PMP Certification Salary: How To Negotiate Your Salary?

What Is PMP Certification?

Understanding what PMP certification is and what it entails is crucial before discussing PMP certification compensation. A person’s knowledge and abilities in project management may be verified with the PMP certification, which is a widely recognized credential. Candidates for the PMP certification must successfully complete a demanding exam that gauges their understanding of project management concepts, procedures, and tools.

The organization that oversees PMP certification is the Project Management Institute (PMI), a non-profit organization for project managers. In addition to the PMP, PMI also offers the CAPM and PgMP credentials, which stand for Certified Associate in Project Management and Program Management Professional, respectively.

What Are The Benefits Of PMP Certification?

Those who are interested in project management employment or who wish to show their dedication to the field would benefit from earning a PMP certification. Employers may use the certificate to find applicants who have the abilities and expertise required for project management jobs. Achieving a PMP credential will provide you with a number of advantages, some of which are listed below:

• Recognized Worldwide: The PMP certification is well-known and esteemed around the world. No matter where you reside or where you work, this credential can help you develop in your field.
• Acquire New Skills: MP certification will require you to hone your project management abilities. Furthermore, the test will most likely introduce you to new concepts and ideas that you may apply in your day-to-day job.
• Assist you in Becoming a Better Project Manager: Pursuing PMP certification will help you become a better project manager by providing you with information and abilities. This can lead to better project outcomes and more work satisfaction.
• Higher Salary: PMP-certified project managers earn more than non-certified colleagues. PMP holders earn 20% more than non-certified project managers on average.
• Increases the value of your resume: PMP perks include increasing the value of your CV and making you more appealing to future jobs. Furthermore, holding the accreditation might provide you with a competitive advantage when applying for employment.
• Validates your commitment to the job: Earning your PMP certificate reflects your dedication to the project management profession. This might be useful while looking for new jobs or promotions.
• Expands Professional Network: You will get access to a network of other qualified professionals as a PMP-certified individual. It can be beneficial for networking and career growth.

Read more > > Best PMP Certification: The Ultimate Guide For Project Management Professionals

What Factors Affect PMP Certification Salary?

When you take a course to improve your qualifications, you undoubtedly consider the financial benefits. The Project Management Institute (PMI) conducts surveys in many countries on a monthly basis to examine wage increases following PMP certification; verifiable findings show the value of obtaining PMP certification. Aside from the PMP certification, the top seven major criteria influencing PMP certification salary are:

• Project management position/role
• Project size on average
• Budget for a typical project
• The average size of a project team
• Industry classification
• Number of years of project management experience
• Location

PMP Certification Salary: How Much Can You Earn?

Now that we’ve covered the factors that affect PMP certification salary, let’s take a look at some actual PMP salary figures. According to PMI’s 2020 Earning Power Salary Survey, the median salary for PMP certification holders in the United States is $120,000 per year. The survey also found that PMP certification holders earn 22% more than their non-certified peers.

However, it’s important to note that PMP certification salary can vary widely depending on the factors we discussed earlier. Here are a few examples of PMP certification salaries based on geographic location, industry, experience, and education:

Geographic Location

• In Washington, DC, 749 opportunities from dozens of firms (including Microsoft and the CIA) seek mid- to senior-level project managers across different industries, with salaries ranging from $90,000 to $115,200.
• Facebook, Columbia University, and several other firms in New York City and neighboring areas are looking for talented applicants to fill over 400 positions with wages ranging from $85,800 to $115,100.
• Amazon, Starbucks, and the Infectious Disease Research Institute are among the dozens of firms in Seattle and neighboring regions looking for experienced project management experts to fill more than 300 positions paying $85,000 to $120,000.
• The Home Depot, Georgia-Pacific, and WebMD are among the companies looking for individuals to fill 300+ available positions with salaries ranging from $80,000 to $160,000.
• United Airlines, Verizon, and Cisco Careers are among the dozens of firms seeking Chicagoans for their 275+ vacant project manager roles, with salaries ranging from $80,000 to $115,200.
• Hewlett Packard, KBR, and The Taligens Group are among the Houston firms looking for applicants to fill more than 225 positions paying up to and beyond $150,000.
• If you have the skills and credentials required to fill one of the 200+ vacant project manager roles paying $75,000 – $110,000 in Austin, investigate chances from Apple, Visa, Facebook, and other companies.
• Amazon, General Dynamics Information Technology, and IGNITEC are among the firms looking for talented applicants to fill project management jobs that pay between $80,000 and $180,000 per year in Arlington, VA and neighboring regions.
• Dropbox, the City and County of San Francisco, DocuSign, and other companies are looking for PMP Certified Professionals in San Francisco to fill 194 available jobs with salaries over $125,000 per year.
• General Atomics, Kaiser Permanente, and The Scripps Research Institute are among the San Diego firms looking for competent project management experts to fill more than 175 positions with salaries ranging from $80,000 to $125,000.
• PMP certified project managers have profited from the development of freelance and remote working independent contractors. Many organizations are looking for competent project management specialists to fill positions paying $88,000 to $115,000.

Industry

The industry you work in will also influence the compensation you might expect as a PMP certified professional. Those on the government payroll make slightly more than $116,000 each year, while those in the private sector earn $130,402 in the legal field and $131,833 in the pharmaceutical industry.

Other significant sector compensation discrepancies for PMP Certification holders include:

Across industries, the division or department in which you work will have an influence on your overall pay. Those working in an organization’s IT department, for example, get an average annual pay of $114,447, while those in Research and Development earn an average annual compensation of $120,466.

Other significant department wage discrepancies for PMP Certification holders include:

PMP Salary by Job Title

PMI presently recognizes 870,000 PMP holders globally, and the industries in which they work as well as the responsibilities they now hold vary greatly. compensation information gathered by PMI from its members and credential holders might give important insight into the compensation you can expect after acquiring your PMP certification based on your present employment.

