Construction management is a branch of project management that focuses on ensuring the efficiency of a company’s construction process. A construction manager’s primary role is to plan, budget, and control the time, cost, and quality of a project for maximum productivity.
Construction managers work with the owner in making their vision a reality. They also coordinate with architects and engineers for the project’s design, as well as with the general contractor, who is responsible for everyday operations and managing subcontractors.
With the stiff competition in the job market these days, graduating with a bachelor’s degree may help you land entry-level jobs, but it won’t help you move up the corporate ladder. This is especially true for the construction industry.
You ought to invest in your career and continue learning the tricks of the trade by working toward attaining a master’s degree in construction management. Here are some ways that this achievement can set you apart:
1. Job Stability
If you want a high-demand career, look no further than construction management. Real estate is a prime industry, and it won’t depreciate any time soon. A master’s degree in this particular field can protect you from layoffs because not anyone can replace your role in the organization.
2. Specialized Knowledge
When you enroll in a master’s degree program for construction management, you become equipped with the information necessary to become an effective manager. This specialized knowledge sets you apart from other professionals because they miss out on the learning that you glean from your professors, who have years of experience and expertise in the industry.
A construction manager handles a lot of responsibilities. Their daily tasks encompass planning, budgeting, and scheduling, along with ensuring the quality of the work, the safety of the workers, and legal compliance of the contracts.
These are the general functions of a construction manager:
- Planning the Entire Project – This profession requires you to plot each stage of the project thoroughly and comprehensively to ensure its completion. You have to think about compliance with your area’s building codes and other regulatory requirements.
- Determining Benchmarks – Along with planning each stage of the project, you also have to create benchmarks throughout the duration of the construction. These checkpoints are used to monitor and evaluate the project’s status, as well as performance.
- Setting a Timeline – Time management is a crucial skill that construction managers should have because you are responsible for overseeing the project’s fruition. You must establish a realistic timeline according to the resources that you have while ensuring a balance with the owner’s schedule demands.
- Performing Risk Management – This function pertains to identifying potential issues in the project and finding ways to minimize their adverse impacts. Even calculated risks should be planned meticulously. Internal risks include unrealistic scheduling and poor planning, while external vulnerabilities are those out of your control like natural calamities.
- Budgeting Resources – Construction project managers must be adept at procuring and allocating resources evenly while making sure that there are no shortages. You should know the materials needed for the project and how many should be ordered to complete the job.
- Managing Relationships – You are responsible for communicating to the staff each stage of the project, the resources you’ll need, and what you have on-hand, as well as the timeline. You also have to provide updates to the owners and stakeholders on the progress that the team is making, along with changes and forecasts on the budget.
3. Increased Earning Potential
Most companies reward those who invest in themselves and their intellectual advancement in the industry. Completing a master’s degree in construction management can have a significant impact on your earning potential.
You can request for higher compensation because you now have the means to contribute more to the company. Your newly-gained expertise, along with your experience in the industry, makes you a valuable member of the team.
According to the US Department of Labor, construction managers bring home an average of 93,370 USD per year. The figure is already a considerable amount, but it’s more likely to increase once you’ve earned your master’s degree.
4. Career Opportunities
Although you’ll be limited to a specific industry as a construction manager, this area of business is a particularly lucrative one. As mentioned above, the value of real estate properties is always increasing, so worries about bankruptcies are minimized.
Moreover, you aren’t limited to residential or commercial construction projects. You have several options to choose from according to your locality’s need or your preferences.
The different types of construction projects include:
- Residential – This field focuses on building homes, apartments, and condominiums.
- Commercial – Commercial construction projects typically involve developing buildings and office spaces. Other properties that fall under this category include stadiums, shopping centers, and retail stores.
- Institutional – You can also opt for constructing hospitals and universities. This field requires sophistication, which is why only a few people specialize in this type of construction.
- Industrial – A small portion of construction managers are proficient in handling the development of manufacturing factories and power-generation plants.
- Civil – If you want to work with the government, you can focus on constructing and repairing streets, highways, flyovers, and bridges.
- Agricultural – Another niche in the construction industry is agricultural, which involves developing dairy and equestrian buildings, as well as arenas. Ventilation, sunlight, and comfort are crucial factors to consider for this area.
5. Job Satisfaction
A master’s degree equips you with the knowledge necessary for you to perform your role as a construction manager well. The work proficiency you acquire upon completing the program can lead to a more significant feeling of satisfaction in your job.
When you become aware of the possible challenges that you’ll be facing in this career path, you can brace yourself for them. Moreover, you are also taught solutions to typical issues that construction managers encounter, and your critical thinking is developed to analyze conditions that are unique to your situation.
Conclusion
A master’s degree in construction management is beneficial and can set you apart from your colleagues. It provides the benefits of job stability, specialized knowledge, increased earning potential, more career opportunities, and job satisfaction. Invest in your future now and enroll in a program that equips you to become better at this profession.