Project Management Professional certification PMP and MBA are courses that can take you far in your professional life. So, why is the PMP vs MBA debate taking up the industry by storm? One of them is an ages-old tried-and-tested option, while another one is just becoming popular in the professional field. PMP certification vs MBA debate can be confusing for students who are looking for a course that can boost their careers.
There are a few parameters you have to consider before you decide ‘Which is better, MBA or PMP?’, like the cost of the two courses, how much time both of them take to complete, and the eligibility criteria of these courses. In this article, we will discuss the differences and pros and cons of both these courses for your understanding. But at the end of the day, you have to decide between these two courses based on your professional goals and needs. Go for PMP certification training to ace your PMP exam in the first go.
PMP vs MBA Comparison Table
Project Management Professional or PMP is a project management certification course offered by many project management institutions around the globe. Out of all the project management certifications in the world, PMP is the most popular.
The course trains students in all the necessary skills necessary for managing any project from beginning to end. This certification is perfect for you if you have already worked in project management for 3 years or more.
MBA or Master of Business Administration, on the other hand is a post-graduation degree pertaining to the world of business administration. An MBA course can have many specializations, and students can choose the one they think suits their career goals the most. You can take both offline and online MBA classes, and an MBA degree is almost bound to give your resume a boost in the job market.
So why the debate about ‘MBA or PMP which is better?’ Well, both of them are professional courses with relevance in the job field. But nowadays, many companies are looking for a PMP certification in their next employees’ resumes. This table on some parameters of both PMP and MBA will help you understand the difference between PMP and MBA.
| Parameters | MBA | PMP |
|---|
Cost | The per annum cost for a 2-year MBA degree is about $1,60,000- $1,80,000. This figure includes fees, living expenses, and other costs. | Other than additional training costs, a PMP certification exam costs $405 for members of PMI, and for non-members, the price is about $555. The training can cost anywhere from $50-$3,500. |
Eligibility Criteria | Those who want to pursue MBA must have at least a 50% score in their Bachelor’s degree. Depending on the institution, they also have to pass exams like GMAT, CAT, and XAT to take admission. | A high school diploma or a graduation or post-graduation degree is necessary for the PMP certification exam. You also have to have 24-60 months of project management experience, depending on your degree. |
Time | It takes 2 years to complete a full-time MBA course and about 3 years to complete a part-time course. | You have to have 2-5 years of project management experience and some training to take the PMP certification exam. |
Popularity | MBA is a globally popular post-graduation degree. | PMP is a less-popular certification course, but it has a lot of professional value in the field of project management. |
Career Path | Usually people who have an MBA degree go for business management roles in different sectors depending on their specializations. | A PMP certification course gives professionals a significant advantage over others in their careers as it can get you into pretty much any project management job, regardless of the sector. |
Salary | The average salary for an MBA graduate in the USA is about $75,714 per annum. | The average salary for a person with a PMP certification in the USA is about $86,600 per annum. |
Difference Between PMP and MBA
Here is a detailed breakdown of the difference between PMP and MBA:
1. PMP vs MBA: Cost
If we are talking about the differences between PMP and MBA, then one of the most obvious ones would be the cost of the two. MBA, even though more popular, is not only a two-year course but also costs a lot, especially in the USA.
The average cost of an MBA in the USA can be anywhere from $1,60,000 to $1,80,000 per annum. This includes tuition fees, entrance exam fees, and also residence fees if the students are from abroad.
On the other hand, PMP certification exam costs $405 if you are already a member of the PMI (Project Management Institute). If you are not a member of PMI, then the exam fee is $555. Including training fees, the total costs of this certification will be between $700-$5000. Which makes this a much cheaper option than MBA.
2. PMP vs MBA: Eligibility Criteria
Much like every other professional course and certification, both PMP and MBA have some eligibility criteria.
For an MBA course;
- A student has to have at least a 50% score in their Bachelor’s degree.
- You can also apply as a final-year graduation student if you pass before the date the course sets.
- Some institutions also need your GMAT, CAT, or XAT entrance scores.
