All posts by David McLachlan

How To Negotiate for Career Success | 20+ Tips

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a_person_negotiating_a_deal_in_a_beautiful_officeProject management can be a challenging role, often involving significant responsibilities with limited control over crucial factors like resources and funding. Effective negotiation skills are vital for overcoming these challenges and ensuring project success. Drawing insights from three renowned negotiation books – “Getting to Yes” by Roger Fisher, “Never Split the Difference” by Chris Voss, and “The Secrets of Power Negotiating” by Roger Dawson – this article outlines key negotiation strategies to enhance your skills and achieve better outcomes in your projects.

Understanding the Basics of Negotiation

Negotiation is a Two-Way Process

Negotiation is a two-way process, where both parties bring their needs and constraints to the table. It’s easy to feel disadvantaged, but effective negotiators understand that this perception often doesn’t reflect reality. For instance, when negotiating for a pay raise, you might feel the hiring manager holds all the power, but they might also be concerned about the costs and the potential hassle of hiring a replacement. Recognizing that both sides have their stakes and concerns can shift your perspective and your strategy.

Embracing Conflict and Patience

Good negotiators are not deterred by conflict or the desire to be liked. They approach negotiations with courage and patience, which allows them to ask for more, probe deeper, and endure through the process. Being pleasantly persistent and maintaining composure under pressure often leads to better outcomes.

Navigating Negotiation Rules

Negotiation operates within a framework similar to games like chess or Battleship. There’s an opening phase, a middle phase where tactics and concessions are exchanged, and a closing phase where the final agreement is reached. Understanding and maneuvering through these phases effectively is crucial for a successful negotiation, and those techniques are what you will learn in this article and video.

The Power of ‘No’

In negotiations, receiving a ‘no’ can often be the beginning of the process, not the end. While a ‘no’ indicates that an agreement hasn’t been reached yet, it also can mean an agreement could be reached soon. By using the methods outlined here, the first “No” is often just the beginning.

1. Beginning Negotiation Methods

The Reluctant Seller or Buyer

Adopting a reluctant stance can be a powerful tactic. As a reluctant seller, you might express hesitance about parting with an item, or as a reluctant buyer, you might downplay your interest. This approach can lead to better initial offers or terms.

Asking for More Than Expected

Start with a higher demand than what you expect to receive. This strategy provides room to negotiate down to a more realistic outcome and helps avoid deadlocks.

Get the Other Party to Go First

They may offer more than you expect, it gives you information about them before you have to tell them anything, and it enables you to bracket their position.

Bracketing Your Position

Bracketing involves making an initial offer that is strategically distant from your ideal price but still plausible. For example, if you want to buy a car for $20,000 and the seller offers $23,000, you might start your offer at $17,000. This method helps in moving closer to a fair deal.

Flinching at Proposals

Reacting with surprise or shock to a proposal can discourage the other party from making additional demands and can lead to more favorable terms.

Never Accept the First Offer

Never accept the first offer immediately. This often indicates that the other party might have more flexibility, and accepting it too quickly might result in less favorable terms for you.

The Vise Technique

There are two methods here – when someone gives their first offer, reply with:
“I’m sorry, you’ll have to do better than that,” and then waiting for the other person to speak.
In Never Split the Difference, Chris mentions another way:
“I’m sorry, but how am I supposed to do that?” and then waiting.

The key is waiting and DO NOT break the silence. You may repeat yourself if they have not adjusted their offer in return.

Ensure They Know You Have Other Options

Mentioning alternative options or competitive offers can strengthen your negotiating position. This tactic provides leverage and can prompt the other party to offer better terms.

Use Specific Numbers In Your Offer

Offering precise numbers rather than round figures can make your demands seem more calculated and reasonable, thereby increasing the likelihood of acceptance.

Acting Dumb is Smart

Sometimes, playing dumb or feigning ignorance can lead to beneficial concessions and provide additional time to make decisions.

Anchoring

Setting an initial price or emotional anchor can influence the negotiation range. By exaggerating your initial demands or reactions, you can steer the negotiation toward more favorable terms.

