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.
What is PMP Certification?
Project Management Professional (PMP) certification is a globally recognized credential that requires passing a comprehensive exam offered by the Project Management Institute (PMI). This test evaluates a candidate's ability to manage a project's people, procedures, and business goals.
After passing the PMP exam, candidates become internationally recognized and certified project management associates. The PMP certification is useful in a wide range of industries, including business, healthcare, IT, and construction. The broad range of applications demonstrates the adaptability of PMP-certified professionals who have the abilities and know-how to manage and steer projects in a variety of industries.
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?
Is it worth getting a PMP certification? To address this question, let me walk you through some data. Employers will require 88 million workers for project management positions over the next seven years, which is excellent news for job seekers but also a sign of a highly competitive environment. To keep their competitive advantage, project managers of all ranks and lengths of service should actively pursue education and Project Management Professional (PMP) certification.
According to research by the Project Management Institute (PMI), through 2027, there will be a 33% increase in project management-oriented careers across seven sectors, or almost 22 million new jobs. While it is not required, having this certification can make you stand out in a very competitive job market.
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.
PMP Certification Cost
Aspiring PMP candidates should ask is PMP certification worth it, analyze costs when planning to obtain the certificate, and factor in additional expenses such as study materials, books, and membership fees (if applicable).
Cost Component | Cost Range |
Exam Fee | Approximately $550 USD |
Training Fee | $200-$500 USD |
Practice Tests | $60-$300 USD |
Total | $810-$1350 |
1. Exam Fee:
- Before taking the PMP exam, candidates must register on the PMI website and pay the required PMP certification fee.
- Applicants can choose to apply for the PMP exam as a non-member or as a PMI member, giving them two options for the exam.
- If someone chooses to join PMI, there is a $10 joining fee in addition to a $129 membership fee. Although there is an initial fee, there are many benefits to joining PMI. Members are eligible for a $555 exam fee reduction, or $405, on the PMP.
- Members also receive discounts on fees associated with retaking exams and renewing their PMP certification.
- Additionally, PMI members can download the PMBOK Guide for free.
- Whether choosing to be a PMI member or not, the total cost for appearing in the PMP exam is approximately $550.
2. Training Fee:
The PMP certification training course, which is an essential step in the preparation process, accounts for a sizeable portion of the total cost. A quality PMP certification training program can run anywhere from $300 to $2000.
There are three prerequisites that candidates must meet to apply for the PMP exam.
For Individuals with a Secondary Degree:
- Completion of 35 hours of project management education.
- Accumulation of 7,500 hours (about 10 and a half months) of experience in directing and leading projects.
- A minimum of 60 months (about 5 years) of professional project management experience.
For Individuals with a Four-Year Degree:
- Completion of 35 hours of project management education.
- Accumulation of 4,500 hours (about 6 months) of experience in directing and leading projects.
- At least 36 months (about 3 years) of professional project management experience.
3. Practice Tests:
- Although there are a lot of free practice exams available online, it is strongly advised to purchase a well-paid PMP exam simulator because of concerns about the quality of many freely available exams.
- An essential tool for anyone hoping to pass the exam on their first try is a PMP exam simulator.
- Good PMP exam simulators can cost anywhere from $60 to $300. The features provided, the complexity of the question bank, and the simulator's reputation are some of the variables that affect this price difference.
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Is PMP Certification Worth It: A PMP Salary Survey?
According to the Project Management Institute (PMI) salary survey, project managers with the Project Management Professional (PMP) certification typically have higher median salaries than their non-credentialed counterparts.
Let us look at the mean salaries of PMP-certified vs. non-PMP-certified professionals across the top 5 countries:
Country | Mean Salary | Increase | % Increase |
| PMP Certified | Non-PMP | | |
USA | $123,000 | $93,000 | $30,000 | 32.26% |
Brazil | R$165,408 | R$137,611 | R$27,797 | 20.20% |
India | ₹1,989,911 | ₹1,691,424 | ₹298,487 | 17.65% |
Malaysia | RM150,652 | RM129,717 | RM20,935 | 16.14% |
Germany | €95,612 | €81,801 | €13,811 | 16.88% |
Source: pmexpeto
The median salary of project managers with PMP certification is typically 22% higher than that of their non-certified peers. The influence of the PMP certification on pay is significant and often reflects the abilities, know-how, and recognition that accompany this certification.
It is true that earning a Project Management Professional (PMP) certification has many advantages, including the possibility of higher pay and a significant return on investment (ROI). The benefits of earning a PMP certification go well beyond quick financial gains. The immediate pay increase is one obvious advantage of becoming a certified PMP, but the long-term effects are extensive and varied.
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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
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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.
Evaluate Your Career Trajectory
Your career path can be significantly impacted by the PMP (Project Management Professional) certification, which offers chances for advancement, higher earning potential, and more recognition in the project management industry. For professionals who obtain the PMP certification, the following is a typical career path:
Project Coordinator/Assistant Entry-Level Positions:
A lot of people start out in project management as assistants or coordinators. People who work in these roles learn the fundamentals of project scheduling, coordination, and documentation.
Professionals frequently move into project management roles after earning the PMP certification. This entails managing resources, supervising projects from start to finish, and ensuring that projects achieve their goals on schedule and within budget.
Professionals may progress to the Senior Project Manager position as they accumulate more experience and show that they can effectively oversee challenging projects. People in this role frequently manage more complex and strategic projects, supervising several teams and guaranteeing alignment with company objectives.
Individuals with a PMP certification can advance to this position, which entails overseeing a portfolio of connected projects. To accomplish overarching organizational goals, program managers concentrate on organizing and prioritizing projects.
The position of Portfolio Manager may be filled by individuals at the highest levels of project management. This entails managing a broad range of projects and initiatives, coordinating them with organizational strategy, and ensuring they all support the organization's goals.
Project Management Office (PMO)/Director of Project Management:
Many PMP-certified professionals, like PMOs or project management directors, hold leadership roles in organizations. In these positions, one's duties include supervising, establishing project management guidelines, and coordinating project operations with corporate goals.
Executive Leadership Positions:
Professionals with PMP certifications may advance to executive leadership roles like chief information officer (CIO), chief operating officer (COO), or chief executive officer (CEO) with continued career advancement. An individual can be positioned for strategic leadership roles within organizations by combining their extensive leadership experience with their PMP certification.
It is important to note that your career trajectory can differ according to your personal objectives, industry, and organizational structure. A flexible and well-recognized foundation for success in various roles and industries is offered by the PMP certification, which helps professionals succeed in project management over the long term.
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
Many professionals ponder the question, 'Is PMI certification worth it?' before pursuing the accreditation. With project management becoming more and more important in a wide range of industries, PMP certification is worth it, without any doubt. Those who have earned their PMP certification find that they can profit from their expertise and proficiency. Because of its high earning potential, the PMP credential is highly valued in today's competitive job market, making it the certification of choice for individuals hoping to succeed in project management roles.
The success rate of project managers with PMP certifications demonstrates the effectiveness of the certification. Because of these professionals' proven abilities and accuracy in managing projects and finishing them on schedule and under budget, organizations have great faith in them. It definitely is! KnowledgeHut PMP Prep course will help you bridge the gap between being a PMP aspirant and a certified professional.