- You also have to pass the institution’s entrance exam, followed by interviews, to finally get admission into the course.
For a PMP certification,
- You will high school diploma and a graduation or master’s degree from a globally accredited institute.
- You also need to have 36 months of project management experience if you have a Bachelor’s degree or equivalent and 60 months of project management experience for those with a high school diploma.
- Along with that, you will also need to have 35 hours of formal project management training from an institution.
- In case you have a Bachelor’s or post-graduate degree from a GAC-accredited project management program, then you will need 24 months of project management experience and 35 hours of formal project management training to qualify for the exam.
3. PMP vs MBA: Time
It may sound like the PMP certification takes more time, but in reality, it just needs more experience. Since it is a certification for professional project managers, some form of professional experience is necessary to take the certification exam.
MBA, on the other hand, usually lasts for 2 years (if it’s a full-time course). But part-time and online MBA courses can run for longer depending on the needs of the students and the institution.
4. PMP vs MBA: Popularity
Popularity is also a difference between these two courses because MBA is one of the most popular post-graduation courses in the world. There are thousands of people who sign up for MBA courses after their graduation.
MBA is one of the most coveted professional courses as well. But nowadays, since it has become pretty common, the job field has become saturated with MBA graduates, and its value is slowly dropping in many places.
On the other hand, PMP is slowly getting popularized as one of the most useful professional certifications in the project management field. Because it gives professionals global recognition and improved job prospects. Depending on your bachelor’s degree and training, you can get a project manager job pretty much in any field with this certification.
5. PMP vs MBA: Career Advancement
Although MBA is a very valuable professional degree, it has its limitations. Not only are there a lot of MBA graduates but they are also limited by their grad, post-grad, and MBA specializations.
But a PMP certification gives professionals a serious advantage over competitors as most people with just a master's degree cannot get into positions that are specifically open for PMP-certified professionals.
This course opens up a lot of doors in terms of high-paying jobs in your chosen career. It is a globally available certification that can even get you into fields not related to project management, like marketing, sales, and public service.
6. PMP vs MBA: Salary
Last but not least, let us look at the prospect of salaries that a person may receive once they complete either of these courses. The average salary of a person with an MBA degree in the USA is about $75,714 per annum. But there are a lot of factors that can influence your salary as an MBA graduate.
Depending on whether it was a full-time or part-time MBA, an online or offline course, or which institute you attended for the degree, companies will offer you different salaries. It also depends a lot on what your MBA specialization was.
The average salary for PMP-certified professionals is about $86,600 per annum in the USA. This can also be affected by factors like work experience and your job field. But when we are comparing PMP vs MBA salary, the PMP certification usually comes on the top.
Top Cities where Knowledgehut Conduct PMP Certification Training Course Online
How are they Similar?
There are many differences between a PMP certification and an MBA degree. But both are truly great professional courses to help you succeed in your career. They both have eligibility requirements that can be hard to fulfill.
Even though PMP is only a certification and not a 2-year course like an MBA, the requirements for professionals who have to have some experience in the field before taking the exam make them both time-consuming.
Unlock your leadership potential with our scrum master certification course. Develop project-driving skills and advance your career. Enroll now!
What Should You Choose Between PMP and MBA?
Now that we have almost reached the end of the article, we have to answer the question of ‘Which is better PMP or MBA?’. The answer to this question is not simple, as both offer different values to your careers.
While an MBA can give you an in-depth view of your field, a PMP can open up more job opportunities for you. The best option in this situation is to go for an MBA after your graduation and the after completion work in the project management field. You can take the PMP exam after you work as a professional and forward your career again with this certification.
A lot of people also ask about ‘PMP vs MBA in Project Management, which is better’ or also about PMP vs MBA for engineers. The answer to these questions is that both are valuable courses, and you can take up both successively for a stellar career in this field.
Conclusion
There are a lot of differences between PMP and MBA, but both of them are amazing courses that can open up a lot of career opportunities. It also depends on your educational background and your chosen career path. Whether you wish to choose between the two or pursue both is completely up to you. Go for KnowledgeHut best MBA course and master the foundations of business administration and management.
