Is PMP Equivalent to Master Degrees?
A Project Management Professional (PMP) and a master's degree in a field are two entirely different concepts that one shouldn't compare. However, considering specific criteria, we can say PMP is more beneficial than a master's degree regarding job opportunities in project management and the salary hike in your current role.
The PMP credential is much more application-based and factors in an individual's experience. On the other hand, a master's degree is about elaborative training in different fields of project management and dives in-depth into the subjects.
The Master's degree is much more theory and research-based that expands your knowledge in project management than PMP. But the degree is too long and theoretical and isn't particularly job-ready.
Though the recruiters value deep knowledge; however, they value experience a little more. Thus, PMP accredited by Project Management Institute (PMI) value outweighs the Master's degree value.
In this blog, we will discuss a few criteria that display whether PMP is equivalent to a Master's Degree or does the credential value exceeds the degree value.
PMP Vs. Master's Degree: Difference
Comparison in Terms of Eligibility Criteria
Let us compare PMP and the Master's Degree in terms of eligibility criteria.
Some PMP aspirants are aware of the PMP eligibility prerequisites, and for those who aren't, the requirements are listed below:
- Secondary degree (High school diploma, associate's degree, or global equivalent)
- Leading project experience: 60 months (5 Yrs)
- Project management training: 35 hours
OR
- 4-year degree
- Leading project experience: 36 months (3 Yrs)
- Project management training: 35 hours
NOTE:
If you're an active CAPM certified professional, the 35 hours of education aren't for you. These individuals can exclude the training part and concentrate on the educational period and project experience.
To be eligible for a PMP credential, an individual does need 7 years of education and project experience.
The prerequisite for the Master's Degree is:
- A bachelor's degree from a university-affiliated or accredited institute. The course duration of a Master's Degree is 2 years, which we all know.
Hence after a minimum of 6 years, the individual would have completed the education in project management. However, they certainly won't have any experience managing a real-life project in an organization, which can be a demerit when the individual appears for the interview.
Because of the theoretical nature of a Master's, recruiters prefer applicants with the PMP credential over those with a Master's Degree.
Comparison in Terms of Syllabus
Let us compare PMP and the Master's Degree in terms of the syllabus.
For an individual to be PMP eligible, they must undergo 35-hour educational training in PMP from a PMI-approved center.
So why should I go for PMP training?
The PMP training teaches you the guidelines, frameworks, and critical terminologies suggested by the PMBOK Guide Ed 6 by PMI.
Professionals will train you about the project life cycle, process groups, and knowledge areas and equip you with the functional knowledge and business insights to effectively lead and manage real-life projects. The project manager's role is to complete the project on time (schedule) and within budget (cost) by meeting all the requirements (scope).
In case of Master's Degree:
The degree encloses several topics and focuses on in-depth knowledge of all the topics. However, the topics might not directly connect to project management, and you might not be leveraging them in real-life projects.
These topics are significant for the overall knowledge on the subject; however, they aren't relevant in the context of the corporate world.
Comparison in Terms of Opportunities
Let us compare PMP and the Master's Degree in terms of opportunities.
The PMP accreditation offers assurance to stakeholders, workforces, and peers that you are proficient, knowledgeable, and competent in managing projects.
The certification also helps you obtain a better job role in project management, followed by an eye-catching salary package. According to pmi.org, there are more than 1 million PMP project managers worldwide and more than 2.2 million project-related roles to be filled by 2027.
In countries like the US, India, UK, and Canada, several organizations have started making PMP education a necessity as it attests to one's knowledge and experience in project management.
When considering a Master's Degree, it also opens new doors of opportunities across the globe. For example, you will be qualified for a Ph.D. in project management or can even take up teaching or professional roles.
You can also apply for corporate jobs; however, you lack the experience that can be a demerit. Furthermore, even if you get hired, the salary package would be much less than your PMP-certified peers.
PMP Vs. Master's Degree: Pros & Cons
PMP Pros
- PMP accreditation displays your knowledge and experience in leading and directing projects.
- This is the highest-paid IT credential. A certified PMP professional makes a handsome amount than non-certified managers.
- Your resume will look great with the certification under your belt, thus making you stand out from the crowd, increasing the chance of getting hired quickly.
PMP Cons
- The procedure behind gaining PMP certification is expensive. The 35 hours of credential training course, plus the exam, is costly.
- To appear for the exam, you must fulfill the prerequisites set by PMI and document the hours as proof of fulfillment, which is time-consuming. Examiners required detailed information included in the Work Breakdown Structure (WBS).
- You have to renew the PMP certification every 3 years after submitting 60 PDUs as the PMI needs.
Master’s Pros
- A Master's degree enhances your chance of entering a competitive job market.
- The degree exposes you to the global market and improves your knowledge of the worldwide economy.
- You will connect with several alumni and have access to top-notch experts in your field.
Master’s Cons
- A common disadvantage seen in PMP and Master's degrees is that both are expensive. Besides the education fees, there are expenses for books and accommodation for offline degree courses.
- A Master's degree is a long-term commitment. The education duration is over 2 years, and some choose to do bachelor's + Master's online.
- It lacks specialization, i.e., this degree will be a stepping stone for later specialization.
Concluding Thoughts
To conclude, PMP and a Master's Degree are two different educational certificates, and PMP is not equivalent to a Master's.
If your goal is to have a better career in project management or a salary increment, you should go for PMP certification from a PMI-approved training provider like iCert Global.
On the other hand, if you are keen on the academic part of project management and want to attain in-depth knowledge, then a Master's Degree is better.
We hope the idea behind PMP Vs. Master’s Degree is clear and helpful for you. We wish you luck in your PMP certification career.
Are you looking to create a change in your career with PMP certification? If yes, enrol iCert Global's PMP certification training course now!
We would be privileged to play a part in your journey towards achieving a globally recognized PMP Certification from The Project Management Institute, Inc.
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