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- PMP Certification Requirements: Skills & Eligibility for PMP Career
- PMP Certification Cost: A Complete Guide
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14 September 2024
David Walter
In the world of Project Management, success hinges not only on being a leader but also on how quickly and expertly your skills evolve to align with this ever-changing profession. So, pursuing certifications like Project Management Professional (PMP) or Certified Associate in Project Management (CAPM) can prove to be a game-changer for you. But is there a clear winner in the CAPM vs PMP debate?
While CAPM is the ideal entry point for newcomers into the Project Management arena, PMP is the special ticket to the big leagues, reserved only for seasoned Project Management pros. This blog explores the key distinctions in the CAPM vs PMP discussion and spotlights all the features that align with your Project Management goal. Let's dive in!
Table of Contents
1) CAPM vs PMP Certification
2) What is the CAPM Certification?
a) CAPM Cost
b) CAPM Exam
c) CAPM Benefits
d) CAPM salary
3) What is the PMP Certification?
4) Conclusion
CAPM vs PMP Certification
The following table summarizes the differences between the CAPM and PMP Certifications and will help you decide which one aligns best with your career goals.
What is the CAPM Certification?
The Certified associate in project management (CAPM) is a highly regarded certification validating the candidate’s foundational knowledge in Project Management. It's the ideal option for professionals who possess less than three years of project experience or for anyone seeking to boost their skills in project leadership.
CAPM Cost
The CAPM exam fee is $225 and $300 for members and Non-PMI members respectively, excluding additional CAPM Certification costs you may face when purchasing study materials or training courses. Signing up for a CAPM boot camp or preparation course typically costs between $200 and $500.
CAPM Exam
The CAPM tests your knowledge of concepts covered in the PMBOK Guide and features different question types, including:
a) Multiple-choice
b) Drag-and-drop
c) Animation video
d) Enhanced matching
e) Multiple choice questions with multiple correct answers
Here’s a breakdown of the percentage of each chapter encompassed in the exam:
a) Introduction to Project Management: 6%
b) Project Environment: 6%
c) Role of the Project Manager: 7%
d) Project Integration: 9%
e) Project Scope: 9%
f) Project Schedule: 9%
g) Project Cost: 8%
h) Project Quality: 7%
i) Project Resource: 8%
j) Project Communication: 10%
k) Project Risk: 8%
l) Project Procurement: 4%
m) Project Stakeholder: 9%
CAPM Benefits
The CAPM Certification signifies your competency as a candidate for potential employers by spotlighting your industry-recognized Project Management knowledge and experience. Below are a few benefits you can gain through this certification:
1) Gain Industry-wide Recognition: The CAPM Certification evaluates candidates using stringent guidelines. You must demonstrate your knowledge and proficiency in Project Management best practices, principles, industry standards and professional conduct.
2) Opportunities for Career Advancement: During the job application process, the CAPM Certification can give you a competitive edge. Listed below are standard job titles CAPM-certified professionals can pursue:
a) Program Manager
b) Project Coordinator
c) Associate Project Manager
d) Junior Project Manager
e) Technical Project Manager
f) Entry-level professionals can learn to manage teams effectively across diverse work environments.
3) Increase Earning Potential: Depending on factors including your level of education, company size, location, industry size, certifications, and experience, there’s significant earning potential for Project Managers even for entry level candidates.
4) Work Toward PMP Certification: If you want to pursue PMP Certification, the CAPM credential can satisfy the PMP’s required 35 hours of Project Management training.
CAPM Salary
In the U.S., professionals with less than three years of Project Management experience earn an average annual salary of $73K.
What is the PMP Certification?
The Project Management Professional (PMP) validates your knowledge, skillset, and experience as a Project Manager. Applicants must showcase that they have spent at least 3 to 5 years leading and directing projects. This certification demonstrates your leadership skills and ability to apply practical tools and techniques in diverse project environments, including agile, predictive, and hybrid scenarios.
PMP Cost
The PMP exam costs $405 and $575 for PMI members and non-members, respectively. While free PMP certification training exists, you can only sign up for it in the form of trial courses. The cost of full courses ranges from a few hundred to a few thousand dollars. Additionally, PMP-certified professionals must renew their credentials every three years, and the renewal fee is $60 and $150, respectively, for PMI members and non-members.
PMP Exam
The PMP exam encompasses material in the PMBOK Guide and beyond. Here's a breakdown of the topics covered in this exam:
a) People (42%): This portion includes questions on leading a team, managing conflict, assisting team performance, supporting virtual teams, negotiating project agreements, and other topics related to people.
b) Process (50%): This part of the exam outlines the tactics used to execute a project. That includes managing communications, assessing risks, planning budgets, engaging stakeholders, quality management, determining scope, and more.
c) Business (8%): For the business portion of the exam, you must learn the concepts involved in evaluating project benefits and value, planning and managing project compliance, supporting organizational change and addressing external factors for their impact on project scope.
PMP Benefits
The PMP title demonstrates your certifiable knowledge to employers in a competitive job market. Here's an overview of the benefits of PMP Certification:
1) Career Advancement: There is increasing demand for Project Managers across several industries, including information and publishing, manufacturing and construction, finance and insurance. PMP Certification can offer a competitive advantage when applying for jobs in these industries. Here are a few job titles PMPs can qualify for:
a) Product Manager
b) Project Director
c) Project Manager consultant
d) Business Project Manager
e) Portfolio and program manager
2) Learning and Developing Skills: Earning the PMP Certification opens pathways to learning new skills to enhance your skill set and knowledge of current trends and best practices. These skills include:
a) Leadership and team management
b) Problem-solving
c) Resource management
d) Communication
e) Conflict resolution
f) Organization
g) Strategic decision making
3) Increased Earning Potential: To qualify for the PMP exam, candidates must fulfil a set of prerequisites, which is held in high esteem by most employers. As a result, PMP-certified professionals can become eligible for positions with highly competitive salaries. In the U.S., the average salary can increase up to 44%. Several factors can impact your salary, including your experience, education level, location and job title.
PMP Salary
In the U.S., PMPs can earn an average annual salary of $117K depending on educational qualifications, experience, industry and company size etc.
Conclusion
In conclusion, exploring the CAPM vs PMP debate illuminates the unique advantages they offer depending on your career stage and goals. CAPM is perfect for newcomers in Project Management as it provides foundational knowledge, while PMP best suits experienced professionals looking to validate and expand their expertise. We hope this blog helps you in deciding on the certification that aligns with your current experience and ambitions.