Is PMP Worth It?

Is PMP worth it?

Learning Mudra, Category - PMP

Introduction

For project management professionals PMP certification is considered to be the most credible and valuable certification that they can possess. At the same time some candidates have questions regarding the value they will be adding to themselves by becoming PMP certified. To address this question, we have to take a broader view of the process of getting PMP certification and analyse it on both its merits and demerits. Like any other important life decision, the decision to pursue any certification has a significant impact on our time and resources. Hence it has to be done only after taking into account all the dimensions of the decision.

Financial repercussions of doing a PMP

The first criteria we will examine is the financial repercussions of the decision to earn the certification. Since money is a vital part of any person’s criteria and affects their entire life, hence this will be done by comparing both the short term and long-term ramifications of the certification. If we look at the costs of PMP certification the fees for a candidate who is not a part of PMI the cost is $555 while it is $405 for one who is a member of PMI. The membership fees per year is $129 and new or expired registration fees is $10.

These costs are only significant for those who clear the exam in their maiden attempt. While those who may need to reappear for the exam have to pay $275 for each subsequent attempt even if they are a member and $375 otherwise. Now after coming to an understanding of the costs involved, we can quantify the benefits of the PMP certification to be able to compare them in the proper context. First, we will examine the impact of the certification on the average salary in a global context and after that we will notice their effects for each individual country.

As per the data revealed in the survey conducted under the auspices of PMI, people with PMP certification draw twenty-two percent more salary with respect to the mean salary globally. This survey was conducted by PMI as the eleventh earning power survey based on feedback from more than 32,000 practitioners of project management from forty-two countries. This provides a wise panoramic view to us regarding the impact PMP certification has on the perceived value of a project management professional. The salary data very clearly denotes the importance companies place on the value PMP certification adds to an individual in terms of real cash.

Salary increment after PMP

To gain greater understanding we can delve into the salary increase in terms of numbers based upon the region from which the project management professionals operate from, in their job. In the case of Philippines, it shows up to the largest extent. There having PMP certification means a professional is earning Seventeen thousand dollars more per year than their peers who don’t have the certification for the same job role. This is a sobering view of the relative importance of the certification that clearly demonstrates that the credibility from being certified by a global body is reflected in the salary slip.

In United States of America, the hike in salary as a result of certification comes to around twenty-five thousand dollars. In the case of United Kingdom this discrepancy is nine thousand dollars than the mean salary of project management professionals. In India PMP causes a positive shift in salary by three thousand dollars which is a significant sum for any professional as the exchange rate renders this difference even more extreme. Thus, PMP certification adds significant value to a professional’s salary in terms of dollars even when other parameters are kept constant.

Results

Taking in to account the costs and benefits of the certification, we can observe that having PMP certification produces a significantly more return than the costs incurred to achieve it. In the case of pay disparity between a certified professional and an uncertified individual, it is up to three thousand dollars in India which is almost six times the cost of the exam. In the first year itself its benefits outweigh the costs incurred to achieve it as the return over time can be huge. Therefore, on the metric of financial considerations an individual should definitely consider going for the PMP certification.

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Level of difficulty of the PMP exam

The next metric of comparison is the level of difficulty of the exam. As we know anything worthwhile requires a certain level of difficulty and the exam will lose its credibility if every other person is able to clear it. The difficulty of the exam separates the world class professionals from the average performers and allows on to stand out from their competitors. This level of difficulty is what causes the company to value a professional more and offer them quicker promotions and higher packages as a result. At the same time, it shows their dedication and determination in the field of project management.

Amount of time invested for being a PMP

The final consideration for an individual is the amount of time invested in to gaining the certification. In order to gain awareness global benchmarks, it takes a significant chunk of one’s time. Similarly, to gain proficiency in the various cutting-edge tools and frameworks it requires rigorous practice of the fundamental principles. Thus, it takes an investment of both effort and time in a dedicated manner in order to prepare for the exam. At the same time, they can gain command of several skillsets that improve their performance to the next level and improve their value to all potential employers.

Conclusion to the topic: Is PMP Worth It?

In conclusion, addition of PMP certification to a project management professional adds a lot of versatility to their resume and also opens up opportunities for them in the future. PMI has a more than a million professionals who have done the PMP certification thus opening the doors for any professional to network effectively. Based on all the previously discussed metrics of finance, time, effort and future career prospects PMP scores a resounding positive result as it delivers value to the professional. Thus, we can clearly say in the light of all the comparisons that the logical conclusion in the light of evidence is the PMP certification is worth it.