How good is the Project Management career path?

Are you interested in pursuing a career as a project manager? With the increasing demand for skilled project managers across various industries, it's a great time to explore this career path. However, many aspiring project managers are unsure about how to get started and what steps to take to reach their career goals.

In this comprehensive guide, we will provide valuable insights and practical advice for anyone looking to pursue a career in project management. Keep reading to learn more!

Why choose Project Management?

According to research from the Project Management Institute, the “Demand over the next 10 years for project managers is growing faster than demand for workers in other occupations.” Each year, approximately 214,000 new project management-related jobs will be created in the United States.

According to the 2020 Pulse of the Profession® report by the Project Management Institute (PMI), poor project performance can be costly for organizations, resulting in wasted investment. The report reveals that 11.4% of investment is lost due to poor project performance. This highlights the importance of effective project management in ensuring that projects are delivered successfully, on time, and within budget, thereby maximizing the return on investment for the organization. By adopting project management best practices, organizations can minimize the risk of poor project performance and reduce the associated costs.

Project management is vital to the growth & development of any organization; it is at the heart of practically all everyday operations. A project manager is in charge of forming teams of experienced workers, creating and implementing team strategies, and ensuring that all projects are completed on time.

All of this is done in order to meet the company’s objectives. The specific responsibilities and obligations of each project manager are mostly determined by the organization for which the manager works and the industry in which the company operates.

Skills to become a Project Manager

When it comes to developing project manager skills, you’ll need a mix of hard skills like risk and performance management to ensure the project runs well, as well as soft skills like communication and motivation, as team members and stakeholders will turn to you for direction.

1) Technical Skills: It includes knowing how to manage a project’s schedule, budget, and scope.

• Technical project manager skills require knowledge to plan, execute, and monitor projects effectively using the correct tools at the right time.

2) Business Skills: Project managers rely on business expertise to comprehend how project deliverables and objectives provide value and advantages to the organization, customers, and employees.

• This understanding enables project managers to make informed decisions, prioritize tasks, and allocate resources effectively to ensure successful project outcomes

3) Managerial Skills: Manage risk and be skilled in estimating, budgeting, and forecasting to assure that the project stays on track, is completed on time and has no project overruns are the best project management skills everyone should possess.

• Know your industry throughout, as well as project management tools, strategies, and processes.

4) Leadership Skills: Project managers have the responsibility of the team. Client and management expectations are managed by project managers , and they communicate with stakeholders at all levels of an organization, both internal and external.

• As a result, they require excellent leadership abilities such as communication, problem-solving, decision-making, negotiation, interpersonal, team-building, and emotional intelligence.

Evaluate yourself based on the Top 6 deciding factors listed below

If you are considering a career in project management, it's important to evaluate whether you have the necessary skills and traits that make for a successful PM. Here are 6 deciding factors:

1) Ability to Communicate & Lead: PMs must be good at communicating, and leading teams toward a common goal. If you have a penchant for taking the lead and relish being in charge, a PM role might be the perfect fit for you.

2) Problem-Solving mindset: In order to successfully navigate unforeseen challenges or setbacks and overcome obstacles that may arise during a project, PMs must maintain a positive attitude, problem-solving, and a solution-oriented mindset. In essence, it's important for PMs to approach these situations with a smile and a readiness to find solutions.

3) Being a Meticulous Manager: PMs must possess a high level of attention to detail to manage timelines, budgets, and resources effectively. If you enjoy being organized and focusing on the details of a project and can manage them while keeping the overall project goals in mind, a PM role may suit your interests.

4) Flexibility & Open Mind: For a PM, every day is a new day. A PM will be presented with varieties of problems every day—some problems could be expected, and some are unforeseen and unexpected challenges. Hence, when situations are highly uncertain, PMs must possess the qualities of flexibility and adaptability to approach new situations with an open mind and a willingness to think creatively to find solutions to problems.

5) Identifying & Managing Risks: Are you good at identifying risks? Can you always think about the negative thing that could happen to a project while also considering a remedy for it [the risk]? If you are good at it, you are a PM material

6) Ability to Manage Stress: The PM role can be a demanding and highly accountable one, and hence the PM job can be stressful at times and PMs must be able to manage the stress of the job. Come what may, you should be cool, always.

