Project managers are becoming more important as most industries become more competitive. A PMP(r), if you are already working as a project manager, will help you further your career. Is the PMP(r), Certification Worth It?
Let’s just say, yes, if you have a substantial annual income. It’s well worth every penny. A PMI Certification will give you an approximate 25% salary bump, even though it varies from one sector to the next.
What does the PMI certification mean for your salary range and why is it so important? Let’s find the answer.
The Impact of a PMP(r), Certification on Your Salary
It is important to remember that qualified project managers are in high demand, regardless of their PMI certification.
A great project manager can take a team to new heights. Companies around the globe recognize and highly value this effect. This is why project managers are highly sought-after professionals, despite the high wages.
This data comes from The Bureau Of Labour Statistics. In the third quarter 2019, the average American worker earned $47,788.
For the same time, project managers earned $92,000. This is almost twice the salary, if it’s not obvious.
This is the average salary for a project manager with or without PMP(r). You can see how high the salary is for a PMP (r)-certified professional.
However, it is not an easy task to get a PMP(r). This is why only a small percentage of project managers are qualified to receive this certification. After a six-month intensive training session, you will need to sit for a very difficult exam.
The effort required to obtain certification is well-worth it. The average salary of PMP(r), certified professionals is almost 20% higher than the salaries of those without the certification.
This 20% increase means that uncertified project managers can earn a lot if you consider this. This number is even more lucrative when compared to the average median-level worker’s salary.
Is a PMP(r), Certification going to increase your existing salary?
Yes. Yes. A PMP(r), certification will help you increase your salary. It’s the equivalent to a Ph.D. in academic careers. Higher credentials mean higher salaries.
You can expect a significant increase in your salary if you are currently working in project management at a company. Some companies may ask you to reevaluate your role and position before making the changes.
Expectations may increase over time. For professionals who have been in PMI for more than twenty years, they can expect to earn a higher salary.
You must not only get a PMI certificate, but you must also keep it. Your credibility will increase the longer you keep it. Your demand for project management professionals will eventually skyrocket.
What Factors Does The Increment In Salary Depend On
As we mentioned, the increase in salary is not always consistent for everyone. There are many factors that can influence the situation and may either overplay or underplay it.
Here’s a quick overview of the most important factors that affect the salary increase of PMP(r-certified professionals.
Location of Job
Your salary will be determined by where you live. Professionals in developed countries tend have a higher salary than those in less developed countries.
This shouldn’t surprise considering the high level competition in these countries.
Multiple surveys have shown that the USA, Australia, and Switzerland are the top three countries for expatriates.