6 reasons why PMP certification is worthwhile
Introduction
According to a recent PwC survey, PMP certified project managers manage more than three-quarters of high-performing projects. Companies with at least one-third of their PMP certified managers have a higher rate of project success than those that do not. What’s more? The fifth highest-paying certification is PMP.
Does that sound important enough? It does sound important enough. Before we get into this topic, let’s first define what PMP is.
What is a PMP certificate?
Project Management Professional (PMP), a globally recognized professional certificate, is offered. It is offered by Project Management Institute (PMI), an American non-profit professional organization. The PMP credential is well-respected and highly valued. It is essential for project managers. This credential is especially important for those who want to move up in their careers.
What is the PMP certification exam?
The Project Management Body of Knowledge (PMBOK) is the industry standard guide for testing aspirants. The PMP exam tests applicants on five performance domains.
Initiating the project (13%).
Planning the project (24%)
Execution of the project (31%)
Monitoring and controlling the project (25%)
Closing of the project (7%)
*The number in parentheses indicates how much weight was given to each domain during the exam.
There are approximately 200 multiple-choice questions on the exam. 25 of these questions are not included in the final score. These questions are used to improve the exam’s standard. Because they are randomly placed throughout the exam, it is impossible to know what the sample questions mean. It is also a closed book exam. The applicant will not be allowed to use any reference material during the test.
What are the requirements for the PMP exam?
PMI answers the question:
“If you are an experienced project manager who is responsible for project delivery, leading and managing cross-functional teams, then PMP is for you.
Importantly, certification requires that you meet certain requirements. Candidats must possess either
Secondary degree (high school diploma or associate’s degree, or the global equivalent).
7,500 hours of leading and directing projects
35 hours of project management education
OR
Four-year degree
4,500 hours of leading and directing projects
35 hours of project management education
Is PMP certification worth it?
Let’s go back to the original question now that we have a better understanding of PMP. Do you need a PMP certificate? The PMP certification comes with both benefits and costs. Many hiring professionals and certified professionals agree that the benefits outweigh any costs.
Let’s first look at the problems that PMP certification can cause.
1. It is very expensive
The cost of the PMP certification for those who are not members of PMI is 550 US Dollars. To take the exam, you will only need to spend 405 US Dollars if you are a PMI member. PMI membership costs 139 US Dollars. Although you will save only 11 USD by becoming a PMI member, there are many other benefits associated with membership. It is strongly recommended that you become a PMI member before you register for the exam.
If you fail the first time and wish to retake it, you will need to pay 275 USD for PMI members and 375 USD for non-PMI members.
There are many other costs associated with the exam preparation. These include PM training sessions, preparatory materials, sample questions, and books. To obtain this certification, you will need to spend at most 750 USD. Experts agree that this certification is worth the investment.