Benchmark PMP Certification Salary Ranges
Are you considering earning your PMP (Project Management Professional) Certification? Regardless of all the other motivations someone has when looking to obtain a 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 PMPs with their certification earn 20% more than their uncertified peers. So, the investment in your certification is sure to pay off. In addition to the higher salary, your PMP Certification could also help you take the next step in your career.
Before you dive into your 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 Certification, and you’ll explore other factors that can also add to your salary increase.
Why Does a PMP Earn More? Closing The Skills Gap and Demand for PMPs
Whether a company wants to implement a new organization-wide software solution or coordinate an entire organizational restructuring, PMPs are the people for the job. Those with a 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 Earning Power Report. So, in less than a decade, there will be a staggeringly high demand for PMP roles, but will there be a workforce to fill them? This need is why many project management professionals are pursuing their certification.
Is getting your PMP Certification really worth the time and financial investment? The PMI report says yes. The report evaluated the impact of certification on how much PMPs earn. According to PMI’s findings, the median base PMP Certification salary expectation for someone with five to ten years of project management experience was $91,000. For certified PMPs with the same amount of experience, the median salary was $111,000 – a nearly 20% increase.
So, why does certification carry so much weight with employers? PMPs after 35 hours of training and passing the certification exam have proven that they are qualified project management experts. And, companies willing to pay top dollar for these candidates.
Plus, the role of PMP 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 PMPs is high retirement or attrition numbers. As an older generation of the workforce leaves, this industry vacuum contributes to the need to hire PMPs than ever.
In fact, the high salaries for PMPs alone is enough to demonstrate the value they hold to businesses. PMI estimates that the average salary for a certified PMP 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.
PMPs are in high demand, and with the projected growth in job opportunities, it’s ideal to start your journey to PMP Certification now. With this expected boom in need for PMPs, 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 PMPs earn more, let’s evaluate these two factors that further impact earning potential.
Earning Potential by Experience
Logically, someone that it only makes sense that someone with more experience has greater earning potential. But, how much of an earnings increase can PMPs expect based on experience? Like many other industries, PMPs with experience can expect hire salaries as they move up in the workforce. But, it’s essential that these PMPs maintain their certification to stay competitive in the industry.
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 hold your PMP Certification.
The PMI report shared some findings to support the case for maintaining your PMP Certification. Those who held their PMP Certification for five and up to ten years earn a median base salary of $113,000. For PMPs who have maintained their certification for ten and up to 20 years earn a median base salary of $120,000.
By maintaining certification, PMPs 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 PMPs 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 Certification 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, PMPs 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 PMPs 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 PMPs progress in the workforce, they’re likely to take on more and grow their skillset equipping them to manage large-scale projects.
With the projected increase in need for PMPs, 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 PMP 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 certified PMPs, 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.