PMP® Certification Value (Salary & Career Opportunities)
Have you considered earning your Project Management Professional (PMP)® certification? This is the gold standard of project management certifications and comes with a number of benefits for those who pass the exam. Explore this article to learn more about these benefits and the steps you must take to earn your PMP certification.
Increase Your Earning Potential with A PMP Certification
While earning your PMP certification requires a major investment of time and effort, the monetary benefit is worth the hard work. Earning a certification shows that you have the necessary skills to lead a team. In fact, hiring a PMP certification holder can yield a high return on a company’s investment. If you’re hired by a company to successfully manage and deliver projects and you use the PMP certification skills you’ve gained, you can reduce project spend and increase profitability for your employer.
Because PMP credential holders offer so much value to companies, you can expect to earn more in your project management role compared to your previous salary or the salaries of your non-certified peers. PMI estimates that project managers who do not hold a certification in the U.S. earn approximately $92,000 per year. Project managers that do hold their PMP certification instead earn $115,000 per year. That’s about a 23% difference in salary based on the certification factor. Plus, you can expect to continually increase your earnings as your career in project management progresses and matures.
As stated in PMI’s Project Management Salary Survey 10th Edition, most project managers surveyed “(70%) report that their total compensation (including salary, bonus, and other forms of compensation) increased over the 12 months prior to completing the salary survey. About one-quarter (26%) reported increases of at least 5% over that time period.”
Provides Global, Professional Recognition
The PMP certification is the most widely recognized project management certification in the world. When you hold this certification, you’ll definitely earn more in salary, like we mentioned above. But, you’ll also earn the respect of your peers, employers, and clients. You can use this certification to propel your career to new heights.
One way to broaden your career horizons is to hold a certification that provides both domestic and international recognition. The PMP certification is recognized on a global scale, holding value in both the U.S. and abroad. Why is the global appeal valuable? Living in the digital age has facilitated a new level of globalization. It’s easier than ever for companies to reach into new markets and engage with international clients. So, by holding an internationally recognized and respected PMP certification, you can easily demonstrate your value in a global market.
Creates New Career Opportunities
Companies and clients alike are quick to recognize the benefits of having a PMP certification holder on their team. PMP credential holders have a demonstrated knowledge of proven project management strategies, and they are presumably equipped to complete projects on time and on budget. Thus, if you’re looking for opportunities to take on more responsibility, having a PMP certification on your resume can certainly open these doors.
As part of the recognition you receive as a PMP certification holder, you also likely benefit from greater job security. Companies don’t want to invest in major projects only to see them fail when leadership changes hands. When you have the skills to consistently deliver projects on time and on budget, the value of having you on the team increases, and so does your job security.
Motivates Learning and Improvement
Both when you initially take the PMP certification exam and as you work to maintain your certification, being a PMP credential holder encourages you to learn more about project management strategies and take steps to improve your skills.
In addition to the hard work required to pass the PMP certification exam in the first place, you also have to put time and effort into renewing your certification every three years. The PMP certification is not a certification that you earn once and hold forever. Instead, to maintain the legitimacy and credibility of the certification, project managers must continue their project management education to maintain it.
So, what exact do project managers need to do to maintain their PMP certification? PMP certification holders must earn 60 PDUs every three years. This means that all current PMP credential holders, both new and seasoned, meet PMI’s standards for project management knowledge. PMP certification holders value education, learning new skills, and renewing their understanding of project management strategies.
If all of these benefits sound appealing, earning your PMP certification may be the ideal next step for your career. To start the process of earning your certification, the first thing you need to do is find the right training partner. Training for your certification is essential, because you want to get it right the first time. So, be sure to research your options and partner with the training provider who can equip you to pass the exam.
How Do You Earn Your PMP Certification?
Earning your Project Management Professional certification takes hard work and a financial commitment. The Project Management Institute wants to ensure that those who hold the PMP certification have truly earned it and will be positive representatives of the project management profession.
The PMP exam is a four-hour test with 200 multiple choice questions. Before you can take the exam, there are a few requirements you must meet. You have two paths to choose from, depending on your experience as a project manager and your educational background.
If you have a secondary degree (high school diploma, associate’s degree or global equivalent), you must earn:
- 7,500 hours leading and directing projects
- 35 hours of project management education or possess your Certified Associated in Project Management (CAPM)® certification
If you have a four-year degree, you must earn:
- 4,500 hours leading and directing projects
- 35 hours of project management education or possess your CAPM certification
The price for the exam varies based on your status as a PMI member. For members, the exam is $405, while non-members will pay $555. Although the cost may seem high and the prerequisites for exam eligibility may seem demanding, earning your PMP certification comes with the following benefits that make your efforts worth while.
Learn more about the benefits of earning a PMP certification. Download this comprehensive guide to the PMP certification process now.