Trying to choose between earning an MBA and a PMP certification? The significant distinctions between the PMP vs MBA, including prospective employment and pay, are outlined in this guide. Whether you want to become a project manager or enhance your career in business, IT-Exams.Net will assist you in selecting the best course of action for you. Continue reading for a professional analysis of the PMP vs MBA dispute.
What Are PMP And MBA?
Two of the most sought-after credentials and degrees in the business world today are the Project Management Professional (PMP) and the Master of Business Administration (MBA). Both of these certifications provide chances and a variety of advantages to people looking to enhance their professions.
PMP
Project Management Professional is the abbreviation. The Project Management Institute (PMI) has granted project managers this widely acknowledged qualification. The Project Management Body of Knowledge (PMBOK) Guide, which covers best practices and accepted methods for project management, serves as the foundation for the certification. People must fulfill specific educational and work experience criteria, demonstrate project management knowledge and abilities, and pass an exam in order to obtain the PMP certification.
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MBA
On the other hand, an MBA, or Master of Business Administration, is a post-graduate degree related to the field of business administration. Students may select the concentration they believe best fits their professional objectives from among the numerous available in an MBA programme. You can enroll in offline and online MBA programs, and getting an MBA is practically certain to improve your work prospects.
What Are The Similarities Between PMP Vs MBA?
Both the PMP certification and an MBA degree offer significant benefits in terms of career opportunities, requiring a notable investment of time and money. They both provide avenues for better job prospects, higher salaries, and increased job security. Obtaining a PMP certification necessitates a minimum of 35 hours of project management education, passing an exam, and meeting eligibility requirements, while completing an MBA program typically takes two years and requires a substantial financial commitment. Both the PMP and MBA programs share a common focus on developing leadership and management skills. PMP certification hones project management skills like planning, execution, and control, while MBA programs cover a wide array of business topics including management, marketing, accounting, finance, and strategy. Additionally, both credentials require ongoing education for professional maintenance. PMP certification mandates the acquisition of 60 professional development units (PDUs) every three years, while MBA graduates must stay current with the latest trends and advancements in their respective fields. Furthermore, both the PMP certification and MBA degree hold global recognition, making them highly regarded credentials for professionals engaged in multinational corporations. PMP certification is acknowledged in over 200 countries, while accredited universities worldwide recognize MBA degrees.
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What Are The Differences Between PMP Vs MBA?
PMP and MBA are two distinct qualifications that focus on different aspects of business and management. Here are the differences between PMP and MBA:
Career goals
Despite being a very important professional degree, an MBA has several restrictions. In addition to the large number of MBA graduates, these individuals are also constrained by their undergraduate, graduate, and MBA specialities.
However, having a PMP certification provides professionals a significant edge over rivals as the majority of those with only a master’s degree are ineligible for jobs that are reserved for those with the certification.
In terms of high-paying employment in your field of study, this education offers several opportunities. It is an internationally accessible qualification that can help you break into professions like marketing, sales, and public service that are unrelated to project management.
Eligibility Criteria
Both the PMP and MBA have various qualifying requirements, much like any other professional course and credential.
A PMP certification requires;
- You will possess a high school diploma and a bachelor’s or master’s degree from a university with international acclaim.
- Additionally, you must have 60 months of project management experience if you only have a high school education, or 36 months if you have a bachelor’s degree or its equivalent.
- You must also have completed 35 hours of professional project management training from a recognized school.
- To be eligible for the exam, you must have 24 months of project management experience and 35 hours of formal project management training, even if you hold a Bachelor’s or post-graduate degree from a GAC-accredited project management school.
Regarding an MBA course;
- A student has to earn a minimum grade of 50% for their bachelor’s degree.
- If you complete the course before the deadline provided by the course, you may also apply as a final-year graduating student.
- Additionally, some organizations need your GMAT, CAT, or XAT entry scores.
- For final course admission, you must additionally pass the institution’s entrance test, which is followed by interviews.
Time
The PMP certification may appear to need more time, but in actuality, it only requires more expertise. Given that it is a certification for project managers, you must have prior work experience to sit for the certification test.
A full-time MBA program, on the other hand, typically lasts two years. On the other hand, depending on the demands of the students and the school, part-time and online MBA programs may last longer.
Cost
One of the most obvious distinctions between the PMP and MBA, if we are discussing such a thing, would be price. Even though it is more popular, the MBA program is quite expensive, especially in the USA, and it takes two years to complete.
A typical MBA in the USA can cost between $1,60,000 and $1,80,000 annually. If the students are from overseas, residential expenses as well as tuition and admission exam fees are also included.
On the other hand, if you are already a member of the PMI (Project Management Institute), the PMP certification exam costs $405. The test costs $555 if you are not a PMI member. The whole price of this certification, including training expenses, will range from $700 to $5,000. It makes it a far more affordable choice than an MBA.
Recognition
One of the most sought-after professional programs is the MBA. But now that it’s quite ubiquitous, the employment market is saturated with MBA graduates, and its worth is gradually declining everywhere.
In contrast, the PMP is gradually gaining recognition as one of the most valuable professional qualifications in the project management industry. because it improves career chances for experts and grants them worldwide recognition. With this credential, you may very much get a project management position in any industry, depending on your bachelor’s degree and training.
What Jobs Can You Get With PMP Vs MBA?
