The US Bureau of Labor Statistics reported that management occupations will grow 5 percent by 2029. This rate is faster than the average for all other fields. This growth will create over 500,00 new jobs.
As with most careers, there’s no single path to position yourself to meet these leadership demands. In business management, for example, you can choose between either a Project Management Professional (PMP) certificate or a Masters in Business Administration (MBA) degree
PMP vs MBA; which one is best for you? You can read further here about the pros and cons of each program. Study these tips on MBA or PMP certification and you’ll know which option is best for you.
What is PMP Accreditation?
PMP vs MBA: Which Is Better?
Project Management Professional (PMP) accreditation is a professional certificate offered through the Project Management Institute (PMI). Candidates must pass an exam based on PMI’s Project Management Body of Knowledge (PMBOK) before they can receive this certification. Candidates are eligible to take this test if they have their Bachelor’s degree, over 4,000 project management hours experience as well as 35 hours of structured project management classes.
Costs for a PMP designation total approximately $2,000. This includes fees for books, materials, and the final exam fee. Candidates can also choose to enroll in a PMP exam prep class that costs anywhere from $500 to $1,000.
According to a 2020 survey from PMI, having the PMP certification can earn you 20% more than a project manager without this credential. The average salary for a project manager without PMP certification is $92,000 a year. The average salary for a project manager with PMP is $115,000 per year.
Pros of the PMP
A PMP can increase your value in today’s job market. Here’s how:
Compliments Your Current Work Experience
The PMBOK teaches students some of the best practices, theories, and tools for project management. Candidates can use these tools immediately within their current roles. These PMBOK points can help students improve their future game plans and learn from their past mistakes.
Develops Specialization
PMP certification combines managerial theory along with technical skills and knowledge. PMP certification is also internationally recognized as someone who specializes in this management field.
A PMP certificate is also industry-specific. Successful project managers receive training within their field to complement their existing skillset. This expertise is different than professionals with an MBA who have higher-level knowledge and experience.
Stand Out in the Crowd
Professionals with an MBA used to be rare. In time, more and more universities began to offer MBAs to meet industry demands. As a result, MBA candidates now saturate the market.
PMP certification, however, is a relatively new certification in the industry. Candidates can show employers that they are one of few to earn this newer accreditation.
Cons for the PMP
While the PMP has its benefits, it also has its challenges. Here are some of the challenges:
Membership and Testing Fees
Membership and testing fees for PMP members can be costly. Candidates who become PMI members must pay a $129 membership fee to join. Renewing memberships cost $119 every year.
PMI members must also take the PMI test every three years to renew their certification. Test fees cost approximately $405. If candidates fail the test, they can retake the exam for another $405.
Certification Test Conditions
The PMP certification exam lasts for four hours in a single testing location. Some candidates might find these test conditions intimidating. If this sounds like you, the PMP certification may not be right for you.
No Classroom Environment
PMP preparation does not require classroom settings and working with fellow students. PMP test candidates only need their computers and study materials to prepare for the test. If you are a more social student who enjoys a group setting, this professional certification isn’t a good option for you.
What’s an MBA?
A Masters in Business Administration (MBA) is a graduate degree course offered at a college or university. MBA programs focus on more generalized concepts in business. Some of these concepts include: Accounting;
- Business Ethics;
- Marketing;
- Human Resources, or;
- Finance
Pros of an MBA
An MBA can be an invaluable tool to a brighter future for your career. Here are their benefits:
Networking Opportunities
Like most major universities, MBA programs can have a robust alumni network and other resources for students to leverage. Students can participate in networking events sponsored by the school, or receive internships that aren’t available to PMP candidates. An active MBA alumni network can also help students find their next career move.
Esteem
If you’re in a career field that values reputation, then an MBA from a well-known school will bring your resume to the top of the job candidate pile. MBAs are the most recognized degree in the management world. This prestige will set you apart from your competition to win that hard-to-get job.
Let’s You Develop Expertise
An MBA program lets you focus on a single area of interest. This area of interest might be business law or finance. Having this specialized focus can help you highlight your expertise to any future employer.
Cons for an MBA
There are also some negative features of an MBA. These features include:
Competitive Admission
As mentioned previously, MBA degrees come with a level of prestige that can help a student on their job hunt as well as at the negotiating table. But this prestige doesn’t come for free.
Reputable MBA programs have a very selective admissions process. High GRE and other standardized test scores are mandatory. Some MBA programs require candidates to have an undergraduate degree or work experience in business-related fields.
High Cost
The average MBA program costs roughly $80,000. Books, boarding, and additional fees can cost $60,000. These fees can be extravagant and hard to pay for those students who aren’t working during their degree program.
PMP vs MBA: Which is Best?
Both PMP and MBA programs can break the glass ceiling for your career. MBAs present their prestige and networking opportunities. PMP’s come with a cheaper price for career advancement.
Consider your budget and learning style. MBA’s come at a higher price tag, but provide the in-person classroom approach with students and teachers. PMPs offer an individualized study track but allow candidates to focus on a single job area.
For more information on deciding between PMP vs MBA, check our website. You’ll even find a Brain Sensei Coupon to help cover your PMP exam fee. We can help make your future shine!
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