Project managers are an integral part of running a successful organization, and you will find them in many fields, ranging from marketing to higher education. This is a growing area of study, with many colleges and universities adding bachelor’s and postgraduate degree programs to get into the field of project management.
Researching postgraduate degree programs in project management is a good move as it will open up new career opportunities for you. Better yet, there are many scholarship opportunities out there that can help you reach this goal. This article will help you make an informed choice by providing you with all the details you need about master’s in project management scholarships.
What Is a Project Management Master’s Degree?
A master’s degree in project management will teach you how to oversee strategies for projects at an organization. You’ll learn how to manage budgets and achieve the objectives set by the company you work for. Project management professionals must skillfully handle complex projects, so having a master’s degree in this subject will ensure you’re prepared.
Project management also focuses on risk management, so while getting a master’s degree in the subject, you will learn how to identify and solve possible problems. Master’s degrees are a surefire way to get a high-paying job in a field you’re passionate about.
How Much Does a Project Management Master’s Degree Cost?
The National Center of Education Statistics puts the average cost of a master’s degree at $19,792. Remember that different learning institutions price their programs differently. Plus, you also have the option to learn online, which is often cheaper than learning on campus.
Project Management Master’s Degree Salary: How Much Can You Earn?
You can count on an average salary of $85,000 if you get a Master’s Degree in Project Management, according to PayScale. No matter which of the project management graduate programs you choose, there are several different project management careers to choose from.
One job you can get with this degree is as an information technology project manager, for which the average salary is $88,730. Another good job is senior operations project manager, which has an average salary of $100,941. This will vary depending on the company and where you’re located as well.
Is a Project Management Master’s Degree Worth It?
Yes. Earning a Master’s Degree in Project Management is worth it because it will help you develop the project management skills you’ll need while on the job. Having this degree will also give you an advantage when competing for upper-level management roles, and it can help you transition from another field if your bachelor’s degree is in a different subject.
A Master’s Degree in Project Management will also increase your salary from what you would be paid if you only had a Bachelor’s Degree in Project Management. Scholarships for project management degrees will help with the cost of your education and will help you get the most bang for your buck.
How to Pay for Your Project Management Graduate Degree with Project Management Scholarships
Getting a master’s degree scholarship will help offset the costs of earning your degree. Often, scholarships are based on academic merit, but they can also be need-based. Scholarships are preferable to loans as they don’t need to be repaid. If you’re serious about strengthening your skills in project management, looking for scholarships will be a great place to start.
If you want to get a scholarship, you should maintain strong academic performance, search for scholarships online, and apply early to the ones that interest you. There are academic scholarships as well as athletic and need-based scholarships. Be sure to pay close attention to the application’s essay topic and manage your time well if applying for multiple scholarships.
A full scholarship covers all of your tuition expenses, while a partial scholarship will only cover some of your costs. Below are some project management scholarships for your consideration. Full scholarships aren’t very common, so it may be a good idea to try for multiple partial scholarships instead. For some scholarship programs, it’s as easy as filling out an online application.
Best Project Management Master’s Scholarships: Overview
|Organization||Scholarship Name||How Much It Covers|
|The Association on American Indian Affairs||AAIA Scholarships||From $100 to $1,000|
|American Association of University Women (AAUW) Adirondack Branch||AAUW Adirondack Branch Memorial Scholarship||$1,000|
|PMI Hampton Roads Chapter||Ranzy Gammal Memorial Scholarship||$1,500|
|PMI||Russell Archibald, James O’Brien & Paul Dinsmore Fellows Scholarship||$2,000|
|AAUW Freehold Branch||The Lew Williams And Joan Odud Scholarship||$2,000|
|PMI||Global Accreditation Center (GAC) Scholarships||$2,000|
|Against the Grain Productions||Groundbreaker Leadership Scholarship||$1,500|
|PMI Minnesota||Ana Alvarez-Holmberg Scholarship||$2,000|
|Paul and Daisy Soros Fellowship Program||Soros Fellowships for New Americans||Up to $20,000|
|PMI||Eric Jenett Founders Scholarship||$2,000|
Best Project Management Scholarships: In Detail
AAIA Scholarships | The Association on American Indian Affairs
The Association on American Indian Affairs offers merit-based scholarships to undergraduates and graduate students. Students must be Native American/Alaska natives enrolled in federal and state recognized tribes. Tribes that the federal government does not recognize must be located within the continental US and Alaska.
The scholarship is open only to full-time students of an accredited institution with a minimum of 2.5 GPA. If you need help filling out the application, they have a YouTube tutorial to help.
AAUW Adirondack Branch Memorial Scholarship | American Association of University Women – Adirondack Branch
This scholarship is awarded every year to female students in the area supported by the Adirondack Branch of AAUW. It is open to full-time students at the graduate and undergraduate levels. The scholarship covers all disciplines including project management.
The AAUW specifies that this scholarship is only open to women who are current college students, not those who are planning to start school in the future. All submissions must be made before the closing date listed on the website.
Ranzy Gammal Memorial Scholarship | PMI Hampton Roads
To apply for the Ranzy Gammal Memorial Scholarship, applicants must be project management students or should be applying to an accredited undergraduate or graduate degree program in project management or a related field.
To get this scholarship, you should be a resident of the Hampton Roads area, including Virginia and North Carolina. Students in New Jersey, Maryland, and New York will also be considered.
Applicants interested in the Russell Archibald, James O’Brian, and Paul Dinsmore Fellows Scholarship should be enrolled at least part-time as a project management graduate student.
