2023 Best MBA Programs in Project Management

What is an MBA in Project Management?

MBA Programs in Project Management equip students with the specific methods, processes, skills, knowledge, and experience to achieve project objectives according to the project criteria within agreed parameters. Unlike ordinary management that is an ongoing process, project management has a finite timespan and a final deliverable.

The purpose of project management is to foresee or predict upcoming dangers and problems that may likely occur. It also helps plan, organize, and control activities to ensure that the project is completed successfully, irrespective of the risks involved. 

An MBA program in Project Management introduces real-life situations you will be facing as a Project Manager and what to do to make accurate, strategic and tactical decisions.

As the US economy grows and is becoming linked with the economies of other nations, now is the best time to acquire the skills needed to manage projects efficiently. Getting an MBA in Project Management is a wise investment as there has never been a time when the skill is low. Rather, the demand for project managers is growing rapidly across the US. A project manager with an MBA in Project Management can find employment in construction, healthcare, industrial production, IT, consulting, or other areas. Although the content of an MBA in Project Management is similar across the United States, not all MBA in Project Management is the same.

The financial cost to get the degree differs from institutions. Some institutions might take a longer or shorter time to complete the MBA. The period might be a deal-breaker for you as shorter programs tend to be intense, while longer ones can be flexible yet be considered a waste of valuable time.

The Master of Business Administration (MBA) degree, one of the most in-demand graduate degrees available today and offers students the chance to learn an effective, diverse mixture of management theory and applied strategies from communication and supply chain management skills to financial and marketing needs.

With a strong focus on applied sciences and business knowledge, MBA students experience real-world interactions with other students and professors, providing a sense of collaboration between students as they tackle different facets of business theory.

An MBA with a concentration in business Analytics an advanced graduate degree that helps students build the critical tools and framework necessary to lead, manage, and grow businesses. Generally offered as a 2-year program, the majority of MBA programs require candidates to have at least 3 years of work experience before they begin the course work.

Common program requirements include accepting at least one internship during the term, writing a thesis or capstone project reflecting on the student’s growth over the year, and passing an exit exam or comprehensive final examination.

100 Best MBAs in Project Management

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How Much is Tuition for MBA Programs in Project Management?

Overall, it makes sense to spend on an MBA in Project Management as you can expect to command a higher than average salary almost immediately after graduation. More than 90% of MBA graduates get a job immediately after graduation.

The average full-time Tuition for MBA programs in Project Management is $47,357.34 with a highest of $145,253.00 and the lowest of $6,660.00

The average in-state tuition for campus MBA program in Project Management is $47,357.34 compared to the average out-of-state tuition of $67,768.70. The average in-state tuition for an online MBA in Project Management is $36,676.79 compared to an average out-of-state online tuition of $62,852.15.

With a tuition cost ranging between $6,660.00 and $145,253.00, it may be worthwhile to attend a highly reputable online or in-state program instead of electing to go out-of-state. This may be the difference in a $90K in tuition due to your residency status. You don’t need an MBA degree to know the importance of fiscal responsibility.

You may want to opt for a more affordable degree programs instead of taking out student loans for B-School tuition. A savvy student also realizes that attending an online MBA program can significantly reduce textbook, transportation and living costs.

Best ROI for MBA Programs

The average ROI full-time for MBA programs in Project Management is 143% with a highest of 556% and the lowest of 42%.

Return on investment (ROI) is an essential factor when considering which MBA program(s) to apply to. To calculate ROI, consider both the tuition for the MBA program and the average salary a graduate earns. The average tuition cost for an MBA degree in Project Management is approximately $47,357.34, while the average starting salary for MBA graduates is around $91,266.48. To calculate ROI, you need to subtract the tuition from the salary and divide by the tuition cost. This will give you a rough estimate of how much value you will get out of the MBA Project Management.

The average ROI for all MBA programs in the United States is 154%. The average ROI for Project Management programs is 143%.

Reports for campus MBA ROI and online MBA ROI.

What is the Career Outlook for Project Management MBAs?

Why choose an MBA with a concentration in Project Management? Predictions from the U.S. Bureau of Labor Statistics (BLS) indicate a negative growth in top management positions overall, with a projected to grow 6.3% percent nationwide until 2028, according to Projections Central at the US Department of Labor. The average number of annual openings needed nationwide is 119,600. Additionally, the BLS reports the median salary for managers at $103,930, an important consideration for students considering a major investment in their education.

