Maximizing Your Earning Potential
The latest 2023 Earning Power Report from the Project Management Institute (PMI) gives a few clues for the benefits of holding a Project Management Professional (PMP) certification. For those considering whether to get their PMP, this might just be what you need to see, with some pretty compelling data on how a PMP can influence your salary across different regions and roles.
PMP Certification and Salary Impact
The report actually shows there is a decent salary boost for project managers who hold a PMP certification compared to those who do not. Here’s a quick overview of how PMP holders fare around the globe:
- United States: Project managers with a PMP certification earn an average of $130,000, significantly higher than their non-certified peers.
- Australia: PMP-certified project managers earn about $108,000, showing a strong return on investment.
- Germany: With an average salary of $113,000, Germany also reflects the value of a PMP certification.
- United Kingdom: Certified project managers earn around $94,000.
- Singapore: The average salary stands at $82,000 for PMP holders.
Salary Increases by Country With a PMP
The percentage increase in salary from obtaining a PMP varies by country, but here are the ones that stand out:
- South Africa: A remarkable 67% increase, translating to a jump from $38,000 to $60,000.
- Colombia: PMP holders see a 65% increase in their earnings.
- Nigeria: With a 60% increase, PMP certification proves highly beneficial.
- Brazil and the United States: Both countries experience a 40-50% rise in salary.
- Germany: Offers a 27% increase.
- United Kingdom: Gives a 25% increase.
- Australia: Provides a 10% increase.
In dollar terms, these increases can be substantial:
- United States: An average increase of $40,000.
- South Africa: Around $25,000.
- Germany: Approximately $21,000.
- Canada: $20,000.
- Singapore: $9,000.
Advancing to Program Management
The report also highlights the financial benefits of transitioning from a project manager to a program manager. Program managers, who oversee multiple projects, typically see a 35% average salary increase. Countries like Saudi Arabia and Colombia report even higher jumps, making this career advancement a lucrative opportunity.
Managing Larger Projects
Managing larger projects with 20 or more team members instead of smaller teams can also enhance your earning potential. The report notes an average salary increase of 30% for those managing larger projects.
You Can Do It
Getting your PMP certification, advancing to program management, and managing larger projects can all make a big difference to your salary.
- PMP Certification: Provides a 33% average salary increase.
- Program Management: Offers a 35-40% increase.
- Larger Projects: Results in a 30% increase.
For project managers aiming to increase their earning power, the evidence is clear: pursuing a PMP certification, advancing to program management roles, and managing larger projects are effective strategies. With determination and effort, you can leverage these insights to enhance your career and financial prospects.
See more PMP Articles and Tips for Passing your Exam:
- How to Apply for your PMP Exam
- PMP to Pay Rise – 6 Steps to Getting a New Job and Pay Rise With Your PMP
- This Course Is Really All You Need To Pass the PMP
- How to Pass the PMP Audit: Tips for Meeting Eligibility
- PMP versus MBA – Which One Wins?
- Getting the Mindset for the PMP
- CAPM versus PMP – What Are They and Which Should You Choose?
- The Secret History of Agile: From Japan to America
- What to Put in Your Project Plan: Agile vs. Waterfall
- How To Learn and Study FAST
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