2. Middle Negotiation Techniques

Inventing Options to Negotiate With

Creativity in negotiation can be beneficial. Offering non-monetary concessions like extra benefits or perks can help bridge gaps and facilitate smoother agreements. For example – you could negotiate with gaining extra paid time off or work from home days, if a higher rate of pay wasn’t available.

Leveraging a Higher Authority

Introducing a higher authority, whether real or fictional, can buy you time and leverage in negotiations. For instance, saying you need to consult with a committee or partner before finalizing a deal can create space for further negotiation. Always check with a “higher authority” when negotiating, and they can even ask for additional concessions form the other side.

Never Offer to Split the Difference

One common mistake in negotiations is to offer to split the difference. While this approach may seem fair on the surface, it often doesn’t account for the initial positions of each party. For example, if one party starts at $20,000 and the other at $80,000, splitting the difference would result in a price of $60,000, which may still be far from what you were willing to pay.

Instead of suggesting a split yourself, focus on emphasizing the time and effort invested in the negotiation and the remaining gap in the price. By doing so, you may prompt the other party to propose splitting the difference. When they do, use it as a bargaining tool. For instance, if they offer to meet you halfway, you can use this as a basis to negotiate a better deal by framing the revised offer as more favorable compared to the original price.

Handling Deadlocks

When negotiations stall, especially with a single item at stake, it’s crucial to explore alternative solutions. Inventing options – such as offering additional work-from-home days instead of price adjustments in a salary negotiation for example – can help break the deadlock. These creative concessions can provide value without compromising on your main objectives.

The Set-Aside Gambit

Another effective technique to deal with deadlocks and impasses is the set-aside gambit. Temporarily table the contentious issue and focus on resolving other smaller matters. Once you’ve made progress on these secondary issues, it becomes easier to tackle the primary concern with renewed momentum.

The Power of Trade-offs

When making concessions, always request something in return. This principle of reciprocity ensures that concessions are balanced and can lead to a better overall deal. For example, if you agree to a lower price, ask for additional benefits such as a more comprehensive health plan or extra paid time off. This also stops the other party from asking for concessions again and again, if they know there will always be a trade-off.

Pivoting to Non-Monetary Terms

If the other party cannot meet your financial expectations, pivot to non-monetary terms. High-value resources or services can often bridge the gap when monetary adjustments aren’t feasible.

The Impact of Written Agreements

People are more likely to believe and adhere to what is in writing. Presenting terms and conditions in a formal document rather than verbally can reinforce the seriousness and validity of your proposals. Written agreements, testimonials, and contracts carry more weight and are harder to dispute.

Managing the Hot Potato

Be cautious of the “hot potato” technique, where the other party tries to pass off their problems onto you. Test the validity of their claims and use trial balloons to assess whether their issues are genuine deal-breakers. For example, if they claim budget constraints, ask how they plan to resolve the issue or who else might authorize the necessary changes.

3. Closing Negotiation Techniques

Strategic Withdrawal of Offers

Withdrawing an offer can be a powerful tactic to induce urgency and trigger loss aversion in the other party. For example, if you initially offered $40,000 for an item and then retracted it, suggesting a higher price like $60,000, the other party may feel pressured to accept the original offer of $50,000 due to fear of losing the deal.

Leveraging Time Pressure

Time pressure can be both a challenge and an opportunity. As deadlines approach, parties often become more flexible and willing to make concessions. However, be cautious not to reveal your own deadlines. Instead, subtly shift the focus to the other party’s timeframe to gain leverage.

Projecting Walk-Away Power

One of the most powerful negotiation tools is the ability to walk away. By demonstrating that you have viable alternatives and are prepared to leave if necessary, you enhance your bargaining position. This psychological leverage can compel the other party to offer better terms to avoid losing the deal.

Positioning for Acceptance

As negotiations conclude, ensure that the deal is positioned for easy acceptance. Use your invented options to offer non-price-related concessions that make the deal more appealing and mitigate any potential buyer’s remorse. Congratulating the other party on the deal can also help solidify the agreement and foster goodwill.

