MBA in Project Management - Careers, Salary, Jobs, Scope

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Why this specialization?

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Project Management is the process of initiating, planning, executing, monitoring and closing a project or work in a specified time and cost. This is achieved by bringing people of various types together as a team to achieve the unique goals.

The challenges for every project are classified as scope, time, quality and budget. A Project Manager not only has to plan every work involved in the project but also monitor closely to ensure the quality and progress of the work.

An MBA in Project Management will offer you the experience of working in the field. You will not only benefit from core subjects such as Finance Analysis and Marketing but also learn day to day essentials such as time management, cost management, leadership, problem-solving skills etc. If you earn a degree which emphasis on Project Management, it’s a valuable skill-set for any business.

Career

Most jobs are focused on business industries, such as Construction, Information Technology development, Consultation, etc. We have listed a few of the job titles below:

  • Project Manager.
  • Project Cost Estimator.
  • Project Risk Manager.
  • Project Quality Manager.
  • Project Procurement Manager.
  • Project Leader.
  • Project Scheduler.
  • Project Planner.
  • Team Leader Test Manager.
  • Engineering Director.

Let’s look into a few job titles in depth:

Project Manager

The role of a Project Manager is to plan, budget, oversee and document a specific project. They are in charge of the people in a project and are required to know the project in and out while supervising the workers along with the project. In most construction, engineering, architecture and industrial projects, a project manager has another manager working alongside them who is typically responsible for the execution of tasks on a daily basis. This work requires you to constantly monitor the project untill its closure.

Salary offered to a Project Manager vaguely changes depending on the project, company, etc. As per Glassdoor.com, the national average income of Project Managers is Rs. 9,04,400 per anum.

Cost Estimator

Cost Estimators collect and analyze data to estimate time, money, labour and resources required to manufacture a project. It is usually done by the use of computer software, including databases to simulate the project.

The data is then given to the manager or investors. Cost Estimators usually specialize in an industry or a specific product. The work schedule is full time, with the need to work overtime to meet deadlines.

Payscale.com states the average salary of Cost Estimator in India around Rs. 5,00,505 per year.

Quality Manager

The role of a Quality Manager is to ensure that a certain product or project is fit for purpose, meets legal compliance as well as satisfies the needs of the customer This is ensured by monitoring and coordinating the activities required to meet such standards.

Working hours depend on the sector you’re working in, for manufacturing you will be required to work in shifts and sometimes required to start early and leave late. However, for most other sectors a normal office hour is designated. Overseas travel may be required to meet customers, or investigate quality issues.

The average salary of Quality Manager as stated in Payscale.com is Rs. 9,64,916 per year.

Project Scheduler

Project Scheduler as the name implies is one who design and develop a project. They have to interact with customer and project staff to schedule work and coordinate assignments.

They also have to keep the management informed about the status of the project. Project Schedulers usually work in offices with occasional field trips, with normal office working time.

Engineering Director

Also referred to as a Director of Engineer, their role is to plan and direct and all aspects of engineering activities of a project. They have to ensure all engineering projects, initiatives, and processes are done with organization’s established policies and objectives.

And also, to utilize the best practice engineering methods and provides expert technical guidance for engineering initiatives. The working hours of an Engineering Director are normal office hours.

The average pay for a Director of Engineering is around Rs 15,00,000 per year.

Salary

In a recent survey conducted by Simplilearn, it was found that Project Management was one of the most desired skills of 2017. This is mainly because this job has a need for leadership, and also the high pay scale it offers.

Average annual salary of a Project Manager with no experience is around Rs. 4,21,164. Professionals with over 10 years of experience in this field earn up to 24,40,091 per year.

