Is project management a good career path? With the ever-changing landscape of the business world, more and more companies need project managers.
What will I learn?
- Is Project Management A Good Career Path
- Reasons Project Management Is A Good Career Path – Pros
- Reasons Why Project Management Is Not A Good Career Path – Cons
- What Do Project Managers Do
- Skills Needed To Become A Project Manager
- How To Become A Project Manager
- Final Word:
- Frequently Asked Questions
- 1. Does Project Management Have A Future?
- 2. Is Project Management In High Demand?
- 3. Is Project Management A High-Paying Job?
- 4. Is Project Management A Dying Profession?
They help them keep track of the business’s various initiatives. And as the business world becomes more complex, the demand for project managers will continue to grow.
Is Project Management A Good Career Path
No matter what industry you’re in, there’s a chance that your company is undergoing some change. It may be developing a new product or implementing a new system.
Whether expanding into new markets, businesses need project managers to help them plan and execute these changes.
Let’s discuss some major types of jobs in project management.
1. Industry-Specific Project Manager:
The first type of project manager is the industry-specific project manager. These types of managers work within a specific industry.
They are familiar with the challenges, processes, and terminology associated with that industry.
They often come into a company with pre-existing knowledge about its product or service.
This type of project manager is a valuable asset to any company. They can help reduce the learning curve for new employees. And they can get projects off the ground more quickly.
Let’s take an example. The automotive industry is constantly changing. As a result, new technologies and regulations are always being introduced.
So, it’s no surprise that companies in this industry need project managers.
Project managers must know the processes and terminology associated with manufacturing cars.
They also need to be up-to-date on the latest technologies and regulations.
2. Functional Project Manager:
The second type of project manager is the functional project manager. Functional managers are experts in a particular function, such as:
– Human resources
– Information technology
Functional managers come into a company with understanding of its particular function.
They are valuable as they can help to improve the efficiency of a company’s operations.
They can also resolve problems that arise within their area of expertise. For example, a functional project manager in the finance department.
They can help to improve the financial planning and budgeting process. They can also help to resolve issues that arise with invoicing or billing.
3. Program Manager:
A program manager is different from other types of project managers. They have an inclination toward strategic planning.
Program managers are responsible for managing multiple projects at once. Therefore, they need to understand the company’s operations broadly.
And they need to be able to see how each project fits into the bigger picture.
A program manager is a valuable asset to any company. They can help to coordinate the efforts of multiple teams.
And they can ensure that each project is aligned with the company’s overall goals.
They earn up to $87257 on average salary annually, per Payscale.
4. Project Manager:
This is the type of project manager you’re probably most familiar with. Project managers are responsible for planning, executing, and delivering a project.
They need to have a deep understanding of the project’s objectives. And they need to be able to see how each task fits into the bigger picture.
Project managers need to be able to manage both people and tasks. They need to be able to communicate effectively. And they need to be able to make decisions quickly.
Project managers are the ones who keep things on track. They make sure that projects are completed on time and within budget.
On average, they earn up to $76370 per year, as per Payscale.
5. Change Manager:
With the ever-changing business landscape, it’s no surprise that companies need change managers.
Change managers are responsible for leading and coordinating change within a company.
For instance: change manager will be leading a team through a re-branding process.
Or, they might be responsible for coordinating the rollout of a new software system.
Change managers need to be able to communicate with both employees and management. In addition, they need to understand the company’s goals.
And they need to be able to develop a plan that will help the company to achieve those goals.
Change managers earn up to $86382 per year on average, as per Glassdoor.
There are a few different project managers, each with its responsibilities.
We will share more insights to decide if project management is a good career path for you.
Reasons Project Management Is A Good Career Path – Pros
Project management offers a variety of opportunities.
Let’s find out some pros of pursuing project management as a career.
1. Variety of Opportunities:
As a project manager, you will have the opportunity to work in various industries.
You could find yourself working in:
– Construction industry
– Manufacturing industry
– IT industry
– Retail industry
The list goes on. No matter your interests, there is likely a project management role that would be a good fit for you.
2. Good Salary:
Project managers earn a good salary. The average salary for a project manager is $85,000 per year.
And project managers in the top 10% of earners make an average salary of $116,000 annually.
So, project management is a good option if you’re looking for a well-paying career.
3. Job Security:
Project management is a good career path because it offers job security.
As long as there are businesses, there will be a need for project managers. And the demand for project managers will only increase.
4. Opportunities to Travel:
If you’re looking for a career that offers opportunities to travel, this is a good career.
Many project managers travel to different locations for work. And they often have the opportunity to travel to exotic places.
So, this career can let you see the world while earning a good salary.
Reasons Why Project Management Is Not A Good Career Path – Cons
Let’s find out why project management might not be your right career path.
1. Requires A Lot Of Responsibility:
One downside to project management is that it requires a lot of responsibility.
As a project manager, you will ensure that projects are on time and within budget.
You will also ensure that projects meet the company’s objectives.
So, if you’re uncomfortable with taking on a lot of responsibility, this might not be the right career for you.
2. Requires Good Communication Skills:
Another downside to project management is that it requires good communication skills.
As a project manager, you must communicate effectively with employees and management.
You will also need to be able to understand the company’s goals. And you will need to be able to develop a plan that will help the company achieve those goals.
3. Can Be Stressful:
Another downside to project management is that it can be stressful.
This stress is because they have to juggle many different tasks and responsibilities.
So, this might not be the right option if you’re looking for a low-stress career.
4. Requires A Lot Of Work:
Another downside to project management is that it requires a lot of work.
