With the rising demand for skilled project managers, many professionals are considering the PMP Exam to level their skills and advance their careers but wondering is pmp worth it in 2023?
Yes it it is worth just based on an annualized basis, employers will need to fill nearly 2.2 MILLION new project-oriented roles each year through 2027
However, taking the PMP exam entails a significant amount of time, effort, experience, and money. It is why some project managers are hesitant to take the exam and wonder if it is worth it. They wonder if the PMP certification gives them an edge in their careers or if it is just nice to have.
This guide will go through everything you need to know about the PMP exam, including the reasons why you should take it or not, be.
Best Industries for PMP Certificate
Is PMP Worth It For Engineers?
Project management knowledge is essential for engineers. It can help boost your engineering career and provide a valuable skill set that will majorly affect your future success.
After five years in an engineering career, you will likely be promoted to project lead roles. Taking the PMP will improve your project planning, delivery, control, and termination processes, making you more equipped for higher positions.
In addition, project stakeholders are after the timely completion of projects. Being adept in project management helps you complete projects within their allotted time, budget, and scope.
Is PMP Worth It in construction?
Since construction projects are often complex and large-scale, a PMP certification is essential for construction management. Something as small as an unnoticed detail can have catastrophic consequences on the project’s cost, timeline, or quality.
Construction projects can only navigate with a manager who can see the vision, motivate those working on it, and work around any obstacles. With a project manager’s leadership skills and expertise, everyone involved in the construction project benefits greatly.
PMP will also improve project planning and risk management. An effective project manager will be skilled in identifying all potential risks, measuring them, coming up with solutions to mitigate them, and having a backup plan. With proper management, a construction company will eliminate unnecessary spending, use time more efficiently, and always meet quality standards.
Is PMP Worth it in Finance
Finance is people-driven, so dealing with people is as important as numbers. By adopting the best project management practices, you can improve efficiency in every area of your organization- from integrating new employees to money flow to customer satisfaction.
Moreover, investing in your PMP will give you the skills to succeed as a finance project manager. You will learn how to plan projects, brief in and oversee tasks, and control budgets closely to show real value to the business you work for.
Best Countries for PMP Certificate
PMP in Canada
The PMP certification benefits project managers who are searching for a job in Canada. It helps project managers develop their skills and abilities, proving their worth in the industry and allowing them to become recognized assets in the marketplace and among other candidates.
There are many ways to make your CV stand out from the rest, but getting PMP certified is one of the best. If you’re looking for your first job in Canada, aside from creating a solid CV, try networking with people in your field in person or on social media. You can also create a portfolio of your work to show potential employers.
PMP In India
The current state of the economy in India makes the job market very competitive. With hundreds of graduates with similar skills vying for the same jobs, PMP gives you an extra edge that will help you succeed.
Employers in India recognize the value of PMPs (47,073 current PMPs in India) and give them preference over regular project management graduates. It is because obtaining a PMP certification requires meeting specific prerequisites, which employers know ensures that candidates have the necessary skills and knowledge for the job.
Reasons Why You Should Take the PMP Exam
Boost your chance of getting hired
The PMI released a report saying that by 2027, there will be a need for 87.7 million individuals who will fill in project management related-roles. Getting your PMP certification is one of the best ways to improve your chances of finding employment. With this credential, you will be able to stand out from the competition and get hired much faster.
Level up your skills and knowledge
The PMP exam will help you learn more about project management and stay updated with the latest trends and best practices. You will gain a deeper understanding of key concepts like risk assessment, quality control, time management, communications planning, and team collaboration.
Higher salary and better career opportunities
The PMP certification is a great way to advance your career and achieve professional growth. With your PMP certification, you can earn a higher salary and even advance to senior project management positions.
Additionally, with your advanced skills, you can find various career opportunities such as management consulting, project controls, and business analysis.
In the U.S. in 2017, wages of project management-oriented workers in projectized industries were far higher on average than wages of non-project-oriented professionals—a premium of 82 percent.Project Management Job Growth and Talent Gap Report // 2017-2027
Establish networks and connections
As a PMI member, you will have an automatic link to other PMPs who are members as well. PMI provides chances for PMPs to get together and network through local chapters’ regular meetings. These are great times to learn from field experts and other practitioners, hear about open positions, and earn the Professional Development Units required to renew your certification every three years.
3 Reasons Why PMP Exam In Not Worth It
PMP Exam is Expensive
The cost of taking the exam, enrolling in a training program, investing in a practice test simulator, and buying books can set you back quite a bit.
Your expenses will be $1000-$4000 to get the PMP certification. For the exam fee alone, the cost is $405 for PMI members and $555 for non-members. You also have to pay $139 for the membership. In addition, training costs vary depending on the region and type of training you will take. But the usual spend for exam review is between $300 to $3000. Moreover, the test simulator and books cost approximately $200.
Preparation time for PMP Exam
Before taking the PMP exam, you must study for a long time. The examination is largely based on information from the PMBOK guide. Though your real-world experience may aid, ultimately, you still need to memorize a wealth of material to pass the multiple-choice section of the test.
When preparing to take the PMP exam, you may need to dedicate several weeks or months to studying. It can mean sacrificing time with family and friends and taking time away from work. It can hurt both your personal and professional life.
Renewal Fees of PMP Certificate
You need 60 Professional Development Units (PDUs) every three years, which you can gain by self-learning, attending training from PMI partner institutes, and a few other ways. The price to renew the certificate ranges from $60-$150, and it depends on your membership. In other words, credential maintenance is an essential but often expensive and time-consuming task.
Overall, taking the PMP exam is an excellent decision that will offer countless benefits for years to come. Passing it is not just for the certificate but also for the knowledge, skills, and connections you will gain along the way. The PMP exam is an excellent investment that can help you excel in your career but make sure that when you decide to take it, you will commit not just your money but your time and effort as well.