Project Management job titles

According to the Project Management Institute (PMI), in order to keep up with demand, the global economy will require 25 million new project experts by 2030. Take this project manager title hierarchy into consideration as you work your way up to the job you desire.

The following positions are frequently seen in the project management profession:

• Project Coordinator: This is an entry-level administrative position that is responsible for the generation and distribution of project reports. The project coordinator is a member of the management team who provides assistance.
• Project Scheduler: The project schedulers are responsible for scheduling project deadlines, work, and managing project requirements. They assist project managers to plan, coordinate and monitor the timelines and identify potential clients for the pitch deck.
• Assistant Project Manager: In the case of extremely big projects, an assistant project manager may be required to cooperate with the project manager and take on tasks that the project manager is unable to complete. The assistant project manager may be required to attend meetings and work on certain minor pieces of the project when time permits. The assistant meets with the project manager on a regular basis to report on progress and discuss any potential barriers that may arise.
• Project Manager: Budgets, plans, timelines, and product demos are all managed by a project manager who is in charge of the entire project from start to finish. When working alone or with an assistant, the project manager can delegate specific tasks or collaborate on the project with the rest of the management team. This individual is in charge of seeing the project through to completion.
• Senior Project Manager: This job might be in charge of several projects at the same time and determines which ones should be prioritized first. A senior project manager is likely to be part of a broader management team that comprises project managers and assistants as well as other professionals.
• Director of Project Management: The major role of a director of project management is to guide, instruct and develop project management operations, and structure the workflow. They provide overall project governance by establishing standards, protocols, and tools for effective project delivery. A director typically requires 5-6 years of experience in the project management field with additional skillsets.
• VP Of Operations, COO: The VP of operations is responsible to operate, manage, plan, and coordinating the overall operations activity of the project handling. They are responsible for ensuring the smooth working of operations by implementing rules and regulations. Apart from this, a VP of operations handles others and collaborates with companies to ensure the best operational services in project delivery.

Learn about New PMBOK 7th Edition Project Management Principles that will aid you in developing your vision, planning, and approach.

Top industries for Project Managers

There are various industries out there in the market that requires experienced project managers. Project management is not limited to certain industries but is spread across a variety of industries. Here is a list of top industries that require project managers –

• Construction
• Architectural
• Health Insurance
• Manufacturing
• Engineering
• Software/IT

How good is the Project Manager career path?

Project management, like many other careers, necessitates the development of a wide range of abilities in order to be successful. In addition to strong organizational abilities, project managers should be capable problem solvers with above-average arithmetic abilities, as well as excellent communicators. A career in project management may be a suitable fit for those who appreciate taking on a variety of duties.

The following are some more reasons to pursue a career in project management:

• Project managers are in high demand, and the market is saturated. By 2027, according to the Project Management Institute (PMI®), there will be 22 million additional project management job positions.
• Employment of project management specialists is expected to increase by 7% from 2021 to 2031, which is about the same as the average growth rate for all occupations.
• Salaries for project managers are competitive in today’s marketplace. According to Indeed, the average base salary for a project manager at the entry level is $54,132 per year.
• According to Salary.com, the typical income for a mid-level project management position is approximately $92,770 per year, with a range of $80,700 to $108,734 per year.
• Project managers have the ability to make a significant difference. They have a direct impact on not only employee morale but also the bottom line of the organization. In addition to the amazing pay, that’s a very good bonus to receive as well.

Conclusion

From understanding the role of a project manager to developing the necessary skills and experience, this comprehensive guide provides a clear roadmap for aspiring project managers. Whether you're just starting out in your career or looking to take the next step, the insights and practical advice shared in this guide can help you achieve your goals.

Are you convinced and ready to take the plunge? We can help you in putting your project management career into fast track with our PMI authorized PMP Preparation course. By obtaining the PMP Certification, you'll open doors to new opportunities, such as higher-paying jobs, more challenging projects, and greater career advancement potential. With the skills and knowledge gained through this certification, you'll be equipped to take on more complex projects and lead teams to success.

The PMP course covers all skills necessary for an in-depth learning of project management, such as, project delivery, risk planning and management, team leadership, budget management, team building, agile project management, among others.

Take the first step towards achieving your project management career goals today!