Is PMP Certification Worth It? 2020 Edition

Growing businesses are sustained by projects, making projects a key operating factor in an organization. Every organization, therefore, needs a skilled project manager to manage their company projects. A project manager is a beacon in any industry.

The Project Management Professional (PMP®) certification training teaches managers how to lead teams and achieve the objectives of the team within the limit of schedule, budget, and available resources. 

 Project managers are in constant demand by organizations and governments to manage various projects and keep their success rate high. Project managers achieve this by using a set of project management principles that are continuously evolving in a standardized process. Having PMP® certification is a huge advantage on your resume, as it assures you of constant jobs, an annual salary above average, and a lot of other advantages. 

 The PMP® certification training can be done by a graduate or non-graduate, but both categories have different prerequisites to appear in the exam. 

 Advantages of getting PMP® certification

1. It makes your resume appealing to organizations: To get the PMP® certification, several obstacles need to be surmounted by an applicant to become a professional. These obstacles and tests take effort, commitment and time. It tells employers you can take them to greater heights with your problem-solving skills. It’s been stated that industries such as pharmaceuticals, aviation and banking/financial services only consider applicants with PMP® certification for employment.
2. Global language knowledge: Getting the PMP® certification not only makes your resume appealing, but it also gives you deep knowledge of the global standard language of project management. This global standard language of project management allows for easier communication with fellow project managers, executives, vendors, and clients, allowing for faster and more productive brainstorming sessions always.
3. Networking opportunities:A potential PMP® applicant needs to become a PMI (Project Management Institute) member as the first step. Becoming a PMI member opens a portal into a new world of project managers. The PMI hosts meetings and conventions of project managers across the world to network and learn more about project management. During these networking programs, there’s an array of openings for project managers from other professionals who need a PMP® certified professional for their industries.
4. Demand for PMP® certification by the organization: This directly translates to unlimited job opportunities for project managers. Digital markets and organizations spring up every day with constantly changing projects. To manage these projects successfully, a standardized and formal project management process must be adhered to, creating a continuous stream of job and income opportunities for project managers.

What is your PMP® certification worth?

 The salary of a PMP® certified project manager depends on three factors. 

1. Management team role.
2. Organization
3. Experience

Even though these three factors determine salary, a PMP® certified project manager earns up to $100,000 annually, but with experience of 10 years and above, the salary of a project manager with PMP® certification can easily double or triple.

1. Management team role:The specific role a project manager plays in the project management team determines his salary. Project managers who are directly involved in IT-related roles earn more.
2. Organization:The bigger the size of an organization, the higher the average salary they pay their project managers. A project manager with PMP® certification working for an organization with over forty thousand employees will earn over $100,000 annually, on the other hand, an organization with lesser employees will pay less than $90,000 annually.
3. Experience:Experience is an important factor for a salary increase in any field and so it is with project management. Experience and regular renewal of your PMP® certification allow for an increase in salary for project managers, especially in countries like Singapore, where experience majorly determines the salary bracket. Meanwhile, in some other countries, qualification is a better measure to determine salaries

Getting PMP® Certification.

 Getting a PMP® certification and becoming a professional project manager is dependent on your educational background for applicants using their bachelor’s degree certificates or equivalent. For applicants using their high school diploma or equivalent, professional background does the job.

 These two groups of applicants for the PMP® certification have slightly different criteria for exam qualification. 

As you can see from the table above the requirement differs slightly, the applicant with a high school diploma needs a lot of extra hours and months to prepare for the PMP® certification exam. To register for the PMP® certification exam, candidates need intensive training. The exam can cost up to $1,000 or more, but it’ll be the best thousand dollars you ever spent, as the return benefit is astronomical compared with your investment.

Who needs PMP® Certification?

A project management professional exam is meant for the professionals listed below and any other professional who has a flair for project management and would like to take it up professionally.

• Project coordinators
• Project analysts
• Project assistants
• Software developers
• Team leads
• Project managers
• Project engineers

 These aforementioned professionals need the PMP® certification as a tool for better performance, specialty in project management, and better opportunities for career advancement.

PMP® Certification training objectives

 The PMP® certification training objectives have been outlined below. These objectives keep the end goal of the training in mind and make it easy to assimilate the standardized project management process.

• Understanding and learning how to combine the various components of a project to ensure successful execution.  
• Work Breakdown Structure (WBS) application learning.
• Resource management skill acquisition.
• Learn how to uncover and fix project associated risks.
• Showcasing of project execution and control techniques necessary for project success.
• Getting formal sign-off on projects and closing out project activities on schedule.

In conclusion, there are numerous benefits to getting a PMP® certification. Some of these benefits include a boost in self-confidence, skill improvement, better team and employee management, global recognition in knowledge and skills by employers, ability to plan, direct, lead and execute challenging projects. Project management professional (PMP®) certification is a gold mine with deep reserves and a project manager with this certification will never lack jobs or continuous salary increase with experience.