Are you thinking of taking a PMP exam but don’t understand what value it will add to your career growth? Besides the quest for knowledge, arming yourself with a premier certification can also enable you to earn a considerable salary. Many project managers wish to undertake a PMP exam because of its multiple benefits. Of course, salary increment is one of the perks that you can enjoy due to earning the certification. What you need to know, however, is that the amount of salary you earn after a PMP certification depends on multiple factors. Keep reading for a more in-depth explanation of what to expect from a PMP qualification regarding emoluments.
An overview of PMP certification
Before delving into salary issues, it’s critical to understand what a PMP certification entails. People with at least a bachelor’s degree with more than 4500 hours of experience in directing projects are eligible for a PMP exam. Furthermore, you need to earn a 35-hour PMP certification before proceeding for a Project Manager Certification (PMP Certification).
In case you have the qualifications above, you can go for a PMP certification as you get ready for the tests. You can book the exam any day between Monday-Friday. A PMP Question Bank can help you understand how you keep time and how ready you’re ready to tackle exams.
The PMP exam takes four hours and comprises of multiple-choice questions. Your results are available immediately after the submission of answers. Before undertaking the exam, it’s advisable to practice thoroughly to understand how to tackle various questions.
PMP Salary Hike Expectations
With a PMP certification, you should anticipate a 20% salary hike. Therefore, investing in the certification is a worthwhile endeavor, as its returns are promising. According to a PMI salary survey, 26,000 project managers who participated in the study acknowledged their salary increased after acquiring the PMP credentials.
Different countries, however, have different salary increments scales for managers who have taken a PMP exam. For example, with a PMP certificate in the US, you may get a salary hike of up to $91,000 per year. However, if you have a PMP, your salary may jump to $111,000.
Experience of the project manager counts
If you’ve worked for many years as a project manager and have a PMP, you may anticipate that your salary increment may correspond to your experience. Although your expectation is right, it’s also critical to factor in other aspects, like the country you work from. For instance, a twenty-year experienced project manager may earn a massive 177% higher than a three-year experienced manager. However, in China, the difference is a mere 38%.
In countries like South Africa, project managers holding a PMP certification for a long time continue enjoying salary increments of up to 47%. Other countries like Japan don’t consider the number of years you’ve been with a PMP.
Increment depends on the Job type.
Your PMP certification salary increment is based on the kind of job you engage in. IT jobs, for example, offer a higher salary for PMP holders working as program managers. The following are the best-paying markets for PMP-certified managers in the US:
- Engineering project management professional: engineering management is one of the best paying jobs in the US. On average, the role can attract $124,434 for managers with PMP certification.
- Aerospace project management expert: the role attracts a salary increment of around $129,732 for managers with PMP qualification.
- Pharmaceutical project management role: with a PMP qualification, the role can attract a salary increment of up to $133,246.
PMP salary depends on company size
Your PMP salary hike is dependent on your company’s size. For example, in the US, a company with 1-9 workers can provide a salary of $94,724, while a more prominent company of over 50000 workers can offer $111,620.
A PMP certification offers an individual a perfect springboard for a whopping 20% salary increment from the preceding. However, the salary hike may depend on multiple factors like the size of your company and the country you’re based in. If you want to grow your management career, it’s essential to undertake the PMP exam, which will offer you an upper hand when applying for well-paying management roles.
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