If you want to know what are the PMP benefits and why everyone is talking of PMP, read on! We will discuss both tangible and intangible benefits, while also discussing what you need to put in for becoming a PMP. Before we go into the PMP benefits, let us understand what is PMP, PMP exam content and why everyone is after it; while also telling how you can prepare to become a PMP.
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PMP certification is the Gold standard in Project Management. PMP stands for Project Management Professional (PMP) which comes from the globally renowned Project Management Institute (PMI). Since there are numerous PMP benefits, most project managers vie for it.
Can anyone apply for PMP?
Not actually! Though the PMP Benefits are enticing, PMI Institute has rigorous PMP requirements. Since PMI follows stringent quality processes and has been maintaining the standard on the level of certification from 1969, there are definitely certain eligibility criteria.
To get the multitude of PMP benefits, you need to have the following prerequisites or PMP Certification requirements:
- Have a 4-year bachelor’s degree
- 35 hours of project management education
- 4500 hours of experience leading and directing projects
But, if you have a secondary degree or diploma, you can still avail the PMP benefits if you meet the following:
- Your secondary degree or high school diploma
- 35 hours of project management education
- 7500 hours of experience leading and directing projects
What is the investment for PMP?
If you want PMP benefits, you know that there would also be some costs associated with it. When we say investment, it is both the money and time that you need to put in to get the pot of gold: PMP benefits.
What is the cost involved for PMP?
As a project manager, are you thinking about the ROI (Return on Investment) or the Cost vs. the benefit of this PMP project? Here we give you the PMP cost so that you can compare with the PMP Benefits.
Generally, PMP Exam cost includes exam fee, membership fee, PMP study guide and PMP Question Bank. You need to pay $405 as Exam fee to PMI Institute if you are a member, while you will pay $139 for the annual membership, both of which are non-negotiable.
If you see the chart above, you know that the major component of the cost is consumed by the Exam fee and the 35- contact hour fee. 35 contact hour cost is where you can save depending on what type of PMP training course and provider you go for. You can also cut down on the Resources cost but that won’t make a big difference. Resources cost includes any PMP study guide, question bank, PMP practice exam that you may need for a proper training.
35 Contact Hour Courses
You can attend a face-to-face physical classroom session which is called a PMP Boot Camp or a PMP Online Certification for PMP Certification Exam preparation. While boot camps are expensive, online options are less costly. You can go for a PMP boot camp online which is a more flexible and competitively priced option. An online PMP course comes with ‘anytime anywhere’ facility with a monthly subscription or lifetime access options. Some of the monthly subscription courses start at under $40 while you can get the annual subscription within $200.
Time Investment for PMP Benefits
If you are thinking of PMP Benefits, you must first be willing to commit your time to it along with the money. PMP Exam Prep needs a dedicated time on a consistent basis. Typically, you need to be able to spend 12-16 weeks for PMP certification exam preparation. Use a PMP study plan that you can stick to and ensure that there is a certain time dedicated to the preparation every day, at least half hour and 6-8 hours over the weekend.
After the initial round of study of PMBOK, take practice tests, Math tests and use PMP Question Bank extensively to know how you are faring. Based on this, put emphasis on the areas you are not strong. Use the resources that you have purchased: Exam Prep guide, Study Guide, Mock tests or simulated question banks, etc.
There are many apps available too if you want to catch up on the mobile phone while waiting for a client or have some spare time. For grabbing the PMP Benefits, you should use your time effectively.
Let us explore the PMP Benefits you get for all the investment that you need to make. The following are some of the PMP Benefits:
- You will meet the mandatory requirements that most companies specify for career growth which is: PMP certification.
- You may expect a hike of at least 20% in your PMP Certification salary which is one of the very alluring PMP Benefits
- You may check out the PMP Salary you would get by industry, experience, location etc. If you are in the USA in the pharma sector, you may be making $125000 while a PMP in Canada may earn up to $ 115000 when working in Agriculture/Mining. However, if you are in India, you may earn INR 1800,000.
- Another one of the PMP Benefits is that you would be recognized among your peers and join the elite club of PMPs who have global recognition for their knowledge.
- As a project manager, this project manager certification would help you have better chances of completing the projects successfully.
Watch our “What are the PMP® Certification Benefits?” video
More PMP Benefits you can expect
PMP Benefits do not end there, let us define the other PMP benefits, which are more intangible than the salary and the job prospects, but equally important:
- When speaking to clients or other stakeholders, you speak the same language and PMI jargon as them. Therefore, you become effective in communication which is key to project success.
- For your career growth, you can contribute to project management community as a volunteer with PMI. Moreover, other PMP Benefits include opportunities to network with other professionals and share the best practices with other PMPs
- Peers and superiors will understand the commitment you have towards the profession. You are also showing that you are serious about the project management profession.
- Better job prospects. Since you are a PMP, you will have preference over other non-PMPs.
- You can look at the “1.2M Job Openings Per Year in project-oriented professions,” as per the Anderson Economic Group report.
- You are aware of the latest changes and processes used in project management profession.
- If you want to have the agile training after a few years, PMP is one of the prerequisites and hence you have an edge over others
- Another one of the important PMP benefits is the shot in the arm you get by adding PMP at the end of your name. This is a real confidence booster!
The driving forces towards PMP Benefits are greater than restraining forces against PMP certification. A force field analysis would also tell you that PMP benefits are much more than the investment. Therefore, PMP Benefits are so much greater that you don’t need to look further for your career growth.
Sunanda Gundavajhala, B.Tech, M.B.A, PMP has over 25 years of project management. She is a consultant and trainer on project management for different sectors and is the recipient of “Recognition of Excellence” award from PMI, USA and Woman Volunteer award from Hyderabad, India Chapter of PMI. To her credit is the contribution to the “Practice Standard on Scheduling from PMI”. She has worked as the Liaison officer for PMIEF (Education Foundation) for the Hyderabad, India Chapter of PMI.