The Project Manager Benefits of Earning a PMP Certification
The Project Management Institute (PMI)® maintains the global standard of project management best practices, processes, methodologies, and professional ethics through the certification process. By obtaining the PMI®’s Project Management Professional (PMP)® certification, Project Managers have the distinction of a globally recognized professional credential. The benefits of having a PMP certification are enjoyed by both the project manager and the employer.
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What is the PMP® Certification Exam?
The Project Management Institute (PMI®) produces A Guide to the Project Management Body of Knowledge (PMBOK® Guide) as a global standard for all things project management. The PMI® manages the Project Management Professional (PMP)® certification exam as part of global standards for the profession of project management. The PMP exam is constructed of:
- 230-minute allotment to complete PMP exam questions
- 180 questions – combination of multiple choice, multiple responses, matching, hotspot and limited fill-in-the-blank
The PMI reports that the successful PMP exam taker has completed on average 35 hours of prep work. The PMP exam is designed by the PMI such that it “utilizes knowledge and task-driven guidelines to assess the practitioner’s competence, and determine the levels of salience, criticality, and frequency of each of the knowledge, tasks, and skills required to perform to the industry-wide standard in the role of a project manager.” Some may question if doing all of the work needed to earn a PMP certification is worth it. Research shows that PMP certification status benefits both the project manager’s career and the organizations that hire PMP credentialed employees.
Benefits from Earning a PMP Certification: Your Career
Project Management encompasses balancing a project’s timeframe, budget, and overall scope as the team works to meet its objectives. It is a skill set used every day across the world in countless ways, with the formal recognition of it as a profession unto itself occurring in the mid-20th century. Not only does having a PMP certification open up more career opportunities at higher pay than jobs not requiring a PMP credential, but PMP certification also expands your professional network while giving you verification of your level of skills. The provided infographic highlights four benefits of having a PMP certification.
Higher Pay and Compensation
There is a lot of data around Project Management jobs, encompassing the many titles for the skill set, and comparing job salaries for positions with PMP certifications and without. The PMI states that in the USA., the median salary for Project Managers is $ 116,000.
In the leading job posting site, Indeed.com, their November 5, 2020, data reflects input from 23.4 salaries with the insights that: “The average annual salary for a project manager in the U.S. is $ 86,087 with a $ 13,500 bonus for total compensation of $99,587.”
In the annual project manager survey report, the PMI collected self-reported data from 32,000 Project Managers from 42 countries indicating that those with a PMP® certification earn 22% more than those without. The PMI’s salary data is significant for its global reach and that 82% of respondents with PMP® certification earn an average of 22% more than counterparts without it. The PMI states that in the USA., the median salary for Project Managers is $ 116,000.
Increased Job Opportunities
One of the most powerful advantages of being a Project Manager is that it is a skill set not confined to any industry or business type. The Project Management Institute (PMI) research indicates that project management-oriented careers in seven sectors are expected to grow by 33%, or nearly 22 million jobs, through 2027.
Studying for the PMP Exam?
In the coming years, that means employers will need 88 million people for project management jobs; that is great news for job seekers and also indicative of a very competitive landscape. All levels and tenures of Project Managers should actively seek training and PMP® certification to maintain their professional edge.
Expanded Professional Network
PMP certification benefits include being part of a worldwide organization. The PMI as of this writing has over 600,000 global members and at least 300 local chapters. That provides all PMP certification holders who maintain PMI membership with an invaluable career resource of having peers across the globe. It is an amazing benefit to be part of a thriving and diverse professional network that shares professional standards, ethics, and work passions.
Local chapters add another dimension to the professional network by having area events, member trainings, and other benefits.
Demonstrated Skills and Knowledge
Some suggest that the PMP® certification is “the most significant, industry-recognized certification for project managers worldwide.” As noted in the article “Five Reasons Employers Want PMP® Certification,” you’ll see that the majority of available project manager positions list “PMP certification” as either required or strongly preferred.”
The PMP certification exam process and testing are intense. Earning the PMP certification is a process requiring time to prepare, getting specialized training from an authorized source, and having the discipline to complete practice exams and study sessions. As such, the benefits of having a PMP certification include the demonstrated project management skills and knowledge that are embedded in earning a passing score on the exam.
Benefits of a PMP Certification for Your Organization
It has been reported that organizations with formalized project management methods in place enjoy reduced risks, reduced costs, and improved success rates. To realize PMP certification benefits, organizations need to support the development of current talent – across roles – in the discipline of Project Management. The benefits of PMP certification for organizations are summarized in this infographic:
Enhanced business acumen for better decisions
The impressive job potential is a reflection of the positive impact, including increased efficiencies, realized cost-savings, and improved morale, that competent Project Managers can have within an organization. Through the content in the A Guide to the Project Management Body of Knowledge (PMBOK® Guide), one of the core sources of PMP exam content, Project Managers learn not only terms and tools, but of the interconnectedness within business areas: how the supply chain connects to materials, how personnel costs connect to budget, how quality control connects to delivery schedules, etc. Project Managers with PMP certification are better positioned than others without the PMP certification to make sound business decisions that benefit both the project and the overall organization.
Apply predictive, agile, and hybrid principles
With the PMBOK® Guide – 7th edition released in August 2021, the PMI provides prospective PMP certification exam takers, and project managers who have already achieved their PMP certification, with essential information about different project management methodologies, including Waterfall, Agile, and hybrid. Businesses must be able to adapt to changes in the marketplace, and that includes flexibility in how work is done. With project managers who know PMI endorsed standards, as reflected in the PMP certification exam, the business is better positioned to pivot and remain competitive. Additionally, the PMI certification exams include not only the PMP, but also certifications in Agile, Risk, Business Analysis, Program Management, and Scheduling.
Increased Organizational Efficiencies
The need and benefit of organizational efficiency is nothing new. Look to the 2013 Pulse of the Profession™ Study, and PMI addresses the increased need for standardization of processes. Note, a “standardization of process” does not mean all processes must be static and unchanging; rather, it means that the most efficient processes should be maximized within the business.
In the context of PMP certification standards and project management as a profession, organizational efficiencies are realized thru standardized project management techniques and processes, a “common language” if you will within the profession. For example, as a business onboards a new PMP certification holder to the team, the use of PMI tools and standards speeds up the process because there is already an understanding in place.
Maintaining Industry Best Practices
The PMBOK® Guide is published by the PMI® to provide a global standard for all things project management. Each new edition reflects careful consideration of project management profession changes. The standard for project management is an American National Standards Institute or ANSI standard, which means that every four to five years, [the PMBOK® Guide] has to be updated, reaffirmed, or retired. Changes to the PMBOK® Guide are driven by PMI research, both with market surveys and working with practitioners around the globe.
Therefore, PMP certification benefits for organizations include project managers who are verified as knowing industry best practices.
As a career, project management is not bound by industry nor geography; some studies predict 22 million project management-related jobs by 2027. Project Managers who successfully earn the PMI®’s Project Management Professional (PMP)® certification status gain advantages for their own career while bringing value to their employer’s organization.
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