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Is PMP Certification Worth it in 2023
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In this article
- Who Is PMP Certification For?
- Is PMP® Worth It? How does the Certification Boost Careers
- What Industries Have Project Managers?
- Salary Impact of PMP® Certification
- Requirements for the PMP Certification
- How Does PMP Certification Work?
- Who Manages the PMP® Certification?
- Conclusion
- Frequently Asked Questions (FAQs)
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The Project Management Professional (PMP) credential is a prized possession in today's job market. Earning the PMP certification can be difficult, and as of today, it will cost you a cool $405 to apply for the PMP exam if you’re a PMI member. For non-members the fee shoots up to $555. PMP is the most recognized Project Management certification and a gold standard for project managers in project management. With several other certifications available in the project management domain, it is natural to wonder, is the PMP certification worth it?
A recent PwC survey states that PMP certified project managers handle more than three-fourths of the high-performing projects. Also, companies with more than one-third PMP certified managers enjoy much better project success than companies that do not. Another study shows that project managers with a PMP certification had higher salaries. So, the answer to this question is yes! The PMP certification is worth it. Know the importance of Project Charter.
Who is PMP Certification For?
The Project Management Professional (PMP) certification has been used to prove competency in the project management profession since 1984. Project management is a vast and complex field, with many challenges and many options. It is also an exciting career that has something to offer everyone. And counting all the related management fields, it has over 2 million professionals doing fascinating work through the world every day. It is indeed one of the most in-demand professions on the planet.
Is the PMP certification is worth it for everyone? No, not everyone, but it is the most suited for the following professionals:
- Mid-Level, Senior Project Managers
- Project Coordinators
- Project Analysts
- Project Leaders
- Product Managers
- Program Managers
- Project Sponsors
- Team Leaders
- Professionals interested in building project management skills
However, do remember that you do have to meet certain education and experience criteria even before taking for the PMP exam. Know more about characteristics of Project Management.
Is PMP® Worth it? How does PMP Certification Boost Careers?
There are so many factors that go into whether or not earning your PMP certification will benefit you in the long run. The PMP certification is a testament to an individual's ability and knowledge in the field of project management. The PMP certification can be obtained online, but you must have previous project management experience to apply for this exam.
Once you are a certified project management professional, you will be eligible for a flurry of opportunities in the domain. Here's how the certification boosts your career:
It Will Make you More Valuable in the Job Market
Being a certified project manager can help you negotiate for a higher salary than non-certified peers. This is because employers consider you to have stronger abilities and knowledge in the domain.
Offers Chance to Hone your Communication and Leadership Skills
Becoming a certified project manager with PMP certification will enhance your communication and leadership skills. Communication between teams is a key aspect of project management and how to lead communicative teams is what makes an effective leader. The PMP practice ensures that your skills are sharp in these areas.
Gives you an Edge While Doing Projects in Countries Around the World
Many companies hire certified project managers for projects in cities and countries worldwide. In this case, you must have the PMP certification to have an advantage in accomplishing these goals.
PMP Certification is a Plus for Hiring and Recruiting Process
Your employer will choose to hire a certified project manager when interviewing candidates for open positions because of the experience and skills that they possess in the domain. This, in turn, is just one of many factors that will affect your chances of getting hired. PMP certification helps you land a good seat at the table when negotiating your salary with employers.
What Industries Have Project Managers?
As the name implies, project managers are responsible for overseeing projects. They are in charge of many different responsibilities including providing leadership, motivating team members, making decisions on business priorities, and the direction to take company projects into the future. Many industries require project managers including software development, entertainment, online retailing, and more. Project management is a dynamic job that can be a perfect fit for those who don’t want to restrict themselves to a particular field/domain and possess leadership skills.
The primary purpose of a project manager is to oversee and manage projects for an organization. The "job description" or "scope of work" that the project manager is responsible for is generally very detailed and specific, often down to the minute. Job requirements for project managers are fairly similar from organization to organization, so the primary skills of a project manager fit well with both small businesses and big corporations alike.
Project managers generally have a wide range of skills and abilities. In most cases, a candidate for the position will need at least enough technical skills to understand technology and related terms (based on the industry his organization operates in) as well as an understanding of Project Management principles. Timesheets, budgets and schedules are common business concepts that also require an understanding of how they work.
Between business and technological skills, a project manager can cover a range of responsibilities. For example, the project manager will usually be required to communicate between both business and technical staff members in order to ensure that everyone on the project is working towards one common goal. The project manager will also schedule meetings, and make decisions on tasks, documents and files that need attention and more. Project managers are a vital link between the development team and upper levels of management within an organization.