State	2018	2028	Change	%Change	Avg. Annl Openings
United States	1,135,700	1,207,000	71,300	6.3	119,600
Alabama	7,690	8,010	320	4.2	790
Alaska	3,150	3,150	0	0	300
Arizona	4,200	4,090	-110	-2.6	390
Arkansas	6,960	7,840	880	12.6	800
California	196,400	217,000	20,600	10.5	21,900
Colorado	48,140	57,440	9,300	19.3	6,000
Connecticut	7,510	8,000	490	6.5	790
Delaware	1,510	1,560	50	3.3	150
District of Columbia	40,000	41,850	1,850	4.6	4,110
Florida	75,640	85,950	10,310	13.6	8,790
Georgia	38,080	42,720	4,640	12.2	4,340
Guam	280	350	70	25	10
Hawaii	5,410	5,580	170	3.1	540
Idaho	2,860	3,010	150	5.2	20
Illinois	50,650	52,580	1,930	3.8	5,150
Indiana	11,160	11,930	770	6.9	1,190
Iowa	11,460	12,680	1,220	10.6	1,280
Kansas	9,660	10,250	590	6.1	1,010
Kentucky	9,920	10,840	920	9.3	1,090
Louisiana	17,930	18,440	510	2.8	50
Maine	4,030	4,100	70	1.7	400
Maryland	31,620	33,970	2,350	7.4	4,730
Massachusetts	15,680	16,570	890	5.7	1,640
Michigan	36,710	36,980	270	0.7	3,560
Minnesota	25,320	26,880	1,560	6.2	2,660
Mississippi	4,850	4,930	80	1.6	10
Missouri	14,970	15,970	1,000	6.7	1,590
Montana	3,200	3,510	310	9.7	350
Nebraska	4,820	5,170	350	7.3	520
Nevada	7,010	8,190	1,180	16.8	850
New Hampshire	2,330	2,460	130	5.6	240
New Jersey	45,240	48,310	3,070	6.8	4,800
New Mexico	6,860	7,290	430	6.3	720
New York	34,710	38,820	4,110	11.8	3,940
North Carolina	32,040	35,130	3,090	9.6	3,530
North Dakota	2,580	2,760	180	7	270
Ohio	37,900	39,560	1,660	4.4	3,880
Oklahoma	6,400	6,530	130	2	640
Oregon	16,890	19,110	2,220	13.1	1,950
Pennsylvania	18,370	19,210	840	4.6	1,890
Puerto Rico	6,040	5,760	-280	-4.6	540
Rhode Island	2,600	2,780	180	6.9	280
South Carolina	4,330	4,690	360	8.3	470
South Dakota	1,450	1,510	60	4.1	150
Tennessee	18,610	20,610	2,000	10.7	2,080
Texas	92,380	106,610	14,230	15.4	10,970
Utah	12,760	15,910	3,150	24.7	1,660
Vermont	1,180	1,240	60	5.1	120
Virgin Islands	230	240	10	4.3	20
Virginia	34,540	36,490	1,950	5.6	3,600
Washington	45,460	53,050	7,590	16.7	6,270
West Virginia	2,830	3,040	210	7.4	300
Wisconsin	11,120	11,850	730	6.6	1,180

What is the Starting Salary for Project Management MBAs?

The salary for a project manager depends on the industry and experience. The average starting salary for MBA students from Universities that offer an MBA in Project Management is $79,206, and the lowest starting salary is $55,955. The highest reported starting salary is $112,012.

The average salary of a project manager in some industries are given below:

• Aerospace – $118,000
• Agriculture, Mining, and Natural Resources – $130,000
• Consulting – $125,000
• Engineering – $117,500
• Government – $113,875
• Information Technology – $114,000
• Pharmaceutical – $129,000
• Utility – $117,875

Average starting salary for MBA students from universities that offer an MBA in Project Management today is $91,266.48 with the lowest of starting of $60,514.00 and the highest reported starting salary of $121,283.00.

Project Management Earnings by State and Experience

The amount you earn as a project manager also depends on where you are working. For instance, the District of Columbia pays Project Managers the highest salaries, followed by Maryland.

