What Is a Master's in Project Management Degree?
A master's degree in project management prepares individuals to tackle large-scale endeavors for companies, nonprofits, government agencies, and other organizations. Today, project management is an especially desirable degree as large organizations -- including governing bodies, healthcare systems, educational institutions, and international businesses -- are pivoting to meet global demands in the aftermath of COVID-19. The knowledge and skills to oversee projects involving great quantities of human and material resources are invaluable, which explains why the market for project managers is growing at the extremely fast rate of 33%, according to the Project Management Institute. With a master's degree in project management, you'll learn how to plan and execute projects, lead your staff, and manage technology to your advantage.
There are different kinds of master's degrees in project management: the Master of Science (MS) and the Master of Business Administration (MBA). Generally speaking, the MS is geared toward planning and execution, while the MBA is focused on strategizing. It's been said that the MBA focuses on identifying strategy, while the MS focuses on actualizing strategy. Both involve strategy and organizational leadership, and theoretically you could end up doing the same job with either degree, especially if you're working for a smaller organization, where you're likely to fill more than one role, as opposed to a large organization with more employees to fill specialized roles.
The Best Masters Degree Programs in Project Management
| School | Tuition* | Acceptance Rate | Graduation Rate | Financial Aid % | Placement Services | Career Services | Accepts | |
|---|---|---|---|---|---|---|---|---|
| 1 | Georgetown University | $51790 | 14% | 95% | 55% | Yes | Yes | AP / NCCRS Credits |
| 2 | University of Houston | $9372 | 65% | 61% | 87% | Yes | Yes | AP Credits |
| 3 | University of Kansas | $11045 | 93% | 67% | 85% | Yes | Yes | AP Credits |
| 4 | Sam Houston State University | $8016 | 83% | 54% | 86% | Yes | Yes | AP Credits |
| 5 | New York University | $35562 | 16% | 85% | 52% | Yes | Yes | AP Credits |
| 6 | George Washington University | $31824 | 41% | 82% | 77% | Yes | Yes | AP Credits |
| 7 | University of Mary | $17694 | 74% | 60% | 98% | Yes | Yes | AP / NCCRS Credits |
| 8 | Central Michigan University | $17150 | 70% | 61% | 96% | Yes | Yes | AP / NCCRS Credits |
| 9 | Saint Mary's University of Minnesota | $9180 | 92% | 64% | 100% | No | Yes | AP / ACE Credits |
| 10 | Drexel University | $36021 | 75% | 69% | 100% | Yes | Yes | AP Credits |
| 11 | The College of Saint Scholastica | $15306 | 76% | 69% | 99% | Yes | Yes | AP Credits |
| 12 | Elmhurst College | $31967 | 68% | 70% | 100% | Yes | Yes | AP / NCCRS Credits |
| 13 | Florida Institute of Technology | $22588 | 66% | 59% | 93% | Yes | Yes | AP / ACE Credits |
| 14 | Regis University | $14441 | 71% | 64% | 99% | Yes | Yes | AP / NCCRS Credits |
| 15 | Lewis University | $14550 | 64% | 67% | 100% | Yes | Yes | AP / ACE / NCCRS Credits |
| 16 | Brandeis University | $52060 | 30% | 87% | 69% | Yes | Yes | AP Credits |
To get a more in-depth look at our school ranking methodology, please visit our ranking methodology page.
*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).
Common Undergraduate Degrees for Project Management
It might be obvious that some common undergraduate degrees for project management include business administration, project management, or another business-related degree. But most graduate programs in project management aren't looking for specific undergraduate degrees, so it doesn't necessarily matter if you have a bachelor's degree in an unrelated field. You may have to take some prerequisite courses to get up to speed for the project management master's, but it's unlikely that you'll be denied admission based on your undergraduate degree.
What's really important is the amount of work experience you have, and what kind. Project management master's programs are designed for people who have at least two or three years of experience in a business environment (or in a closely related organization). Graduate committees want to see that you've worked hard, gained wisdom, and made improvements in both your output and your position over time, regardless of your prior education.
Admissions Requirements for Project Management Master's Programs
From the section above, you'll have gathered that you do need a bachelor's degree of some sort, and you'll want to have at least two if not three or more years of work experience under your belt before you apply to a master's program in project management. You will need to submit your college transcripts, but more importantly, you will be asked to submit a resume plus essays and charts describing your professional work experience, your current position in your organization, and why you wish to enter the master's program. You will also be asked to submit several letters of recommendation. Not all schools ask for GRE or GMAT scores, but you should check your school's admissions page to see if yours does.
Why Should I Get a Master's in Project Management?
Having a master's degree in project management makes you eminently qualified for a high-level management position that would otherwise be unavailable to you. With a bachelor's degree, you can work your way up to a leadership and management position, but there will be a ceiling that only an advanced degree allows you to break through.
