Things You Need to Know About PMP Certification
The jobs in the project management area have increased with the fast-growing needs of the industry in recent years. According to the Pennsylvania-based Project Management Institute (PMI), there will be a high demand for skilled project managers in the near future as the employers would be hiring for almost 2.2 million new project-management based roles each year through 2027.
The rapid growth and demand have made many employees and students consider a career in project management. However, with a huge competition existing, even experienced project managers sometimes find it difficult to establish their prominence. With such a case, a Project Management Certification like PMP can help you stand apart from the crowd.
Various clients also demand for PMP professionals to handle their projects these days and thus also ask the employers to stress on recruiting them. In the recent PwC survey, it has been found that about 75% of the high-performance projects globally are being handled by PMP-certified project managers. Also, companies with a higher number of PMP-certified managers have shown better success rates.
Here, in this article, we look at the few positive and negative facts about the PMP certification, which will help you decide whether this certification is really worth considering or not.
What is a PMP Certification?
- PMP refers to Project Management Professional, which is a globally recognized credential for project managers.
- It is an examination that improves the credibility of a project manager by certifying that the individual is highly skilled in people, processes, and business environments.
- The certification helps to reflect an individual’s technical skills, infuses trust in prospective clients and employers, and also serves as a reason for promotion or higher pay.
- A PMP certificate validates that the individual has project leadership skills that the employers seek.
Advantages of Considering PMP
PMP is not a mandatory certification in order to work as a project manager, though it definitely acts as a useful resource. A few of the reasons why one should consider this certification are described below in detail.
PMP Adds Value to the Resume
- There’s a huge demand for project management jobs and many people are also applying for them. Due to this, it takes a lot of time and resources for the companies to assess the potential of each and every applicant.
- So before the interview, they try to filter out the candidates and this is where the PMP certification proves to be helpful.
- Having a PMP certificate ensures that you are a part of that short lot of candidates selected for the final interview.
- PMP certification helps the applicants to get shortlisted as it demonstrates that candidates have the specific skills that the employers are looking for.
- There are many certifications but they all focus on a specific domain or geography, whereas PMP certification is globally recognized.
- This certification can be used in any location and in any domain.
- Experienced project managers surely have the skills that are required for the success of the project. In the case of freshers who are set to step out for this career, a PMP certification can be their saviour when it comes to learning skills.
- PMP certification has high standards and is not easy to clear without proper preparation. The certification will require mastering the practical applications of the material, learning several hard and soft skills, and gaining knowledge of fundamental project management processes, tools, techniques, and methodologies.
- It will expose the candidates to the current trends, best practices, and new tricks & techniques in project management.
- One of the biggest reasons to get enrolled in a PMP certification is the high salary prospects it offers to the project managers. PMP was considered to be the 5th highest-paying certification in 2016.
- A PMP-certified professional is believed to earn 20% more salary than the non-certified professionals.
- The PMI survey states that on average, a certified project manager earns $1,08,000, whereas a non-certified project manager earns around $91,000.
Disadvantages of Considering PMP
Though there are several benefits of the PMP certification, certain drawbacks too exist due to which many professionals opt out of this course.
An Expensive Course
- As the expected returns after a PMP are high, so is the investment which you need to make in this course.
- To gain the certification, one has to appear for the PMI’s exam which costs around $550.
- In addition to this, there are different other expenses like the certification cost, study material charges, practice sessions, etc.
- Overall, it may cost around $750, and if one is unable to clear the exam in the first attempt, they need to pay $375 more to retake the exam.
PMP is indeed expensive, however, the returns and benefits it will offer in the long term are worth considering.
- PMP certification is considered to be one of the toughest exams globally. This exam tests not only the theoretical concepts, but the practical applications too.
- Candidates are required to answer 200 questions in 240 minutes. Some take 2-3 months to succeed, while others do not get certified even after preparing for years.
- PMP certification is highly valued among the employers because of its tough standards.
- The success rate is low and merely enrolling for the course does not guarantee your selection.
- The applicants complain that the time they have to put in to get the PMP certification is too much.
- They need to set aside time daily to master the PMBOK guide and several other guides, attend preparatory sessions, write sample tests, etc.
- Also, they need to document all the projects they have executed with the minute details about the project.
- These may sound simple, but as most of the aspirants are currently employed, they face huge time crunches.
For many aspiring candidates, this certification may be difficult, expensive, and also time-consuming, and it is surely difficult for an employed person to devote so much time. Still, these are the challenges which make the employers consider PMP certification as an important credential. PMP surely adds charm to your resume and helps you stand apart from the crowd. For all the budding project managers out there, a PMP certification is definitely worth trying.