There are many people who love working on projects, and they may even want to direct other people working on them. If you are one of those individuals, you might want to consider an MBA in Project Management. An MBA offers candidates to grow with more opportunities in their field of preference and interest, and develop in the workplace altogether.
An MBA in Project Management issues the stepping stone in the world of Project Management. This MBA degree lays emphasis on leading any project and the principles to solve the problems arising in the project.
In today’s world, where the economy is rapidly globalizing, there is an increase in the demand for skills that are necessary to create and set a business project into motion. The program helps candidates devise projects and act strategically in the real corporate world. An MBA degree with prominence in Project Management will lead to the generation of knowledge and skill set that will be beneficial to any business that is on the lookout for efficiency and maintaining profitability.
What does an MBA in Project Management incorporate?
The MBA course with a specialization in Project Management is one of the best among the many available MBA degrees. Many MBA programs have room to maneuver the real-life experience of working in the business world. While a general master’s in Business Administration incorporates core subjects like finance and marketing, an MBA in project management is concentrated mainly on how every subject of business is effectively utilized in the management of projects. This might include cost management, planning and execution, and finance and marketing when it comes to managing projects.
The fees of obtaining the degree will change from one institution to another, as well as many other factors like the duration and status of the MBA degree and university. It becomes important for candidates, who are willing to pursue an MBA degree, to do proper research on the variety of MBA programs for the sole reason of settling on the one that best suits their career choice.
Candidates with an MBA in project management, are an asset to and are most sought by employers in the fields of information technology, engineering, and many others. The MBA program educates students to plan and achieve the most effective applications for any organization. Large corporations that have a global reach, need employees who have deep knowledge of field issues like supply chain management and have the right communication skills to lead efficiently.
For bagging the MBA degree, there are a variety of international options as well. One can also get an MBA online. If you’re a working person and are interested in further receiving education for the sake of growing in your career, you can also opt for a part-time MBA. You only have to expand your research accordingly and select what suits you best.
An MBA in Project Management is best for whom?
If you are the type of person who always goes that extra mile to plan that birthday party? Do you prefer managing the whole birthday project and handing out tasks to others with efficient planning? Then you might have an interest in handling the big projects in the corporate world. If so, then an MBA degree with a specialization in project management should best suit your interests.
If you are an employee and are currently employed at a position that is heavily based on project management, then this MBA program would prove helpful in moving upwards from your current position. Even if you have several years of experience in project management and are planning to make your lifelong career in project management, this degree should be of great help with it. If you want project management to only be your career for a short span till you move upwards into better positions that do not include leading projects, then a generalist MBA or an MBA program in another specialization may be a good option.
How do the aspirants of an MBA in Project Management hold value in the industry?
Project managers are staffed across the organizations to manage issues on outstanding projects, develop communication, identify risks beforehand to avoid them, and help to keep everything according to the schedule and better predictability; all of these add the value of a project manager in the industry.
A great project manager also helps to balance the project scope with the changing needs of clients, product owners, and development teams. They provide a quick resolution to issues and problems. Along with all of it, they manage the financial aspect as well by facilitating enhanced cost estimation, and involving cost and budget forecasting techniques.
Projects are an integral part of many fields, thus generating demand and value for project managers.
What is the duration of an MBA in Project Management?
The duration of an MBA in project management is subject to variations, it depends solely on the university one chooses.
If you take up an offline MBA program it lasts up to two years. If your choice is to get an MBA online or part-time, it can stretch for up to three years; this one is mostly chosen by working individuals who are looking to grow upwards in their careers or planning to change their path. An executive MBA is of one year.
What subjects are included in an MBA in Project Management?
Here is a list of semester-wise subjects included in the MBA program.
- Business Law
- Statistics for Managers
- Accountancy for Managers
- Organizational behavior
- Managerial Economics
- Management Theory and Practice
- Quantitative Methods
- Research Methods for Business
- Human Resource Management
- Financial Management and Accounting
- Operations Management
- Financial Management
- Business Environment
- Marketing Management
- Management Information System
- Project Control System
- Operation research
- Computer Integrated Manufacturing
- Project Planning and Execution
- Advanced Operations Management
- Strategic Management
- Project Exports
- Project Preparation
- Supply Chain Management
- Disaster Management
- Project Management Software
- Small Business Management
- Final Project Report
So basically, the course curriculum of the MBA program is divided into core subjects and Elective subjects. Projects and Internships are also marked as an integral part of the MBA degree. The area of interest of the aspirants should lead them to choose the electives.
