist for you. You can find work in various businesses, including information technology development, construction, manufacturing, and consulting, to name but a few. Some of the more popular career titles are:
• Project cost estimator
• Program manager
• Project risk manager
• Project procurement manager
• Project quality manager
Job Salary & Outlook
The U.S. Bureau of Labor Statistics (BLS) reported that all Top Executives earned an average annual salary of $102,690 per year as of May 2015. This is at bachelor’s degree level, and research has shown that holding an MBA can increase average earnings by around $15,000 per year. The BLS also predicts a 6% increase in demand for these professionals from 2014 to 2024, which is as fast as the national average.
Scholarships and Grants
• Lance Surety’s $1,500 College Scholarship, which is a $1,500 award for students enrolled at an accredited school in this country. To be considered, applicants must submit a 500 word essay on a relevant subject as set by Lance Surety.
• InfoParrot Scholarship of Academic Excellence, which offers a $1,250 scholarship that can be renewed once. Students must submit an essay of between 1,000 and 1,600 words in order to be considered.
• AfterCollege Business Student Scholarship, which is a $500 award for those studying towards a degree in a business field. Applicants must be legal residents of this country, as well as being registered with AfterCollege.com.
• Elliott C. Roberts Scholarship, which is a $1,000 award for second year students at graduate level aiming to complete an MBA degree. The Institute for Diversity in Health Management sponsors this award and takes particular preference in those who aim to use their degree to further the field of health care management and administration.
• Transamerica Leaders in Healthcare Scholarship, which is a $5,000 scholarship offered to first and second year students at graduate level studying towards an MBA. Again, preference is given to those who aim to apply their degree to the field of health care administration or management. Students must demonstrate financial need and commitment to community service.
• Project Management Institute (PMI)
• International Project Management Association (IPMA)
• American Management Association (AMA)
• APM Association for Project Management