Navigating Nibbling and Concessions

Be aware of “nibbling,” where the other party adds small additional requests after agreeing to the main terms. To counter this, be prepared to address these requests with clear boundaries and maintain consistency in your concessions.

Dealing with Ultimatums

Ultimatums can be challenging, but they should be tested for validity. Use trial balloons or suggest alternative timelines to see if the other party is truly committed to their threats. Often, the longer they delay action on their ultimatum, the less likely they are to follow through.

Conclusion

Negotiation is a dynamic process that involves a range of strategies and techniques. By mastering these approaches—from avoiding the split-the-difference trap to leveraging written evidence and managing time pressure—you can enhance your negotiation skills and achieve more favorable outcomes. Remember, successful negotiation is not just about reaching an agreement but doing so in a way that meets your goals while maintaining positive relationships.

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How to Apply for your PMP Exam

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For many project management professionals, obtaining a Project Management Professional (PMP) certification is a crucial career milestone. If you’re ready to take the plunge and apply for the PMP exam, here’s a comprehensive guide to walk you through the process on the PMI website.

1. Create a PMI Account

Start by visiting the Project Management Institute’s website at pmi.org. If you don’t already have an account, you’ll need to create one. Click on “Login” or “Register” and fill out the registration form with your first name, last name, country, email address, and a password. After submitting your details, you’ll be registered and able to access PMI’s services.

2. Navigate to the PMP Application

Once logged in, go to the “Certifications” section and select “Project Management Professional (PMP)”. Click on “Apply Now” to begin the application process for the PMP certification. This will guide you through the necessary steps to complete your application.

3. Input Your Educational Background

Your PMP application requires you to input your educational details. The requirements vary depending on your highest level of education:

With a Four-Year Degree: You need to have 36 months of non-overlapping project management experience.

Without a Four-Year Degree: You’ll need 60 months (5 years) of project management experience within the last 8 years.

Regardless of your educational background, ensure you accurately enter the details of your academic qualifications.

4. Document Your Project Management Education

You must also provide proof of 35 contact hours of project management education. This can be achieved through various training programs, including online courses like those offered on Udemy. Make sure you have the documentation to verify these hours, as it will be required during the application process.

5. Detail Your Project Management Experience

Provide detailed information about your project management experience. This includes:

  • Project Titles: The names of the projects you have worked on.
  • Organizations: The companies where you worked on these projects.
  • Job Titles: Your role or job title during these projects (it doesn’t need to be “Project Manager” but should reflect project management responsibilities).
  • Project Descriptions: Describe your role and responsibilities using Project Management Body of Knowledge (PMBOK) terminology, including the phases you worked in (initiating, planning, executing, monitoring and controlling, and closing).
  • Methodologies: Specify the approach used (e.g., Agile, Waterfall).
  • Project Details: Include the size of the project team, the budget, and the project dates (start and end).

Make sure to account for overlapping projects accurately as PMI will calculate the total project management experience based on the information provided.

It is good practice to notify your previous leaders or managers who can vouch for the projects you did, in the case of an audit by PMI.

6. Provide Exam Details

Once your experience is documented, input your exam location preferences, citizenship information, and the name as it should appear on your certificate (which should closely match your ID). You can also request special arrangements if needed, such as accommodations for disabilities.

7. Agree to Terms and Pay for the Exam

Review and agree to the terms and conditions, confirming that all information is accurate. You will then receive a payment link. The exam fee is $655 (as of this time of writing), or $405 as a PMI member. Often the membership fee is worth it for the discount and other benefits such as access to downloadable versions of the PMBOK Guide, Process Groups Practice Guide and more. Lastly, make the payment.

8. Schedule Your Exam

After processing your payment, you’ll receive a link to schedule your exam. Choose a convenient date and time from the available slots on the calendar provided. You can also reschedule your exam if needed, through your PMI dashboard.

Finding a close exam center is often the most ideal way to do it. Taking your exam at home can be a challenge if your internet is not reliable, there is excess noise around the house, or you don’t have a distraction-free area. On the other hand, some people don’t have test centers close to them and would have to travel hours to get to one. Make the choice that is best for your circumstances.