Some of the core subjects are listed below:
- Labour in Construction
- Project Management
- Construction Scheduling
- Project Evaluation
- Procurement Methods
- Construction Scheduling
- Supply chain in Construction
- Experience in industry
Now, the elective subjects that are to be chosen before the start of each semester are listed below:
- Advanced Cost Management
- Analytical Methods
- Construction Law
- Construction Regulation and Control
- Building Services and Operations
- Means and methods in construction
- Construction Measurement and Estimating
What is the level of an MBA in Project Management?
This MBA degree is for candidates who have completed their Undergraduate and are planning to pursue a Master’s degree. MBA in Project Management is a Post Graduate level degree.
What are the fees of an MBA in Project Management?
The fees of the MBA program vary depending upon the college, and the location of the college which affect the decision of staying in the hostel of the institute, as it incurs additions in the core course fee; also, the fees of any degree might not be the same for every year.
The average fees to take up an MBA in Project Management might vary from four lakh to six lakh.
Top colleges to get an MBA in Project Management from
|Kanpur Institute of Technology (KIT)||INR 1.30 lakh|
|NIMSU, Jaipur||INR 1.20 lakh|
|SMIT, East Sikkim||INR 5.50 lakh|
|Pacific University, Udaipur||INR 1.50 lakh|
|IIM, Rohtak||INR 7.15 lakh|
What is the Eligibility to opt for an MBA in Project Management?
The essential eligibility criteria are a candidate who has completed their 10+2, their under graduation degree with an aggregate score of 50-55 percent, and is flourishing with a good percentile in the entrance exams.
However, every university might not have the same eligibility criteria or even similar percentage requirements. It is best to go on the university websites of the universities you have shortlisted and download the brochures. A college brochure contains information related to the MBA course fees, the eligibility criteria, and the course curriculum. The minimum age for applying for the course is also subject to change.
What entrance exams and exam scores are needed to get admission for an MBA in Project Management?
Admission into this MBA program happens through cut-off scores in the accepted entrance exam of the university or by merit and quota. The latter two have limited seats.
If you choose CAT (Common Admission test) as your entrance exam for the MBA degree, then:
Getting admission into MBA programs of top colleges requires a minimum percentile of 90. If you are aiming to get admitted into top IIMs like IIM Kozhikode, IIM Bangalore, IIM Ahmedabad, IIM Lucknow, or IIM Calcutta, then cut off is as high as 99+ percentile.
For admission to Tier 2 colleges, the cut-off is generally up to and above the 80 percentile. For admission to Tier 3 colleges, the cut-off is generally up to and above the 60 percentile.
For the year 2022, the cut-offs are intended to remain the same.
The table below lists the CAT cut-offs required in the top ten IIM colleges.
|Indian Institutes of Management||CAT Percentile required in 2022|
For candidates to be shortlisted to take admission to their desired university or the top IIMs for an MBA in Project Management it is necessary for them to score the minimum CAT cut-off required.
FMS, SPJIMR, and MDI colleges require a CAT cut-off from 95 to 99 percentile. For reserved category candidates, the cut-offs are lower: 95 to 98 percentile.
To access the final CAT cut-offs required by IIMs a candidate has to login into the account, and only those candidates can access who have appeared for the CAT exam.
If you choose MAT (Management Aptitude Test) as your entrance exam for the MBA degree then:
Top MBA colleges usually accept a MAT exam percentile above 90. To shortlist candidates for group discussions and personal interviews, some colleges consider the overall MAT exam score, while some colleges consider the sectional and composite scores of the candidate.
