Although the above question is purely based on the situation or circumstances or the need of a particular organization for want of a PMP Professional, we would like to answer this in a more generic way as regards to the most standards and practices followed across the globe in terms of the salary ranges offered to a PMP Certified professional. PMP test pass rate.
You would not be earning as much, just by achieving a PMP Certification alone, unless you have gained the relevant domain experience and have worked on live projects and handled it successfully. To become a successful Project Manager you need to have a combination of both – the required work experience in leading and directing projects, or in Project Management and Team Leadership even to qualify for the exam and secondly the mandatory 36 contact hour certification training from PMI Authorized Training Partner. Cost of PMP exam.
One should not look at PMP simply as a ticket to get a job, but as a proof or evidence that he or she can do a project management job more effectively and in an organized way which will help the project to excel. However there is no assurance that only with PMP Certification your salary will suddenly jump multifold. It will probably be limited at start and then gradually increase with the increase in your experience level. PMI database.
There will definitely be an indirect impact since getting PMP Certification will make it easier for you to acquire a job in project management and with at once can build up more experience over a period of time which is more likely than not have a positive impact on getting a higher salary. PMP certification online cost.
With the change in syllabus from 2021 PMP Certification now in addition to traditional plan-driven project management approach it has moved to a more agile project management which is widely used in IT and other similar industries. How much does project management certification cost?
Depends On Many Factors
To simply put it through it actually depends, in the world of project management PMP Certification definitely comes to aid but it won’t be considered as the only factor. Work experience is also very important and huge. That is why I would say the standard distribution of weightage given to certification and experience is equal i.e. 50-50 percent. Experience is important both from the size of project perspective and well no of years on the job perspective. How many questions are there?
When an employer tends to hire a project manager, he will look for certification definitely but also look out for size of project, what is the overall budget of the project, how many team members or team size will be required, what is going to be the complexity of the project and last but not the least is the time frame required for the project to get completed successfully, in other word what is going to be the length of the project in terms of duration. PMP certification difficulty.
As quoted by records almost 5 years back is that PMP can increment your salary by at least 15K to 25K USD every year, in today’s situation with the rising inflation it could easily rise to 30K to 35K USD annually. Though being said that there are many other factors which can impact or influence one’s salary. A junior level project manager with no PMP certification in a small to medium scale organization may receive between 50K to 70K USD annually in the US region. Verify PMP.
Senior project managers can get anywhere between 85K to 110K USD in a year, off course the context or assumption here is you got to be really senior with minimum 8 to 10 years’ experience working with large and complex projects. When I say large and complex projects in terms of budget, it can be anywhere around 2 million USD, which caters to multiple stakeholders, extensive and complex planning and use of modern day tools and technology like JIRA, Primavera, MS Projects, Smart sheets etc. and also one should be acquainted with handling very powerful management personnel and team members. PMI credential registry.
The Real Market Situation
Adding to this fact, where and when you end up you would normally find organizations not giving too much attention of considering giving a huge bonus and setting an upper limit for one’s compensation because they had a belief that whatever perks and facilities the company provides is more than sufficient to not increase the salary. To give an expel of companies where they would have good amount of health benefits for the employee and his immediate family but with giving 25 to 30% less remuneration in comparison to other organization. Another example of an aviation company where they feel that the flight benefits they offer are itself worth quite a lot and that too for a non-reserved category of flights where in the employee has to standby and ready to fly at any point of time. PMP exam length.
If you are on contract basis then probably you have an opportunity to earn more because of higher perks and benefits however there is a greater risk of losing the contract at any point of time, so the kind of job security is not there. As everyone should be aware that preparation for PMP exam is not a joke and requires thorough study combined with work experience to become successful PMP Certified Professional.
The Positives of Being Certified
Getting a PMP Certification can definitely increase your salary and put your career growth on a fast track, provided you get that kind of critical and important projects to work on and show your ability and skill-set to excel in the project. You will be seen as a knowledgeable person. As per the Indeed statistics a PMP Certified professional can get 25 to 30% salary increment post PMP Certification. It is considered as the highest paying certification in the world today.
The topmost job profiles that fetch optimum worth of PMP Certification are Engineering Operations Manager, Program and Project Managers, IT Project Manager, Software Development Manager and Senior Project Managers.
Is Only Getting Certified Enough?
Although it is true that getting PMP Certification will fetch you a good job with better salary most of the times, however it is equally true that salaries just does not increase as it is, the candidate should have the required skills to negotiate with the employer to place him in a better and higher position than previous and also the salary growth should be reasonable for the employee to take the job.
Unless the candidate showcases his skills and expertise to the higher management and gives a profit making project to the organization, they will not entertain any requests of salary hikes and positon change.
There are instances where professionals got promoted immediately after achieving PMP Certification, however it was not because that candidate got PMP Certified, it is simply a passage to create a dialogue with upper management and a channel opening to discuss and put forth the demand of salary hike and promotion in a right way for which the management should eel the candidate is deserving enough.
Job Market in India for PMP Professionals
The job market in India however maybe a little different, as there as many small and medium scale companies which barely survive on revenue let alone making huge profits. In this particular case it becomes very difficult for employers to honour the PMP Certified professionals by giving them the position which they desire to have along with the required salary package.
In India normally the trend is to check what your last pay was and then give a top-up with certain percentage and offer the job to a candidate, immaterial of whether he or she is PMP Certified or no. this scenario is less likely in large and big organizations and multi-national companies, where the processes and hierarchy with certain salary slabs and positions is already defined.
Experience definitely counts here, in fact more priority and weightage is given for experience over certification at least that was the trend some 5 years back. An experience project manager will get a better salary package than a less experienced one. The scenario is changed though as many job requirements clearly state that PMP is a mandatory qualification to apply for a particular managerial position. In addition to the all-round experience one gains which is quite handy for giving interviews.
In a nutshell the difference in salaries between a certified and a non-certified PMP professional is on an average 25to 30%, i.e. a certified professional is drawing almost 30% more salary then non-certified professional. Also the career growth for a certified professional is on a fast track compared to a non-certified one.
But definitely the salary ranges are higher for certified PMP people and the benefits are enormous fro them if you consider an overall aspect.