Advantages of PMP over MBA – Comprehensive Guide
Last updated on 13th Jul 2020, Blog, General
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An MBA is a degree and a PMP is professional certification. So, it’s really hard to compare them. Also, an MBA can open doors for specialized areas such as investment banking where one can earn up to $1M or more. It can also break the invisible executive ceiling.
On the other hand, project managers get to manage key initiatives and strategic projects. Deliver them on time and within budget, and one can expect guaranteed visibility across the organization.
Plus, they get the opportunity to work on the “entire” business because projects require integration with scope, schedule, cost, quality, resource, communications, risk, procurement and stakeholders.
For those who are thinking about getting an MBA, have they considered these factors?
If someone already has an MBA, why not add a PMP credential to it?
Why can’t they have both?
Thoughts?
Pros and cons?
Agree or disagree?
Let’s have an honest, open and respectful conversation.
However, when it comes to choosing among these two courses, it can be somewhat of a challenging decision. After all, both courses have their pros and cons that one needs to take into account, and without adequate research, it’s frankly impossible to make an informed decision. To make this process somewhat easier, here are some factors that you should keep in mind before making this critical choice.
- Demand in the industry: It pretty much goes without saying that the volume of MBA graduates is way higher than those who have a certification in PMP. Keep in mind that this is not a point that we’re trying to make against MBA – in fact, by going through an MBA course you can open yourself up to a lot of potential career paths, as opposed to a PMP certification that only educates you in this field. So, if landing a job is important to you, then be extra sure regarding the field you wish to apply in. If project management is your forte, then, by all means, go for a PMP certification. However, if you want some flexibility in your job, then perhaps you should go for an MBA degree. Just keep in mind – it’s been reported that less than 7% of MBA graduates actually manage to land a well-paying job.
- Development of particular skill sets: Each has a specific set of skills that they wish to develop throughout their lifetime, and it’s pretty apparent that an MBA degree and a PMP certification will let you grow two different sets of skills altogether. So, in the end, it’s up to you to decide where you want to specialize when you choose to go through with a particular degree. While these courses aren’t essential when it comes to ensuring success, they’ll certainly help you progress in specific fields at a faster rate. Make sure to keep this in mind while choosing a particular degree.
- Overall time and cost of education: MBA is a course that’s pretty thorough, and people who wish to go through with this particular course need to know that a substantial amount of time and money goes into achieving this degree. While this is not a problem for most people since they already know about these factors beforehand, a person whose focus is solely on management might find it easier to enroll themselves in a PMP certification course that is less time-consuming and requires a significantly less amount of financing. To put it into perspective, the cost for certification of the PMP exam costs less than a lakh for most students, while MBA degrees go well over this price limit. After all, time is money, and while an MBA degree might have more scope, it might not be in the best interests of those who are focused solely on management.
MBA Is Generalized
MBA programs are designed to create managers. An MBA can be fairly generalized, seldom focused on a particular industry or functional area, which is its greatest strength. Ideally, an MBA should be able to find employment in any industry, in any vertical.
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However, organizations—especially technology companies—have realized that they need more than just managers. They need managers who understand and work with technology. They prefer technocrats to just bureaucrats.
The answer to this need is the PMP certification, which combines technical knowledge with managerial skills. Individuals with PMP certifications are immediately identifiable to employers as someone with real skills. PMP certification training provides specialized knowledge that an MBA usually lacks—and this has a higher value in the job market.
The State of the Economy
The last decade has been a roller coaster, and companies have been forced to evolve to survive. Most organizations have emerged as leaner, meaner organizations while companies who have failed to make the change, have disappeared.
As a result, employers are on the lookout for professionals who fit their company’s profile—people with hard-earned expertise, who can demonstrate clear leadership in their chosen fields. It’s no wonder most companies today seek PMP certified project managers.
MBA, PMP, or Both?
Now that you understand the advantages of the PMP over an MBA, the choice is yours.
However, there are some positives to an MBA that a PMP certification cannot match. For instance, MBA programs teach business practices and theories that are not covered in 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 other hand, getting PMP certified prepares you for what is now one of the fastest-growing professions in the world today. It requires a professional to have solid work experience, which the certification then builds upon. As a result, a PMP certification makes you job-ready.