MPM vs PMP Certification?

Master of Science in Project Management vs PMP Certification?

This is an a age old topic amongst aspiring project managers and even those that are currently functioning in that role. This a very common question that I receive and see on different project management forums. This is also the downside because it is difficult to find an article that covers the topic in depth and from someone that holds both credentials and can speak to each from equal perspectives.

Here are my credentials:

Connect with me through http://www.linkedin.com/in/jahquayhyles

So in this post I will do that. I will be looking at the following points:

•  What are the differences between the Master of Project Management degree and the Project Management Professional certification.
•  Benefits of having either/both a Master of Project Management degree and a Project Management Professional certification.
•  Should you obtain one versus the other or both.
•  How each may benefit you differently or equally depending of what stage of your project management career you are in.
•  Discussion about Salary involving the two credentials

What are the differences between the Master of Project Management (MPM) degree and the Project Management Professional (PMP) certification?
I was fortunate enough to attend Keller Graduate School of Management where the Master of Project Management program being offered is a Registered Education Provider (R.E.P.) through the Project Management Institute who created the PMP certification. Not all schools that offer the graduate credential are a R.E.P. that offer the Master of Project Management degree.

Let’s start with the Master of Project Management degree.

•  The MPM degree is a graduate level of education in project management.
•  It tells employers that you have (in general) taken between 1 to 2 years (full time / part time) [this is a general time frame everyone’s experience will be different] to complete an in depth study of project management at the graduate level of education.
•  MPM courses are project management focused, but not all courses are strictly based upon project management. So the MPM degree gives you the ability to exist as both a leader within the career of a Project Manager, but also as a manager in operations (e.g. IT Director).
•  Here are some (but not all) of the courses that I took for my MPM:

General Courses

• Leadership and organizational behavior
• Marketing Management
• Accounting and Finance: Managerial Use and Analysis
• Managerial Applications of Information Technology
• Managerial Organizational Change
• Managing Quality
• Applied Managerial Statistics
• Health Care Information Administration and Management

Project Management Courses

• Project Management Systems
• Contract and Procurement Management
• Project Risk Management
• Advanced Program Management
• Project Cost and Schedule Control
• Project Management Capstone
• Advanced Project Management Practices and Professional Exam Preparation

Let’s discuss the Project Management Professional certification.

•  The PMP certification is an industry recognized project manager credential.
•  It certifies that you have at least 3 years of project management experience.
•  It certifies that you have a basic understanding of project management (e.g. PMBOK Framework), which is what the test is predominately covers, but not all.
  • Project Management Body of Knowledge (PMBOK) covers 5 process groups, 9 knowledge areas, and 42 processes of project management that can be applied under in project management methodology in other words the Project Management Body of Knowledge is a framework for other project management methodologies to sit on. This gives you then a basic understanding of project management, but not how to implement a particular methodology within project management.

• It certifies that you have passed a 4 hour 200 question exam covering project management.

 

Now that we have covered the differences between both credentials, I’ll discuss the benefits of each credential.

Master of Project Management degree benefits:

• You can earn the degree without having any work experience.
• You will gain an in depth understanding of project management and project management methodologies and best practices.
• This credential can give you the edge to help you get into a management position since most upper management position require a graduate level degree in management.
• The MPM degree can help you negotiate a higher salary than those without the degree because it is education specialized in the area of a project manager job you are applying for.
• A degree that makes you well rounded to not just be a project manager, but also an operations manager that can handle projects.
• It is a credential that will never go away and doesn’t necessarily need upkeep.

Project Management Professional certification benefits:

• It is an internationally recognized credential.
• Employers tend to have it as a pre-requisite or “highly desired” for Project Management job ads, but not always. This is a way to get passed the application gates that you will find on many job websites.
• The PMP credential can help you negotiate a higher salary than non PMP credential holders because it is a certification specialized in project management for the job you are applying for.
• Is a credential that has to be maintained over 3 years with continued education or be re-certified every 3 years. The reason this is a benefits is because you show an employer that you continue to educate yourself in project management. Your skills remain “fresh”.

Benefits of having both credentials:

• You have a solid foundation in project management from both your work experience as well as formal education training.
• Employers will view you as having both upper management potential and as well as being a high valued project manager.
• You will be able to understand operations as well as project management in business.
• Two different institutions can attest to your knowledge of project management; a university (in my case Keller Graduate School of Management) and the Project Management Institute.
• You are highly skilled and trained in the area of project management.
• You can command a higher salary than most project managers.

Should you obtain one versus the other or both?
This is a great question, but there both what some might consider down sides to earning both.

Cons to earning the Master of Project Management degree:

• Takes a year if you are willing to dedicate a whole year full time or 2 years part time.
• Can set you back between $35 – $60k depending on what institution you earn the degree from.
• Employers don’t always understand the value of the degree beyond the title, but this is changing as PM’s are more in demand than ever.

