Project management (PM) is an increasingly vital function for businesses across industries. PM consultants work to help pharmaceutical, financial, biotech, software, information technology and other firms succeed by streamlining projects to meet objectives and grow organizational profitability. Professionals who wish to pursue a PM consultant career can boost their chances of success by enrolling in a specialized online Master of Business Administration (MBA) in Project Management program.
Florida Institute of Technology’s online MBA in Project Management holds accreditation from the International Accreditation Council for Business Education (IACBE) as well as the Global Accreditation Center for Project Management Education Programs (GAC) from the Project Management Institute (PMI). These accreditations serve as evidence of the degree program’s quality and international reputation, meaning prospective students as well as future clients and employers can be assured of graduates’ skills and expertise in the field.
Project Management Consultant Job Outlook
According to PMI’s Global Project Management Job Trends 2023 report, 2.3 million PM-oriented roles will need to be filled each year through 2030. Employment growth will likely result from several factors, such as a rebounding and expanding economy, a more complex business environment, the increasing use of AI and other technologies, globalization, the push for net zero business operations, and the need to modernize infrastructure.
All of this will spur demand for knowledgeable PM consultants. Despite the predicted job growth, competition will be keen, and job seekers with experience and advanced educational qualifications should have better prospects.
What Is Project Management Consultancy?
Unlike a project manager’s direct involvement in the project lifecycle, professionals who offer project management consultancy devote their time to advising external businesses about best industry practices. Companies can pay for project management consultancy services if they lack PM expertise or need an impartial party to evaluate the work.
The recent shift toward remote or hybrid work models also supports the integration of contracted consultancy services. According to PMI’s Pulse of the Profession 2024 report, roughly 61% of PM professionals work remotely, to some degree.
What Does a Project Management Consultant Do?
Project management consultants bring specialized skills and knowledge to assist companies in making the best possible business decisions. They typically provide oversight and leadership in executing projects from planning to completion. Daily tasks can include managing budgets, resources and relationships to achieve organizational objectives, as well as planning, developing and executing schedules to ensure timely completion of projects.
These PM professionals often define and monitor each project team member’s role and function and coordinate all team activities throughout the lifecycle of a project. Identifying and managing project risks and developing solutions are additional duties.
During the execution of a project, a PM consultant analyzes data, monitors key performance indicators, and identifies trends and inefficiencies to prevent problems from arising. Providing roadmaps and periodic recommendations to senior management are common functions of the role, as is the creation and implementation of mitigation and contingency plans. Other tasks required of a PM consultant can include:
- Facilitating meetings
- Building positive relationships with clients, vendors and management
- Tracking documentation and data collection
- Creating presentations
- Conducting follow-up studies on projects
What’s the Difference Between a Project Manager and a Consultant?
While both professionals need each other’s help throughout the five phases of a project, project managers tend to oversee every aspect that goes into the execution of a project, including resources, people, time, materials and money. They balance these elements to achieve the objective, no matter what gets in the way. Plus, practically, project managers occupy permanent roles within an organization and oversee various projects over time.
When project managers need to understand the specific limitations of each factor, they can count on a project management consultant. These professionals help managers make sure that proper strategies are being adopted in a project from beginning to end.
Project Management Consultant: Potential Salary
According to a salary survey from PMI, project management consultants in the U.S. earned a median annual salary of $120,000 in 2023. Comparatively, the 2023 median annual salary for project management specialists and level 1 project managers in the U.S. was $85,000. The median U.S. salary for project management consultants was actually equal to that of the highest level of PMI-ranked project managers (level 3), though lower than top positions such as program manager or director of project management.
Numerous factors can determine an individual’s salary potential and employment opportunities, including work experience, educational qualifications, team and company size, and local market conditions. Certification — specifically Project Management Professional (PMP) certification, in this case — can also impact earnings substantially. According to PMI, annual earnings in 2023 were 33% higher for project management professionals with PMP certification vs. those without certification.
How to Become a Project Management Consultant
For some project management consultant positions, a bachelor’s degree and work experience may be sufficient. However, some employers will show preference to candidates with certifications and advanced degrees, such as MBAs.
Completing a project management MBA can provide the professional knowledge and advanced tools sought by employers. Specialized coursework in Florida Tech’s MBA in Project Management includes Strategic Project Management, Mastering Project Management, Project Tools and Techniques, and Cases in Applied Project Management. Plus, with the program’s GAC accreditation, tailored coursework prepares students to sit for the PMP certification exam, offering a higher earning potential, a competitive edge in the job market and access to fascinating career opportunities across the globe.
Learn more about Florida Tech’s online MBA in Project Management Program.