If you're already a business-minded person, a master's in project management will reinforce and expand your knowledge. If you're new to the nuts and bolts of management but you're interested in acquiring the skills to lead effectively, the master's in project management will acquaint you with the hard and soft skills you need.
Additionally, the job outlook for project managers is currently extremely good, so you should feel confident that you'll land a great job after completing your degree.
How to Choose a Master's in Project Management Program
There are dozens if not hundreds of fantastic master's degree programs out there for project management, and it can be tough to discern which one is best for you. Obviously, you want to find the program in which your educational needs, financial ability, and excellent faculty intersect. You should try to meet some of the faculty at each school where you plan to apply, since ideally you'll be working closely with them as you progress in your studies.
You should also read through a school's curriculum and program requirements to see what projects, internships, or practicum experiences may be incorporated into your degree program. As a future project manager, it's crucial that you get some experience in planning and executing projects early on.
Finally, different schools offer different concentrations, which may be more or less important to you depending on your career goals. If you're seeking a narrow concentration, that will certainly help you sift through your list of potential schools.
Project Management Master's Degree Courses
Since individuals with many different backgrounds can be admitted to project management master's programs, colleges and universities usually establish some prerequisite courses to get everyone on the same page. These prerequisites depend on what classes you've already taken as an undergraduate and on the amount of experience you've had in the workforce. With prerequisite courses, you'll get a brief introduction to the world of project management before you dive into more in-depth and specialist courses.
The typical project management master's degree takes between 30 and 48 credit hours, including foundational and elective courses, and your prerequisite courses may make up some of those hours or add on a few hours.
Project Management Foundational Courses
Every project manager will need a basic understanding of how businesses function, which means that master's programs always include a number of foundational courses in related subjects, such as financial management, supply chain management, decision making, project planning, project execution, and communication.
You'll notice that most programs offer classes in the fundamentals of both traditional and agile project management; the essential distinction between the two lies in the introduction of agile software for projects with frequent changes. Traditional project management follows a set of principles published and maintained by the Project Management Institute (PMI) called PMBOK, or the Project Management Body of Knowledge. You'll learn both during your studies, but these days it's common to concentrate on agile project management.
Project Management Specialist & Elective Courses
Once you finish the foundational courses of your degree, you'll either take the specialist courses that belong to your chosen concentration, or you'll pick from a list of electives. It's wise to choose several electives that belong to the same group so that you have at least an approximation of a concentration even if your school doesn't offer one.
You'll notice that many specialist courses center around agile software. Because agile is the currency of project management today, you may choose to make a concentration out of those courses if you can. Other electives may be advanced versions of classes you've already taken (such as project planning or communication), or they may explore various topics, such as business methodology, conflict management, managing remote projects, and more.
Licensure & Certification in Project Management
Licensure and certification in project management is not a legal requirement, but getting certified is certainly a good idea, since job opportunities and especially promotions tend to favor those who go the extra mile to earn certification.
Perhaps the most well-known and highly respected certification in project management, administered by the Project Management Institute (PMI), is called the Project Management Professional (PMP) certification. PMI also offers certifications in agile, one called the Disciplined Agile Scrum Master (DASM) Certification and another called the PMI Agile Certified Practitioner (PMI-ACP) Certification. These certifications can elevate you above the rest in the job market, and they can certainly augment your understanding of what you do on a daily basis as a project manager.
A great master's program will prepare you for the exams you'll have to take to earn these or other certifications, so be on the lookout for that when you're searching for a program that's right for you.
Concentrations in Project Management
Your project management degree may itself be a concentration nested under a broader degree such as a master of organizational leadership or a master of management. However, some master of project management degrees stand on their own and have several concentrations nested under them. Such concentrations may include agile, communication, leadership, or other similar-sounding concentrations.
With each of these concentrations comes a unique set of electives. For example, with an agile concentration, you'll take Principles of Agile, Advanced Agile Project Management, Agile Implementation, etc. With a concentration in analytics, you'll take Introduction to Analytics, Intermediate or Advanced Analytics, Predictive Analytics, Communication in Analytics, and so on.
Postgraduate Options After a Master's in Project Management
A master's degree in project management can take you a long way, and you may find yourself managing projects for global organizations with a master's alone. Even so, you may also find yourself wondering if you can push yourself further and achieve more as a project manager. Earning a doctoral degree in project management is one way that you can continue to develop and use your skills, and it can also be the gateway to a position in academia as someone who researches and teaches about project management.
The two main options for a doctorate in project management are the DBA, or Doctor of Business Administration, and the PhD. For the most part, the DBA is designed for people who want an advanced understanding of project management and who want to go on managing projects. The PhD, on the other hand, is designed for people who want to become scholars of project management; in this case, you'd study the best methods for managing projects, but you wouldn't actually be planning and executing them. Of course, you may earn a DBA and end up teaching project management at a university, or you might get a PhD and end up managing projects for a company.