Recruiters

The Project Management Institute predicts that the profession will grow by $6.61 trillion globally by 2020, with 15.7 million jobs created. Listed below are some of the top recruiters:

  • Accenture
  • Hitachi
  • Saipem
  • Epsilon India
  • UnitedHealth Group

Syllabus & Subjects

MBA in Project Management is a two-year post-graduate course, whether done online or from a university, is split into four semesters. Even though the syllabus of this course slightly varies according to different universities, the usual subjects involved are as follows:

1stSemester:

Management Theory and Practice

Organizational Behavior

Accountancy for Managers

Managerial Economics

Statistics for Managers

2nd Semester:

Marketing Management

Financial Management

Human Resource Management

Operations Management

Research Methods for Business

3rd Semester:

Operations Research

Strategic Management

Computer Integrated Manufacturing

Management Information System

Advanced Operations Management

4th Semester:

Entrepreneurship

Facilities Location and Process Design

Product Design and Project Management

Supply Chain and Logistics Management

Advanced Maintenance Management

Final Project Report

Course Fee

Fee structure of the program is dependent on the university/college you opt for. It can vary from Rs. 5,000 to Rs. 5 Lacs. Following are the average fee structure for a few colleges in India:

College Fee
Amity University, Noida Rs. 2,30,000
Bharatiya Vidya Bhavan’s S.P. Jain Institute of Management and Research
National Institute of Construction Management and Research, Hyderabad
RICS School of Built Environment

Popular Colleges

The eligibility for all colleges are the same as stated above. Admission process can be done directly from the college’s website, but the cut-off mark that decides whether you could apply for a college varies each year. Let’s look at some renowned colleges that provide this course:

National Institute of Industrial Engineering

National Institute of Industrial Engineering was established by our Government in the year 1963. NITIE was ranked 12th among management schools in 2017 by Business Today.

NITIE offers a Post Graduate in Project Management which is for 1 year. It’s affiliated with the University of Mumbai.

Link to the official Website is https://www.nitie.edu .

Swami Vivekananda Institute of Information Technology

Swami Vivekananda Institute of Information Technology was established in the year 2007 and is affiliated to Punjab University.

SVIT (Swami Vivekananda Institute of Information Technology) offers a Post Graduate in Project management that lasts for a year. It is affiliated with Punjab Technical University.

Link to the official website is http://sviit.ac.in.

Mahatma Gandhi University

Mahatma Gandhi University is a public university established on Gandhi Jayanti of the year 1983. MGU has been approved by UGC and is accredited by the National Assessment and Accreditation Council of India.

Link to the official website is http://www.mgu.edu.in.

Southern New Hampshire University

SNHU (Southern New Hampshire University) is a private university situated in the US. For people outside the US, they offer online degree courses. The fee structure of this college is around $1,881.

Link to the official website is https://www.snhu.edu.

Requirements

Apart from the normal eligibility criteria for MBA, candidates should have the following traits while opting for Project Management:

  • Requires strong communication and organizational skills.
  • The ability to juggle multiple tasks simultaneously.
  • An understanding of the functional roles of departments throughout the organization.

Degrees Offered for Project Management

Graduates wishing to pursue a Masters in Project might find a variety of degree options. Some are technical and others are more managerial. Given below are a few Master’s program for this specialization.

  • Master of Science in Project Management (MSPM): This program focuses on advanced methodologies involved in Project Management. Students can focus on a certain type of industry for which they would like to work for in the future.
  • Master of Science in Management (MSM): This program focuses on the managerial principles of Project Management, including business management issues. It may emphasize research into project management and other management fields.
  • Master of Science (MS): This program gives students the opportunity to undertake an advanced study in Project Management. However, it will be limited to a particular field as an example, a candidate could opt for a Master’s in Information Technology with Project Management as specialization.

Scope of the program

According to Project Management Institute report,(Project Management Job Growth and Talent Gap 2017-2027) “India will require 70 lakhs new project managers in next 10 years. India will emerge as the fastest growing country in the world for project management-oriented employment”.

This report also states that by the year 2027, India will have the second largest number of project management-oriented jobs (218lakh. This shows how big Project Management will grow in the coming years.

Apart from the growing opportunities as stated above, other reasons for opting this course is that there is a good earning potential along with the fact that if you’re a good Project Manager, many companies will be looking forward to hiring you.

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