Education and certification with project management are emerging as one of the rapidly growing career aspects globally; many professionals explore a career in project management. It has become necessary for certification in job search and helps in negotiations. So certifications will provide an added edge over other candidates. Every industry has its own kind of certification requirement, but a PMI certification can apply its skills and assist virtually in any field of expertise. According to www.payscale.com , adding a PMI certification to your education and skills will increase your salary between nine and thirty percent.
PMI founded in 1961; Project Management Institute is a not-for-profit professional association. You don’t have to be a member to obtain PMI certification but they offer membership discounts to get credentials if you decide to become a PMI member. PMI offers a wide range of varieties of certificates that suit professionals with different broad careers. The certifications that they offer includes the Certified Associate in Project Management (CAPM) which is an excellent entry-level certification for fresh candidates to Project management. The most globally recognized PMP is independent validating credential for Project managers with work experience and competence in leading project teams. These are two of many certifications PMI offers.
The availability of open positions is part of the appeal, and the substantial salaries are another enticement for Project Management Professional. First of all, let us first look into what are the prerequisites of the PMP examination. Having a bachelor’s degree and 4500 hours of experience in leading and directing projects is food to prepare for PMP certification. Moreover, you would require 35 hours of Project Management Professional certification training from PMI associated training institutions before applying for the exam. Armed with these prerequisites, you can also apply for the PMP exam while you’re preparing for the exam.
You can schedule your exam date between Monday to Friday. The exam is for four hours with multiple choice questions with no negative mark for a wrong answer. You will instantly be able to see the result when you submit your answers and finish your exam. Therefore, you need to take enough practice tests from online PMP exams if you are keen on the PMP certification salary increment you want. As a project manager, you would use the financial appraisal techniques to see if the PMP certification is a viable project for you!
With PMP certification, one can expect a 20% increase in their salary if you compare with other project managers who don’t have any potential certification of Project Management. Therefore, it is clear that PMP certification would enable salary growth of 20%. These figures are not conjured up, but we have this straight from the ninth edition’s PMI salary survey. PMP certification salary information from 26000 project managers from 34 countries made a declaration upon the PMP certification salary hike; if you work in the USA, you might get around $111,000 and in the rest of the world you would get $81,000 per year with PMP credentials.
If you have good project management experience, there is a significant salary increase but it may vary proportionately across the countries. Singapore tops the list with $125000 per annum, and the USA sits in the third position. The difference in PMP certification salary between a three-year experienced candidate and 20 years experienced project manager is a whopping 177 percent. On the other hand, it is just a 38 percent difference in China. Also there is a significant difference when you continue to renew your certification. A remarkable increase of 47 percent in salary was seen if you are in South Africa and hold PMP for more than ten years.
In general, Project Management Certification salary will vary based on the type of job and company size one works. The Project Manager (PM) from Information Technology (IT) will receive $65,161 – $125,836, PM in general would earn around 57,877 – $122,485 and the Program Manager earns $68,150 to $139,552 per year. Regarding company size, a firm with 1 to 9, the Project Manager Professional salary will be $94,724/ year. A company with 50 – 199 will be $93,614/year, and this salary is whopping to $111,620/ year for companies having more than 50000 employees. The figures mentioned above are United States employees’ salaries taken from Pay Scale for the year 2017.
By now, you would be clear about the salary increment of PMP certification. Now let us understand what investment you need to induce for a lucrative return. With a prerequisite of 35 hours of training classes, the certification exam costs $555 if you are not a PMI member and only $405 when you are a member. Moreover, annual PMI membership will cost $139 for everyone, optional costs include a PMP question bank or PMP questions and answers for simulated tests. You can see that PMP salary is attractive for any project manager irrespective of job, experience, and country. So don’t wait any longer, since you will benefit more if you have a PMP certification for long.
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