The application requires that you submit a transcript from current and former education institutions, your resume, two reference letters, and a short essay of not more than 750 words on why the opportunity is important to you. Current PMI staff and their family members, as well as PMI board members, are not eligible to apply.
The Lew Williams And Joan Odud Scholarship | AAUW Freehold Branch
This scholarship is for female students who are aged 25 or older. Undergraduates and graduate students residing in areas in or around Freehold Borough, Marlboro, and Manalapan, New Jersey can apply. Project management graduate students must have a minimum of six credits from an accredited school and must enroll for the school year that the scholarship covers.
Application requirements include two letters of recommendation and official transcripts, which candidates must submit before the closing date. Note that the organization gives the checks to schools, not the winners, and previous winners are not allowed to apply.
Students enrolled in a project management program accredited by the industry’s GAC can apply for these scholarships. The PMI awards two GAC scholarships of $2,000 each. Applicants interested in degrees in project management should see if they qualify for this scholarship.
To qualify, you must first be enrolled in a GAC accredited program. Then, for the application, you’ll need to submit a transcript from your current college or one from an institution you recently graduated from. You will also need to send two reference letters, a resume, and a short essay explaining your interest in project management and why you deserve the scholarship.
Groundbreaker Leadership Scholarship | Against the Grain Productions
This scholarship offers $1,500 annually to Asian American graduate students with exemplary leadership showing passion for charting a course for others to follow. Eligible candidates must be US citizens and at least 50 percent Asian or Pacific Islander.
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Candidates must be students of an accredited program pursuing a master’s degree with a minimum GPA of 3.5. Candidates must also do a video presentation explaining their vision and qualifications.
Ana Alvarez-Holmberg Scholarship | PMI Minnesota
This $2,000 scholarship is awarded to an outstanding adult student who is ambitious, determined, innovative, and who participates in community service.
To apply, you must be a member of PMI or have a PMI member in good standing as a sponsor. You must also be attending an accredited institution for project management, organizational development, adult education, or human resources management. If you’re not a member of PMI-MN, you must be a resident of Minnesota, Wisconsin, or North Dakota.
Your application should include a current resume, an essay showing your interest, and three letters of recommendation.
PD Soros Fellowships for New Americans | Paul and Daisy Soros Fellowship Program
This scholarship provides up to $20,000 to immigrants or children of immigrants, DACA recipients, and green card holders attending US-accredited graduate institutions. Eligible applicants must have been born outside the US or, if you’re an American citizen by birth, your parents must have been born outside of the country.
Candidates must have a bachelor’s degree or be in the first or second year of a full-time master’s program and show creative initiative while upholding the standards of the American constitution.
The PMI established the Eric Jenett Founders Scholarship in honor of its founders. Applicants must be studying for a degree, have a good academic record, and should be involved in extracurricular activities.
You must be nominated by at least three PMI members to get this scholarship. Once you are nominated, the panel will discuss your case and make a decision.
How to Pay for Your Project Management Graduate Degree Without Scholarships: Alternative Financial Aid Options
Not everyone is successful with their scholarship applications. If you do not get a scholarship you don’t need to fret. Although graduate school can be on the expensive side, there are other ways for you to fund your education without having to obtain loans. Plenty of professionals in the project management community have proven that the options listed below will work.
A graduate assistantship is a part-time teaching job at the university where you have enrolled to get your degree. As a graduate assistant, your priority is your schoolwork, but your formal teaching work will help you gain experience in your field.
Graduate assistants usually teach or conduct research. You may complete tasks such as teaching undergrads, helping professors with research, and grading papers.
In some cases, taking on an assistantship will mean your entire academic tuition is waived, and some schools will even provide a stipend, too. This job will also help you with professional development and networking so you can excel in project management after you graduate.
Work at a University
Getting a job at the university you’re studying at is also a good alternative if your scholarship applications haven’t been successful. A part-time job on campus will cover at least some of your school costs.
It is worth noting, though, that working while studying is not a walk in the park. Make sure you can balance your coursework with your paid work.
Find a Job with Tuition Reimbursement
Many companies encourage employees to continue their education by offering tuition reimbursement. Large corporations such as Best Buy and The Home Depot are known for this.
Tuition reimbursement policies will differ by company. Best Buy offers reimbursement of up to $5,250 for graduate student employees. Other companies may offer reimbursement on a case-by-case basis.
Even if you don’t get a scholarship, you may be able to take an accelerated degree program, which can help lower your tuition costs. Check if your university has this option. For example, some universities offer five-year dual bachelor’s/master’s programs, making it possible for students to graduate with two degrees one year earlier than it would normally take.
Should You Apply for Master’s in Project Management Scholarships?
Yes. Applying for project management master’s degree scholarships will offset tuition costs and ease your financial burden as a student. If you’re lucky enough to secure a full scholarship, you will be able to take your mind off your finances and focus entirely on your schoolwork. This will increase your chances of graduating with flying colors.
Master’s in Project Management Scholarships FAQ
Yes. Project management is a lucrative career with many possible job options. A project manager can work at a corporate organization, for a government agency, or at a higher education institution. Also, according to the Bureau of Labor Statistics (BLS), project managers earn above-average salaries.
A degree in project management is worth it because graduates will often secure high-paying jobs. The good pay will offset the financial investments you made to earn the degree. You’ll also get valuable training that will make you better at your job.
As a project management master’s degree holder, you are qualified for high-level management positions in sectors including software development, information technology, construction, and healthcare.
Yes. According to the Project Management Institute, a 33 percent growth for project management jobs is expected through 2027.
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