For those who have an interest in pursuing their master’s in project management, the career outlook is promising. Approximately 90% of high-performing businesses state that they place value on project management, according to results from a global survey performed by PMI, the Project Management Institute. Those pursuing their master’s in project management will find doors to career opportunities opening that are most in line with their career of choice. With that in mind, we’re going to answer the question: is a master’s degree in project management worth it or not?
PMP Certification Cost and Requirements
Project manager education consists of three options at the graduate level. Those who are pursuing careers in this field select from project management education including Master of Science in Project Management (MSPM), Master of Arts in Project Management (MAPM), and Master of Business Administration in Project Management (MBA).
Graduates of a project management degree program can also opt for obtaining their CAPM certification, which is the Certified Associate in Project Management. The CAPM certification is optimal for project management practitioners seeking entry-level positions.
Practitioners can also pursue their Project Management Professional Certification, otherwise known as the PMP certification. The average PMP certification cost ranges between $405 and $555.00. The basis of the PMP certification cost is whether or not students hold a membership. Students can prepare for the PMP certification test by reviewing PMP exam questions. Sample PMP exam questions cover cost management, integration management, stakeholder management, scope management, schedule management and more.
How Much Does a Project Coordinator Make?
Continuing your education means having the opportunity to obtain masters in project management jobs. In addition to becoming a Project Manager and Senior Project Manager, there is a myriad of other masters in project management jobs available. These include Assistant Project Manager, Project Coordinator, and Project Scheduler. The specific job functions for each of the positions will depend on the company for which you’re applying, but project manager is one of the best-paying careers with a master’s degree. An online project management degree can help professionals make much more money in their field.
According to Salary.com, the average master’s degree in project management salary ranges between $127,548 and $135,858. With less than one year of experience, the average starting salary project manager averages between $121,692 and $130,150. When employees are working for less than one year, and meeting expectations, they can expect their project manager starting salary to be between $120,391 and $129,066. Those working for five to six years and are working above expectations can expect their masters degree in project management salary to range between $123,427 and $131,885
According to PayScale, for those who are interesting in knowing how much does a project coordinator make, their average salary ranges between $35,215 and $68,727. Determining how much does a project coordinator make depends on bonuses, as well, which can range between $98.14 and $5,992. Individual companies determine how the bonuses are added to the project management salary.
According to GlassDoor, a senior project manager salary is an average base pay of $124,877 annually. A senior project manager salary can receive additional cash compensation that’s on average $10,066 but could range between $2,340 and $25,019. When looking at a masters in project management salary, the fluctuations are based on years of experience, location, and how practitioners meet expectations. The higher the project management salary could be depends on a culmination of factors, including a favorable location and exceeding expectations for several years. For example, according to PayScale, a masters in project management salary could be as low as $80,000 when a field isn’t specified.
So is a Master’s in Project Management Worth It?
Determining whether or not a master’s degree in project management worth it depends on the student’s career path. Once you establish your career objectives, you’ll know if higher education is the right choice and if a masters in project management worth it or not. The best recourse is to develop a strategy not only for higher education but also how to reach career goals following graduation. In doing so, students will have a better understanding regarding whether a masters in project management worth it for helping them achieve their goals or not.
25 Best Online Master’s in Project Management Programs