The Cost and Benefit of A PMP Certification

This post is a follow up to “The Cost and Benefit of a Master’s Degree in Project Management post I did.

The PMP certification also has its benefits that are similar to a Master’s Degree in Project Management (MSPM). The MPM and the PMP are two different credentials and the reasons why you may seek to achieve them may also be very different as well. Both have different requirements in order to achieve them. Some may consider one or the other more difficult to obtain depending on their perspective.

I received my Master’s of Science in Project Management degree (MPM) from Keller Graduate School of Management in 2010 (and an MBA). I received my Project Management Professional (PMP) certification from P.M.I. in 2011. My experience and credentials have been crucial to my growth and success as a project manager.

If you are an experienced (5 to 10 years) project manager with neither the PMP nor MPM credential your perspective may contain some of the following:

MPM

· High cost to obtain ($30,000 to $100,000)
· Takes too much effort/dedication/time commitment
· Takes too long to receive a Return on Investment (ROI) since you are

PMP

· Low cost to obtain ($600 to $3,000)
· Requires 2 to 4 months of preparation for the exam
· ROI can be seen almost immediately (promotion, job change, raise, etc.)

If you are a relatively new project manager (less than 5 years) with neither the PMP nor MPM credential your perspective may contain some of the following:

MPM

· High cost to obtain ($30,000 to $100,000)
· Is worth the effort/dedication/time commitment to obtain a project manager role
· Have easier requirements to obtain.
· You can see a Return on Investment (ROI) in 1 to 2.5 years (promotion, job change, raise, etc.).

PMP

· Low cost to obtain ($600 to $3,000)
· You don’t have enough documentable hours to receive approval to sit for the exam
· You need 3 to 5 additional years of experience to receive application approval of project manager experience hours (plus preparation time for the exam
· The return on investment makes the PMP unobtainable for at least 3.5 to 5.5 additional years.

If you have both the experience to sit for the exam and you have the time to get a ROI from a MPM degree, your perspective will have to possibly answer some or all of the following questions:

· Should I obtain one credential over the other?
· Should I obtain both a master’s degree and the PMP certification?

Whatever your potential scenario is, whether it’s as a new or experienced project manager, you have to know which fits best into your career. Ultimately, if you are serious about your project management career, its longevity, i.e. your ability to maintain a job, get promoted, acquire raises, find a new job, and etc. you really do need the PMP certification and/or MPM degree (and/or other project management credentials).

While I agree that everyone has a different scenario we mostly fit into one of two groups;

1. The self-employed project manager (contractors, business owners, freelancers, etc.)
2. The employed project manager (full-time employee that has a boss and gets a weekly, bi-weekly, and or semi-monthly paycheck)

So what these two perspectives have in common is that both want to be hired. Whether that is for a full-time job or a contract. Everyone needs to be hired. Period. There is no way around it. At some point, you will need to be hired to do work as a Project Manager.

The difference in whether or not you can get the job done comes down to three basic things as far as I can tell:

1. Experience (includes work history, skills, etc.)
a. Worked for 3 fortune 500 companies, excellent communicator, and etc.
2. Credentials (includes tangible and intangible proof/references to the quality of your experience.
b. Has MPM, PMP, Managed $5 million project portfolio, excellent references, and etc.

Both experience and credentials help a project manager to secure full-time employment (FTE) or a contract for work as a Project Manager. Without both experience and credentials, you have virtually zero chance of becoming a project manager. If you have only one or the other your chances decrease significantly. However, the hiring managers typically favor experience but often require both.

Having said that, let’s talk about some real-world scenarios. Almost, every other day I receive solicitations from recruiters, head hunters, and job alerts regarding project manager positions (both contract and FTE). I will be breaking down the ads to show you exactly what the hiring organization is looking for.

What does this have to do with getting a PMP? For project managers, it has everything to do with it and I will explain why. Keep the following in mind:

· These are all legitimate solicitations for Project Management work.
· Most of the time you don’t see the pay rate in job ads (I get a lot of contract offers, which do)
· These contract jobs pay 1.5 to 3 times as much as some project manager positions do.
· When you see 3-5 years of project management experience required, understand that is just for project management. Project Managers typically have 7 to 12 years of experience before becoming a project manager. (This isn’t a rule, just typical)
· Notice what I comment on, highlight, circle, and box in as this is key to helping you secure your next Project Manager role.

So let’s look at this first example, which is for a contract position I received via email.

AD #1

AD#2

AD #3

AD #4

AD #5

AD #6

AD #7

AD #8