However, there are other factors that influence the amount you are paid as a Project Manager. Some of these factors are discussed below:

• Years of Experience — A project manager with more than three years of experience will earn more than a fresh graduate. The difference in the salary of a fresh graduate in Project Management and an experienced Project Manager can be up to $15,000 or more.
• Industry — The type of industry you work as a Project Manager can also determine how much you will earn. Project managers in consulting firms can earn as high as $132,500.
• Team Size — As a project manager, you will have to manage teams. However, the size of the team you manage can be used to calculate what your salary will be. For example, a project manager that manages a large team will get paid a higher salary compared to a manager that manages a smaller team.
• Location — The state or city you are working in can also affect what your salary will be as a project manager. The District of Columbia and the states around it — Maryland and Virginia — pay a significantly huge amount for project managers.

According to data collected by the U.S. Bureau of Labor Statistics, MBA pay and employment for 2022 is listed in the table below.

State	Employment	1 to 4 Years	5 to 9 Years	10 to 19 Years	20+ Years
Alabama	7,270	$52,010	$64,620	$110,010	$134,210
Alaska	2,750	$50,510	$62,900	$102,030	$125,270
Arizona	25,710	$45,560	$58,790	$102,480	$128,620
Arkansas	8,800	$34,040	$43,970	$80,760	$106,020
California	227,470	$41,370	$57,660	$111,730	$145,510
Colorado	53,490	$46,640	$60,410	$110,650	$142,190
Connecticut	9,880	$52,600	$65,200	$108,530	$139,190
Delaware	1,970	$56,150	$66,660	$109,420	$133,350
District of Columbia	40,120	$58,800	$74,660	$127,980	$170,790
Florida	95,330	$33,310	$45,400	$92,580	$121,080
Georgia	56,450	$32,850	$48,440	$97,550	$129,440
Hawaii	5,040	$43,670	$57,000	$94,940	$112,890
Idaho	4,730	$41,530	$53,210	$94,980	$119,950
Illinois	54,350	$44,570	$60,920	$108,300	$132,150
Indiana	13,150	$38,810	$51,020	$90,640	$115,440
Iowa	10,410	$39,390	$52,330	$88,250	$111,650
Kansas	11,260	$43,570	$55,750	$95,560	$117,890
Kentucky	12,630	$39,930	$49,730	$87,390	$111,340
Louisiana	20,870	$28,630	$41,140	$79,850	$105,870
Maine	5,130	$42,510	$51,780	$88,290	$105,570
Maryland	37,030	$51,410	$70,140	$121,040	$157,550
Massachusetts	29,140	$52,490	$65,830	$117,790	$154,980
Michigan	41,450	$42,310	$55,080	$95,530	$124,040
Minnesota	31,070	$42,570	$55,260	$92,990	$120,930
Mississippi	4,700	$35,310	$51,120	$83,220	$102,470
Missouri	22,500	$44,250	$57,080	$99,270	$123,540
Montana	4,470	$35,240	$46,370	$78,890	$99,750
Nebraska	4,400	$41,100	$54,340	$92,980	$112,820
Nevada	11,570	$34,380	$48,780	$84,390	$107,730
New Hampshire	4,340	$49,680	$60,070	$98,940	$123,080
New Jersey	53,000	$49,540	$64,080	$108,620	$137,040
New Mexico	9,630	$38,450	$51,770	$101,970	$168,380
New York	61,250	$48,530	$65,490	$119,760	$160,590
North Carolina	39,420	$42,180	$54,500	$99,600	$129,580
North Dakota	2,690	$44,820	$56,450	$90,580	$116,420
Ohio	48,460	$43,150	$55,540	$97,240	$121,900
Oklahoma	9,270	$43,580	$55,330	$94,280	$118,610
Oregon	21,950	$43,290	$55,800	$97,370	$121,930
Pennsylvania	34,760	$47,150	$62,110	$105,630	$131,750
Rhode Island	4,370	$52,760	$65,140	$108,220	$133,120
South Carolina	4,180	$40,750	$54,680	$93,100	$118,610
South Dakota	1,320	$43,260	$56,180	$86,900	$106,880
Tennessee	26,050	$33,720	$45,150	$81,500	$108,220
Texas	130,870	$45,420	$59,760	$104,720	$135,570
Utah	19,640	$37,830	$52,710	$95,590	$126,330
Vermont	1,800	$43,610	$55,100	$85,980	$106,440
Virginia	43,070	$52,170	$66,470	$119,180	$158,120
Washington	48,730	$47,220	$60,370	$110,260	$143,610
West Virginia	3,830	$33,980	$45,640	$84,960	$109,510
Wisconsin	20,930	$24,250	$46,310	$85,660	$109,220
Wyoming	1,730	$44,690	$56,420	$94,170	$117,840

What Can I Do With an MBA in Project Management?