As a project manager, you will need to work long hours. And you will often have to work on weekends.
Neither of these things is appealing to everyone. So, if you’re looking for a career that doesn’t require much work, this might not be the right option.
What Do Project Managers Do
Now comes the question, what do project managers do? The answer to this question can vary depending on the industry in which they work.
However, there are some common duties that all project managers have.
These duties include:
1. Planning Projects:
One of the most important duties of a project manager is to plan projects. This involves developing timelines, budgets, and objectives.
It also involves developing plans for how the project will get executed. For instance, they will plan how the different stages of the project will get completed.
And this planning process also involves identifying risks and developing contingency plans.
2. Developing Schedules:
Another important duty of a project manager is to develop schedules. This involves creating a timeline for when different tasks will get completed.
It also involves assigning tasks to different employees. And it involves ensuring that all deadlines are met.
The project manager will need to monitor the schedule closely. And they will need to make changes as needed.
3. Coordinating With Different Departments:
It involves ensuring that all tasks are in coordination with the other departments.
For instance, a task needs to get completed by the marketing department.
The project manager must coordinate with marketing to ensure the task is on time.
And once the task is all done, the project manager will ensure that it meets the company’s objectives.
4. Communicating With Stakeholders:
One of a project manager’s most important duties is communicating with stakeholders.
Stakeholders are people who have a vested interest in the project. This can include the CEO, shareholders, employees, and customers.
The project manager will need to update them on the progress. They will also need to get their feedback and input.
5. Risk Management:
There are always risks associated with any project. And it’s the project manager’s responsibility to identify those risks.
They will also need to develop contingency plans in case something goes wrong.
And if something goes wrong, project manager will have to fix the problem.
So is project management a good career path? If you are into these types of responsibilities, then the answer is yes.
Skills Needed To Become A Project Manager
There are certain skills you will need to have if you want to become a project manager. These skills include:
1. Organizational Skill:
As a project manager, you will need to be very organized. This means keeping track of all the different tasks to complete.
It also means being able to prioritize those tasks. And it means being able to keep track of deadlines.
You will likely struggle as a project manager if you’re not organized.
2. Communication Skills:
You will need to be an excellent communicator. This involves being able to communicate with different types of people.
It also involves being able to communicate effectively. You will need to be able to explain things clearly. And you will need to be able to listen to people’s concerns.
3. Leadership Skills:
The ability to lead can have a significant impact on the success of a project. As a project manager, you must be able to motivate people.
You will also need to be able to provide direction. And you will need to be able to get people to buy into your vision.
4. Problem-Solving Skills:
Identifying and solving problems is another important skill for project managers.
You will need to be able to identify problems quickly. And you will need to be able to come up with solutions.
Without problem-solving skills, it will be difficult to be a successful project manager.
5. Time Management & Stress Management Skills:
When a lot is going on, it can be easy to get overwhelmed. That’s why time and stress management skills are so important for project managers.
You will need to be able to manage your time effectively. This means being able to prioritize tasks and delegate tasks when necessary.
It also means being able to stay calm under pressure. If you can’t manage your time or stress well, you will likely struggle as a project manager.
6. Technical Skills:
Of course, you will also need to have some technical skills. Again, this will depend on the industry you’re in.
For instance, you need basic coding skills if you’re working in the IT industry.
And if you’re working in the construction industry, you must know how to read blueprints.
These are just some skills you will need to become a project manager. If you have these skills, then you should consider this career path.
How To Become A Project Manager
If you’re interested in becoming a project manager, you can do a few things to get started.
1. Get A Degree:
One of the best things you can do is get a degree in project management. This will give you the skills and knowledge you need to be successful.
There are many different types of project management degrees you can get. And there are many different ways to get a degree.
For instance, you can get a degree online. Or you can go to a traditional brick-and-mortar school.
Some courses, such as an MBA in project management, can cost upwards of $50,000. But there are also many affordable options.
2. Get Internship:
Another way to get started is to get an internship. This will give you some real-world experience.
And it can help you decide if this is your right career path. Once you have an internship, you can then look for entry-level jobs.
3. Get A Project Management Certification:
Another option is to get a project management certification. This can make you more attractive to employers. And it can help you get a higher-paying job.
There are many different types of project management certifications. And the requirements can vary.
For instance, some certifications require a certain amount of experience. And some certifications require you to pass an exam.
So is project management a good career path? The answer is yes. Project management is a great career choice for many people.
It offers a lot of opportunities. And it is a high-paying profession. If you have the right skills, you should consider becoming a project manager.
Frequently Asked Questions
Let’s take a look at some frequently asked questions about project management.
1. Does Project Management Have A Future?
The future of project management is very bright. The salary slab of project managers is also increasing day by day.
With certification in project management, you can get a high-paying job with perks.
2. Is Project Management In High Demand?
There is a high demand for project managers. Companies are always looking for people who can manage their projects effectively.
With all new projects, there comes a new set of challenges. And it is the job of the project manager to overcome these challenges.
Online institutes have seen a surge in students enrolling in project management courses. For instance, Coursera.
3. Is Project Management A High-Paying Job?
Yes, project management is a high-paying job. The average salary of a project manager is $87,000 per year.
The top 10% of project managers make an average 6-figure salary without a college degree.
4. Is Project Management A Dying Profession?
Why would you think that project management is a dying profession? On the contrary, the demand for project managers is only increasing.
As more and more projects start, the need for people who can manage them also increases.
Last Updated on 4 months by Shahzaib Arshad