By following these steps, you can successfully apply for the PMP exam and take a significant step toward advancing your project management career. Good luck with your certification journey!

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PMP to Pay Rise – 6 Steps to Getting a New Job and Pay Rise With Your PMP

A professional person getting_a_pay_rise_comicFor those who have recently earned their PMP certification, the next step often involves leveraging this achievement to secure a substantial pay rise. A recent study showed that PMP holders earned 40% more than Project Managers without a PMP certification – equating to an average of $130,000 a year in the US (versus $90,000 without).

Whether you’re negotiating a raise at your current job or exploring new opportunities, applying a strategic approach can make a significant difference. Here are some essential tips to help you maximize your earning potential and advance your career.

1. Benchmark Your Salary

The first step in securing a pay rise is understanding the current market rates for your role. Use reputable salary and recruitment websites such as Glassdoor, Indeed, or salary.com to gather data on salary ranges for project managers in your area. For those in project management, the Project Management Institute (PMI) publishes an annual salary report that provides detailed insights into earnings for PMP-certified professionals globally.

By comparing your current salary with market data, you can present a strong case to your employer if you’re being underpaid. This benchmarked data will serve as a solid foundation for negotiating a raise, demonstrating that your current compensation doesn’t align with industry standards.

2. Showcase Your Value

When negotiating a pay rise or applying for a new job, quantifying your contributions can significantly strengthen your position. Highlight how your projects have added financial value to your organization—whether through cost savings, revenue generation, or efficiency improvements. Provide specific examples and metrics to illustrate your impact.

If you haven’t yet achieved measurable financial results, consider volunteering for high-visibility projects or initiatives within your current role. This not only demonstrates your willingness to take on additional responsibilities but also provides tangible evidence of your contributions that can support your case during negotiations.

3. Enhance Your Network

Networking plays a crucial role in career advancement. Studies show that a substantial percentage of job vacancies are filled through referrals or internal recommendations rather than public advertisements. Strengthening your professional network can open doors to opportunities that are not widely known.

Engage with industry groups, attend PMI chapter meetings, and connect with peers in your field. A robust network can offer valuable support, provide insights into job openings, and help you gain referrals or endorsements from industry professionals. Leveraging these connections can be a powerful tool in your job search and salary negotiations.

4. Consider a Job Switch

If your current employer is unable to meet your salary expectations, it may be time to explore new opportunities. Even if a job switch doesn’t immediately lead to a promotion, it can offer better prospects for future salary increases and career growth. Look for roles in companies or industries that offer more competitive compensation and opportunities for advancement.

A lateral move to a different organization might also present more upward mobility or a more supportive work environment, which can contribute to long-term career satisfaction and increased earning potential.

5. Target Hot Industries

Identifying and targeting high-growth industries can be a strategic way to increase your salary. Industries experiencing rapid growth, such as technology, healthcare, or renewable energy, often offer higher compensation due to increased demand for skilled professionals.

Research industries that are currently thriving and align with your skills. By positioning yourself in a booming sector, you can benefit from the increased salaries and bonuses that come with high-demand roles.

6. Optimize Your Job Application

When applying for new positions, tailoring your resume and cover letter to match the job description is crucial. Use keywords from the job ad to ensure your application passes through automated applicant tracking systems (ATS). Highlight relevant skills and experiences that align with the job requirements.

One effective tool is ChatGPT or other AI-driven platforms that can assist in crafting well-written resumes and cover letters. These tools can help you present your qualifications in a professional manner and match your skills with the keywords from job ads. However, be cautious of potential text watermarks that may indicate AI-generated content – always review and personalize the output to ensure it reflects your authentic voice.

Conclusion

Securing a pay rise or advancing your career as a PMP-certified professional involves a combination of market research, strategic negotiation, and effective job searching. By benchmarking your salary, showcasing your value, enhancing your network, exploring new opportunities, targeting growing industries, and optimizing your job application, you can significantly improve your chances of achieving the salary increase you deserve.

With these strategies, you’re well-equipped to navigate your career development and secure the compensation that reflects your skills and contributions. Good luck, and here’s to your success in reaching new career milestones and financial goals.

