At some point in their career, almost every project manager wonders whether to get a project management certification. The project management professional (PMP)® certification, administered by the Project Management Institute (PMI)®, is by far the most widely recognized project management certification worldwide.
Based on the amount of time and money it takes to accomplish, it may seem daunting to get PMP certified. However, statistical data and anecdotal evidence support the conclusion that obtaining PMP certification has enormous value for project managers and their employers. That’s why, if you’re considering getting your master’s in project management, you should look for a program that prepares you for the PMP exam.
What Are PMI and the PMP?
In 1969, PMI was founded “to provide a means for project managers to associate, share information, and discuss common problems.” PMI is now the leading nonprofit membership association for project management and has grown to become a resource for 2.9 million professionals worldwide.
PMI has member chapters in over 80 countries around the globe and offers eight different project management certifications “that recognize knowledge and competency.” With over 700,000 certified PMPs worldwide, it is the most widely held certification. PMI also produces academic research and thought leadership reports, including the annual Pulse of the Profession®, and hosts many live and virtual professional development and networking events worldwide. In addition, the PMI Global Accreditation Center for Project Management Education Programs (GAC) monitors and recognizes degree programs that provide academic training for the project management profession worldwide.
The Saint Mary’s University of Minnesota is accredited by the PMI GAC — the highest possible accreditation a project management program can receive. This accreditation is granted to programs that provide the most comprehensive education that integrates the best practices for managing projects as outlined by PMI, the foremost association of project management professionals. Saint Mary’s is one of approximately 40 universities in North America and 160 universities worldwide accredited by the PMI GAC. Therefore, at Saint Mary’s, you are getting the best education in project management.
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Make a significant impact on your organization and lead projects to success with a Master of Science in Project Management from Saint Mary’s University.
PMI describes the PMP certification as “the gold standard of project management certification” that “validates your competence to perform in the role of a project manager, leading and directing projects and teams.” To apply to become a PMP, you must document having attended 35 hours of project management education and complete 7,500 hours if you have an associate’s degree and 4,500 hours if you have a bachelor’s degree leading and directing projects. PMI randomly selects audit applications to ensure that the experience and education you reported can be verified.
The key resource for exam prep is the Project Management Body of Knowledge (PMBOK) guide, but you can also use study guides and take exam preparation courses. Some project management degree programs include exam preparation within the coursework.
“Not only did my experience help me pass the PMP® exam, but the knowledge I gained from the Master’s in Project Management from Saint Mary’s prepared me for those hard questions as well.” Veronica Hiza, MScPM, PMP
Your employer may cover the cost of course preparation in addition to the exam fee. The PMP exam consists of 200 multiple-choice questions and must be completed within four hours. You must earn 60 professional development units (PDUs) every three years to maintain your PMP certification.
Why It Pays to Be PMP Certified
While becoming PMP certified can be costly, complicated, and time-consuming, it shows a high level of commitment to project management as a profession. The PMP certification provides you with a certain level of prestige and greater access to higher-salary jobs. According to Earning Power: Project Management Salary Survey, Ninth Edition, “PMP certification holders earn 20 percent more than their non-certified peers.”
Moreover, some employers require their project managers to be PMP certified or give hiring preference to PMPs. Research shows this can help companies be more competitive and productive and meet their goals. According to PMI’s Pulse of the Profession 2015 study, in organizations where at least one-third of project managers are PMP certified, a greater number of projects are completed on time, within budget, and within scope.
Additional studies prove that high performance and success may be directly linked to employing PMP-certified project managers. On average, about 40 percent of projects are successful, and about 20 percent fail across various industries. Project success rates tend to be associated with the project manager’s qualifications and experience. PMP certification is seen as an indication of potential success and remains the most recognized project management certification worldwide.
If you’re considering getting a master’s in project management, you should consider enrolling in the Online M.S. in Project Management program at Saint Mary’s University of Minnesota. The curriculum at Saint Mary’s is not only aligned with the PMBOK and accredited by the GAC, but it also prepares you to take the PMP exam.
For more information about Saint Mary’s Online Master of Science in Project Management, contact us at 877-308-9954 or click here to request information.
Sources
- “PMI founders.” PMI.org. https://www.pmi.org/about/learn-about-pmi/founders (accessed August 11, 2016).
- “About us.” PMI.org. https://www.pmi.org/about/learn-about-pmi (accessed August 11, 2016).
- “Project management professional (PMP)®.” PMI.org. https://www.pmi.org/certifications/types/project-management-pmp. (accessed August 11, 2016).
- “PMI’s Pulse of the Profession,” PMI.org. https://www.pmi.org/-/media/pmi/documents/public/pdf/learning/thought-leadership/pulse/pulse-of-the-profession-2015.pdf (accessed August 14, 2016).
- Bonnie, E. “Complete Collection of Project Management Statistics 2015.” Wrike.com. https://www.wrike.com/blog/complete-collection-project-management-statistics-2015/ (accessed August 11, 2016).
- Levinson, M. “Why project management certifications matter.” CIO.com. https://www.cio.com/article/2421276/project-management/why-project-management-certifications-matter.html (accessed August 11, 2016).
- Crawford, B. “Is it worth getting PMP certified?” Entangled.com. https://entangled.com/is-it-worth-getting-pmp-certified/ (accessed August 11, 2016).
- “The value of project management.” PMI.org. https://www.pmi.org/-/media/pmi/documents/public/pdf/white-papers/value-of-project-management.pdf (accessed August 11, 2016).
- “Insights and trends: Current program and project management practices.” PWC.com.