PMP is an internationally recognized certification. This certification helps the project managers to acquire the skill-set of the highest caliber. Big organizations are always looking for certified project managers. Hiring certified professionals guarantee successful, one-time project completion, customer satisfaction and profitability. The demand for certified project managers is increasing day by day. The reason for this high demand is the value this PMP certification adds to the skills and competencies of the candidate.
PMP can pretty much guarantee a lucrative career for aspiring Project managers.
Why do PMPs get higher salaries?
There is a big difference in the salaries of certified and non-certified project managers. PMP certified project managers get paid 20% more than the non-certified candidates. According to the PMI survey, the average salary offered to PMP certified project managers in the United States is $111,000. On the contrary, the non-certified project managers earn $91,000. The reason behind this sizeable difference is the gap between the growing need and availability of skilled professionals.
The Demand and Availability of certified experts:
After the digitalization of all industrial sectors, companies require people with valuable skill-set and knowledge to execute complicated projects for them. This skill-set and knowledge is acquired through certifications. PMP certification adds 5 stars to your resume. However, the availability of the people with PMP certification does not meet the high industrial demand. This troubling gap creates opportunities for those who are willing to pursue a career in the field of project management.
What you will learn:
People working in the field of project management can add more value to their resume by completing PMP certification. The major reason why this certification is gaining popularity all around the world is the salary hike associated with it. However, the question that arises here is whether investing this certification offers long-term benefits. If you are planning to invest in the PMP certification, you must be wondering the same. A PMP certification and training makes you an expert in the following areas:
Initiation of the project:
In this phase the project manager plan the initiation of the project. He makes all the required resources available before the project starts.
Planning the project:
In the second phase, the project manager plans the lifecycle of the project. He also plans on how to use the available resources and workforce to maximize the benefits.
Execution of the project:
In this phase, the project manager guides his team about their task and set goals for each of the teams to achieve.
Monitoring of the project:
In the fourth phase, the project manager needs to make the changes required to deliver the promised projected values.
Closing the project:
In this stage, the project manager needs to make sure that the project is successfully delivered.
PMP Certification validates that you have all that takes to successfully close the project. The value that PMP certification adds to your qualification helps you to perform better. In the coming years, more and more companies will be hiring PMP certified project managers. In order to stay in the game, you need to make sure to update your skills with the ever-growing needs of the industry.
Opportunities for future growth:
According to the Anderson Economic Group PMI report, there will be more than 90 million project management related jobs by 2027. Some of these roles include program managers, business analysts, change management experts and many more.
The project-oriented model for closing projects is gaining global recognition. Its benefits are strategically focused around goal attainment. The major reason behind the project management skill gap is the attrition rates. Retirement acts as a secondary catalyst in creating the project management skill gap.
What are the key factors that influence salary after PMP certification?
Apart from completing the PMP certification, there are 7 key factors that influence your salary while working as a project management professional. These factors include:
- The industry you are working in
- Your position/role in the project management department
- The size of the project
- The budget of the project
- The size of the project management team
- Your experience in the field of project management
- The location of your job
Project managers get PMP certification to upgrade their existing skill-set and to increase their earning potential. According to PMI, majority of the countries offer higher salaries to the PMP certified professionals as compared to their non-certified colleagues. This certification validates your skills which mean that you get the opportunity to manage bigger projects. This allows you to grow as a professional and earn more than you did before.