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Using Maslow’s Pyramid to Motivate your Team

Maslow's Pyramid

If you’re leading a team this year, make sure you know Maslow’s Pyramid.

➡️ If your team aren’t earning enough to put food on the table, they can’t focus on their job.

➡️ If their job is volatile or not safe from being let go on a whim, they can’t focus on belonging.

➡️ If they don’t feel like they belong as part of the team, they can’t raise issues or debate ideas.

➡️ If they can’t raise issues or debate in a safe place, they can’t solve the biggest problems in your industry or business. And solving those problems is where the money is.

“You can have anything you want, if you just help enough people get what they want.” – Zig Ziglar

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Don’t Give Up – You Might Be at This Crucial Stage

Exponential Graph Effort and Time

If you are working towards something this year, KEEP GOING.

It takes time for the big results to show. All your efforts day by day will build upon each other, compounding and growing until what started out as grass ends up as mountains. I believe in you. You can do it.

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Six Negotiating Tips from Never Split the Difference

Negotiating Tips from Never Split the Difference

Six Quick Tips from Never Split the Difference

I recently finished “Never Split the Difference” by Chris Voss. Here are a few takeaways to help your next negotiation:

➡️ People use time pressure or deadlines to make the other party do things against their best interest.

➡️ Let the other party commit first – they may be willing to offer more than you were happy to accept, and it gives you information on their position without having to reveal anything yourself.

➡️ Anchor people’s emotions before delivering bad news (like a low offer) – “Oh boy, you’re really not going to like this – I’m almost embarrassed to bring it to you.” “Exaggerating emotions” makes the real thing not look as bad.

➡️ If the other party gives you a low offer, counter with a range. “$4,000? I was expecting more in the range of $5,000 to 6,000.”

➡️ Use Specific / Odd Numbers – it makes it seem like you came to it through research and thoughtful calculation. e.g. $101,890 instead of $100,000.

➡️ Pivot to non-monetary terms – if they can’t meet your price, ask for high-value resources or services to fill the gap. And always ask for a trade-off if conceding something yourself.

Negotiation is a critical skill in Project Management, as you often are accountable for results, but don’t have direct control over many things like Resources or Funding. It’s important that you continuously improve your skills to stay ahead of the game.

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This Course Is Really All You Need To Pass the PMP

Udemy_PMP_David Mclachlan

“This course is really all you need to pass the PMP. I very much enjoyed the style; the lessons are clear, key terms repeated just enough to get you to remember them without driving your crazy. Lots of positive reinforcement throughout helps you along. I am excited to use all the knowledge I gained in my work!” – Esther, on Udemy.

See hundreds of 5 star reviews for David McLachlan.

This is the course: The Ultimate PMP Project Management Prep Course (35 PDUs)

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Essential Excel Shortcuts to Master Your Table Data

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Show Off In Meetings with these Excel Tips!

Navigating and showcasing data in Excel can be a breeze with the right shortcuts. Whether you’re presenting data to your boss or analyzing large datasets, these handy tips will streamline your workflow and make your reports stand out. Let’s dive into some essential Excel shortcuts to enhance your data management skills.

1. Select Entire Table

To quickly select all your data in a table, use:

  • Ctrl + A, or
  • Ctrl + Shift + Spacebar

These shortcuts highlight your entire table, making it easy to apply formatting or make bulk changes.

2. Convert Data to Table

Turning your data into a formal table can help with organization and filtering. Simply press:

  • Ctrl + T

This converts your selected range into a table, allowing for easier manipulation and formatting.

3. Add Filters

To add filters to your data, which is crucial for sorting and analyzing information, use:

  • Ctrl + Shift + L

This will add filter dropdowns to your table headers, making it simple to filter and view specific data subsets.

4. Insert a Slicer

For a more visual way to filter data, especially useful in presentations, you can add a slicer:

  • Select a cell in your table.
  • Go to the Table Design tab and click Insert Slicer.
  • Choose the fields you want to filter by, such as “Job Title”.

Slicers make it easy to filter and display data in a way that’s clear and interactive.

