Masters in Project Management and MBA are both postgraduate degrees that may seem the same. But there are a few key differences[i] that set them apart.
To begin, let us quickly look at the contrast between the two programs. A Masters in Project Management ‘teaches you proven strategies to successfully plan, implement, manage projects and drive successful outcomes’[ii] whereas an MBA ‘provides theoretical and practical training for business or investment management. It can have a general focus or a specific focus in fields such as accounting, marketing, and more’[iii] – Investopedia.
It is important to note that you can become a project manager with an MBA degree.
In this article, we will discuss the job prospect for Masters in Project Management postgraduates vs MBA degree holders. In terms of two factors; employability rate and salary range (with each factor backed by statistics). So you can make a decision and choose to pursue the degree that is most in line with your long-term goals.
1. Future Employment Opportunities
Planning and executing projects for big multinational companies is a rather complicated process and so very qualified professionals are required to do the job efficiently. PMI.org conducted a survey that claims that 2.2 Million more project management-oriented jobs will emerge annually from 2017 to 2027[iv]. So to fill the talent gap in the market, it might be a good idea to earn a Masters in Project Management.
MBA is a great choice for people who want to keep their options open and not commit to one aspect of business administration. The job outlook for MBA postgraduates is expected to increase by 6% by 2029[v], which is faster than average but slower than the project management job outlook.
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2. Salary Range
In the US, senior project managers earn an average of $125,772/year[vi]. Whereas, MBA degree holders earn an average of $89,331 annually[vii] (salary increases as you advance in your career).
In a Masters in Project Management program, you gain specialised knowledge and your expertise remains unmatched once you practice said knowledge. Your company’s appreciation of your superior project management practices will show in your salary and benefits packages.
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In Conclusion
Good project management is necessary for any business to flourish. Without efficient project planning and execution, no amount of capital or resources can help a company gain long-term success. For that reason, postgraduates with a project management degree are in high demand[viii].
On the other hand, MBA postgraduates who have an in-depth understanding of business operations are vital as well. Hence, they are sought after by enterprises. But speaking in terms of employment outlook this year, Masters in Project Management comes out on top. Not only are more jobs available in this field but project managers get better salary benefits as well.
So if you are looking to start your postgraduate studies this year, apply for a Masters in Project Management or an MBA online through SNATIKA and gain the expertise the market is looking for! SNATIKA's Masters Degrees and MBA are awarded by prestigious UK universities. You will save time, money, and effort if you choose SNATIKA. Visit SNATIKA to learn more.
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