An MBA in Project Management can get you into a variety of fields. Project managers find employees with the Federal Government, pharmaceutical companies, IT companies, and many other industries. The following are a few jobs you can get when you complete an MBA in Project Management.

• IT Project Manager — Project Managers that are in the field of IT oversee from the planning to execution stage. The manager usually delegates tasks to various members of the team and ensures everyone works together to achieve the goals of the organization. An IT project manager can be paid as high as $120,000.
• Consulting Project Manager — Consulting project managers advise external businesses temporarily. They help these businesses identify areas that need improvements. Consulting project managers can work with consulting companies. You can expect to earn about $133,000 as a consulting project manager.
• Government Project Manager — A government project manager ensures that project activities and resources are used to meet the project objectives. This the manager does by ensuring that everything is well managed and coordinated. Expect to get paid $115,000 as a government project manager.

What Are Benefits of Earning an MBA?

• Increased Job Opportunities: What exactly will an MBA do for you? Mid- to upper-level management positions are available to you. Jobs that see fewer applicants, such as chief executive officer, are also open to you. Earning your MBA qualifies you for positions that range from department director to enterprise director and chief operating officer. Employment for MBA candidates is projected to increase by six percent per year over the next seven years. Three-quarters of employers say that they plan to hire MBA graduates in 2016, while ninety-two percent are increasing the number of MBA internships that they offer.
• Increased Earnings: A recent study showed that the average MBA graduate’s pay was 50% higher than their position before earning their degree. Even more impressive, in the five years after earning their MBA, the average pay increased by 80%. These figures clearly show the financial benefits of an MBA but they don’t address the personal satisfaction that comes with greater responsibility.
• Sharpen Your Professional Skills: As a graduate of an MBA program, you’ll develop the skills necessary to succeed in a competitive business environment. You’ll learn to think critically about problems, communicate effectively, work on a team and analyze complex financial data. You’ll also have access to some of the brightest minds and the latest resources in today’s business world.
• Greater Job Security: Today’s job market is more turbulent than ever before, filling many with uncertainty and fears of being left out. Earning an MBA not only increases your earning potential but also offers a foundation for greater career stability and security. With the marketable skills to lead teams, take initiative and make positive changes in companies, you can quickly establish a secure foothold in an otherwise shaky job market.
• Become a Respected Member of Your Business Community: Choosing to earn an MBA enables you to position yourself as a respected member of your business community. An MBA increases your professional vocabulary, enhances your strategic thinking and analytical skills, and gives you a broadened level of cultural knowledge. Whether you pursue a program that offers concentrations or one focused on leadership and global management, an MBA will give you the tools and resources you need to succeed.

What Skills Do I Need to be Successful In Project Management?

To become a successful project manager, there are several skills that you need. Some of them can be acquired as part of the business school education. However, if you can develop these skills before applying for an MBA in Project Management, you’d be ahead of other applicants.

• Communication Skills — A project manager should be able to communicate well. When meeting clients, strong communication skills can help present your ideas. Team members also need clarity. A good project manager will share the vision of the organization with team members without ambiguity. Frequently, a project manager will need to make reports and presentations to share with clients and team members.
• Organizational Skills — For projects to run smoothly, the project manager should be able to organize things properly. A good project manager should have the ability to prioritize tasks, keep records of activities, and compartmentalize projects. Many times, there’ll be a need to handle multiple tasks simultaneously. Project managers ensure that things do not become disorganized when multiple activities take place.
• Leadership Skills — Perhaps one of the greatest skills a project manager should have. A project manager should be able to coordinate, encourage and set rules for the team members. Leadership can make or mar a project. Most organizations that hire project managers prioritize this skill.