5. AutoSum

To quickly calculate the sum of a column or row, select the empty cell where you want the total to appear and press:

  • Alt + =

Excel will automatically sum up the numbers above or to the left of the selected cell.

6. Find Top and Bottom Values

To find the top or bottom values in a dataset:

  • Use =LARGE(range, n) to find the nth largest value.
  • Use =SMALL(range, n) to find the nth smallest value.

For example, to find the top 3 salaries, use =LARGE(range, 1), =LARGE(range, 2), and =LARGE(range, 3).

7. Trace Formulas

To troubleshoot or verify formulas while you’re in a meeting, you can instantly go to where the formula gets its data from:

  • Press Ctrl + [ to jump to the cells referenced by a formula.
  • Press Ctrl + ] to see which cells are dependent on the selected formula.

You can also view all formulas in your worksheet by pressing:

  • Ctrl + `

This shows all formulas in your spreadsheet, helping you audit your data.

8. Trace Formulas with Arrows

To visually trace the relationships between formulas:

  • Go to Formulas > Trace Precedents or use the shortcut Alt, T, U, T to add arrows showing which cells affect the formula.

This is a great way to identify and correct any errors in your formulas.

9. Create a Pivot Table

For advanced data analysis, create a pivot table by pressing: Alt, N, V, T

This opens the PivotTable creation dialog, letting you summarize and analyze your data efficiently.

Conclusion

Mastering these Excel shortcuts will not only save you time but also help you present your data in a professional and effective manner. Whether you’re preparing for a meeting or just organizing your data, these tips will ensure you navigate and showcase your tables with ease. Happy Excel-ing!

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How to Pass the PMP Audit: Tips for Meeting Eligibility

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Pass your PMP Audit With These Tips

If you’re afraid of receiving a notification from PMI that you failed your PMP audit because your eligibility wasn’t met, you’re not alone. The audit process can be tricky, but with some adjustments, you can improve your application. Here’s a guide to help you meet the PMP requirements and increase your chances of success.

Don’t get Rejected

PMI may reject your application if your project descriptions don’t clearly show that you led a project and fulfilled the duties of a project manager. Even if you didn’t hold the title of Project Manager, you must demonstrate that you led cross-functional teams and managed the project effectively to deliver a change.

Tips for Meeting Eligibility

Detail Your Project Experience:

Length and Detail: Each project description should be around 200 to 500 words. Include key details such as team size, project budget, methodology (waterfall or agile), and the timeline.

Overlapping Time Doesn’t Count: PMI only counts the total of your non-overlapping project time. For example, if you worked on multiple projects that overlapped, you can’t add up their durations. Only count the actual time worked.

Showcase Your Leadership:

Project Description: Clearly state your role in leading the project or change. Even if your title wasn’t “Project Manager,” emphasize how you led teams and managed project delivery across the project phases of Initiation, Planning, Execution, Controlling and Closing.

Project Definition: Ensure your projects are temporary efforts aimed at delivering change or business value, not just routine tasks or operations.

Describe Your Responsibilities:

Project Phases: Break down your responsibilities across different project phases—initiating, planning, executing, monitoring, and closing. Use PMBOK language, tools and techniques to align with PMI’s standards.

Tools and Techniques: Mention any project management tools and techniques you used, such as stakeholder registers, risk management, quality inspections, and work breakdown structures.

Highlight Outcomes:

Success Metrics: Describe the outcomes and benefits of the project. Even if a project wasn’t fully successful, outline what was achieved and how you managed any challenges.

Final Thoughts

Applying for the PMP exam can be daunting, but with the right approach, you can meet the requirements. Focus on detailing your leadership roles, project outcomes, and use PMI’s language to describe your experience. Remember, persistence and attention to detail are key. You’ve got this!

Good luck, and if you have anything you want to add, leave a comment below.