Salary Impact of PMP® Certification
Are you looking to expand your career and jumpstart your future? Does a PMP certification interest you? Then, it might be worth considering the impact on your salary associated with this credential. For example, in a survey of Business Process Management Professionals, 73% of respondents said that they felt their salary increased by at least 20% after obtaining their PMP certification. Whether or not you're interested in pursuing this type of certification, it's undeniable that the associated increase in earnings will inevitably attract new applicants.
If you’re PMP certified and in the United States, the median salary ranges between $111,000 - $121,000 per year! Since the certification is industry agnostic as well, it doesn’t matter if you’re in the banking, energy, healthcare, or IT sectors. Opportunities abound for professionals who know how to lead project teams to success.
Top Cities where Knowledgehut Conduct PMP Certification Training Course Online
Requirements for PMP Certification
Now that we’ve gone over what monetary impact a PMP certification can have in your life, let us look at the prerequires for the qualification in terms of education, work, and project management training in particular:
If you hold an undergraduate degree or global equivalent, here’s what you will need:
- 36 months, or 3 years of experience leading projects professionally, without an overlap
- A CAPM certification, or at least 35 contact hours of formal project management training
If you haven’t got a Bachelor’s degree, you can still get PMP Certified if you have completed your high school diploma, associate degree, or a global equivalent, you will need:
- At least 60 months, or 5 years of work experience in leading projects, without an overlap
- A CAPM certification, or at least 35 contact hours of formal project management training
Now, if you have completed your post-graduation, and that too from a program with GAC accreditation, here’s what you will need to be eligible to pursue a PMP certification:
- At least two years, or 24 months of experience in leading projects professionally, without overlap
- A CAPM Certification or minimum 35 contact hours of formal training in project management
How Does PMP Certification Work?
The certification process for the PMP certification is quite simple. Let us break down the process in steps and see:
Meet Eligibility Criteria: The first thing before you apply for the PMP certification is to check if you match the education and work experience requirements set by the PMI for the PMP certification. There are options for three education levels which we have covered in the earlier part of this blog.
Complete Application: After ascertaining that you meet the eligibility requirements, you can start the application process. Be sure to document this information, as it will be handy.
- Domain Education: Document all the subjects and courses you’ve undertaken successfully, along with the institutes, the start and end dates, and the hours you have put in, etc.
- Domain Experience: Next, document the projects you have worked on, make sure to get the names of the organizations you were with, and the duration of the projects, and the hours on each.
- Education Details: This step is quite simple, you document the all the levels up to highest level of education that you have completed, along with institutions, start and end dates.
- Contact Information: Lastly, document your contact details with your email address, contact address, contact number, etc.
- Application Review: Your application will then be reviewed. This process generally takes up to 10 days. You will receive a communication from the PMI once your application has been reviewed.
- Payment: If your application is accepted, you will be asked to make the payment to take the PMP exam.
- Schedule Exam Appointment: Hooray! You’ve cleared all the steps and are ready to take the exam. Make sure to schedule the exam and follow the exam instructions you receive from PMI, along with your eligibility code.
Who Manages PMP® Certification?
The Project Management Professional (PMP)® is the world's leading project management certification. There are currently more than a million PMP credential holders globally. The PMP certification is awarded by the Project Management Institute (PMI).
It's important to remember, though that PMI itself does not administer or proctor the exam. Each of the two major PMP exam administrators, Prometric and Pearson VUE, is a private company. They operate under contract with PMI.
Conclusion
For years, the project management world has been focused on projects, meetings, and tasks. Meanwhile, technology has changed tremendously during the past 20 years. Information technology has gone from being a peripheral part of business to being at the heart of almost every aspect of it. As a result, project management methods have also changed to keep up with the pace of innovation. The importance and value of the PMP certification has only grown in the last two decades, with thousands taking up the exam every year. So, there’s no need to ask if the PMP certification is worth it anymore. It definitely is! KnowledgeHut PMP Prep course will help you bridge the gap between being a PMP aspirant and a certified professional.
Frequently Asked Questions (FAQs)
1. Is PMP still in demand?
Yes, PMP is highly sought after across industries. Wherever there are projects, there is a need for qualified and skilled project management professionals. As the world gets more connected and industries grow and expand, this demand is only set to increase.
2. How much does a PMP certification add to your salary?
The average salary range for a qualified professional with a PMP certification is between $111,000 - $121,000. The actual numbers will depend on your geographic location and your experience.
3. How long does it take to receive PMP certificate after the exam?
If you have cleared the PMP exam successfully, you will receive a congratulatory message from the PMI on your email address, immediately after. You can officially use the PMP title on your work profiles and CV.
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