What Typical Classes Will I Take in My Project Management MBA Program?

Business schools typically offer programs that provide a comprehensive, rigorous training in business fundamentals and leadership. Full-time and part-time curricula exist, with part-time programs requiring students to balance school with full-time employment. As a student, you have the option of emphasizing an area of expertise by choosing a major or completing an integrated program. MBAs have flexibility in course selection due to the curriculum’s interdisciplinary nature; however, a typical curriculum has core courses, as well as required and elective courses in various disciplines.

Typically, to get into an MBA program, you must have had a bachelor’s degree or its equivalence. Most business schools desire these qualifications to ensure that you can pursue post-graduate school studies.

When you gain admission into a business school for your MBA program, there are courses you are expected to take. Below are some of the courses you will be offering:

• Human Resources Management — Project managers should be able to effectively manage team members. Human Resources Management is one of the courses offered in business schools for prospective project managers. At the end of the course, you should be able to perform administrative functions in an organization. Since project managers can work in a variety of situations and different industries, they should understand hiring processes, interviewing people, consulting, and strategic planning.
• Strategic Planning — A project manager should ensure that team members are working toward common goals. At the end of this course, the project manager should be able to prioritize tasks, delegate activities, and ensure that the team spirit is focused on achieving the goal of the project. Students taking this course will have the potential to develop a strategic plan in real-life situations.
• Data Analytics — Data is the lifeline of businesses. One way to know whether a team is meeting its objectives is by analyzing the data. Fast-rising project managers should be able to read data and make accurate conclusions. The data analytics course in top institutions will expose a project manager to a variety of data. At the end of the course, the student should be able to model data from real-life instances and present them in a simplified manner to stakeholders.

What Are the GMAT Scores Required for Acceptance into an Project Management MBA Program?

GMAT score will determine the business school that you’ll apply to. The GMAT assesses verbal, quantitative, analytical, reading, and writing skills. It helps business schools decide on applicants. GMAT score is between 200 — 800.

It’s important to note that not all MBA programs require a GMAT Score for admissions, but most reputable programs do. With that being said, if you have your eye on a list of competitive programs, it’s best to boost your GMAT Score accordingly. Outside of a solid GMAT Score, B-School admissions departments look at a candidate’s undergraduate GPA, professional experience, letters of recommendation, CV, and personal statement. A strong undergraduate performance may offset a sub-part GMAT Score.

For campus MBA programs in Project Management, the lowest GMAT score required from an in-person program is 400 and the highest is 701 with an average GMAT score to be accepted in a campus-based Project Management MBA program being 569.

For Project Management MBA programs offered online, the lowest GMAT score required by a university is 400 and the highest is 682 with an average GMAT score to be accepted in an online Project Management MBA program is 556.

Below you will find a list of the 10 highest and 10 lowest average GMAT scores needed for a campus based program offering an Project Management MBA concentration.

Student / Faculty Ratio for MBA Programs in Project Management

A low Student/Faculty ratio for any MBA may have more of an impact on students wanting smaller classrooms and greater networking opportunities with professors and fellow classmates. For students who thrive in lecture hall environments and do not require the individual attention/one-on-one mentorship from a B-Schools faculty, then a high Student/Faculty ratio may not be an issue.

Of all the Project Management MBA programs offered in-person and on campus, the lowest Student Faculty ratio is 1:2 compared to the highest of 13:1 while the average Student Faculty ratio for all in-person campus program offering an Project Management MBA is 3:1.

For Project Management MBA programs offered online, the lowest Student Faculty Ratio is 1:1 and the highest is 5:1 with an average Student Faculty ratio from MBA programs offering an MBA in Project Management online is 3:1.

Below you will find a list of the 10 highest and 10 lowest student faculty ratios from campus based programs offering an Project Management MBA concentration.

Not only is the ratio important, but you should also research the members of the faculty. Check if they have the qualification to teach in business schools.

Student Enrollment for MBA Programs in Project Management

The MBA program with the lowest student enrollment that offers an MBA in Project Management is 17 from Minnesota State University, Mankato. The MBA program with the highest student enrollment offering an MBA in Project Management is Highest: 1,920 from Duke University. The average student enrollment from all universities that offer an MBA in Project Management is 376.

100 Best MBAs in Project Management