According to this post in Science magazine (geared toward PhD students and academics in science), industry employers particularly value project management skills in new hires, "including working in a team and delivering on schedule and on budget". I found this particularly striking because project management is perhaps the least used skill in graduate school. There is no timeline in submitting a research paper or getting a degree. Some doctoral students take five years to graduate; other take eight. There is little concept of a schedule to be kept, research-wise. In a way, not only are graduate students not taught project management, they are taught the opposite: it takes the time that it takes; what matters is the end result. No wonder then that graduate students with industry internships have an advantage over the competition when they seek industry positions.
(As a side note, this got me thinking about the skill that analytics students need the most, since I teach analytics rather than science. Of course project management is important for analytics students too, but based on my experience, students struggle the most with the idea that there might not be a single best model to be created from their data. You can create, say, a linear regression keeping only the coefficients that are significant at the 95% level, or you can focus on the 99% level, or you can have categorical variables, with some labels being very significant and others not as much, or you can have a logistic regression model and a classification tree model to predict a binary outcome, and each has its advantages and disadvantages. Students are disappointed sometimes when it feels like there isn't a unique best answer. But you create your models based on the data you have, and the process is necessarily imperfect. You can still get good insights from your model. )
Going back to the theme of this post, I think that undergraduate students learn more about project management through their capstone project at the end of their studies than doctoral students do. It makes sense, given that most undergrads go on to industry positions right after graduation (only a few get a Master's degree before starting work), but it is time to recognize the changed job prospects for PhDs too. Could we bring project management to academic research itself? Grant proposals ask us principal investigators to do as much, with budget justifications, deliverables and intermediate milestones, but graduate students are rarely involved in defining those. Maybe universities should provide more training on those matters.
Or maybe this could motivate a stronger emphasis on doctorate programs with time-constrained "praxis" capstone projects rather than dissertations, such as D.Eng. rather than PhDs. Perhaps it is even time for a renaissance of doctoral students that aren't PhDs in order to better meet industry needs, or the creation of an intermediary degree between Master's and PhDs. When I was at MIT, my department (Electrical Engineering and Computer Science) had a degree of Electrical Engineer, which was aimed at doctoral students who had completed all coursework in the PhD program: the All But Dissertation folks. Obviously most A.B.D.s don't plan on working in academia and maybe an advanced degree geared toward industry would be better suited for their career goals. This raises the issue of degree visibility and name recognition, if only a handful of universities deliver the new degree, but given today's pace of change, it'd make sense to introduce new degrees more suited to the needs of the workforce.
We could even imagine a system where students get credentials for each year of graduate study (or some number of credits to account for part-time students), with "Graduate Credential Level 1" being received at the end of the first year (maybe similarly to a Master of Engineering), "Level 2" at the end of the second year (equivalent to a Master of Science), and then adding "Level 3", "Level 4" etc, with the student being able to stop for a few years in-between if he so wishes. There is a lot of talk on campuses these days about continuing education, but it is unrealistic to expect these trends will fit neatly within existing degree programs. It is time for new graduate degrees.