Search

How the PMP Certification Impacts Your Salary?

The importance of PMP is being recognized in virtually any business sector. The top benefit of hiring the PMP certified managers is the on-time completion of the project with remarkable profitability and client satisfaction. The global demand for project managers with Project Management Professional -PMP certification is increasing fast because this qualification adds more values to their skills and competencies. Today, PMP certification has become a necessity for the project managers with dreams of exponential growth because it brightens the prospects of getting a higher salary with better job profile.  Key Factors That Influence Salary Hike After PMP Certification:  When you choose a particular course to upgrade your qualification, you certainly look into the financial gains. Project Management Institute (PMI) conducts surveys in different countries on a regular basis to assess the salary hikes after PMP certification; the documented reports confirm the worth of getting PMP certification. Besides the PMP certification, the top 7 key factors that influence the salary are:  Position/Role in project management Average size of project  Average project budget Average project team’s size   Type of industry  Numbers of years experience in project management  Location of job Therefore, once you get the opportunity to manage the larger project with bigger project team after having PMP certification, you get more opportunity to grow.  Impact of PMP Certification on Salary:  According to 9th PMI salary survey, a PMP certified project manager gets 20% higher salary in comparison to a non-certified project manager. The survey covered 26,000 project managers in 34 countries including 1,197 professionals from India. If we talk about salary difference in India, a PMP manager can expect Rs. 17 lakh P.A. while non-PMP manager gets only 12 lakh P.A. The significant salary difference is noticed on the basis of gender. Just the 12% female project managers in India get PMP certification. The average pay for male PMP manager varies between 6,59,179 to 21,73,384, whereas, that of female PMP manager varies between 4,60,107 to 17,54,870.  The top job profiles that deliver maximum worth of PMP Certification are IT Project Manager (Rs 793,585 to Rs 2,119,428), IT Senior Project Manager (Rs 1,172,525 to Rs 2,559,417), Software Development Manager (Rs 821,760 to Rs 2,309,586), Project Manager, Program Manager (Rs 491,610 to Rs 2,739,591) and Engineering Operations Manager (Rs 308,613 to Rs 1,618,782 ) etc.   Why You Get Salary Hike After PMP Certification:  A number of survey reports confirm considerable salary hike after PMP certification. Are the reasons for salary hike long-lasting? Will you get long-term benefits after investing for PMP certification? You may have similar questions before deciding to apply for PMP training course; and, you should know the real answers.   Project management in general comprises of five phases:  Project initiation: The project manager leads the initiation and prepares tasks for any project before the start. Planning: The project manager plans for the entire lifecycle with focus on available resources like workforce, equipment etc. Executing: The project manager guides the team to accomplish the tasks in the line of pre-defined success parameters. Monitoring: The project manager ensures to deliver the projected values by incorporating the required changes in plans and approaches.   Closing: The project manager ensures successful delivery of the project.  PMP Certification ensures that you know what to do throughout the above five phases; it means; the added qualification of PMP certification helps you perform better. Survey reports predict India as the global leader in hiring PMP-certified professionals in the coming years. PMP certification is difficult to get but the instructor-led training designed with Global Blended Model of Approach (GBMA) makes the task easier.     

How the PMP Certification Impacts Your Salary?

1K
How the PMP Certification Impacts Your Salary?

The importance of PMP is being recognized in virtually any business sector. The top benefit of hiring the PMP certified managers is the on-time completion of the project with remarkable profitability and client satisfaction. The global demand for project managers with Project Management Professional -PMP certification is increasing fast because this qualification adds more values to their skills and competencies. Today, PMP certification has become a necessity for the project managers with dreams of exponential growth because it brightens the prospects of getting a higher salary with better job profile. 

Key Factors That Influence Salary Hike After PMP Certification: 
When you choose a particular course to upgrade your qualification, you certainly look into the financial gains. Project Management Institute (PMI) conducts surveys in different countries on a regular basis to assess the salary hikes after PMP certification; the documented reports confirm the worth of getting PMP certification. Besides the PMP certification, the top 7 key factors that influence the salary are: 

  1. Position/Role in project management
  2. Average size of project 
  3. Average project budget
  4. Average project team’s size  
  5. Type of industry 
  6. Numbers of years experience in project management 
  7. Location of job

Therefore, once you get the opportunity to manage the larger project with bigger project team after having PMP certification, you get more opportunity to grow. 

