What is Project Management Professional Certification Salary ?

What is Project Management Professional Certification Salary ?

Learning Mudra, Category - PMP

The average PMP certification compensation that an individual receives is determined by a variety of criteria and varies by country, industry, and project size. PMP certification is recognized globally and across multinational corporations, and evidence shows that individuals who hold the certification reap greater benefits. According to the Project Management Institute (PMI), there will be 15.7 million new project management job possibilities, as well as a 37% growth in the output of project-intensive businesses such as finance, manufacturing, construction, and information technology. As a result, there is a growing need for project managers, which influences the average PMP certification income.

Why there is increase in Salary of PMP certified professionals?

According to the 9th PMI compensation survey, a PMP qualified project manager earns 20% more than a non-certified project manager. According to this poll, which was performed in over 34 countries and with 26,000 project managers, a PMP salary in India can be over INR 17 lakh per annum, whereas a non-PMP manager might earn around INR 12 lakh per annum. While attaining your PMP certification demands a significant time and effort investment, the monetary payoff is well worth the effort. Earning a certification demonstrates that you have the skills required to lead a team. Acquiring a PMP certification holder can result in a high return on investment for a company.

As firms adopt more project-oriented ways of operation, PMP certification holders' roles are carrying more weight than ever. As procedures and company strategies evolve, the demand for project managers, change managers, project analysts, and others will grow. Another issue that could influence the demand for PMP credential holders is a high rate of retirement or attrition. As an older generation of workers retires, the industry vacuum increases the need for PMP certificate holders more than before. If you are employed by a company to successfully manage and deliver projects, you may minimize project expense and boost profitability for your employer by using the PMP certification skills you have gained.

Because PMP certificate holders add so much value to firms, you can expect to earn more in your project management capacity than you did previously or with your non-certified counterparts. According to PMI, project managers in the United States who do not hold a certification earn an average of $95,000 per year. Project managers with the PMP certification, on the other hand, make $120,000 per year. Based on the PMP certification factor, this equates to a 25% wage boost. Furthermore, as your project management job advances and matures, you should expect your pay to rise steadily.

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PMP certificate holders are the people for the job whether it comes to implementing a new organization-wide software solution or coordinating an overall organizational restructure. Those who have earned the PMP certification are important assets – and it appears that businesses all over the world are taking notice. According to the Project Management Institute's (PMI) Earning Power Report, there will be 90 million project management-related employment responsibilities that need to be filled by 2027. As a result, there will be a staggeringly large demand for PMP certified workers in less than a decade.

Keeping the PMP Certification increases earning potential

The PMP certification requires continuing maintenance, which includes completing 60 professional development units (PDUs) and paying a three-year renewal fee. While this may appear to be a lot of work or a large investment, the return on your investment will increase the longer you have your PMP credential. The PMI report offered some findings to back up the case for keeping the PMP certification. Those who have held their PMP certification for five to ten years earn a median base income of $113,000. PMP credential holders who have kept their certification for at least ten years and up to twenty years earn an average base income of $120,000.

Credential holders demonstrate to their employers that they are up to date on the most recent project management practices by keeping the certification. PMP certification holders are important assets to any organization when their certification is renewed and they have years of relevant experience. Aside from obtaining and maintaining certification, the number and complexity of projects you manage can influence your PMP credential pay expectations. Not all projects necessitate the same amount of detail or mass organization. And with more expertise comes the capacity to manage even the most difficult, time-consuming projects.

With the anticipated increase in demand for PMP credential holders, now is an excellent time to pursue or refresh your certification. You'll have job security in the future, as well as the possibility to earn more if you keep your PMP certification valid in the coming years. PMP certification compensation expectations should be high because the profession is in great demand and rising. Take advantage of the opportunities available to PMP certificate holders and take the next step in increasing your earning potential. As PMP certificate holders advance in their careers, they are more likely to take on greater responsibilities and expand their skill set, preparing them to manage large-scale projects.

PMP credential holders share the same goals: execute projects on time, within scope, and within budget. The necessity for good project management grows as projects become larger and more complicated. If you have a PMP certification and work on complicated, multinational, or large projects with large budgets, you should anticipate your post-PMP certification income to reflect the increased effort you put into your work. Project Manager, IT Senior Project Manager, IT Project Manager, Software Development Project Manager, Engineering Operations Manager, Program Manager, IT Deputy General Manager, and other managerial jobs are the most frequent job profiles for PMP certified individuals. Although many of these roles do not require certification, the PMP certification compensation is often greater for each position.

Conclusion

In conclusion, a project manager’s salary is increased by 20% after getting the PMP certification. A person who is certified for a long time gets more increment in salary as time passes. As there is great demand for PMP certified professionals, many organizations are ready to pay a higher salary for them, and it will only increase in the coming future.