Why Study for a PMP Certification?
Blog: Good eLearning
In the modern world of project management, experience and corporate certifications go hand in hand. Being able to work according to a set framework and proven best practices can help organizations to save time and resources while also enjoying higher ROIs. However, knowing the theory behind a framework isn’t quite the same as knowing how to apply it in practice. A project manager will need to have a track record of successful projects before they can opt for higher-level roles. It is not uncommon for green managers to view certifications as a fast-track to six-figure salaries, not realizing that a lack of solid experience will still hold them back.
‘Project Management Professional (PMP)’ is a certification offered by PMI, the Project Management Institute. Unlike other project management standards, PMP covers both experience and best practices. A candidate cannot even qualify to take the PMP exam unless they have a significant amount of experience under their belt. Candidates need to have spent three to five years managing projects, as well as 4,500 to 7,500 hours spent leading and directing projects. Candidates must also have at least 35 contact hours of formal project management education, usually via a Project Management Professional (PMP) online course.
The exam itself is also onerous, with 200 multiple choice questions to be answered in four hours. Candidates will need to be familiar with the comprehensive Project Management Body of Knowledge (better known as the PMBOK Guide), which is updated every four years to ensure that its best practices remain cutting-edge.
Naturally, this begs the question of what could make a PMP certification worth so much trouble? The simple answer is that, with the qualification having such demanding requirements, PMP certificates have essentially become badges of honor. Having one on your CV will demonstrate not only that you have a proven track record for managing successful projects, but also detailed knowledge of globally recognized best-practices.
Earning a PMP certification can be a valuable stepping stone, helping candidates break into higher-paying job roles and enjoy new career opportunities all over the world. However, businesses and other organizations can also benefit from having such highly qualified professionals on staff. Indeed, PMP training can be a highly worthwhile investment for both individuals and companies.
With that in mind, let’s look at the biggest benefits of gaining a PMP certification!
What are the benefits of a PMP certification?
A globally recognized standard
PMP certification holders are in high demand all over the world. Indeed, the last PMI Salary Survey, which examines the average earning potential of candidates with PMP certifications, found there were ample opportunities in 37 countries, including the USA, the UK, China and the UAE. It has also seen use across an increasingly wide variety of industries. With project management being such a transferable skill, practitioners will find demand in healthcare, finance, technology and more.
In short, a PMP-certified professional can enjoy some incredible opportunities to work almost wherever they’d like. The global PMP practitioner community is also highly active, with members sharing insight on industry developments and changing practices as well as networking opportunities for newly qualified candidates.
Esteem from clients and partners
The globally respected nature of PMP can also benefit organizations. With the qualification in your arsenal, you will find that potential partners and customers will have much greater confidence in your ability to reliably deliver top-quality project results.
This can be doubly valuable if you and your partner can both bring PMP certifications to the table. Qualified certification holders will share the same language and practices, enabling improved communication and collaboration on joint projects.
Improved project performance
Passing the PMP exam requires a comprehensive knowledge of project management best practices. While most candidates will specialize in certain aspects of project management over others, they must still be familiar with the content covered in the PMBOK Guide, which is updated every four years. The pass rate for the PMP exam is only around 50-60%, and it isn’t difficult to see why!
The exam includes testing on five project management processes:
- Monitoring and controlling
Candidates must also have a detailed understanding of ten knowledge areas, including:
- Project integration management
- Project scope management
- Project schedule management
- Project cost management
- Project quality management
- Project resource management
- Project communications management
- Project risk management
- Project procurement management
- Project stakeholder management
With knowledge on all of this, a PMP certificate holder will not only be able to sharply raise the probability of a project’s success, but they can also boost the quality of the end results. Over time they may also be able to increase an organization’s rate of completing projects, helping it to deliver faster results to customers and add to its reputation.
Excellent career investment
A PMP certificate can be one of the greatest ways for a manager to validate their knowledge and experience. Indeed, many companies will even expect them for certain roles as standard.
That said, many potential students are still put off by the investment required for PMP. Meeting the prerequisites takes years of work, and there is also the financial cost to consider. The PMP exam costs $405 for PMI members, and $555 for non-members (though unsuccessful candidates can enjoy two retake attempts within one year).
However, the benefits can be well worth the investment. According to the latest PMI Salary Survey, project management professionals with PMP certifications earn an average of 23% more than non-qualified colleagues. As we mentioned before, the certifications are also in high demand, providing candidates with both greater job security and ample opportunities to find new roles. It can even unlock further training, as PMP certifications can serve as prerequisites for other exams, such as PRINCE2 Practitioner.
In other words, the cost of PMP can be well worth it!
Boost the capabilities of your staff
Having PMP certified managers on staff can also help businesses to improve the capabilities of other employees. Over time, project teams can gain valuable insight and skills from qualified managers, helping them to boost the quality of their own contributions. This can directly improve the results of the projects they work on. It is also common for PMP professionals to help organizations review new potential hires.
Staff may even want to take the initiative to pursue their own PMP training. It is common knowledge that employees are far more motivated in organizations where they have opportunities to grow and develop. It also goes without saying that having a PMP mentor can make it much easier for new candidates to record the hours required for PMP, as well as apply the theory featured in the PMBOK Guide.
Why use Good e-Learning to gain a PMP certificate?
If you are ready to make the commitment to gaining a PMP certification, your biggest priority must undoubtedly be quality. You will need a clear and practical understanding of the best practices covered in the PMBOK Guide, as well as 35 hours worth of project management training.
Good e-Learning is an award-winning global training provider for many of the world’s most popular corporate standards and frameworks, including PMP, PRINCE2 and Lean. We prioritize convenience, ensuring that each of our courses is accessible even on mobile devices and tablets. This makes it easy for students to return to training whenever they have time, and with months of course access, it is simple to structure studying around full-time work.
Our Project Management Professional (PMP)® course comes from the ILX Group. We provide 24/7 tutor support to help students along, as well as a variety of engaging online training resources. We also offer practice exams to help students prepare for the official PMP examination.