PMP® Certification Salary: Job and Salary Scope

The average PMP certification salary that an individual receives is determined by a variety of criteria and varies by country, industry, and project size. PMP certification is recognized internationally and across multinational corporations, and evidence shows that individuals who hold the certification reap more benefits. Let's examine why PMP certification salaries are more significant than non-PMP certified workers and the elements that might influence them.

Obtaining your PMP certification requires significant time and effort, but the rewards are well worth the effort. Accreditation demonstrates that you possess the leadership skills needed to lead a team. An organization can reap high returns on investment if it acquires a PMP certification holder. Let's say a company wants you to manage and deliver projects effectively. If you have earned a PMP certification, you may be able to minimize project expenses and boost profitability for your employer.

In addition, firms increasingly favor project-based operations, meaning PMP certification holders have a more significant influence.

As procedures and company strategies evolve, the demand for project managers, change managers, project analysts, and others will grow. Another issue that might influence the demand for PMP certification holders is a high rate of retirement or attrition. As an older generation of workers retires, the industry vacuum increases the need for PMP certificate holders more than before.

• Compared to a non-certified project manager, a PMP-certified project manager earns 20% more.

• Only 58% of firms fully recognize the importance of project management. As a result, your project management skills will be put to good use.

• In 2018, 68% of firms, or more than two-thirds, claimed they engaged outsourced or contract project managers, according to PMI's annual study. This indicates that firms actively seek qualified project management specialists to join them.

According to this survey of over 34 nations and 26,000 project managers, PMP wages in India can range between INR 17 lakh and INR 12 lakh per year. These PMP income figures, on their own, justify obtaining a PMP® certification.

Why Do PMP Credential Holders Make More Money?

PMP certificate holders are the individuals for the job, whether it comes to implementing a comprehensive organization-wide software solution or coordinating an overall organizational restructure. PMP-certified individuals are significant assets, and businesses worldwide are taking notice.

As of 2027, 90 million project management-related employment responsibilities will need to be filled, according to the PMI® Earning Power Report. So, there will be a staggeringly increasing demand for PMP-certified workers in less than a decade, but will there be a workforce to fill them? Because of this necessity, many project managers are obtaining certification.

Opens Up New Career Opportunities

An experienced PMP certification holder is highly valued by companies and clients alike. Project managers with the PMP certificate have demonstrated an understanding of tried-and-true project management practices, and they should be able to complete projects on time and within budget. A PMP certification on your CV may help you get hired if you seek increased responsibility.

You will most likely benefit from increased job security due to the recognition you will obtain as a PMP certification holder. When leadership changes, companies do not want to invest much in significant initiatives that fail. You become more valuable on a team, and your job security increases as you regularly deliver projects on time and within budget.

It's also worth noting that the typical wage range is heavily influenced by two crucial factors: experience and project scope. Now that you understand why PMP credential holders make more let's look at the other two factors determining earning potential.

Some of the Popular Jobs Available with a PMP Certification

Project Coordinator

A project coordinator assists project managers in monitoring the performance of their teams during a project. Project coordinators collaborate with the team to set timetables and manage project status, and they frequently utilize tracking tools such as spreadsheets. PMP certification might improve your chances of landing this job.

Project director

A project director is in charge of overseeing all projects in an organization. These specialists are aware of current and upcoming projects, as well as completed projects. They create the strategies needed to operate various initiatives and oversee their execution. They will be better prepared to handle several projects with a PMP certification.

Project manager consultant

A project management consultant assists businesses in managing their projects. They collaborate with other experts to advise on different parts of project management, such as budgeting, scheduling, and marketing. A PMP manager leads and helps others complete the project if there are many project managers. With a PMP certification, you can operate as a consultant for an organization or independently to assist businesses needing project management assistance.

Portfolio and program manager

A project portfolio manager (PPM) is in charge of project planning, monitoring, and reporting. As a PPM, you often get executive instructions on various projects and combine them into a single solution. They usually charge you with administering a company's governance framework and providing direction on matters that require executive oversight.

Potential Earnings Based on Experience

It seems that someone with more experience would have higher earning potential. However, how much of a rise in salary can PMP certification holders expect based on their experience? The average earnings of PMP certificate holders may increase as they advance in their careers, just as they do in many other fields. For these PMP certificate holders to remain competitive in the marketplace, they must maintain their certification.

The PMP certification requires continuing maintenance, which includes completing 60 professional development units (PDUs) and paying a three-year renewal fee. While this may appear to be a lot of effort or significant investment, the return on your investment will rise the longer you hold your PMP certificate.

Credential holders show their employers they are up to speed on current project management practices by keeping the certification. PMP certification holders are essential assets to any business when their certification is renewed, and they have years of relevant expertise.

Conclusion

Given the ever-expanding job market, specialized skill set, and stellar reputation, a PMP® certification can unquestionably make or break a job in the Project Management field. Employers spend hours sifting through resumes to find the right candidate. It is critical to distinguish yourself from your peers and your competition.