PMP® Certification Salary: Will I Earn More?
Are you considering earning the Project Management Professional (PMP)® certification? Regardless of all the other motivations someone has when looking to obtain the PMP® certification, a salary increase is the most enticing. And, if you think earning your certification will come with a big salary jump, you’re probably right.
It’s estimated that PMP credential holders earn 20% more than their non-certified peers. So, the investment in your certification is sure to pay off. In addition to the higher salary, your PMP credential could also help you take the next step in your career.
Before you dive into the PMP certification, it’s important to understand why certification can help those in your profession experience salary increases. This article will outline what you should expect from your salary after you obtain your PMP credential, and you’ll explore other factors that can also add to your salary increase.
Why Does a PMP Credential Holder Earn More?
Whether a company wants to implement a new organization-wide software solution or coordinate an entire organizational restructuring, PMP credential holders are the people for the job. Those with the PMP certification are valuable assets – and, it looks like companies worldwide are getting the hint.
It’s estimated by 2027, there will be 90 million project management-related job roles that need to be filled, according to the Project Management Institute’s (PMI)® Earning Power Report. So, in less than a decade, there will be a staggeringly high demand for PMP certified individuals, but will there be a workforce to fill them? This need is why many project managers are pursuing the certification.
How Much More Does a PMP Certification Holder Earn?
Is getting the PMP certification really worth the time and financial investment? The PMI report says yes. The report evaluated the impact of certification on how much PMP certification holders earn. According to PMI’s findings, the median salary expectation for a non-certified individual with five to ten years of project management experience was $91,000. For PMP credential holders with the same amount of experience, the median salary was $111,000 – nearly 20% increase.
So, why does certification carry so much weight with employers? PMP credential holders have proven that they are qualified project management experts. And, companies willing to pay top dollar for these candidates.
Plus, the role of PMP certification holders is carrying greater weight than ever as companies adopt more project-oriented modes of operation. So, as processes and business strategies change, the need for project managers, change managers, project analysts, and the like will only increase. Another factor that could play into this demand for PMP credential holders is high retirement or attrition numbers. As an older generation of the workforce leaves, this industry vacuum contributes to the need to hire PMP credential holders more than ever.
In fact, the high salaries for PMP credential holders alone is enough to demonstrate the value they hold to businesses. PMI estimates that the average salary for a PMP certification holder in the United States is $108,200 – more than double the average national salary of about $48,642. Taking on this role in industries like IT, healthcare, pharmaceuticals, engineering, and more could add to both your job stability and your bank account.
PMP certification holders are in high demand, and with the projected growth in job opportunities, it’s ideal to start the journey of earning the PMP certification now. With this expected boom in need for PMP credential holders, those with this certification have the opportunity to earn more than ever.
It’s also important to note that the average salary can be greatly impacted by two key factors: experience, and project scope. Now that you have a better understanding as to why those who are PMP credential holders earn more, let’s evaluate these two factors that further impact earning potential.
Earning Potential by Experience
Logically, it only makes sense that someone with more experience has greater earning potential. But, how much of an earnings increase can PMP certification holders expect based on experience? Like many other industries, PMP credential holders with experience can expect hire salaries as they move up in the workforce. But, it’s essential that these PMP credential holders maintain their certification to stay competitive in the industry.
The PMP certification requires ongoing maintenance, including the completion of 60 professional development units (PDUs) and payment of a renewal fee every three years. While this may seem like a lot of work or a big investment, you can expect the return on your investment to increase the longer you have your PMP credential.
The PMI report shared some findings to support the case for maintaining the PMP certification. Those who held their PMP credential for five and up to ten years earn a median base salary of $113,000. For PMP credential holders who have maintained their certification for ten and up to 20 years earn a median base salary of $120,000.
By maintaining the certification, credential holders demonstrate to their employers that they’re up-to-date on the lately project management strategies. Renewing certification coupled with years of applicable experience make PMP certification holders valuable assets to any organization.
Earning Potential by Size and Scope of Projects
In addition to gaining and maintaining certification, the size and scope of projects you manage can have a positive effect on your PMP credential salary expectations. Not all projects demand the same level of attention to detail or mass coordination. And with greater experience comes a greater capability to manage even the most complex, time-intensive projects.
Ultimately, PMP credential holders share the same goals – complete projects on time, in scope, and under budget. With larger, more complex projects, the need to effectively manage them intensifies. For PMP credential holders who work on complex, international, or large projects with large budgets, you can expect your post-PMP certification salary to reflect the greater effort put into your work.
As PMP credential holders progress in the workforce, they’re likely to take on more and grow their skill set equipping them to manage large-scale projects.
With the projected increase in need for PMP credential holders, now is the right time to pursue or renew your certification. You’ll have the benefit of job security moving forward, and the opportunity to earn more as you maintain your active PMP certification status over the upcoming years. PMP certification salary expectations should be high because the demand for the profession is here and growing. Take advantage of the opportunities afforded to PMP credential holders, and take the next step to maximize your earning potential.
Do you want to find out how to earn your PMP certification? Take the next step with the Project Management Professional (PMP) Certification.