Cons to earning the Project Management Professional certification:

• Before you can even apply for the credential you need a minimum of 3 years experience (4500 hours)
• Can set you back 300 to 700 dollars in exam fees, books, and materials.
• You need 35 hours of formal project management training

 

I will now cover how each may benefit you differently or equally depending of what stage of your project management career you are in.
Having either the PMP certification or the MPM can benefit you in the following ways:

• First and foremost only if you have the experience and qualifications to earn the PMP certification or have the money and time to earn the Master of Project Management degree.
• Will give you a proven foundation that you can use to move forward in your project manager career.
• Help to influence your authority to others in project management.
• Increase your salary/income potential.
• Open up new doors and opportunities for owning your own business, freelance consulting, teaching and etc.

One thing to note is that you If you earn the MPM it can become the expectation of others that you will go on to earn the PMP as a natural next step. Always try to see if your current employer will fit the bill for the exam costs. This can be a way to offset the costs of earning the PMP certification.

 

How much can I make with these credentials?
Now let’s discuss what everyone has been waiting for…Money! So what general salary expectations involving the two credentials should you find reasonable when applying for jobs?This is a tough question and one that is really opened ended, but I will provide you with some guidelines to understand so you have a clear perspective. The following should always be kept in mind when applying for jobs as a project manager so your pay expectations are aligned properly:

• Every company pays different and places a different value on what is competitive pay.
• Competitive pay doesn’t mean competitive against all regions in the country you live. Actually competitive pay is relative to where you live, how much the cost of living is, how badly they need (a) project managers, who the organizations clients are internal/external or both and so forth.
• Use websites like www.payscale.com, www.glassdoor.com, and www.salary.com to understand what other’s are saying companies are paying them to better align your expectations for the final interview or salary discussion with a potential employer.
• Your background, education, and experience WILL make a difference outside of the two credentials that you hold MPMP or PMP (or even if you hold both).
• One simple truth is that pay is always given on the basis of what you are or aren’t willing to take.

Having said all that, let’s cut right to it then. So there isn’t a website out there (at least I haven’t been able to find one) that will tell you what a project manager that has both a PMP and a MPM should make. All of the salary websites I’ve found look at them from the perspective of someone that holds one or the other. So let’s look at what PMI states in their 2009 Salary survey report as a starting point from there:

According to PMI’s 2009 Salary survey report: Here’s a look at how project managers’ salaries fare along each of the following criteria.

Salary by Title
Project managers’ salaries are, not surprisingly, a function of their rank inside their organizations as well as their level of experience. Thus, entry-level project managers earn the least (the median salary for a project management specialist in the U.S. is $85,000), while directors of project management earn the most, with a median annual salary of $123,000. Project management consultants also do well: Their median salary is $105,000. The Roman numeral behind each title shows an increase in responsibilities and experience. The medians for other project management titles include:

• Project Manager I: $84,000
• Project Manager II: $90,000
• 
Project Manager III: $99,000
• 
Program Manager: $110,000
• Portfolio Manager: $117,000

Salary by Educational Background
Just as title and experience positively influence a project management professional’s salary, so too does their level of education. Project managers with Master’s degrees and PhDs earn more than project managers who hold Bachelor’s degrees. Here are the median salaries for project management professionals according to their highest level of education:

• High School Degree: $88,000
• Some College or Associate’s Degree: $90,000
• 
Bachelor’s Degree: $98,000
• Master’s Degree: $105,000
• Doctoral Degree: $114,000

Salary by Certification
Survey data shows that the longer project management professionals hold PMI’s PMP certification, the higher their salaries. Consider the median salaries of project management professionals according to how long they’ve held a PMP:

• Less than 1 year: $86,000
• 1 to 5 years: $100,000
• 5 to 10 years: $108,206
• 
10 to 20 years: $118,000

So we can see how a project manager depending upon their education, title, and certification level can have different results, but however you look at it the pay is substantial. I think and this is truly a personal opinion, but if:

• You hold both credentials then I think you should easily negotiate a large salary range of
  • $90k to $110k a year depending on your background, the project’s you will manage for an organization, region in which you work, industry, and etc.

• If you have one or the other then this salary range would come down, but if you have a significant amount of years of experience then you should see that same price range (maybe 10+ years of experience).

• Another part of the salary thing, is that you negotiate. Always, negotiate! No matter if you have been out of work for 2 years or are moving on to a new gig, always negotiate, unless they are offering what you wanted in the first place.

• Remember organizations are always looking to get the most for the least. So show how you coupled with your credentials, education and etc. will add the value they are seeking for the salary you are asking.

Again, this is my opinion, but after my experience and all the data and information I’ve reviewed from other project managers and across the web on sites that give salary statistics.

So is having the PMP or MPM going to instantly get you hired or a raise, maybe not, but is not having either credential a sure way to exclude you or create a tougher time for you to get that job or a raise? You betcha! Make yourself invaluable to your employer by performing well and above their expectations first and foremost, then allow your credentials to solidify you as a “must have” employee. This is the ultimate way to move forward or improve your career.

 

I hope this blog post has been helpful! As always my goal is to:

Save YOU Time. Save YOU Money. Fast Track YOU to the PMP Certification.

www.HowToPassThePMExam.com