Growing Global Demand for Great Project Managers

While each project may be different from the next, great project managers have something in common with one another. They are all valued assets in today’s competitive business environment, where their expert planning and execution skills provide a strategic advantage.

Companies depend on their project managers to create reliable processes for the project lifecycle, integrate with cross-functional groups responsible for project execution, and maintain constant communication at critical stages. Top-performing project managers often have a choice of high-visibility assignments that garner attention across the organization.

The Successful Project Manager

Project managers are by nature well-organized, process-oriented individuals who are able to focus on the small details that drive home big-picture results. They must be take-charge individuals, with the aptitude to access the necessary human and capital resources and plan how those resources will be deployed. Serving as time managers, people managers and risk managers, project managers must be able to:

• Define project scope and guard against “project creep” 
• Schedule and lead cross-functional teams
• Monitor progress and quality assurance
• Procure goods and services, and keep costs under control
• Communicate with stakeholders, from inception through completion

Experience & Education

Early on in a project management career a great deal of training will happen on the job. Learning from more experienced coworkers is invaluable for new employees who are just starting out. Within a few years, motivated project managers will have executed some successful projects and be ready for more.

Continued career progression can come from a combination of experience and education, including certification and advanced degree programs. Certifications tend to be targeted at key specialties. The more certifications you get, the better-rounded your credentials will appear. But no amount of one-off study programs will offer the depth and breadth of knowledge that can be gained from a master’s degree in project management.

A master’s degree program allows experienced professionals to explore a greater diversity of project scenarios, including those that fall into program manager and portfolio manager domains. These big-picture challenges provide a realistic view of what it’s like to manage multiple, simultaneous projects and prioritize them based on organizational goals and strategies.

Career Growth Opportunities

According to the Project Management Institute, a not-for-profit membership association, there will be approximately 1.2 million new project management jobs created per year throughout the next decade. The reasons for this growth are two-fold: an aging workforce that is reaching retirement age and an increasing level of sophistication and complexity in business operations.

Salaries for project managers are commensurate with experience and education. The web site, AboutProjectManager.com, reports a median salary over $95,000. Starting salaries hover around $75,000, with experienced professionals earning six figures.

Variances will occur based on the type of projects being managed. For example, a construction project manager will earn less that an information technology project manager. The most highly paid project managers are those who oversee enterprise-wide initiatives who often earn over $120,000 per year. Portfolio managers can also expect a salary exceeding $100,000.

New Trend: Chief Project Officer

Companies employ a full suite of C-level professionals, ranging from chief information officer (CIO) to chief financial officer (CFO) to chief marketing officer (CMO) and beyond. But it’s still uncommon for an organization to have a chief project officer (CPO) in place. In fact, only an estimated six percent of companies in the world have implemented the CPO role.  

Professionals who have reached this level are recognized as expert negotiators, mathematical masterminds, problem solvers, and idea generators. They have the unusual combination of analytical depth, creative wisdom, and people skills that can only come from executing a series of successful big-budget, high-risk projects.

Particularly ambitious project managers should consider the chief project officer role as the ultimate opportunity to strive for in the business world of tomorrow.

Author Byline:
Laura Mingo writes in the field of higher education. This article aims to offer career advice for university students in relation to project management and promotes the benefits of advanced study regarding a BU online masters in project management.

Sources:
http://www.pmi.org/About-Us/About-Us-What-is-Project-Management.aspx
http://www.pmi.org/About-Us/About-Us-Who-are-Project-Managers.aspx
http://www.pmi.org/en/Professional-Development/Career-Central/Pulse-Infographic.aspx
http://www.usnews.com/education/best-graduate-schools/top-business-schools/articles/2011/03/30/mba-programs-focus-on-project-management
http://aboutprojectmanager.com/project-manager-salary/