See more PMP articles: 

You can see what people are saying about David McLachlan here: REVIEWS

Navigate to Free Project Management and Leadership Articles through the links on the right (or at the bottom if on Mobile) 

PMI PMP 35 PDUs CourseThe Ultimate PMP Project Management Prep Course (35 PDUs)
Agile Certified Practitioner (PMI-ACP 21 PDUs)The Complete Agile Course: PMI-ACP (21 PDUs), Coaching, Jira and MORE! 
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Project Management Plan TemplatesPre-made Project Management Plan Template: Save 100 HOURS!

 

PMP versus MBA – Which One Wins?

Note: Click on the video above to watch.

PMP versus MBA cartoonPMP Certification vs. MBA Degree: What’s the Difference?

Many people have asked about the differences between a PMP (Project Management Professional) certification and an MBA (Master of Business Administration) degree. While both focus on business improvement, leadership and value, they have distinct features, costs, and benefits. Let’s break it down!

Overview

PMP Certification: This is a professional certification designed to showcase your Project Management skills. To earn it, you need at least three years of project management experience and 35 hours of project management education. It’s recognized globally, so you can often use it anywhere.

MBA Degree: An MBA is a graduate-level degree that covers a broad range of business topics, including leadership, finance, and marketing. It’s often required for top-level management positions and is also internationally recognized.

Popularity

PMP: There are about 1.2 million PMP certification holders worldwide.

MBA: Approximately 2 to 3 million people hold an MBA, making it one of the most popular graduate degrees. The exact number can vary based on university records and different definitions of MBA completion.

What You Learn

PMP: Focuses on project management processes, frameworks, and delivering business value. You’ll learn about managing scope, schedule, cost, quality, and risk, as well as team leadership and resource management.

MBA: Covers a wide range of topics, including marketing, ethics, organizational behavior, finance and accounting, strategy, and leadership. It provides a broad business education, preparing you for various managerial roles.

Salary Expectations

PMP: The average salary for a PMP holder in the U.S. is around $130,000 per year according to PMI’s latest Salary Survey.

MBA: The average salary for MBA graduates is about $128,129, but graduates from top MBA programs can earn between $205,000 and $231,000. Consultants with an MBA can earn up to $251,000 annually.

Time and Cost

PMP: Costs $655 (or $544 for PMI members) and requires 35 hours of education plus three years of project management experience. It’s relatively quick and affordable compared to an MBA, but is still sufficiently difficult to pass and obtain.

MBA: On average an MBA costs around $56,000 and requires about two years of full-time study or approximately 600 classroom hours. The cost and time commitment are significantly higher than those for a PMP.

Networking Opportunities

PMP: Networking is limited compared to an MBA. While you can connect with other professionals through PMI, the scope is narrower. Some people have mentioned the benefits, as a PMI member, of joining your local PMI Chapter. These can give some networking opportunities to help your career.

MBA: Networking is a major benefit of an MBA. MBA programs often provide opportunities to connect with high level executives, alumni, and mentors through events and alumni networks, which can be invaluable for future career opportunities.

Prerequisites

PMP: Requires three years of project management experience and 35 hours of education.

MBA: Generally requires a bachelor’s degree with a minimum GPA, and some managerial work experience. Depending on the program, you might also need a GMAT score and/or IELTS scores.

Conclusion

Choosing between a PMP certification and an MBA depends on your career goals. The PMP is ideal if you want to specialize in project management and need a slightly faster, more cost-effective credential. An MBA offers a broader business education and more networking opportunities, but at a higher cost and time commitment.

I hope this helps you decide which path is right for you! If you have anything to add, leave a comment below.

See more PMP articles: 

You can see what people are saying about David McLachlan here: REVIEWS

Navigate to Free Project Management and Leadership Articles through the links on the right (or at the bottom if on Mobile) 

PMI PMP 35 PDUs CourseThe Ultimate PMP Project Management Prep Course (35 PDUs)
Agile Certified Practitioner (PMI-ACP 21 PDUs)The Complete Agile Course: PMI-ACP (21 PDUs), Coaching, Jira and MORE! 
50 Project Management Templates Gantt Chart Risk Matrix and more Excel50+ Project Management Templates in Excel and PowerPoint (Gantt Chart, Risk Matrix and more!)
Project Management Plan TemplatesPre-made Project Management Plan Template: Save 100 HOURS!