Data from the Indeed Salary Survey says that project managers with PMP training earn 18% more than their peers. That is interesting but I’m not sure that I would get an 18% pay rise in my current job if I turned up one day and told my manager that I had passed my PMP exam. You can find out more, by the way, about the PMP exam and what it involves in this article: What is PMP?
The Impact on Your Salary
In reality your salary is unlikely to jump by nearly a fifth the day after you return to the office with your PMP results.
It is more likely that you will see an increase in your salary over time. This will be as a result of earning promotions based on your ability to do your job well. You might also gain a hike in salary by leaving your company: traditionally that is where the bigger pay rises come from. A promotion within the same company might offer you something, but the payoff is most likely to be higher if you leave your old company and move on. However, there are of course disadvantages to switching firms so you will have to way up the advantages and disadvantages of making that move.
If you choose to stay where you are, you can use your qualification – be that PMP or another project management certificate – as a negotiating chip when you come to have your annual appraisal. Any qualification does show that you are dedicated to project management as a career and prepared to improve your skills through hard work and study.
Finding a Job
PMI’s Talent Gap Report says that there will be 41.5 million jobs in Project Management by 2020.
This is great news if you’re wondering whether project management is a long term profession and whether you will find work. I’m skeptical about a lot of surveys but I do actually agree with PMI on this one. My own reading and research shows that the global economy is changing and we are moving towards more and more knowledge work and project-based work so it makes sense that project managers will find more opportunities.
In fact, there is likely to be more work for a range of project professionals with a number of different job titles. From project sponsor to project coordinator you could find a lot of opportunities open to you and project management qualifications will help show that you are knowledgeable and dedicated to this career.
A Growing Industry
In the same study, PMI concluded that the project management industry is set to grow by $6.6 trillion by 2020. What I take from that research is that they are estimating there will be more project-based work overall. It is another indication that companies are investing more in projects and therefore it’s logical to conclude that they will need project managers.
These last two statistics don’t assume you need a credential, but the research was done by a credential-awarding body. If you want to compete in the job market with people who do hold certificates then it makes sense to get a qualification that is relevant to your career stage, industry and location.