Experience and corporate credentials go hand in hand in the current project management industry. Working within a predetermined framework and applying tried-and-true best practises may help organisations save time and money while also generating greater returns on investment. But understanding a framework’s theory is not the same as understanding how to put it into practise. Before applying for higher-level positions, a project manager must have a history of completed projects. Green managers sometimes mistakenly believe that credentials will put them on the fast road to six-figure compensation when, in reality, they will still be held back by a lack of substantial experience.
The Project Management Institute (PMI) awards the “Project Management Professional (PMP)” credential. In contrast to other project management standards, PMP includes both best practises and experience. If a candidate lacks a considerable amount of experience, they cannot even be considered to sit for the PMP test. Candidates must have worked 4,500 to 7,500 hours leading and managing projects over the course of three to five years. Additionally, candidates must possess at least 35 contact hours of professional project management training, often obtained through an online Project Management Professional (PMP) course.
With 200 multiple-choice questions to be answered in four hours, the exam itself is time-consuming. The extensive Project Management Body of Knowledge, or PMBOK Guide, which is revised every four years to ensure that its best practises stay cutting-edge, is something that candidates must be aware with.
This naturally raises the question of what would make a PMP certification so troublesome. The short explanation is that because the PMP certification has such stringent standards, they have effectively evolved into badges of honour. One will show that you have a track record of managing successful projects and that you have a thorough understanding of best practises that are widely accepted.
The PMP certification may be an important stepping stone, allowing applicants to enter higher-paying positions and take advantage of new professional prospects throughout the globe. However, having such highly skilled individuals on staff may also be advantageous for corporations and other organisations. For both people and businesses, PMP training may be a very profitable investment.
In light of this, let’s examine the main advantages of earning a PMP certification!
Benefits of a PMP certification
· Globally recognized standard
People with PMP certifications are highly sought after all around the world. There are plenty of chances in 37 countries, including the USA, UK, China, and the UAE, according to the most recent PMI Salary Survey, which assesses the average earning potential of applicants with PMP certificates. It has also been used in a growing number of other sectors. Because project management is such a versatile talent, there will always be a need for practitioners in industries like healthcare, finance, and technology.
A PMP-certified individual, then, has a lot of amazing options to work nearly anywhere they want. The community of PMP professionals throughout the world is also quite active, with members exchanging information on business trends and evolving practises as well as providing networking opportunities for recently qualified applicants.
· Esteem from clients and partners
Organisations can gain from PMP’s reputation as a worldwide reputable certification. With the certification in your back pocket, you’ll discover that prospective business partners and clients will have a lot more faith in your capacity to consistently provide high-caliber project solutions.
If both you and your spouse have PMP certificates, this might be twice as helpful. Holders of a qualified certification will use the same terminology and procedures, facilitating enhanced communication and teamwork on shared projects.
· Improved project performance
It takes extensive understanding of project management best practises to pass the PMP test. Despite the fact that the majority of applicants will have more experience in some areas of project management than others, they still need to be conversant with the material provided in the PMBOK Guide, which is revised every four years. It is easy to understand why only 50–60% of people who take the PMP test succeed.
The exam includes testing on five project management processes:
Monitoring and controlling
Candidates must also have a detailed understanding of ten knowledge areas, including:
Project integration management
Project scope management
Project schedule management
Project cost management
Project quality management
Project resource management
Project communications management
Project risk management
Project procurement management
Project stakeholder management
With this expertise, a PMP degree holder may not only significantly increase the likelihood that a project will succeed, but also improve the calibre of the outcomes. Over time, they could also be able to speed up an organization’s project completion rate, enhancing its reputation and enabling it to provide consumers with quicker outcomes.
Good career investment
One of the best methods for a manager to demonstrate their expertise is by earning a PMP certification. In fact, many businesses will consider them normal for some jobs.
Despite this, a lot of prospective students are still turned off by the expense of the PMP. It takes years of labour to fulfil the requirements, and there is also the financial cost to take into account. PMI members can take the PMP test for $405, but non-members must pay $555 (however failing applicants are allowed two retakes within a year).
But sometimes the advantages outweigh the costs. Project management professionals with PMP certificates make an average of 23% more than coworkers without these credentials, according to the most recent PMI Salary Survey. As we previously indicated, the certificates are also in high demand, giving people more opportunity to obtain new jobs as well as increased job stability. The PMP certification might even open the door to more training as it can be a requirement for other tests like PRINCE2 Practitioner.
In other words, the PMP fee may be quite worthwhile.
Overall, obtaining a PMP certification demonstrates a commitment to professional development and a desire to excel in the field of project management. It can open up new career opportunities and increase earning potential, making it a worthwhile investment for those looking to advance their careers in this field.