In this article, I want to share with you the value of becoming a Project Management Professional (PMP) certified by the Project Management Institute (PMI). There are numerous reasons to obtain this certification, and while I could easily enumerate 20, let’s focus on five key points for now.
Leading Project Management Certificate
The PMP certification is globally recognized as the leading qualification in project management. Esteemed industries, job portals, and even influential magazines such as PC Magazine, Forbes, and Fortune have rated it as the top certification in the field. Numerous global tech giants like Microsoft, Amazon, and Google prefer PMP-certified individuals for crucial roles such as project managers, program managers, risk managers, and portfolio managers. Even CEOs are pursuing this certification, like a CEO from Florida, United States, who recently became a certified Risk Management Professional (RMP) and is now aiming for the PMP certification.
PMP certification is a significant career investment that yields substantial returns. According to the Earning Power report, PMP-certified respondents reported higher median salaries—16% higher on average—across the 40 surveyed countries than those without PMP certification. Despite the economic challenges brought on by COVID-19, half of the respondents confirmed an increase in their total compensation (including salary, bonus, and other cash incentives) over the 12 months prior to completing the salary survey. Remarkably, nearly one-quarter reported increases of at least 5% over that period.
Thirdly, PMP certification has an extensive global reach, being recognized in 210 countries and 302 chapters worldwide. As of February 23, there are over 1.3 million certified PMPs globally. This extensive recognition means that wherever you go, your PMP certification will be valued and recognized.
Proven Track Record
Fourthly, the PMP certification has a rich history, having been around for nearly 40 years. It’s not just a piece of paper; it’s a globally respected and sought-after qualification that has stood the test of time.
Equal to a one-year MBA
Lastly, the PMP certification is equivalent to a one-year Master’s in Business Administration (MBA) in project management. Numerous business schools acknowledge this equivalence. For example, the MIT School of Distant Education in India offers a one-year Post-Graduate Diploma in Project Management (PZDPM) course, which they equate to a one-year MBA. This is not just applicable in India; globally recognized business schools, such as the NYU Stern School of Business, Xavier University, Ohio, and University of Buffalo School of Management also offer project management courses based on the PMI’s Project Management Body of Knowledge (PMBOK) guide.
The fact file as of February 28, 2023, directly from PMI shows the overwhelming number of PMPs worldwide – 1.3 million. With PMI having over half a million members and a presence in 210 countries, your certification will undoubtedly be globally recognized.
Now, let’s talk about salary hikes. Who doesn’t want a raise, especially after earning such a demanding certification? As per PMI’s Earning Power Report (12th edition, November 2021), the average salary hike reported was at least 16%. In the United States, it was around 32%, and in India, at least an 18% increase was observed. A few years back, Switzerland even showed a hike of around 80 to 85%. Hence, on average, you can expect at least a 20 to 30% salary increase if you are a PMP-certified professional.
In conclusion, the PMP certification is more than just an accolade; it’s a testament to your expertise, a symbol of your dedication, and a significant stepping-stone in your career.