Work in Project Management and Boost Your Salary With an MBA

Project managers help businesses gain competitive advantages by increasing efficiency and productivity. By earning a master of business administration (MBA) with a project management concentration, you can access careers with high salaries across many sectors.

This guide to project management careers for MBA graduates explores practical, data-driven details that can help you choose the right academic program and career strategy. Discover MBA in project management salary ranges, career options, advancement prospects, and more.

What Does a Project Manager Do?

Project managers apply advanced organizational skills to carry out important, high-value initiatives at various levels. Their efforts help employers extract maximum value from their investments and build more successful, efficient, and profitable enterprises.

Larger organizations often have dedicated project management teams or departments. In these settings, project manager roles typicllay work within an organized hierarchy. Entry-level and intermediate-level personnel report to senior project managers, who typically work under direct executive supervision.

Smaller organizations typically employ fewer project managers. In these settings, project managers work more independently and usually report to upper management or ownership.

In performing their duties, project managers commonly encounter challenges. Examples include intensive timelines, budget shortfalls, and the continued outgrowth of projects with poorly defined parameters — a phenomenon commonly known as "scope creep." Academic programs can train you to meet these challenges in stride when they occur.

An MBA's Day-to-Day in Project Management

There's often no typical day for a project manager since their activities and duties depend on where they are within a given project's lifecycle. Assuming an active project is underway, a project manager's day might look something like this:

• Morning: Project managers may begin the day with meetings to track progress, current challenges, and opportunities to advance their work. Meetings may involve internal management, contractors, consultants, and key project contributors.
• Afternoon: As the day progresses, project managers assess and document ongoing progress, monitor performance metrics, and deal with obstacles that may arise.
• End-of-Day: Many project managers like to set themselves up for a strong start to the next day by catching up on communications and planning tomorrow's duties in advance.

Some project management professionals also organize their work into weekly blocks, beginning each week with a progress review and identifying goals to reach by the end of the week. They then respond to unfolding events by adjusting as necessary in consultation with supervisors and other project stakeholders.

Key Hard Skills for Project Managers

• Budget Management: All projects have budgets, and project managers must operate within those confines. Project management MBA programs typically develop this skill through dedicated coursework.
• Cost Estimating: Accurate budgeting depends on accurate cost estimating, and project managers also play a key role in this area. Academic programs introduce relevant tools and strategies for managing unknowns and uncertainties.
• Data and Statistical Analysis: Project management involves multiple key performance indicators generated by data-based insights and statistical analysis. MBA programs challenge students to build these skills through assignments and projects.
• Conflict Management and Resolution: Conflicts tend to arise when people and teams are under time constraints and compete for limited resources. Some project management programs offer required or elective courses in conflict resolution.
• Time Management: With their intensive and demanding nature, MBA programs force students to build the well-developed time management skills they can use in their careers.

Key Soft Skills for Project Managers

By working through an MBA program, you can also acquire and hone the many soft skills successful project managers rely on. You will draw on these skills time and again when completing your coursework. Key examples include:

• Good Communication: For projects to succeed, all contributors and stakeholders need to be on the same page about objectives, progress, and solutions to challenges. Project managers have deep insights into these elements and must communicate them clearly and effectively.
• Adaptability: Projects rarely work out as planned without any kind of snag or hiccup. The ability to respond to such situations with agility and positivity is essential.
• Problem-Solving Creativity: In real-world situations, the easiest or most obvious solutions to challenges may not be viable or possible. Your ability to identify creative solutions allows you to handle difficult challenges with no easy answers.

How Much Can a Project Manager With an MBA Make?

According to Payscale data from July 2024, professionals with MBAs in project management earn an average base salary of $88,000 per year. The Bureau of Labor Statistics (BLS) cites a median salary of $98,580 per year for project management specialists. However, unlike the Payscale data, the BLS figure is not degree-specific.

