| Advantage, PMP
PMI's salary survey demonstrates that Project Management Professional credential holders' career advantages only increase with time.
by Jeffrey Steele
Just as wisdom comes with age, so does money. The longer project managers possess Project Management Professional (PMP®) certification, the better their earning prospects.
Drawing on data from more than 5,000 PMP holders worldwide, PMI's Project Management Salary Survey, Fourth Edition, reveals that more than 90 percent of respondents' total compensation grew over the previous year.
The survey isn't the only evidence PMP holders rank among the highest earners among their peers:
- Certification Magazine's 2004 salary survey reported that PMP holders earned $89,630 annually, one of the top five average salaries in the survey.
- A 2003 Foote Partners Certifications Pay Index demonstrated that among professional technology certifications, project management certifications enabled holders to command the highest increases in premium pay over the previous two years.
- Based on 2004 average base salaries, the PMP credential is associated with the third-highest average base salary in IT, surpassed by only two other credentials in a long list of non-Microsoft certifications, according to Redmondmag.com.
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| Kathy Mosgrove, PMP |
Valuable Experience
The greater cache PMP holders enjoy among employers is much in evidence in Canada's capital city, reports Kathy Mosgrove, PMP, senior consultant with HRPM Consulting Inc., Ottawa. "If you want to be a project manager on a government contract, it's becoming mandatory to have a PMP," she says. "If you're not a PMP [holder], there's no point in even applying."
In India, the market for credential holders is excellent, especially in the IT sector, says Raju Rao, PMP, director of Xtraplus Solutions, Chennai, India. "Many companies are making the PMP a prerequisite to move up in a promotion," he says. "You'll also find the PMP being mentioned frequently as a necessary credential in job ads."
Approximately 20 percent of IT recruitment ads in India mandate that applicants be PMP holders, he estimates. Recent survey results confirm employers' preference for the credential. In a 2004 PMI global survey:
- 73 percent of respondents reported employing PMP holders
- 92 percent said they believed utilizing PMP holders is "an effective way to ensure success."
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| Raju Rao, PMP |
Credential holders have an advantage in the career marketplace for myriad reasons, Mr. Rao adds:
- In India, organizations value certification because it brings in the benefit of additional contracts and project work. The more PMP holders on staff, the more marketable the firm, particularly in the United States. This fact makes PMP holders more attractive than their non-credentialed counterparts vying for the same job.
- Because PMP holders possess a solid grounding in project management language, communication is enhanced among project peers and with customers.
- Recognition has grown of the role PMP holders have played in an assortment of high-profile successes, including the Mars Pathfinder Mission and the rebuilding of the Pentagon.
Getting Ahead
Not all employers understand how the credential translates to strategic initiatives, so PMP holders should approach job interviews armed with information on how they helped realize projects faster, cheaper, with minimal risk and higher quality and how these successes supported the companies' strategic initiatives.
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| Eric Morfin, PMP |
Eric Morfin, PMP, Emeryville, Calif., USA-based director of the Project Management Office of Chiron, suggests PMP holders market themselves by developing custom templates and documents that combine project management expertise with industry expertise. Mention this work in your résumé or bring examples of the templates/documents with you to the initial interview, he adds.
For those looking to get ahead, Ms. Mosgrove recommends PMP holders work to advance the profession by volunteering with project management associations. "It can create opportunities you didn't even know existed," she says.
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Those who have held the PMP credential for two to four years earn median salaries of $64,400. That's 15.6 percent higher than the $55,720 annual earnings of non-credentialed project managers with similar experience levels. |
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Those who have held the PMP credential for five to nine years earn median salaries of $94,340. That's 17.2 percent higher than the $80,500 annual earnings of non-credentialed project managers with similar experience levels. |
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Those who have held the PMP credential for more than 10 years are rewarded with median annual salaries of $102,000. That's a 13.3 percent increase over those of non-credential holders with similar experience levels. |
| PMI's Project Management Salary Survey, Fourth Edition. |
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Jeffrey Steele is a Chicago, Ill., USA-based freelance writer who has contributed to the e-publication Your Business Advisor.
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