Project management focuses on the skills and methods for leading teams and activities through various project stages. Online project management degrees often support lucrative management occupations in various public and private sectors. Project management students usually benefit from choosing a concentration in a particular industry.
The Bureau of Labor Statistics (BLS) indicates that project management specialists earn a generous median annual salary of $77,420. Managers earn a median annual salary of $109,760. Financial managers, health services managers, and computer and information systems managers also enjoy positive job growth rate projections between 2019-2029.
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Why Get a Degree in Project Management?
Working professionals often pursue project management master's degrees online to acquire specialized skills, salary raises, or promotions. Master's-level degrees meet or exceed minimum degree requirements for many competitive management occupations, which garner a median annual salary of $109,760.
Online project management degrees may pay for themselves within a few years. Enrolling in flexible, online programs can allow learners to attend after hours, thereby advancing their education without sacrificing their income. Online programs also save enrollees money on commuting or residency fees and generally cost less per credit.
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How Much Does a Project Management Degree Cost?
Master's in project management degree costs vary considerably by program and institution type. Online programs may charge lower tuition rates than on-campus programs at the same schools. Earning a project management master's degree online also saves learners on residency costs, commuting expenses, and on-campus fees.
Many online programs allow self-pacing, which means that enrollees can attend part time while maintaining a full-time job and income. Some online programs offer accelerated programs for learners who want to finish more quickly. Schools that charge a flat-rate per semester may cost less than traditional-length programs.
According to a 2020 college pricing report from the College Board, average annual tuition at private institutions costs over three times more than at public, in-state institutions. When choosing where to apply, prospective online project management students should seek out online programs at in-state public institutions or at out-of-state schools offering in-state tuition rates to distance learners.
How Much Do Project Management Majors Make?
$50,000-$60,000
Newer project management professionals often work in roles such as project scheduler, project coordinator, project management assistant, or project communications officer. According to PayScale salary data from April 2021, these careers often pay $50,000-$60,000 annually.
$84,290
Advanced positions often pay more. Project management specialists make a mean annual wage of $84,290. When combined with requisite professional experience, a project management master's degree may also qualify graduates for high-level management positions in growing industries such as construction, software development, information technology, and healthcare.
$140,000-$150,000
Salaries and job growth rates vary heavily by role and industry. Some of the highest-paying management professionals include advertising and marketing managers, architectural and engineering managers, computer and information systems managers, and financial managers. BLS salary data suggests that these professionals make median annual salaries in the $140,000-$150,000 range.
Courses on Project Management
Online project management master's curricula usually entail at least 30 core and specialized course credits in areas such as operations and project management, quantitative analysis for decision-making, cost and value management, and planning and resource management. Many programs include internships and capstone projects.
Project management may appear as a concentration within a more general business or management degree, such as an MBA. However, some schools offer project management master's degrees with additional concentrations in areas like healthcare, construction, computer and information systems, or the public sector. Other possible specialized courses or concentrations may include construction or enterprise architecture, supply chain management, or engineering.
See below for some common courses in project management master's programs.
Introduction to Project Management
This interdisciplinary course provides an overview of the planning, budgeting, leadership, and management skills and activities involved in each phase of a project's lifestyle. Usually using real-world situations and problems as learning tools, this course helps enrollees anticipate common issues and make informed project management decisions. This introductory course often serves as a prerequisite for other courses.Cost and Value Management
This core course prepares participants with tools and techniques for controlling project costs. Enrollees gain fluency in cost estimation methods and processes, including budget identification, planning, and management. The course teaches students how to conduct variance analysis and corrective action. Participants also learn how to develop and control project budget baselines.Planning and Resource Management
Course participants explore project development stages and processes, including resource acquisition and management. Additional key areas of study include project scope, scheduling, budgeting, and risk management. Learners can also gain knowledge and skills for people management and quality control.
Certifications and Licensure for Project Management
Project management master's degrees exceed minimum degree requirements for many careers in this field. However, advanced degrees can improve candidates' chances for promotion to high-level positions. Earning professional certifications can also boost job applicants' competitiveness. See below for three popular project management-related certifications.
Project Management Professional
The Project Management Institute (PMI) administers this globally recognized credential to applicants who pass a related certification examination. PMP certification signals readiness for roles such as project management specialist, assistant, or coordinator.Certified Associate in Project Management
The PMI CAPM certification supports project management professionals seeking advanced skills useful for overseeing larger projects. This certification requires a high school diploma or associate degree, 23 hours of project management education, and a passing score on the CAPM exam.Program Management Professional
PgMP certification serves senior-level project managers who manage multiple, related projects. Candidates need a secondary degree, PMP certification or 48 months of project management experience, and 84 months of program management experience. Four-year degrees can substitute for 36 months of program management experience.Best Online Master's in Project Management
Factors to Consider When Earning a Online Master's in Project Management
Is a project management degree worth it?
According to PayScale data from April 2021, project management master's degree graduates average about $84,120 annually. Bachelor's in project management graduates make about $71,620.
Is a project management degree hard?
Project management requires various skills in planning, personnel management, communication, and quality assurance. Earning an online project management degree usually proves manageable for students with some aptitude in these skill areas.
What kinds of jobs can I get with a project management degree?
Online project management degree graduates can work in many roles, fields, and industries. Common titles include project management specialist, planner, manager, or administrator.
What are the highest paying project management jobs?
Earning a project management master's degree can help graduates qualify for many high-level management occupations, which often pay top salaries.