List of colleges that require a MAT cut-off above 80:
|University Name||MAT cut-off in percentile|
|Institute of Management Studies||80-90|
|Amity Business School, Noida||90+|
|Christ University Bangalore||80-90|
List of colleges that require a MAT cut off above 75:
|University Name||MAT cut off in Percentile|
|PSG Institute of Management, Coimbatore||75|
|ES Management college and research center, Mumbai||80|
|SIES College of Management Studies, Mumbai||80|
|Jaipuria Institute of Management, Noida||75|
|IPE Hyderabad: Institute of Public Enterprise||80|
List of colleges that require a MAT cut off above 60:
|University Name||MAT cut off in percentile|
|Balaji Institute of International Business, Pune||65|
|EMPI Business School, Delhi||65|
|Adarsh Institute of Management and Information Technology, Bangalore||55-60|
|SCMS Cochin School of Business, Kochi||70|
|Vivekanand Education Society Institute of Management Studies and Research, Mumbai||65|
If you choose CMAT (Common Management Admission test) as your entrance exam for the MBA degree then:
Candidates seeking admission into an MBA program need to meet the required CMAT cut off percentile. This clears the selection round of the chosen university.
Some of the colleges with their cut-off percentile are listed below:
|University Name||CMAT cut-off in percentile|
|Welingkar Institute of Management, Mumbai||85|
|Indian Institute of Information Technology and Management||85|
|NL Dalmiya Institute of Management||85|
|Great Lakes Institute of Management, Gurgaon||85|
|Welingkar Institute of Management, Bangalore||80|
|Xavier Business School||85|
What is the career prospect of an MBA in Project Management?
The big question? What do project managers do?
The title implicates just the job description. Project managers intricately guide any particular project. The projects and clients depend on what field of work they choose.
Here are some of the fields to work in as a Project Manager:
Project managers in this field manage what is to be accomplished during each and every phase of construction, and work with the clients alongside. The clients can range from subcontractors, and engineers to architecture. All of this happens in compliance with legal regulations and safety. Whether it’s the construction of a shopping mall or taking care of the infrastructure of the nation, there’s a need for an efficient construction project manager.
Engineers are hired from the aerospace industry to manufacture for designing and finding faster and cheaper ways of doing things. Hence, for such projects created by the engineers, there’s a need for Engineering project managers who work closely to create something new or solve any issues coming along the way. Allocating the resources efficiently, managing the costs, keeping things on schedule, and updating the clients are all included in their job descriptions.
Project Managers in the field of Information Technology (IT) look closely at the installation of new types of equipment, upgradation, other requirements of the department, security, and cost efficiency. These professionals combine their technical knowledge with business understanding to help their organization head in the right direction when it comes to computer-related activities. Information Technology project manager is probably the highest paying career path in project management.
Upon grasping the demands and desires of the clients, they use their reliable knowledge of technology and their technical abilities to transform ideas into substantiality. They work with the tech-savvy staff and figure out how to make it all happen for their clients. They take care of budgets, deadlines, and any problems arising along the way.
During the current pandemic, we noticed how urgent it was to come up with an effective vaccine to curb the situation. Pharmaceutical project managers work on such projects to test the risks and workings of the drugs going hand in hand with the compliance of doctors, researchers, and legal teams and marketing the new products.
The market is ever-growing and ever-changing, with a variety of new products entering the market daily. Getting your product noticed in such an eclectic market is a task that these marketing project managers readily take up. They come up with product awareness projects and how through the project the product reaches the target audience.
There are many other fields as well like consulting, healthcare and energy.
What are the average salaries of candidates with an MBA in Project Management working in the public sector?
|Associate director||INR 12.40 LPA|
|Research Associate||INR 5.5 LPA|
|Assistant Manager||INR 5.7 LPA|
|Assistant Project Manager||11.50 LPA|
What are the average salaries of candidates with an MBA in Project Management working in the private sector?
|Project Manager||INR 15.25 INR|
|Operation Manager||INR 15.40 INR|
Frequently Asked Questions (FAQs):
- What are the top Government Companies offering jobs for MBA graduates in Project Management?
Answer: NABARD (National Bank for agriculture and rural development), DFCCIL (Dedicated Freight Corridor Corporation of India), TISS (Tata Institute of Social Sciences), NDMA (National Disaster Management Authority), HSCC (Hospital Services Consultancy Corporation)
- What are the top private companies offering jobs for MBA graduates in project management?
Answer: TCS, Infosys, IBM, Accenture, Wipro