As BLS Occupational Employment and Wage Statistics data suggests, location also plays a key role in project manager salaries. Project managers tend to earn the most in higher-population destinations with diverse, well-developed industrial profiles and a strong corporate presence.

Time and experience also have significant impacts on project managers' earning potential. The chart below offers a detailed breakdown using Payscale data for general project managers:

Do You Need an MBA to Work in Project Management?

While a concentrated MBA degree may help, you do not specifically need an MBA to become a project manager. Many academic institutions offer undergraduate and graduate degrees specifically focused on project management, which make for a solid alternative.

Project managers can also come from generalist academic backgrounds in areas like business, marketing, or subjects related to the industry in which they would like to work. For instance, IT project managers can train by pursuing degrees in computer science or information technology. They can then build toward a project management career by acquiring hands-on experience.

As a supplement to your degree, you can also earn project manager certifications from organizations like the Project Management Institute. These credentials verify advanced project management skills and may help you market yourself to employers.

Steps to Becoming a Project Manager

The typical path to becoming a project manager involves the following steps:

Where Do MBAs Find Project Management Jobs?

According to BLS data from 2023, the following industries represent the top five areas of employment for project management specialists:

• Professional, scientific, and technical services (28% of employment)
• Construction (20%)
• Manufacturing (7%)
• Administrative and support services (7%)
• Finance and insurance (5%)

These data points indicate that project managers are most needed in process- and production-oriented industries that generate tangible, physical outputs.

Drawing on May 2023 data, the BLS identifies these five states as having the highest concentration of jobs for project management specialists:

• Maryland
• Colorado
• Virginia
• Oregon
• Texas

Look for crossover among top-employing states and industries as you continue your job search.

High-Salary Locations for Project Managers With MBAs

Location also affects salary potential for graduates with MBAs in project management. Factors like labor market demand and local living costs play key roles.

As measured by annual mean wage, the BLS identified these as the five top-paying locales for project management specialists in May 2023:

• New Jersey
• Washington (state)
• Virginia
• New York
• California

BLS data also indicates a significant overlap among these high-paying states and the top employment destinations for project managers as measured by job numbers. Three states — California, New York, and Virginia — appeared on both top-five lists.

Resources for MBA in Project Management Graduates

An MBA in project management alone can be very appealing to employers. However, some pundits believe labor markets have become oversaturated with MBA graduates.

As such, the networking opportunities in MBA programs may become a valuable source of future professional pathways. Some schools also offer elective or required internships and practicums, which can introduce you to potential employers while allowing you to sharpen your skills in the real world.

Specialized job boards and project management professional organizations can also aid your job hunt. The following subsections introduce some options to consider.

Job Boards

• Indeed: This popular online career portal allows users to search using keywords like "MBA" or "project manager" to find suitable job vacancies and employers.
• MBA-Exchange: This specialized career resource for MBA graduates offers employer profiles, an active job board, and many other resources. You must register by creating a free account to access listings.
• National Black MBA Association: Black professionals can take advantage of this equity-focused employment page to find career opportunities.
• Project Management Institute Job Board: This institute is widely recognized as the world's leading professional organization for project managers. You do not need PMI membership to access the organization's job board.
• PMWorld 360 Magazine Job Board: Operated by PMWorld 360 Magazine, this job board features categorized job vacancies along with career search resources, resume tips, and other helpful perks.

Professional Organizations

• Construction Management Association of America: Construction is one of the top industries for project managers. The CMAA offers education, training, certification, and professional development programs for project managers working in construction.
• International Project Management Association: Founded in 1965, the IPMA hosts events and conferences to connect members with professional advancement opportunities. Specific initiatives include certification programs, special interest groups, and more.
• Project Management Institute: Widely recognized as the leading international project management professional organization, PMI's flagship certification programs provide a universally accepted industry standard.

Questions About Project Management Salaries and Job Outlook

Page last reviewed on July 2, 2024