Impact of PMP Certification on Salary: 
According to 9th PMI salary survey, a PMP certified project manager gets 20% higher salary in comparison to a non-certified project manager. The survey covered 26,000 project managers in 34 countries including 1,197 professionals from India. If we talk about salary difference in India, a PMP manager can expect Rs. 17 lakh P.A. while non-PMP manager gets only 12 lakh P.A. The significant salary difference is noticed on the basis of gender. Just the 12% female project managers in India get PMP certification. The average pay for male PMP manager varies between 6,59,179 to 21,73,384, whereas, that of female PMP manager varies between 4,60,107 to 17,54,870. 

The top job profiles that deliver maximum worth of PMP Certification are IT Project Manager (Rs 793,585 to Rs 2,119,428), IT Senior Project Manager (Rs 1,172,525 to Rs 2,559,417), Software Development Manager (Rs 821,760 to Rs 2,309,586), Project Manager, Program Manager (Rs 491,610 to Rs 2,739,591) and Engineering Operations Manager (Rs 308,613 to Rs 1,618,782 ) etc.  

Why You Get Salary Hike After PMP Certification: 
A number of survey reports confirm considerable salary hike after PMP certification. Are the reasons for salary hike long-lasting? Will you get long-term benefits after investing for PMP certification? You may have similar questions before deciding to apply for PMP training course; and, you should know the real answers.  

Project management in general comprises of five phases: 

  • Project initiation: The project manager leads the initiation and prepares tasks for any project before the start.
  • Planning: The project manager plans for the entire lifecycle with focus on available resources like workforce, equipment etc.
  • Executing: The project manager guides the team to accomplish the tasks in the line of pre-defined success parameters.
  • Monitoring: The project manager ensures to deliver the projected values by incorporating the required changes in plans and approaches.  
  • Closing: The project manager ensures successful delivery of the project. 

PMP Certification ensures that you know what to do throughout the above five phases; it means; the added qualification of PMP certification helps you perform better. Survey reports predict India as the global leader in hiring PMP-certified professionals in the coming years. PMP certification is difficult to get but the instructor-led training designed with Global Blended Model of Approach (GBMA) makes the task easier.   
 

Shubhranshu

Shubhranshu Agarwal

Freelance content writer

Shubhranshu Agarwal is a technical writer with special interest in business management and project management subjects. Over the 15 years of freelance content writing, he has written a lot to help the industries, businesses and project managers to achieve the sustainable growth by implementing strategic critical management methodologies.
 

Join the Discussion

Your email address will not be published. Required fields are marked *

Suggested Blogs

Meetings And Their Relevance In Separating Governance From Management

What is management? What is the difference between governing body and management? What is the relevance of meetings in management? Does the management layer need to conduct so many meetings? Seems like simple questions not sure how well it is understood and applied.I am sure most of us have attended or conducted meetings as a part of management governance. Meetings are a part of management governance and are certainly required, but today’s managers spend most of their time in meetings, and so important activities of the management layer has taken a back seat. There is an urgent need to separate governance from management.Harvard Business Review did a survey of managers about the effectiveness of meetings, the findings are shocking.65% said meetings keep them from completing their own work. 71% said meetings are unproductive and inefficient. 64% said meetings come at the expense of deep thinking. 62% said meetings miss opportunities to bring the team closer together.The US alone wastes $37 billion per year on unproductive meetings.Based on a Verizon study, 91% of people admit to daydreaming in meetings, and 39% to dozing off. So before you schedule that next meeting, take a moment to think whether it's really needed.Someone once said to me meeting is where minutes are made and hours are lost. How right he is, I am sure most of you reading this piece will completely agree with this statement. There are many meetings which end with the scheduled date for next meeting. The main objective of meetings is value creation, but due to excessive time spent on meetings it fails to add any value.You will realize there are layers in the organization who are involved in just conducting meetings without any outcome and consider this as an effective way of management. Management layer should ideally be involved in planning, executing work or removing roadblock, there should be minimum time spent on meetings. But in reality, the management spends most of the time conducting or attending meetings. Most activities are left to the lower layer of the organization to perform with minimum or no support from management.Even the top management places a huge emphasis on meetings. In many of the meetings, participants who are not required are invited and are required to join.Organizations should relook at the way meetings are done. They should place emphasis on reduction in the number of meetings conducted by the management. If companies reduce the number of unwanted meetings conducted there will certainly be huge savings in cost for the organization, also management will have time to do the actual work.PMO or a dedicated team in all organization should be the custodian of data and information, they should be able to present data as part of meetings. One individual from the management layer should be present for clarification.Management layer should conduct very minimal meetings, the focus should be on getting the activities done and removing the roadblocks. Management should be agile with progress update being near real-time, the meetings should be need-based and agile.Are there ways to reduce the meetings? The answer is yes. Let’s look at how this can be done.Ways to reduce internal meetings:1.Invest in Collaboration Software2.Measure the cost of meetings3.Choose meeting-free day for the team4.Enforce the use of meeting agenda5.Stop attending valueless meetings6.Block your calendar time for important tasks7. Invite only required stakeholders for the meetingManagement has too many layers of managers, who conduct meetings and are less involved in the actual activities. All of us have experienced this, whenever there is an issue there are more managers added to resolve the issue, unfortunately, the focus of the manager is to conduct more meetings. There is less focus on adding people at the actual execution layer to resolve the issue. Managers should ideally spend most of their time on the below activities-  Making Decisions – Managers must decide how to make the best use of the resources available and negotiate for the resources that they need. Managers may have to make decisions about what changes should be made, and they often have to react to unplanned events. Gathering and Distributing Information – Managers have to identify and gather all of the necessary information that they need. Much of this information may also have to be passed on to others. Using Interpersonal Skills – Managers need to interact closely with people inside and outside of the organization. As leaders, they must direct their teams to meet organizational objectives. They may also have to represent their department or their company to the external world.If you’re a middle manager, it’s likely that about 35%-40% of your time is spent on meetings and if you’re in upper management, it can be a whopping 50% and above. What’s worse is how unproductive these meetings as part of governance usually are. The idea behind writing this article is to bring the focus back on the actual work of the management, and to reduce unwanted meetings conducted by the management.
Meetings And Their Relevance In Separating Governa...

