Project Management is necessary for any business to get successful. It plays a vital role in the organization's operations. The role of Project Managers is to make a team of skilled workers, institute and construct team plans, and ease the execution of all projects. However, each project manager's specific roles and duties rely on the industry in which the company operates and the company in which the manager works. Moreover, a reliable project manager should have experience in an industry before entering this role. Keep reading to learn more about the various facts about the Project Manager career path.
What is the Role of Project Managers?
Before you get into the alternative career paths for Project Manager, it is crucial to perceive what are the roles of Project Managers that you can see below:
Usually, the project managers make a plan and supervise the accomplishment of particular projects for an organization while ensuring that these projects are executed within the budget, on time, and within scope. They normally operate in various industries, from engineering and construction to pharmaceutical science and healthcare. However, the actual roles of a Project Manager will differ as per the organization's size, industry, and project type. There are a few tasks that all Project Managers usually perform on an everyday basis, which are as follows:
- Communicating with the key stakeholders and project team
- Preparing project plans to develop a budget and define the scope of the project
- Developing and leading team members
- Organizing the tasks of the project
- Delivering the project right after its completion
They are responsible for creating value by ensuring that projects operate within parameters so that companies can optimize their efficiency. Therefore, the demand for Project Managers is high, and they are compensated accordingly.
What are the Qualifications and Requirements?
An individual who wants to pursue a career as a Project Manager should have an undergraduate degree in management. This degree offers a background in critical areas like human resources skills and overall management directly related to the job. In addition, the courses taken by an individual in this degree strengthen interaction and communication skills, as both are vital to being successful as a Project Manager.
Regarding the requirements for the position of Project Manager, they differ and rely on the industry in which the company operates and the company the individual applies to. However, certain organizations ask a person to have a master’s degree in project management to be selected for this position. Higher education specializing in this field adds value and knowledge to any individual who applies for a post as a Project Manager. Most companies are interested to see the huge potential of a candidate applying for the position. A higher degree in Project Management would make you get a higher salary package in this industry.
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Qualities of a successful project manager
Why Should You Choose a Project Management Career Path?
As per the Project Management Institute report, the demand for project managers is increasing faster over the next 10 years than the demand for workers in other occupations. Similarly, the report even claims that where the demand for roles in project management is increasing, the number of project management professionals is reducing. Hence, the lack of qualified ones and the need for Project Managers make the Project Manager career ladder attractive for various reasons, which are as follows:
- There is plenty of opportunity for advancement as well as growth
- Higher demand leads to a higher salary
- A lot of industries can benefit from Project Managers; therefore, you can work in an industry that meets your skills and interests
Top Industries Project Managers Work In
It is very important to consider what industry you would like to work in as you start building a career in Project Management. This will help you become a specialist in your stream and can even help you get more senior positions.
Information Technology
Regarding the IT Project Manager career path, many professionals are looking to shape their careers in emerging industries like the IT industry. As per the report, about 50% of projects delivered in the year 2019 were in the space of Technology and Information Systems. When you work in the IT space, you deliver projects directly for your company, including network upgrades and software development. It even allows you to work with clients who create IT strategies and adopt new technologies to a business.
Construction and Infrastructure
The construction and infrastructure industries come to mind while considering the role of Project Manager. As per the Future of Project Management report, the number of projects delivered in the year 2019 still has a deep focus on construction and infrastructure at 53%. In construction and infrastructure industries, you will operate with everyone from the subcontractors to the Engineers and Architects to bring the project across the line. If you want to work in this industry, you would be required to ensure that you have a great level of risk management and planning skills and a detailed knowledge of building legal requirements and legislation.
Business Transformation and Improvement
If you want a career path apart from the Infrastructure, construction, and IT industries, you can prefer business improvement and transformation as it showed high projects accomplished in this field at 45%. The advantage of becoming a business improvement professional is that you can transfer these skills across various industries, from finance and health to hospitality and entertainment. No matter if it is opening a restaurant or delivering a mobile app, a highly skilled Project Manager, is required to handle the project to ensure that it is completed and delivered successfully.
Read More:Best Industries for Project Managers
Career Paths of Project Management
If we talk about the technical Project Manager career path, some of the most popular positions in Project Management comprise Program Manager, Project Manager, Portfolio Manager, and many more.
Project Manager
The role of a Project Manager is to apply the right techniques, tools, and processes to accomplish the project successfully. They are even responsible for balancing the resources available and the scope of the work, meeting the quality standards needed by key stakeholders, and maintaining time constraints and budget. This role can help professionals hold various job titles, such as senior project manager, project manager I, or manager II. In addition, these roles include planning and executing projects by handling factors such as timeline, budget, and resource allocation.
Portfolio Manager
A project portfolio is an accumulation of programs and projects handled as a team to achieve strategic business objectives. The role of a portfolio manager is to manage one or more portfolios centrally to fulfill an organization's goals. This position has a huge amount of responsibility and, thereby, requires enough expertise and experience. Besides, they can get a good salary package.
Program Manager
If an individual has reached the project level for a company, they can get into the role of supervising programs. A program is nothing but a defined group of projects handled and coordinated to ensure the goal is achieved. Even though the program management includes overseeing certain projects, more responsibility is involved in this position. But, a Program Manager is more tactical than managing multiple projects. This position even examines the business advantages of a program, creates program-level plans, and oversees dependencies between projects to bring a successful result. Furthermore, the salary of program managers depends on the experience level and industry.
Industry-specific Project Management Roles
The professionals of Project Management have job opportunities in every industry and might encounter industry-specific employment titles as their career moves ahead. Some of the most promising and reliable industries for Project Managers are construction and engineering, healthcare, software and information technology, and financial services. However, Project Managers would require to develop specialized skills associated with that particular field to progress within a specific industry.
Executive and Senior Level Positions
With experience in the field, project management professionals can pursue several executive and senior-level positions, such as chief operating officer or project management office director. In addition, a Project Management Office director supervises the Project Management office of an organization and carries out the leadership role in establishing and maintaining standards for projects in the company. On the other hand, a Project Manager with 10 or more years of experience can get into the role of a chief operating officer as the skills are almost the same as those developed throughout the career of Project Management.
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Conclusion
A career in project management offers diverse opportunities across multiple industries. Project managers are crucial in guiding projects to completion, ensuring they are on time, within budget, and meet quality standards. With the demand for skilled project managers on the rise, those with the right qualifications and experience can expect substantial career growth and attractive salaries. Understanding project management's fundamental roles and responsibilities, coupled with specialized industry knowledge, can pave the way for advancement into senior and executive positions. Simpliaxis offers project management courses to help you gain the skills needed for a successful career in this dynamic field.
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