Professionals with the title and job description Project Manager III have higher duties than those with the title Project Manager I, and their mean wages ($112,314 and $89,380) reflect this.

The PMP certification is held by 82% of those who responded to the PMI compensation survey. As a result, the graphic below combines various job titles with pay data from PMI, Payscale, and Glassdoor to present the most comprehensive picture of the extent of the wage boost you may expect after receiving PMP certification.

It’s worth noting that these figures are just examples, and your actual PMP certification salary may be higher or lower depending on your specific circumstances. However, they do give a good idea of the earning potential of PMP certification holders.

How To Maximize Your PMP Certification Salary?

To maximize your PMP certification salary, there are several strategies that you can employ.

First and foremost, you must be familiar with the current employment market and compensation levels for project management experts in your sector and geographic location. This may be accomplished by conducting online job board and wage survey research, as well as networking with other experts in your sector.

Another important method is to constantly grow and enhance your project management abilities. This can be achieved by the completion of further courses, attendance at seminars or conferences, and the pursuit of mentoring or coaching opportunities. The more specialized and in-demand your skill set, the more desirable you will be to companies and the more money you may make.

Networking and building relationships with other professionals in your industry can also be beneficial in maximizing your PMP certification salary. This can involve attending industry events, joining professional associations, and leveraging social media platforms to connect with other professionals in your field.

Finally, skillfully negotiating your wage is critical to increasing your profits. This includes researching industry norms and compensation ranges, developing and making a compelling case for your contribution to the firm, and being ready to reject offers that fall short of your wage expectations.

How To Negotiate Your PMP Salary?

Negotiating your PMP compensation may be a stressful endeavor, but with proper planning and technique, it can also be a rewarding one. Here are five pointers to help you properly negotiate your PMP salary:

• Wage range research: Before engaging into wage discussions, it’s critical to learn the current compensation ranges for project management experts in your sector and geographic location. This information may be obtained through online job boards, wage surveys, and networking with other professionals in your sector.
• Understand your worth: You must understand your importance to the business in order to properly negotiate your compensation. This covers your knowledge, experience, education, and any other applicable credentials.
• Prepare to explain why you deserve the pay you’re asking for.
• Be adaptable: While it’s crucial to know what wage range you’re looking for, it’s equally important to be adaptable and open to bargain. Other kinds of pay, such as bonuses, stock options, or other perks, may be considered.
• Practice your negotiating abilities by doing the following: Negotiating is a talent that must be honed over time.
• Consider role-playing with a friend or mentor to improve your bargaining abilities and boost your confidence.
• Be prepared to walk away: If talks do not go well or you are not offered a wage that fits your expectations, be prepared to reject the offer. This is a difficult decision to make, but it is critical to prioritize your own professional aspirations and earning possibilities.

FAQs

Is PMP worth it?

“Is PMP certification worth it?” probably is the first question to come to your mind when it comes to choosing a certification, isn’t it? But of course, depending on your unique professional objectives and aspirations, you can decide whether the Project Management Professional (PMP) certification is worthwhile. Consider the following elements:

Industry recognition: The PMP is an internationally recognized credential that will help you stand out in a crowded employment market and lead to new prospects.

Career advancement: Having the PMP certification will increase your ability to compete for higher-level opportunities by showcasing your project management competence.

Potential for increased compensation: Project managers who possess the PMP certification often command higher salaries than those who don’t. Professionals with the PMP certification make 25% more money on average than those without it, according to the Project Management Salary Survey by PMI.

Education that is continuing is necessary to keep your PMP certification current and may keep you abreast of market changes and best practices.

How much does it cost to become certified as a PMP?

The Project Management Institute (PMI), the company that administers the test, chooses the PMP exam’s related costs. Both the exam and PMI membership, which is necessary to take the test, have fees associated with it. Depending on the level of membership, PMI dues vary, with cheaper rates for students and people living in underdeveloped nations. Additionally, the price of the test differs based on whether the person is a PMI member or not, with cheaper rates for members.

The cost of studying for the test, which may include study guides and classes, may be in addition to the exam fees. Depending on the person’s chosen learning environment and resources, these expenditures might vary greatly.

Do you need a bachelor’s degree to obtain PMP certification?

While not necessary for PMP certification, a bachelor’s degree may be useful. The Project Management Institute (PMI) states that applicants must have a particular amount of project management experience before taking the PMP exam. Depending on the person’s level of education, different amounts of experience are required.

A minimum of 5 years of project management experience is required for individuals without a bachelor’s degree, while a minimum of 3 years is required for those with a bachelor’s degree. Candidates must also have finished a predetermined amount of hours of project management training, independent of their degree of education, according to PMI.

Is PMP certification recognized globally?

In the discipline of project management, the PMP certification is widely accepted and highly esteemed. With members and chapters all around the world, the Project Management Institute (PMI), which offers the PMP certification, is a global association.

A widely accepted project management standard, the PMBOK Guide from the Project Management Institute serves as the foundation for the PMP certification. It is a crucial credential for project managers in a number of professions since the certification is meant to be applicable to a broad range of industries and project types.

How long is PMP certification valid?

Three years after the date of acquisition, the PMP certification remains in effect. To maintain certification, individuals must earn 60 Professional Development Units (PDUs) during the course of the three-year certification cycle. PDUs are earned by engaging in project management-related professional development activities including attending conferences, finishing courses, or offering writing or speaking contributions to the field.

In order to renew their certification at the end of the three-year cycle, individuals must submit a certification renewal application and provide proof of their earned PDUs. If a person does not earn the required number of PDUs or does not submit their renewal application by the deadline, their certification will expire.