What is management? What is the difference between... Read More

Benefits of Having a PMI Membership

Are you planning to get a PMP® certification? Getting a PMI membership exposes you to certain benefits which help you to maneuver your PMP® journey with ease. Project Management Institute (PMI) is the world’s leading project management organisation with over 500,000 Global Members and over 300 Local Chapters Internationally.PMI membership shows your dedication to your project management career and your professional development. Your PMI  membership at the local PMI Chapter allows you to expand your network by attending various events conducted by the chapter. These events offer you an opportunity to attend a variety of sessions including informal meet-ups. Moreover, you can collaborate with like-minded individuals to create and share consumable tools, content, and resources.Types of memberships offered by PMIBefore we dive into the benefits of PMI  membership, let’s take a quick glimpse of the types of benefits offered by the Project Management Institute (PMI). PMI  offers the following three types of membership:1. Individual Membership:Individual membership is available at an initial cost of $129 plus a $10 registration fee. Once a member, annual membership renewal costs $129.2. Student Membership:Student membership is available for current students with valid identification. The initial cost of student membership is $32 plus a registration fee of $10. Annual renewals costs $32.3. Retiree membership:Did you retire from active employment? If you were a PMI member for at least five consecutive years, you can still continue your PMI membership by paying a renewal fee of $65 per year.10 Benefits of having a PMI  membershipAs some may question the value of PMI  membership, one would surely like to ensure the worth of the fee which you pay to become a PMI member. As a PMP® certification  aspirant, you can reap great benefits from your PMI membership.You can access your membership benefits by logging in to pmi.org and click on the myPMI tab. Once you click on the ‘dashboard’ link, you will find a ‘Knowledge Resources’ section in the right-hand column. You just need to select PMI  publications and access the online version of the PMI standards.Some of the benefits of PMI  membership are:1. PMP® Certification Exam Fees SavingsPMI members qualify for the members pricing of the PMP® exam feels at a cost of $405. The cost for non-members is $555. Taking into consideration the PMI membership costs of $139, you will be looking at savings in the exam fees in addition to the other benefits of the membership.2. Free Access to PMI Standards and PublicationsAs a PMI member, you get access to electronic copies of all standards published by PMI . As a member, you can download an electronic copy (PDF) of these resources from the Library of PMI Global Standards. If you are a PMP® certification aspirant then you can download a free copy of the latest edition of PMBOK® Guide which is an essential document for your PMP® certification journey.The standards published by PMI  include:    A. Foundation StandardsA Guide to the Project Management Body of Knowledge PMBOK® Guide - Latest EditionThe Standard for Portfolio Management - Third EditionOrganizational Project Management Maturity Model (OPM3®) - Third EditionThe Standard for Project Management - Third Edition.    B. Practice Standards and FrameworksPractice Standard for Earned Value Management - Second EditionPractice Standard for Work Breakdown Structures - Second EditionPractice Standard for Project Risk ManagementPractice Standard for Project Configuration ManagementPractice Standard for Scheduling - Second EditionPractice Standard for Competency Development Framework - Second EditionPractice Standard for Project Estimating.    C. PMI Standards ExtensionGovernment Extension to the PMBOK® Guide Third EditionSoftware Extension to the PMBOK® Guide Fifth EditionConstruction Extension to the PMBOK® Guide Third Edition.3. Access to Various Research PapersBeing an honored member of PMI, you get free access to numerous research papers published by PMI. Moreover, you can avail the paid papers at discounted rates.4. PMI MarketplacePMI  Marketplace gives you access to numerous project management related books and hard copies of all PMI  standards which you can buy at a discounted price.5. Career Central and HeadquartersAs a PMI member, you get access to a vast collection of resources under Career Central and Career Headquarter of PMI  for your career growth. These resources provide you guidance from building your resume to acquiring new skills and keeping yourself updated on the latest trends. You can also submit your resume here and search for jobs.6. PM Network and PMI TodayAs a PMI member, you are entitled to receive free monthly copies of PM Network and PMI today, magazines published by PMI. These magazines are either delivered to your doorstep or you can receive them in the form of email for free.Update yourself with the latest happenings on the world of project management and across the PMI  local chapters with these magazines. You can increase your knowledge with the interviews, case studies, and in-depth articles available in these magazines.7. Project Management JournalProject Management Journal is a research journal published by PMI. You are entitled to get a copy of the journal as a PMI  member. It gets published five times a year and will help you to get a clear understanding of program, project, and portfolio