PMP FAQs (Part 1): Everything you need to know about the PMP
What is PMP?
PMP certification is one of the most sought after global certifications for project managers in all industries. It is now a key discipline in overall strategic management and is more science-based than art.
Project Management was once a very elusive profession. There was no formal discipline or practice. PMI (Project Management Institute), was founded in 1969 to create a body of knowledge and awareness about project management. It also laid the foundational standards for project managing.
Project Management Body of Knowledge (PMBOK), is a guideline that was created by the Project Management Institute. Organizations around the world are now adopting PMBOK guide. PMBOK guide has been in constant evolution and today we have the 6th edition of PMBOK Guide. The PMP certification is the most accepted way to demonstrate one’s understanding and proficiency in PMI’s project management standard (PMBOK). Since 2000, the PMP certification has grown to be one of the most sought-after management credentials and internationally recognized.
What is the current outlook for PMP credential?
Globally, PMP certification is increasingly valuable. All project managers will need to be PMP certified as the industry moves towards this goal. The value of PMP certification is growing exponentially, even though it has been around for nearly 20 years. A PMP certification has a very high ROI. A PMP credentialed project manager gets priority for critical projects and is paid more than a non-PMP credentialed project manager.
PMP-certified Project Managers work in a variety of industries, including IT, Construction and Banking, Pharma, Energy/Power Telecom, Petroleum, Automotive, Technology, to name a few.
It consistently ranks among the top 5 industry certifications in global career surveys. PMP is the No.1 professional certification in project management. The PMP is the most widely recognized professional certification for Project Managers.
Globally, there are more than 850,000 PMI members and more that 750,000 PMP credential holders. And the number keeps growing.
What are the Top 10 Reasons to Earn a PMP Credential?
A certification is an important step in career development. It recognizes competence as well as qualified individuals. Here are the top ten reasons project managers choose to become PMP-certified.
1. The PMP credential demonstrates your dedication and devoir to project management.
2. The PMP credential recognizes your project management knowledge, skills, and abilities.
3. More companies are hiring PMP credential holders as project managers.
4. On average, PMP credential holders earn 23% less than their counterparts.
5. The PMP credential can help you achieve better career opportunities and advancement.
6. The PMP credential prepares you for higher and better job responsibilities.
7. Organizations that have more than 1/3rds of their project managers certified PMP are more likely to deliver more projects on time and within budget.
8. The PMP credential gives you self-confidence as project manager.
9. PMP credentials are more prestigious and allow for greater recognition and appreciation from peers and employers.
10. The PMP credential is a way to enhance the profession by creating a large network of professionals with similar interests who share the same understanding of the profession.
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What is the format of the PMP Exam?
The PMP exam measures and evaluates project management knowledge. The PMP exam covers theories and concepts.