PROJECT MANAGEMENT HELPS BOOST EARNING POTENTIALS. BECOME A PROJECT MANAGEMENT CERTIFIED PROFESSIONAL
Every year there are thousands of Project Managers or Consultants who opt for PMP certification. Though they may not be sure of how this certification may boost their career for acquiring promotions and moving up along the organization’s hierarchy.
A globally recognized certification such as Project Management Professional (PMP), offered by the Project Management Institute (PMI), provides you with an edge when it comes to salary and earning potential. Understanding the value of project management certification, experience and skills can be a great advantage for organizations who are seeking project managers or consultants, as well as for individuals who are competing to qualify for these roles.
According to PMI’s ‘Earning Power: Project Management Salary Survey’, they conducted survey in 34 countries where in information was collected on a feedback from more than 26,000 respondents. The data gathered was in local currency marking it as a significant resource for project management practitioners and their employers, as well as compensation committees, HR departments’ and executive recruiters.
Many people think that the salary numbers for PMPs reflect the number of years they have worked in project management roles, rather than the perceived value of the credential. PMI took that issue into consideration by examining project managers’ earnings according to the number of years they’ve worked in the field of project management.
The survey conducted by PMI states that those with a certification get an average 20 per cent higher salary than those without it. For instance, in India, the median salary of those with a PMP certification is approximately 15 to 17 lakhs (approximately 11 to 12 lakhs for those without the qualification).
The report also suggests that project management experience has a key impact on salaries globally. The median salary range for candidates starting their career in project management and those who have been in the field for 20 years is approximately 14 to 31 lakhs.
The survey data also shows that just 12 per cent of women have PMP certification, and there is a huge gap in the salary ranges for men and women. The average pay for men ranges approximately between 6 lakhs and 22 lakhs, whereas, women earn approximately between 4 lakhs and 18 lakhs.
The most popular job profiles for employees with PMP certification include Project Manager, IT Senior Project Manager, IT Project Manager, Software Development Project Manager, Engineering Operations Manager, Program Manager, Project Lead, IT Deputy General Manager and Project Management Consultants.
Some popular employers for qualified project managers are IBM, Infosys, Accenture, Tata Consultancy Services, HCL Technologies, Hewlett-Packard and Wipro Technologies. Bengaluru, Mumbai, Pune, Chennai, Hyderabad, Gurgaon and New Delhi are preferred destinations for such professionals.
The PMI’s salary survey results conclude that PMP certification is one of a handful of factors that positively influence project managers’ salaries. Other factors that contribute to higher pay include the size and scope of project managers’ projects. This also reveals that project managers who work on complex, globally dispersed projects with big budgets and lots of team members earn more.
If you are an IT professional looking for a boost in your career or among the 80 percent of India’s youth who aspire to become an engineer, getting a Project Management Professional (PMP) certification might be worth considering.