management.8. PMI Chapter MeetingsOnce you join the local PMI chapter and acquire the PMI  membership, you get an opportunity to participate in every local chapter meeting at discounted prices or sometimes it’s free.9. NetworkingOne of the most amazing benefits that you can avail as a PMI  member is networking. As a PMI member, you can avail the opportunity to connect with professionals through Communities of Practice or in PMI  chapter meetings. These events give you a great opportunity to learn by connecting with professionals.These connections will surely help you to prepare for your PMP® certification exam or this can help you to land up in a good job.10. Free PDUsPMI  membership can give you an opportunity to earn unlimited numbers of Category-A PDUs by watching free webinars. Moreover, these will be automatically reported to PMI and you don’t have to report these to PMI by yourself.PMI Local ChaptersDo you know your nearest PMI Local Chapter? Join your nearest PMI Local Chapter and take advantage of the knowledge and networking available over there. These Chapters are spread across the world and can be segregated in zones. The zones are:Asia PacificEurope, Middle East, AfricaLatin AmericaNorth AmericaThe Continuing Certification Requirements (CCR)The Continuing Certification Requirements (CCR) program of PMI supports your ongoing professional and educational development so that you can always be prepared to meet the demands of today’s complex business environment. The purpose of the CCR program are as follows:Promote continuous learning and development among the certification holdersEnsure the relevancy of certified practitioners by providing direction in the development areasRecognise and encourage individualised learning opportunitiesSustain the value of PMI  credentials and global recognitionIf you hold a PMI certification then it is compulsory for you to maintain your certification by participating in the CCR program in order to renew your certification every 3 years. You need to earn Professional Development Units (PDUs) by taking part in various professional development and learning activities in order to fulfill the continuing certification requirements.How can you earn PDUs to meet the CCR requirements?You should maintain your PMI certification once you get one. The PDUs required to maintain your certification by meeting the CCR requirements can be earned through various professional development activities that center one of the following areas:   1. Education: It can be defined as learning opportunities which allow you to enhance and expand your leadership, strategic, or technical           and business management skills.   2. Giving back to the profession: It can be defined as a set of activities that enable you to share and utilise your skills and knowledge in         order to contribute and help to build the profession.The PDU distribution for both categories in order to meet the CCR requirements for your PMP® certification are as follows:CategoriesPDUs you can earnEducation35Giving back to the profession25There are many ways to earn PDUs under both categories. You can choose from a plethora of development activities which are conducted for you to meet your CCR requirement. The activities are as follows:EducationCourse or trainingOrganisation meetingOnline or Digital mediaReadingInformal learningGiving back to the professionWork as a PractitionerCreate contentGiving presentationsSharing knowledgeVolunteeringPMI Membership Cycle and RenewalOne of the common queries that prevail among people is that how long is the PMI membership cycle. Your PMI  membership is valid for one year from the date of your membership activation. You can track your membership status in your myPMI profile on PMI.org and can renew the same as soon as 90 days from your expiration date.You can auto-renew your membership by accepting the automatic renewal terms and conditions on the payment screen on PMI.org. But you may opt to turn off this feature and renew your membership each year via phone, mail, or online.What if you fail to renew your membership?Failing to renew your membership before the expiration date of your membership will lead to a discontinuation of your membership benefits, like discounts on certification, additional PDU opportunities, member-only webinars, or maintaining your chapter membership. You can activate the membership automatic renewal feature to ensure continuous access to your membership benefits without interruption.ConclusionThere are numerous benefits which you can reap by becoming a PMI member. These benefits would surely motivate you throughout your PMP® certification journey. But in order to realise these benefits, you need to be involved with them. The membership will give you access to the local chapter meetings and help you out to get an opportunity to interact with other Project Management Professionals (PMP®). This will help you to learn more about the format and challenges of the PMP® examination. Moreover, this will help you in your career growth through communication and networking.The PMI membership also facilitates its members will various courses and activities to meet the PDUs required to meet the CCR program. Attend the seminars or work as a practitioner to earn the 60 PDUs which are required to maintain your PMI  certification.You can also learn about how to earn more PDUs to meet the CCR requirement set by PMI after completion of your PMP® certification here.
9293
Benefits of Having a PMI Membership

