If you have ever worked on a project, you must know it requires a consistent effort of all the team members to be successfully completed. Who do you think is the most crucial person to ensure that everything runs smoothly and deadlines are met? It’s the project manager who shoulders this huge responsibility. Their direction is important in each phase of the project so that the team members are entirely aware of what is expected and work on delivering the same. They proactively communicate with the stakeholders and clients updating them about the progress of the project and try to resolve their concerns.
A project manager should be a highly capable professional as the success or failure of a project depends on him. The Project Management Institute or PMI has already highlighted in its Pulse of the Profession report that around $1 million is wasted every 20 seconds by organizations across the world due to poor project management practices. This clearly explains the need for an expert to be hired by companies for project management roles.
So, what qualifications do companies look to hire the right candidate as a project manager? Well, apart from experience and educational background, companies more often look for PMP certification in a candidate’s repertoire. Project management Professional or PMP certification is a gold standard in the field of project management and a highly acknowledged credential globally.
Let us know what a Project Management Professional actually is and how to add this designation to your portfolio.
What is Project Management Professional?
A Project Management Professional or PMP is a certification offered by the prestigious Project Management Institute, the world’s leading professional membership association for project, program, and portfolio management profession. There are over 1,000,000 professionals across the world who hold the PMP certification for a successful career in project management. A PMP certification verifies the candidate’s ability to handle complex projects, meeting the set deadlines, maintaining the budget, and providing deliverables that align with the project goals.
Professionals generally opt for this certification to demonstrate that they understand and speak the global language of project management. They also become eligible for getting huge paychecks as PMI itself points out that PMP certification allows professionals to earn around 25% more than their non-certified peers. Professionals who are willing to make a switch to a managerial position or looking for better opportunities outside their organization can do so seamlessly by achieving this credential. The reason is project managers are required in every sector, and with a PMP certification, one can virtually work in any industry.
To achieve this renowned credential, you need to pass the PMP certification exam. The exam consists of 200 multiple choice questions that need to be solved in four hours. PMI members can take the exam by paying a fee of USD 405 while non-members need to pay USD 555. Candidates also need to earn 60 professional development units (PDUs) every three years to maintain their certification.
The PMP exam consists of questions that are divided into five domains with the proportion of questions as mentioned below:
- Initiating – 13%
- Planning – 24%
- Executing – 31%
- Monitoring and Controlling – 25%
- Closing – 7%
Here are the eligibility requirements one needs to fulfill before applying for the PMP certification exam:
Candidates must have a four-year degree, three years of experience in leading projects, and 35 hours of project management training/CAPM certification.
Candidates must have completed a high school diploma, five years of experience in leading projects, and 35 hours of project management education/CAPM certification.
Salary and Demand:
The Project Management Salary Survey 2020 conducted by PMI reports that project managers earn the highest median salaries (annually) in countries like Switzerland, the United States, and Australia. Here are the figures:
- Switzerland – US$132,086
- The United States – US$116,000
- Australia – US$101,381
The report further highlighted that most of the survey respondents (from over 42 countries) who were PMP certified earned around 22 percent higher on an average than project managers with no PMP certification. Such whopping salary stats are sure to lure you into getting PMP certified.
Talking about the demand, reports convey that job opportunities in project management are expected to grow by 33% across 11 countries from 2017 to 2027. Around 22 million jobs would be created in the years to come and by 2027, around 88 million people would be working in project management related job roles. India alone would account for 7 million job openings over the same period of time.
Time to Get PMP Certified:
We have given you enough reasons to start your career as a Project Management Professional. If you have made up your mind, then taking an online PMP certification course would be the right step. In fact, taking up project management training is one of the overall eligibility requirements. So why not take up a course and learn from certified instructors. Apart from the course material, these courses often provide PMP exam simulators, interactive quizzes, industry projects, and case studies to further strengthen your learning. Enroll today and make your PMP journey easier.