In recent years, organizations in a variety of sectors have adopted project-based workflows, according to the Project Management Institute. These methodologies save time and money, as stakeholders can easily manage deliverables and monitor costs.
Firms normally hire specially trained professionals to oversee internal projects. However, most navigate outside of established talent pipelines to recruit individuals with distinct credentials, namely the Project Management Professional certification. More than 650,000 PM experts possess this accreditation, considered the “gold standard” in the field.
The value of PMP
U.S. firms began investing in project management efforts prior to the 2008 financial crisis. When the markets ultimately tanked, many discovered that their recently implemented efforts were ineffective, according to PMI. This forced them to reevaluate and seek out business leaders who could execute on time and under budget. Now, project management professionals with PMP credentials are in high demand.
In fact, an estimated 15.7 million new project management positions will be created by 2020, according to research from PMI. This growth has driven development in the job market, which is expected to increase by $6.6 trillion by the end of the decade. Demand alone makes the PMP Certification a must-have accreditation.
Professionals who successfully complete the program see benefits long after they have found jobs. Individuals with the credential draw salaries that are 20 percent higher than nonaccredited colleagues. On top of that, the PMP Certification is respected worldwide, opening up global opportunities to certified workers.
Starting the process
Those interested in attaining the PMP Certification must first meet a number of requirements. Prospective participants without college degrees should have at least 7,500 hours of project management experience and 35 hours of related training. Those who possess college degrees must have 4,500 hours of project management experience and 35 hours of related training.
The certification exam fees are $405 for PMI members and $555 for nonmembers. The test features 205 multiple-choice questions and takes roughly four hours to complete. PMP Certification holders must maintain their credentials by participating in at least 60 hours of supplementary professional development training every three years.