Are you planning to get a PMP® certification? Get... Read More

Top 8 Qualities of a Successful Project Manager

Projects are temporary endeavors carried out to achieve the desired goal which could be a product, service, or result. Industry experts believe that a good project manager is one of the top contributors to a project’s success.  A project manager is a crucial link between the project sponsor or client and the team that’s involved in executing the project. In most organizations, 71% of projects fail. Lack of adequate experienced professionals, right from a project manager to project team members is one of the main reasons why most projects fail. What does it take to become a good project manager? Across organizations, there are some key attributes every good project manager has. Below are the top 8 essential attributes of a successful project manager:  1. They are visionaries A competent project head should be a visionary who can foresee the direction the project takes even before it is executed. The desired goals can be achieved only when project managers articulate the vision of what must be done during project execution clearly to their team members.  2. They are astute planners Planning should be second in nature for project managers. They should be able to assess and decide the demands of their project even before it starts. They should also be able to drive a project to completion within the stipulated budget and timelines. In case of any hiccups, they should also have the agility to divert and devise a new plan of action seamlessly. 3. They are dependable Since project managers are professionals who will need to interact with both stakeholders and team members in a project, they should be dependable to the tee. Their competence and work ethic should inspire both the stakeholders and team members to rely on each other without any fail. 4. They are competent and highly experienced A skilled project manager should stand out for his/her credentials in project management. Credentials andproject management certifications like PMP or CAPM, etc can help validate the competence of a project manager as someone who can handle any project in any industry. It also asserts their prowess in project management to the employers, stakeholders, colleagues, and team members. 5. They lead by example without micromanaging Any good project manager will simply not micromanage. Project management gives employees the liberty to take ownership of their tasks in the project while adhering to deadlines. Project managers who trust their team members to do an efficient job ensure that they are not bogged down by unnecessary distractions. These managers prefer to get weekly updates and do quality assurance checks regarding the projects rather than nit-pick. This approach will help groom a confident and self-assured team capable of handling any project. 6. They are effective communicators People skills are mandatory to become an efficient project manager. It is their daily habit to spell out goals, strategies, responsibilities, expectations, and performance. They would also have to delegate activities among team members. Hence, a good project manager must be a clear and effective communicator. 7. They are pros at troubleshooting Every project would have a fair share of potential risks associated with it.  An experienced project manager would have the wisdom to predict impending obstacles and do the needful. While executing a project, a project manager should be able to resolve unexpected hiccups that arise. 8. They have high emotional intelligence Only emotionally intelligent individuals can tackle the rigors that come with being a project manager. In situations where the team’s morale needs a boost, an emotionally intelligent project manager would be able to act accordingly. From staying calm under stress to handling various untoward issues, demand a high degree of emotional intelligence. Earning the relevant certifications is not the only important aspect of being a project manager. The above key attributes are a must-have for aspiring project managers out there. Acquire the above attributes and relevant certifications and pursue a project management career of your dreams! 
Top 8 Qualities of a Successful Project Manager

Projects are temporary endeavors carried out to ... Read More

Useful links