The PMP and MBA qualifications are very important and open up a wide range of management and business-related career prospects. Here are some instances of the opportunities they provide for various roles with PMP vs MBA:
Jobs with PMP certification
You can pursue positions like project manager, where you would oversee projects in a variety of sectors, including construction, IT, healthcare, and more, with PMP certification. Additionally, you would manage a set of related projects as a program manager to accomplish common goals. This would normally be done in major firms or government agencies. A portfolio manager’s duties also include resource allocation, budgeting, and risk management for a group of projects and initiatives that must be in line with an organization’s overall strategy. Last but not least, obtaining a PMP certification might be helpful if you’re looking for work as a business analyst. It will provide you with the project management frameworks you need to improve processes, goods, and services via analysis of data and recommendations.
Jobs with an MBA
However, an MBA provides a variety of professional options. By examining operations, finding potential improvement areas, and making recommendations, a management consultant assists businesses in improving their performance. You may become a marketing manager who is in charge of creating and implementing successful marketing strategies by earning an MBA with a marketing concentration. Additionally, specializing in finance in your MBA can prepare you for a position as a financial analyst, where you would evaluate financial data to support wise company decisions. Last but not least, if you pursue an MBA with an emphasis in operations management, you will be prepared to work as an operations manager, who is responsible for guiding the daily operations of a business to guarantee efficiency.
PMP Vs MBA Salary
When considering the salary potential of PMP vs MBA, it’s important to note that salaries can vary widely depending on factors such as industry, location, years of experience, and job title.
That being said, here are some general salary ranges for PMP vs MBA:
PMP Salary
According to PMP certification compensation data, many professionals find this certification to be well worth the effort. The typical annual compensation for non-certified project managers in the United States is $93,000, according to PMI. The typical annual PMP certification salary is $123,000, which is a 32% increase above the average for non-certified workers.
MBA Salary
According to a study of corporate recruiters conducted by the Graduate Management Admissions Council (GMAC) for the year 2021, the median starting wage for MBA graduates in US corporations was anticipated to be $115,000 at that time.
PMP Vs MBA: Which One Is Better?
The decision is yours now that you see all the above comparisons.
But an MBA has advantages that a PMP certification cannot provide. For instance, business techniques and ideas that are not addressed in a PMP degree are taught in MBA schools. Additionally, you will have better networking chances if you can earn an MBA from a reputable institution.
On the other side, earning a PMP certification will help you enter one of the industries that are currently seeing the fastest growth. A professional must first have a strong work history, which the certification builds on. A PMP certification so qualifies you for employment.
Aiming for both degrees is desirable, and many people are choosing to do so: MBAs are acquiring their PMP certifications, and vice versa. You will become a more well-rounded professional if you possess both. We advise you to earn the PMP FIRST in order to gain valuable experience managing projects of escalating complexity. In conversations with recruiters throughout the years, they discovered that those having some experience before earning an MBA were significantly more valued.
The cost of becoming a PMP is quite low, and you get a quick return on your investment. The MBA requires a lot more time and money to complete, but it is actually quite beneficial if you want to advance to the senior levels of a company.
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FAQs
Can I do both PMP and MBA?
Yes. It is feasible to get both an MBA and a PMP certification or degree, and many individuals choose to do so in order to improve their job chances in the business and management sectors. For a number of benefits, pursuing two degrees is beneficial.
First off, a PMP and an MBA complement each other well since the former focuses on project management while the latter covers a wider variety of business and management topics including strategic planning, finance, and marketing. Second, possessing both the PMP and MBA degrees can broaden one’s options for management and business careers, boosting one’s earning potential and elevating one’s marketability. A person’s professional growth is also facilitated by getting both certificates and degrees since it allows them to expand their skill set and comprehend business and management concepts on a deeper level. It’s crucial to remember that obtaining both certifications requires considerable time and financial commitment.
Before opting to pursue both, it is essential to thoroughly assess one’s professional aspirations and the importance of each certification. Additionally, having the required tools is crucial for finishing both programs effectively.
Does MBA include PMP?
No, because they are independent qualifications, an MBA degree normally does not include PMP certification. The PMI (Project Management Institute) certification, which is available, places a particular emphasis on project management abilities. Despite the fact that an MBA program may briefly discuss some aspects of project management, its main emphasis is on a wider variety of topics including finance, marketing, organizational behavior, and strategy. But an MBA may establish a strong foundation for project management abilities, especially in areas like leadership, communication, and strategic thinking. In addition, a lot of MBA schools offer elective courses in project management, which is helpful for students thinking about obtaining PMP certification or a job in project management.
Is PMP more valuable than MBA?
There are a lot of reasons to suggest that a PMP certification is probably better for your career in terms of money and chances than an MBA. However, an MBA degree may provide you with in-depth information and refine your talents in your chosen industry.
Final Words
Based on your career goals, interests, and experience, you should decide whether to pursue an PMP vs MBA certification. An MBA may equip you with a variety of business abilities, but the PMP credential is primarily geared at project management. It’s crucial to take your long-term career objectives and the particular skills you want to develop into account before making a decision. Your comprehension of the distinctions between the PMP and MBA should have been improved by reading this article. Whether you decide to pursue a PMP certification, an MBA degree, or perhaps both, always remember to keep learning and improving in your profession to be competitive in today’s work environment. We hope your career will be successful!
