ITO said:
A degree does not mean nearly as much as experience, and the ones who demand top dollar are not always worth it. Just my two cents but my best PMs have all had time in the trade.
I have run across a lot of PMs in my lifetime. Most were pretty mediocre. Most of the ones I ran across were involved in either the construction side (like the OP) or the system vendor side.
Most of the construction PMs seemed to have at least some trade background, but also seemed to spend way too much time worrying about the minutiae of what was going on rather then the big picture. I always thought most of what they did was really something the foreman should have been handling.
Looking back, the best ones seemed to often knew very little about what was going on (at least technically), but were good organizers and were able to get the people involved to talk to each other and work things out. They seemed to be the ones with the big bonuses time after time, too.
A lot of the more successful PMs seemed to spend much of their time taking flack from management for us peons so we could keep moving forward.