You know PMP- Project Management Professional certification is very important to project managers. As a cost savvy project manager, equally important is the PMP Salary hike expected or what is my ROI- Return on Investment. You can understand the PMP salary increase, the cost involved, benefits both tangible and intangible from PMP Certification.
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PMP Certification: PMP Salary vs. Struggle
You are a project manager in your organization and you have seen some of your friends PMP certified but you also want to know the salary hike. But you also hear from them the hardship they went through to be part of that elite group of PMPs. Your question is what is the cost vs. benefit involved? How much does the PMP Certification cost? Naturally, as a project manager, you need to follow your financial appraisal techniques before you select a project. After all, PMP certification is a project!
Hint: Do you wonder when you can take the PMP exam? Read more about PMP exam schedule, the next PMP exam date and how you can schedule and more in PMP exam schedule post.
PMI Salary Survey: The Lowdown
If you compare a PMP salary vs. non-PMP project manager’s salary, the difference is 20%- a sizable amount. In the United States, if you look at a median PMP salary, i.e, a PMP certified project manager’s salary- it is $111,000 as against $91,000 for a non-certified project manager. What is the source of this information? This is from the self-declared information of 26,000 project managers from across 34 countries. Which country do you think tops the list of PMP Salary? Not the United States, but it is Switzerland with a median PMP salary of $130,000 followed by Australia, United States, and the United Kingdom. The lowest PMP Salary in the list is Egypt. Also, if you want to learn about the Top 10 Paying Companies for Project Managers, we have listed them in a previous blog article.
If you are a project manager in South Africa, you get the highest advantage of PMP salary- 47% more than your fellow non-PMP. While if you are in the United States or Canada, you still gain 22% and 21% in PMP salary respectively as against your colleague who didn’t get a PMP.
|Country||Industry||Median PMP Salary|
|Australia||Financial services and Consulting industry||$ 150,000|
|United States||Agriculture/Mining, Consulting||$120,000|
|India||Agriculture/Mining, Healthcare||INR 1800,000|
|India||Telecommunication, Engineering||INR 1700,000|
These are figures from the ninth edition of ‘Earning Power’- salary survey from PMI. As you can see, whichever country or industry you belong to, the earning power or PMP salary is definitely higher than what you get without a certification. If your next question is what do I need to invest to get this extra benefit, here is your answer:
How much is the struggle for a higher PMP salary?
Now that the PMP salary looks attractive enough, do you want to know what it takes to get there? You need to know the pmp certification requirements. Let us see the road map for becoming a PMP:
Training For a Higher Salary:
Project Management education is the prerequisite for PMP certification. You have options to choose from: live classroom, PMP Boot Camp Online, and pmp online certification. Live classroom sessions can be for three, four or five consecutive days or spread over two weekends. Classroom sessions or boot camps focus on completing the concepts, tips & tricks within that duration and it is generally very rigorous. You guessed correctly, these are quite expensive in hundreds and thousands of USD. So, for the PMP salary, I get what is the option?
Check our How much a Project Manager can earn? PMP salary video
On the other hand, pmp online certification works out to much less expensive. Some providers offer an online PMP training for as low as $15 per month. So the ROI for PMP salary is higher in this case. You want to learn more, you can get access to the project management bundle within $40 per month. But, how do I know which is the right one? You cannot go by the lowest cost option for PMP Salary always. Very true!
How to pick the right project management training?
If you are thinking about taking a decision on a provider for the needed PMP Salary, examine these:
- What knowledge and experience do the instructors have
- What do the past participants say about the course: the good, bad and ugly (hopefully not). Lessons Learned is always an input to planning projects.
- Do you get PMBoK copy?
- What support you get after the class? If pmp online certification, check on the access and support
- What if you miss a class? You want to use risk response strategy? Avoidance- eliminate the risk of missing by choosing PMP Boot Camp Online.
- How do you know if your preparation is sufficient to take the exam? Do you get any PMP Question Bank to practice and assess yourself?
Apply for PMP Certification:
- Collate your experience, organize the experience around the Project Management Process Group
- Apply online from the PMI website. Fill in your personal information, Education, experience and the 35 Contact hour program certificate.
- Ask an expert to review your application if possible
- Submit online, pay the examination fee. By the way, if you are a PMI member, you get a discount on the exam fee, you get to pay $405 instead of the $555 for a non-member. Makes sense to be a member for the required PMP salary, right?
Prepare with the PMP Study Plan:
- Have a plan that works for you. You may want to tailor the study plans available since your approach may be different. But, fine tune the plan during your preparation if needed.
- Use the Plan- Do-Check-Act- PDCA cycle to prepare. Read PMBoK, take a test, and assess yourself. Capture the lessons learned and best practices. Correct your plan if needed and continue. Use PMP Question Bank extensively to know how you are doing.
- Do check out the PMP exam preparation tips to make your preparation easier
- Create mind maps, mnemonics, key points that help you to have a quick revision before the exam
- Don’t focus too much on the PMP salary during preparation. Your knowledge is also a great asset for you life long.
Take the exam:
On the day of the exam, ensure you have the requisite identification cards, etc. Be cool! Relax and remember you have done a great preparation, so you can do it. After you click, submit you see ‘Congratulations’ on your screen and there you are a PMP!
PMP Renewal is what you need to work on after you are a PMP. If you want your salary to increase, renew your PMP certificate.
Cost-Benefit Analysis of Getting a Certificate for a Higher Salary:
You have seen the tangible benefits in terms of PMP Salary hike. There are also the intangible benefits of getting into the coveted group of PMPs and not just the PMP salary. While you are recognized by your peers in the profession, you now also speak the same project management lingo as all the PMPs world over do. You get access to best practices and opportunity to network with other PMPs. The cost involved for getting the PMP Salary:
- Cost of PMP preparation training – where you have flexibility in choosing the one that fits your budget
- PMI membership – non-negotiable, costs $139
- PMP exam fee: Costs $405 if member, else $555
- Any other resources you may want to use in your preparation: books, question banks, flash cards, etc.
After doing a cost-benefit analysis, and examining the Return on Investment, PMP certification is a viable project for you to take up for the salary hike you may expect. For under $1000 investment, you could earn $111,000 per year if you are in the United States. Hence, your Salary increases when you continue to remain certified and in touch with the profession.
Moreover, some companies reimburse the exam fee and may also pay the membership fee while a few also pay for training. Therefore, the ROI for PMP salary goes up in this case.
Sunanda Gundavajhala, B.Tech, M.B.A, PMP has over 25 years of project management. She is a consultant, 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. Sunanda has contributed to the “Practice Standard on Scheduling, PMI”. She has worked as the Liaison officer for PMIEF (Education Foundation) for the Hyderabad, India Chapter of PMI.