What is Average Salary Increase of PMP ?

What is Average Salary Increase of PMP ?

Learning Mudra, Category - PMP

Introduction

With the definition of business changing with time, project management no longer restricted to big giants of the world or a few particular domains like construction and pharmaceuticals. With evolving times, every domain is stepping up, and with this come new projects in these domains, and with the commence of new projects, a demand for people to manage these projects is also emerging. People who are skilled in the area of project management, who have the right set of theoretical knowledge and also possess hands-on experience in the domain of project management are on a very high demand.

Importance of PMP

A project manager may or may not possess these set of skills, but a certified professional in the domain of project management will definitely possess all these skills. Hence, a professional and a leading certification like the Project Management Professional (PMP) course is of utmost value is todays world. PMP provides a candidate with the required skills and training to manage a project in such a way, that the person is able to deliver the required objectives of the project with a high conversion rate, while allocating the finite resources in such a manner that the efficiency and the output remains highly desirable.

Monetary benefit after PMP

Apart from all these perks that you get with a PMP certification, one advantage that lures in a lot of candidates is the monetary benefit that people get with a PMP certification. Across the industries, people with a PMP certification have seen a substantial increase in their salaries, bonuses, allowances, and other perks that are offered to them by the organization. When a person is PMP certified, they get a better performance review from their managers and the HR managers, which results in a better salary hike, which in turn motivates them to work even harder in the future, which results in a virtuous cycle.

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Survey results

In a survey conducted by the PMI, the body which accredits the PMP worldwide, 71% of the respondents claimed that they received better salary hikes and bonuses in comparison to their colleagues who did not have a PMP certification. This was a survey which had about 30,000 PMP professionals, and they stated that they had an average salary which was 16.7% higher than their colleagues who did not have a PMP certification. Hence, having a PMP certification not only gives you an edge while you are working for the company, but also makes you stand out when it comes to the monetary sides of the working.

Another survey conducted by CompTIA for the HR managers revealed that organizations and upper management are recruiting more professionals who have a certification, and 71% of the HR managers stated that they recruit candidates who have a PMP certification now, in comparison to 29% saying yes 6 years back. These surveys give a real-life picture that depicts the growth of requirement of project management as a profession, and how with coming times, the growth is also increasing. Also, the value of PMP increases over time, as a person who has been a PMP certification holder for about 15 years, has seen a growth in their salary by almost 2.5x

Another survey by the PMI, Pulse of the profession, revealed that all around the world, about $2.5 Million is wasted every minute by all the organizations collectively, and the reason for this is the poor project management techniques adopted by the organizations globally. The organization are aware of this situation, and are hence recruiting professionals who can help them cut down on the costs, bring in a more effective and efficient manner to manage the resources, and are happily willing to reward them for their efforts in brining the overall costs down, and this is the reason for the better pay scales of PMP certified employees.

Gender equality and job satisfaction

PMP certification also aims to cut down the disparity between the men and the women employees, as both gender candidates get an almost equivalent median salary after a PMP certification, closing in on the salary disparity all around the world. In another annual survey conducted by the PMI, the candidates reported that they have a better job satisfaction and a better work life balance in comparison to their non PMP certified employees. As the certified candidates get a better rating by their managers, and a better pay scale compared to other employees at the same designation, these candidates are more satisfied with their jobs.

Conclusion to the Topic: What is the Average Salary Increase of PMP

Another fact that proves the worth of a PMP certification is that in the best economy of the world, the United States, average household income is $55,000 and the average income of a PMP certified professional is at $110,000. When we talk about an emerging global market, India, the average salary differences for the same designation of a product manager is close to 5,00,000 INR annually. A survey conducted in 37 countries revealed that the growth potential for PMP certified employees is over 26.5%. A Better pay scale, more job satisfaction and a balanced working environment, PMP certification brings everything that an employee desires at his place of work!