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Project Management Institute (PMI), Its Credentials and Membership

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PMI stands for Project Management Institute. PMI is a non-profit organization for project managers and program managers. PMI is a professional membership association which is best known for its Project Management Professional (PMP) Certification. PMI was established in 1969 and now it has membership of more than 3 million professionals worldwide. The PMP Certification of PMI is globally recognized and it assures that the person is trained and qualified to manage projects. PMI documents and publishes its flagship book ‘Project Management Body of Knowledge’.

What is PMP Certification?

PMP Certification is the first and flagship credential of PMI. PMP Certification was launched in 1984. This credential is globally recognized and certifies that the PMP Professional is trained in project management and is capable of handling projects. Presently there are over a million PMP certification holders worldwide. This certification is applicable to project managers across industries like health, construction, information technology (IT), etc.

To obtain the PMI credential, the candidate must have acquire required education and experience.

PMP Certification Requirements

The required qualification and experience of PMP Certification are as follows:

  • 35 hours of project management training, which means coursework that specifically addressed learning objectives in project management. This can be substituted with a Certified Associate in Project Management (CAPM)® certification. 
  • 36 months of experience leading projects if you have a four-year degree, or 60 months of experience leading projects if you have a high-school diploma or associate’s degree. 

PMP Exam Cost

Presently (in 2022) the PMP exam fee is USD 555 for non PMI members and USD 405 for PMI members. The PMI membership costs USD 129 a year, with a one-time USD 10 application fee. If we compare, the exam with membership is slightly cheaper.

PMP Exam Preparation

IT is a four-hour exam with 180 questions. There are several books and courses which may help you in preparing for PMP exams. Many training organizations provide online courses to prepare for the exam.

PMI maintains a list of training resources on the PMP exam guidance webpage, including links to sample questions, the PMP Exam Content Outline and the PMP Handbook. Additional training materials (quizzes, publications, books, practice guides and more) are available from the PMI Store.

Renewal of PMP Exam Certification

The PMP Certification is valid for three years. It can be renewed by earning 60 professional development units (PDUs), defined as hours spent on accepted professional development activities within that time.

Benefits of PMP Credential

There are many benefits of acquiring PMP Certifications, a few of which are discussed below:

  • Industry Recognition

The clients and employers consider the PMP professionals trained in project management and capable of handling projects successfully. Therefore, they are recognized by the industry leaders and clients.

  • Better Job Opportunities

PMI and the Anderson Economic Group compiled a report, according to which, there will be a requirement of 87.7 million project managers by 2027. The biggest growth is expected in the health care sector, though the construction, information services, and finance and insurance sectors will also require a large number of project management professionals. Therefore, the project management professionals will be benefitted with the industry growth.

  • Learning New Skills

Project Management Professionals acquire new skills while preparing for the exam. They study the fundamentals of project management like scheduling, budgeting, etc. and therefore master the project management skills. PMP exam not only focuses on theoretical concepts but also tests practical applications of project management. The candidates taking the PMP exam has to demonstrate that they can take better decisions in case and issue arise during the execution of the project. The PMP professionals, therefore learn practical application of project management concepts while they acquire the PMP credential.

  • Higher Salaries

A PMI survey shows that in US the median salary of PMP professionals was found as $123,000 which was more than $30,000 as compared to the professionals who didn’t acquire PMP certification. Global Knowledge reported that the PMP certification ranked seventh among IT certifications that were linked to the highest salaries in the IT sector.

Other Credentials Offered by PMI

Below is the list of other credentials offered by PMI:

  1. Project Management Professional (PMP)
  2. Certified Associate in Project Management (CAPM)
  3. Program Management Professional (PgMP)
  4. PMI Scheduling Professional (PMI-SP)
  5. PMI Risk Management Professional (PMI-RMP)
  6. PMI Agile Certified Practitioner (PMI-ACP)
  7. PMI Professional in Business Analysis (PMI-PBA)
  8. Portfolio Management Professional (PfMP)
  9. PMI Project Management Ready
  10. Disciplined Agile Scrum Master (DASM)
  11. Disciplined Agile Senior Scrum Master (DASSM)
  12. Disciplined Agile Value Stream Consultant (DAVSC)
  13. Disciplined Agile Coach (DAC)

Summary

Project Management Institute (PMI) is the leading non- profit organization for project managers and its internationally recognized credentials are applicable across various industries. Its flagship credential is ‘Project Management Professional (PMP) Certification’. This credential is globally recognized and certifies that the PMP Professional is trained in project management and is capable of handling projects. You may consider acquiring this credential for getting trained on project management, industry recognition, learning new skills, high salaries and more job opportunities.

Please click the link below to know more about other project management courses.

Seven Best Project Management Certifications

References:

  1. https://www.pmi.org/
  2. https://en.wikipedia.org/wiki/Project_Management_Institute
  3. https://www.wrike.com/project-management-guide/faq/what-is-pmi-in-project-management/
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Rajesh Pant
Rajesh Panthttps://managemententhusiast.com
My name is Rajesh Pant. I am M. Tech. (Civil Engineering) and M. B. A. (Infrastructure Management). I have gained knowledge of contract management, procurement & project management while I handled various infrastructure projects as Executive Engineer/ Procurement & Contract Management Expert in Govt. Sector. I also have exposure of handling projects financed by multi-lateral organizations like the World Bank Projects. During my MBA studies I developed interest in management concepts.
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