Advantages of PMP over MBA
- There Are a Lot of MBAs out There
There was a time when an MBA was not very common; it was essentially a two-year, graduate degree that not many people achieve—and, there weren’t many institutes or universities that offered an MBA program.
But as the demand for MBA rose, many universities started offering shorter executive MBA programs, making it much simpler for a working professional to get an MBA degree. And everyone who could complete a degree got one.
Today, there are more MBA courses out there than ever before. Every college (with different reputations) has jumped into the MBA bandwagon. Add to these online course options, and it seems there are MBAs everywhere. But is the market ready for so many MBA professionals? Not. More and more professionals are realizing that even after spending thousands of dollars to get an MBA, their career remains stagnant.
On the other hand, PMP works based on industry needs. You get qualified in the vertical of your optimal to meet a particular requirement of the industry. A PMP certification was useful for the skills that you have already captured while working for the industry. Another thing to deliberate is that the PMP is relatively new—there are not as many PMPs professionals in the job market as there are MBAs.
- MBA Is Generalized
MBA programs are designed to create managers. An MBA can be fairly generalized, seldom focused on a particular industry or functional area, which is its greatest strength. Ideally, an MBA should be able to find employment in any organization, in any domain.
However, organizations—especially technology companies—have realized that they need more than just managers. They need managers who understand and work with technology. They prefer technocrats to just bureaucrats.
The answer to this requirement is the PMP certification, which chains technical knowledge with managerial skills. Professionals with PMP certifications are directly identifiable to employers as someone with actual skills. PMP certification training offers specialized knowledge that an MBA typically lacks—and this has a higher value in the job market.
Suggested Read: Top 7 reasons to take PMP certification
- MBAs Are Expensive
How much does an MBA cost? Probably more than you can afford. An MBA program can cost around $100,000.
But a PMP certification is comparatively inexpensive; almost every working professional can pay for it. The average cost of a PMP, on the other side, is $2,000.
Some other PMP versus MBA considerations:
- The MBA takes more hours than a PMP to attain (time is money!).
- The average annual salary of an MBA in the US is around $100,000.
- The average annual salary of a PMP certified project manager is also about $100.000.
After finishing their training, the PMP is making the same amount of money as an MBA at 1/50th the cost! Puts things into perspective, doesn’t it?
- The State of the Economy
The last decade has been a roller coaster, and companies have been forced to evolve to survive. Most organizations have emerged as leaner, meaner organizations while companies who have failed to make the change, have disappeared.
As a result, employers are on the lookout for professionals who fit their company’s profile—people with hard-earned expertise, who can demonstrate clear leadership in their chosen fields. It is no wonder most organizations today seek PMP certified project managers.
- MBA, PMP, or Both?
Now that you know the advantages of the PMP over an MBA, the option is yours.
Though, there are some positives to an MBA that a PMP certification cannot match. For example, MBA programs teach business methods and theories that are not enclosed in a PMP program. Also, if you can attain an MBA from a prestigious institute, you will get access to better networking opportunities.
On the other side, getting PMP certified makes you for what is now one of the fastest-growing professions in the globe today. It needs a professional to have solid work experience, which the certification then develops upon. As an outcome, a PMP certification makes you job-ready.
In the real world, you should try for both degrees, and this is the option many professionals are making: MBAs are completing their PMP certification and vice versa. Having both is sure to create a better-rounded professional.
If you are considering PMP certification training, explore Simplilearn’s self-paced online classroom training courses to help you prepare for your PMP certification exam. Our courses are led by certified faculty with more than 10 years of experience—and, they are designed to help you pass the exam on the first try.