Project Management Professional
Project Management Professional (PMP) is an internationally recognized classification for professionals, offered by the Project Management Institute (PMI).
Project Management Certification further helps us to know the 5 basic steps of project management:
- Initiation: Initiation is the first step of project management that involves defining the project, identifying stakeholders, and determining project feasibility.
- Planning: Planning involves making the outline of a project, which includes costs, the sequence of events, and communication with stakeholders, schedules, budget, and risk.
- Execution: The execution phase involves the evaluation of the plan and begins the actual work of executing by putting the plan into action.
- Monitoring and Controlling: Monitoring and Controlling involve tracking progress and comparing it with the plan. It’s important to conduct quality control checks throughout the process.
- Closure: Closure involves delivery to the client and getting their feedback. Closure requires evaluation of the project if everything went on as planned and discussed with the stakeholders.
Master’s of Business Administration
The Master of Business Administration (MBA or M.B.A.) degree originated within us within the early 20th century when the country industrialized and corporations sought scientific management. The core courses in an MBA program cover various areas of business administration like accounting, applied statistics, human resources, business communication, business ethics, business law, business strategy, finance, managerial economics, management, entrepreneurship, marketing, supply-chain management, and operations management during a manner most relevant to management analysis and strategy.
The MBA may be a terminal degree and a knowledgeable degree. Accreditation bodies specifically for MBA programs ensure consistency and quality of education. Business schools in many countries offer programs tailored to a full-time, part-time, executive (abridged coursework typically occurring on nights or weekends) and distance teaching students, many with specialized concentrations.
PMP is considered better than an MBA and may give an advantage over MBA graduates when it comes to hiring and job opportunities.
Here are 5 reasons why PMP is considered better than an MBA:
- Cost: MBA degree is a lot more expensive than getting a PMP certification. Many people may not be able to afford such an expensive course, and for them, PMP may be a much better option.
- MBA is Generalized: MBA is a very generalized course, with the aim of producing managers, with basic managerial skills. An MBA can be fairly widespread, rarely focused on a given industry or functional area, which is its greatest strength. PMP certification combining technological know-how and management skills. Individuals with PMP certifications are readily recognizable as those with actual skills by employers. PMP credential training offers expert expertise that is generally missing in an MBA — and that has a higher impact on the job market.
- Time-consuming: MBA is a pretty intensive and time-consuming degree, which is not as preferable by everyone. PMP is a lot better, as it takes less time, and that saved time may be invested elsewhere.
- Job Opportunities: The last decade was a roller coaster, and forced companies to evolve in order to survive. Most organizations, while companies that have failed to make the change, have disappeared as leaner, meaner organizations.
Employers are therefore looking for professionals who fit the profile of their company — people with hard-earned expertise who can demonstrate clear leadership in this field.
There are many project managers out there in the job market. In such a scenario, how do you stand out from the crowd? What better way to do it than by becoming PMP certified? It makes your resume more attractive to companies. More significantly, PMBOK certification teaches you important skills to excel in your career.
PMP certification has high standards. As such, it is not easy to clear this exam without extensive preparation. Moreover, it requires you to master the practical application of the material. Attaining PMP credentials will include learning several hard and soft skills. It builds the knowledge of fundamental project management processes tools & techniques and methodologies. Further, it exposes you to best practices and current trends in project management. You can also learn new tricks and techniques in project management activities.
The chances of a PMP certified professional getting hired may be a lot more than an MBA graduate, as companies would prefer a person with technical skills along with managerial skills.
Also, if both get hired for the same position, there is almost no difference in the salary.
- Common: There was a time when an MBA was not very common; it was essentially a two-year, graduate degree not obtained by many people — and there were not many institutes or universities offering an MBA program.
But as the demand for MBA rose, many institutes began offering shorter executive MBA programs, making getting an MBA degree much easier for a professional working person.
MBA is so common these days, every 1 out of 3 people is an MBA graduate (approximately). PMP offers a few different add-ons, which would make a PMP certified person different from an MBA graduate.
And anyone who would be able to afford a degree got one.
There are more MBA courses out there today than in the past. Every Institute has jumped into the MBA bandwagon (with varying reputations). Add to these options for online education and it seems there are MBAs everywhere. But is the industry ready for so many MBA professionals? Apparently not. More and more experts are realizing that even after spending piles of money, their career is still stagnant.
However, despite these, there are some positives to an MBA that a PMP certification cannot match. For instance, MBA programs teach business practices and theories that aren’t covered during a PMP program. In addition, if you are able to attain an MBA from a prestigious school, you will get access to better networking opportunities.
On the opposite hand, getting PMP certified prepares you for what’s now one among the fastest-growing professions within the world today. It requires knowledge to possess solid work experience, which the certification then builds upon. As a result, a PMP certification causes you to job-ready.
In the ideal world, you ought to aim for both degrees, and this is often the selection many professionals are making: MBAs are becoming their PMP certification and the other way around. Having both is certain to form you a better-rounded professional.