Don KimPROJECT-TO-PORTFOLIO MANAGEMENT EXPERT| Seeking opportunitiesSacramento, CA, United States
In the short term, I think it is if you’re a project manager... there seems to be some indication that it may be a better investment than getting an MBA. Viewing it from a very general ROI perspective (getting back more than you invested), the amount of money and time needed to invest in an MBA compared with what is needed in money and time for a PMP, the difference on your return on investment can be dramatic.
For example, PMI’s 2011 annual salary survey indicates that getting a PMP will earn you an average of 16% more (approximately US$14,500) than if you were not PMP certified as a project manager. If you take into consideration that it costs around $600 to apply, about $900 – $1,500 to take a decent PMP prep class and about $200 more to buy books, additional prep material, etc., that’s a cost of around $2,000. If we buy into PMI’s survey, that means for $2k you can expect to increase your return to be around 625% in the form of a salary increase. In my own case, I spent around $2k total for my PMP and I got an increase of $30K going from technical lead to project manager which means my return was 1400%! Both the PMI salary survey as well as a survey by ZDNet Tech Republic indicate that PMP certified project managers earn on average $102,000.
Let’s contrast that with what the return would be to graduate from a top tier MBA program like Harvard, where it costs around $112,000 to make an average of $102,000 which comes out to a -8.9% return on investment!... it is a combination of soaring tuition costs, glut of MBA graduates entering the workforce and general dilution of the graduate degree... in the short run, if you are a mid-career professional and a project manager by trade, it might be better to get a PMP and hold off on or maybe entirely write off the MBA. But with any certification or degree that’s in flavor at the moment, you have to decide if what you invest in time and money will allow you to rise above being perceived as just another resource commodity and to differentiate yourself from the crowd.
Require advice / suggestion :- Should i go for MBA ?
i am a IT project manager for more than 10 years and just obtained the PMP 2 years ago. My previous academic qualification was in Accountancy (didn't obtain the full degree, pending 2 final papers), but i think my current post as PMO team, is more involve managing the project and various functional managers.
i am currently 40+, thinking to pursuing the MBA so that a have the full degree qualification and provide the opportunity to be involve in managing business unit, or opt for part time teaching career & helping in NGO organization for the next 10 years, as part of my retirement plan. TQ Saving Changes...
Hello to all, I'm fairly new to the site and am currently pursuing my Bachelors in Business Administration. I have been seeing in the Army for 17 years now and am trying to plan for life after the Army. What I'm posting for is to ask what in your opinion is the best course of action? I was planning to continue my studies and earn my MBA along with earning my PMP certification prior to getting out of the Military. Or I can change my degree plan and schools and pursue a Bachelors of Science in Project Management while also earning my PMP. I'm not super concerned about education costs at the moment while I continue to serve so with that not being a concern would any of you recommend one over the other? Thank-you in advance and sent mean to hijack the thread. Saving Changes...
Kim Gian GohPrincipal Consultant| CMG Online Sdn BhdKuala Lumpur, Wilayah Persekutuan, Malaysia
i have both PMP and MBA in International Business, i think both knowledge have the advantages which will benefit from different prospective.
If time & money is not the restriction, then I think it would be good to consider taking the PMP as the fundamental knowledge & understanding the methodology since the study time and cost is very minimum. Then, later you can plan to take the MBA which will open up more other career / business opportunities in non project basis work because it require a lot of critical thinking and some practical work experience. Good Luck. Saving Changes...
mohamed atwaFunctional Manager| Kuwait Energy EgyptCairo, Egypt
i agree with that PMP is better than MBA on a short term basis from the ROI point of view Saving Changes...
