One of the best reasons to get an advanced degree in any field is to increase your earning potential. If you qualify for jobs with higher salaries, it typically means that these jobs will also come attached with more responsibilities, which can mean a more fulfilling career. Everyone wants to go to a job they love every day, and with a masters of science in project management, you can realize that goal.
So what type of salary can you expect with a masters in project management? That depends on a number of factors, least of which is not your job title. Some common types of jobs for which you’ll be qualified once you have your degree include the following:
- Information Technology Project Manager: $115,780
- Construction Project Manager: $83,860
- Architectural and Engineering Project Manager: $119,260
- Industrial Production Project Manager: $87,160
As you can see, the type of industry in which you work plays a major role in the salary you can expect, and a master’s degree in project management may give you the opportunity to enter into one of these positions. In addition to a yearly salary, as a project manager, you may also earn bonuses, commission, and profit sharing with your company, depending on your employer.
After you get your degree, it’s important to see if certification is a requirement in your field, or even it’s recommended. The type of certification you seek can play a role in the salary you can expect, as some certifications are more difficult to get than others.
Where you live also makes a different. In any field, workers willing to live in large cities usually make more money. Some of the top cities for project managers include New York, Houston, Washington DC, Chicago, Atlanta, Dallas, and Los Angeles. However, in these areas, cost of living is also higher, so you may not be able to save as much as you think. In smaller cities and more rural areas, your salary expectations should be lower, but at the same time, cost of living may also be lower, meaning that the area makes more financial sense for you.
Lastly, the type of employer will affect how much you’ll be paid as a project manager. Like in most fields, many of the high-paying jobs are with the federal government. Project management positions may also be found with large firms, manufacturing companies, and many project managers are self employed.
* Financial statistics are based on 2010 data provided by the U.S. Bureau of Labor Statistics (bls.gov).
