Before investing money and time in PMP certification, it is very important for anyone to understand how the certification will impact salary. In this article, we will discuss PMP certification and its effects on salary, which can help you to decide whether you should go for it or not. We will focus on different perspectives of PMP salary, which is based on experience, the size of the company, designation and many others.
Overview of PMP Certification
Though the PMP certification salary hike is the most tempting fruit from the twig of PMP tree, we should know about the root of this tree. Starting with the prerequisites to appear for the PMP certification. If you hold a 4-year bachelor degree with minimum 4500 hours of experience in any of the process of project management, you are good to start. Even if you haven’t had your graduation, yet you have project management experience of 7500 hours, you are eligible to apply for PMP examination. Along with the above requirements, you would require having 35 contract hours certificate provided by the authorized training provider.
PMP exam is a little tricky and needs a lot of practice, so you can apply for the PMP certification while preparing for the exam parallelly. Depending upon the slots available and your convenience, you can schedule your exam between Monday-Friday. While practicing consider taking full-length simulation tests to know how well you can score and manage time.
This is a four hours exam with 200 multiple choice questions. You can see the result immediately after submitting your exam with PMI. Therefore, you have to attempt enough practice tests to pass the PMP certification exam and avail the benefits of it.
Increase in Salary of PMP Certified Professionals
A PMP certified project manager can expect up to 20% hike in salary compare to non-certified one. These figures are taken from the ninth edition of the PMI salary survey. The statistics include information from 26,000 project managers from 34 countries around the world. You may earn up to $111,000 per year being PMP certified while you get $91,000 per year if you are not. This number is taken by considering different roles and experience for a PMP. Therefore, on an average a certified professional may get a 20% upward revision in PMP certification salary.
Project Manager’s Salary Depending on Experience
The experience plays a pivotal role in salary. The higher you have experience in project management, the more your salary will be and the PMP certification is one of the important factors. The professionals who continue renewing their credentials for a longer period, you can experience the handsome hike in your PMP salary.
PMP Certification Salary by Industry
Another important factor that directly affects the PMP certification salary is the industry. The salary is higher in the IT industry. Below are figures based on Pay Scale for 2017 in the USA:
|Project Manager (Information Technology)||$65,161 – $125,836|
|Project Manager (General)||$57,877 – $122,485|
|Program Manager||$68,150 – $139,552|
PMP Certification Salary by Company Size
The salary can vary depending on the size of your organization. With the following table, we get a clear idea that the size of the organization has a direct effect on the PMP certification salary.
|Company Size||Salary Range|
Investment requirements for the PMP certification Salary
By now, you have a clear idea what you can expect with PMP certification. Now, let’s discuss what investment required to get PMP certified. You have to invest for the 35 hours of PMP training. Either you can go for in-person bootcamp that cost you little high, or you can attend the online PMP training program (costs less compared to in-person). Next investment is exam fee of PMP certification. If you are a member of PMI, you pay $405, otherwise, you pay $555. The annual PMI membership cost you $139. There are training providers like MSys Training offering course materials, simulation tests and other required study materials along with training, which may reduce your investments.
The PMP certification brings an attractive hike in the salary of project manager irrespective of experience and location. Don’t wait, go for it since you also have a greater benefit if you have been a PMP for long!