If you are a beginner in the management industry and want to grow and achieve a good post in the company then you can take a PMP exam. By taking the exam you not only get knowledge and after acquiring the certification it enables a person to earn more money than the others.
In Company Project management is important for day-to-day work. To handle the project, you should upgrade your management skills by gaining an internationally recognized credential for project management. Many multinational companies and industries select the managers who have done PMP training by which the benefits of that is getting the work done before the deadline with a great profit and by giving the customer delight with the help of PMP Certification.
The explanation for certification of PMP
For appearing in the PMP exam one should have 7500 hours of experience in Project guiding and controlling. If you have a bachelor’s degree then you can easily pass it with 4500 hours of experience.
Besides, you will have to receive a 35-hour of experience for PMP certification before continuing with the Project Manager Qualification.
IF you want to give the exam then you have to book an exam date between Monday – Friday. For understanding the time and question of the exam one can buy a PMP question bank which will help to solve the problems you come up with.
It is a 4-hour exam that consists of Multiple Choice Questions (MCQ) and recent PMP exam pattern change from 02 Jan 2021 which consist of different types and format of questions, the results of the exam are immediately available on the computer screen after the submission of your answers. Before giving the exam one should practice thoroughly and solve all previous year’s questions to easily give the exam.
Effect of PMP Qualification on salaries
A survey was conducted by 9th PMI salary shows that those managers who have PMP certifications get a 20% rise in their salary than the non-certified managers. The survey included around 20,000+ managers in around 40 countries, which includes 1200 managers from India.
For India, a PMP-certified manager gets a salary of around 17 lakh PA while the non-certified manager gets 12 lakh PA. Only 10% – 12% of females take the PMP exam in India, their average salary is around 4,60,107 to 17,54,870 lakh PA.
The maximum job profile for PMP certification manager is from IT Industries, Software Project Manager, Developer Manager, Engineering Operation Manager, and much more.
However, various organizations have strong standards of pay incremental increases for managers who have obtained a PMP test. In the US a normal non-certified PMP person can get a pay boost of up to $90,000 per year. However, if you have a PMP, your salary can increase to $111,000.
Why one gets a compensated hike after the PMP Certification?
Project Management consists of 5 phases:
- Project initiation: In this, the project manager initiates the project and prepares a particular task before starting the project.
- Preparing: The project manager makes a plan by knowing the available resources like equipment, workforce, etc.
- Executing: By giving the proper guidance to the team the particular task is achieved.
- Supervising: The project manager ensures the project values is being done and make necessary changes if needed.
- Finishing: The project manager makes a successful delivery of the project.
PMP certification ensures that the project manager knows what to do in the above 5 phase by PMP certified project managers get wide knowledge and it helps to perform better.
Experience also counts for a project manager
Work experience also counts for your increment in your salary, if you have worked as a project manager in a company and has a PMP certification then you expect that there will be an increment in the salary. It is expected to be true and might be critical to some other factors like which country you have worked in.
20 years of project management experience can earn 177% higher than the 3-year manager. In-country like China, Japan they might not consider the amount of experience you have been with PMP.
In South Africa, a project manager which has a good amount of experience and a PMP certification can easily get a salary increment of 47%.
For example, project managers in the United States with more than 20 years of experience in project management achieve a total yearly income of $130,000 compared to $87,000 for those with less than three years of experience working.
Increment also depends on the type of job
According to the type of job you are working in the salary increment of PMP certification is based on that. The IT industries offer higher salaries to those who hold PMP certification. The following sectors record the highest annual income in the country:
- Consulting:$115,149
- Pharmaceuticals:$133,246
- Aerospace:$129,732
- Food and Beverage:$124,559
- Engineering:$122,546
- Information Technology:$132,245
Project management wages in the fields of research, technology, engineering, and mathematics (STEM) are extremely high due to the fast growth and demand in these sectors. In reality, 93% of STEM workers’ pay salaries well above the national average, and the national median salary for all STEM occupations is almost twice the average salary for non-STEM roles.
In today’s world, a project manager needs to have a PMP certification if he wants to complete his dream and grow exponential in the competitive world, due to this it increases the chances of getting high perks with a better job profile.
Project managers are now in incredibly high need, regardless of the sector in concern. The task of a project manager is very critical and important for the progress of the project.
For planning or completion of a project, the project manager is responsible for managing the people of the team. Project management has several various benefits and it is a much function in different forms of modern industries.
Hence this was all about how one can increase its salary by acquiring a PMP Certification, hope you got in-depth knowledge about the PMP certification and its increment in salary by reading the above content.