Whether you choose the DBA or the PhD, you'll spend about three to five years working through your degree, which will include either a major project or a dissertation as the culmination of your studies.
What Can I Do with a Project Management Master's Degree?
People who earn master's degrees in project management go on to work for federal agencies, social programs, domestic corporations, international companies, nonprofit organizations, banks and other financial organizations, software companies, and even independent artists and writers.
In fact, the diversity of job options for project managers is one of the biggest reasons to earn a master's degree in this field. This degree gives you incredible flexibility when it comes to the type of projects that you want to manage, the type of organization that you want to work for, and the opportunities for advancement that you want to pursue. Your concentration in the master's will help you decide what you'll do after graduating, but it's not necessarily deterministic, so even with a somewhat narrow concentration, you will have many options when it comes to your career.
Job Outlook for a Master's in Project Management
The median annual salary of project managers in all of the industries mentioned above is much higher than the national average and definitely desirable:
| Industry | Median Annual Salary |
|---|---|
| Federal Executive Branch (OES Designation) | $87,550 |
| Management of Companies and Enterprises | $84,250 |
| Monetary Authorities-Central Bank | $104,540 |
| Social Advocacy Organizations | $64,280 |
| Software Publishers | $107,140 |
| Independent Artists, Writers, and Performers | $113,730 |
- Source: U.S. Bureau of Labor Statistics
The national mean wage estimate for all project management specialists is $80,220, according to BLS, and PMI estimates that by 2027, there will be 22 million new jobs for project managers.
How to Become a Project Management Consultant
Step One
The first step to becoming a project management consultant is to earn a bachelor's degree in a field you're interested in. It doesn't have to be business or management, although those will certainly be useful. Take advantage of internship opportunities while you're in school, since experience is key when it comes to project management.
Step Two
Get at least three years of experience working for a company as a full-time employee. You might work in finance or marketing; you might rise to the level of assistant manager or even a mid-level manager before embarking on your master's degree program.
Step Three
Apply to a master's program in project management. Make sure your program is going to give you plenty of opportunities to get real-world experience and to practice interactions with clients. As you're working through your master's degree, choose a concentration that will usher you into a particular path. There are many facets of project management, and as you prepare to become a consultant, you should have a specialization that distinguishes you from the rest.
Step Four
After finishing your master's degree, get certified through PMI in the area that's most relevant to you and begin developing client relationships. Building credibility and proving your initiative and follow-through are absolutely essential to success in project management consulting. You might want to spend a few years working with a consulting company before going off on your own to become an independent consultant, or you may choose to stay with a company throughout your career.
How to Become a Program Lead for a Nonprofit Organization
Step One
You'll want to begin your career as a program lead for a nonprofit organization by getting your bachelor's degree in a subject of your choice. Because nonprofits aren't likely to have the funds for professional development programs, you should probably major in business or management in order to have a solid background in management principles.
Step Two
You should go out and get a few years of professional experience before applying to a master's program. Even though your goal is to work for a nonprofit, you may want to start off by working in a for-profit business as you learn about financial management, client relationship management, and other components of the organization.
Step Three
Earn your master's degree in project management. If available, classes in nonprofit management will be of great use to you, and you should choose electives and/or concentrations that will go along with your ultimate goal as program lead for a nonprofit. While you're studying, you should also do an internship or volunteer at a place that represents the kind of organization you'd eventually like to work for.
Step Four
Earning certifications in project management (especially through PMI) will be extremely helpful for your career as a nonprofit program lead. Also, take opportunities to volunteer, network with other leaders, and find a mentor who can foster your professional development. Again, a nonprofit may not have the resources to give you the professional development opportunities that a company would, so you're responsible for your continued growth and education.
Master's in Project Management Program Financial Aid & Scholarship Resources
Financial aid for continuing education is widely available, and you just need to look around to find a scholarship or discount that applies to you. You should seek federal and/or institutional financial aid, since they can provide the biggest scholarships, grants, loans, and work study opportunities; your first step should be filling out the Free Application for Federal Student Aid (FAFSA). Federal student loans have very low interest rates compared to other types of loans, and institutional scholarships can cover anywhere from a few hundred dollars to the full cost of tuition.
Some schools will offer a huge discount just for enrolling within a certain window or under a certain program. Also, your company might help fund your education under certain conditions (they may ask for a term of commitment, for example).
If you've served in the military, you can get a significant veteran or active duty tuition discount, and you can also transfer credit from military training to speed up degree completion and reduce overall tuition costs.
You can also win scholarships based on your field of study, e.g. business, finance, management, and other tangents of your degree; these are often funded by private companies or individuals who have a vested interest in your success as a project manager. Finally, you can fill in the gaps with small awards based on factors like your gender, ethnicity, or place of residence. If you need help funding your education, don't hesitate to speak with your school's financial aid office.