Best Industries for Project Management
A gap continues to grow worldwide between demand for project managers and professionals who can do the job. This trend started around the turn of the century with no sign of slowing in the 2020s.
A variety of factors drive this growth. They include an increasing number of jobs needing project manager skills, the retirement of older project managers, and the need for project managers in sectors where the economy is rapidly growing. Among the best industries for project management include healthcare, construction, financial services, and information technology.
The Project Management Institute (PMI) forecasts 22 million new project management-related jobs worldwide between 2017 and 2027. That translates into 88 million people worldwide working in project management roles.
Earning a Bachelor of Science in Business Administration with a concentration on project management prepares graduates for success in this growing field.
What Do Project Managers Do?
Project managers ensure that a project stays on budget, meets deadlines, and results in desired outcomes. They plan, oversee, and lead a project from inception to completion.
Daily, they ensure a project has all the needed financial, material, and workforce resources needed. They estimate the cost of projects and keep them within budget. They also analyze potential risks and stay aware of scope creep (a project veering outside its original parameters).
Project managers typically hold a senior position in an organization or work for management consultancy companies hired to spearhead projects. Success in the field requires balancing a unique combination of high-level communication, leadership, decision-making, and conflict resolution skills.
They also must have the ability to juggle several projects at once and manage high-stress situations.
The Need for Project Managers
Every year, the Project Management Institute PMI releases a Pulse of the Profession report for project management, including the best industries for project management. Every year, it shows the demand increasing for those who can successfully lead projects.
The 2021 report is no exception. This year, the report focuses on the need for flexibility in organizations and how project managers contribute to making that possible. Managers reported on the areas where they saw the most change in the past year – a year overshadowed by the pandemic.
As noted by PMI, the pandemic accelerated trends already in place before COVID-19. These include digital transformation, organizational adaptability, innovation approach, operational efficiency, diversity, equity, and inclusion. Keeping up with these changes requires flexibility, and project managers can help make that happen.
PMI also provides an interactive map showing worldwide salaries. The average project manager in the U.S. makes $116,000 a year.
Top Sectors Hiring Project Managers
While project managers are needed in every industry, some hire more than others. For new project managers or those seeking to switch into a new industry, these rank among the best industries for project management.
The healthcare industry has exploded in growth in recent decades, becoming the top employer among all industries. Advanced technology and an aging population require innovation in patient care and more efficiency with managing staff and finances. The movement to electronic healthcare records and digitized patient information creates opportunities for improving patient outcomes and making operations more efficient.
Project management has always played a central role in construction and engineering projects. This industry continues to hire people no matter the current state of the economy. Growing populations make construction and civil engineering projects vital, including new roads, housing, large-scale government building projects, and other infrastructure.
The competitive IT industry requires projects that often revolve around tech innovations. For project managers, that means working in areas ranging from cryptocurrency and machine learning to IoT-connected devices. Project managers with training in agile management will find IT an especially good fit.
Project management is key to how businesses in the financial services sector operate. Financial firms use projects to explore smarter ways to drive better financial returns and develop products that better meet customer needs. One of the main challenges working in this area is understanding the limits placed on financial firms by regulators.
TUW’s BSBA Project Management
Earning a BSBA Project Management program prepares students for a variety of careers. Typical jobs for program graduates include being a project management coordinator, project management specialist, project execution and management expert, project management, and being a team coordination expert.
The 100% online program also allows students to network with other professionals around the world. The self-paced learning environment allows students to do classwork around their busy work and personal schedules. The program, which has six starts per year, features faculty with real-world project management experience.
With the growth in project management, there’s never been a better time to enter the field. Earning a BSBA can be the first step toward a rewarding, challenging project manager career.