Master of Business Administration, popularly abbreviated as MBA is one of the most acclaimed and ambitious Postgraduate Degree courses across the globe. The MBA course basically emphasizes Business Administration in a holistic manner, which includes Marketing, Finance, and Accounting which helps aspiring candidates develop vital soft skills and leadership skills. Another important aspect of today’s education does include Project Management Professionals, commonly known as PMP.
Though both, MBA and PMP courses are the most discussed topics across the world. MBA is all about excelling in the different perspectives in Business Administration, while; on the other hand, PMP is an inevitable part of the corporate world. Any company project needs skilled, well-trained, experienced managers who will accomplish the given task with complete confidence, dedication, and precision; here comes the vital role of Project Management Professionals. Basically, the Project Management Professional (PMP) is an internationally acknowledged licensed designation offered by the Project Management Institute, widely known as PMI.
Both MBA and PMP are of exceptional importance in the corporate field. But the candidates who are willing to pursue the courses, are supposed to have a crystal clear picture of the aforesaid Degree Courses. Master of Business Administration (MBA), at its literal meaning, is a Postgraduate degree Course that enhances and nourishes the entrepreneurial attitude and mindset of the candidates who have enrolled themselves in the course, for their bright and secure future. From a broader perspective, MBA works in different parts of a business, be it Finance, Marketing, Accounting, Management, or Business Law. It (MBA) deals with all the areas. There are several MBA Schools, where aspirants can pursue their dreams. Whereas, Project Management Professionals (PMP) is a specialized course that focuses majorly on the specific projects of the company.
There are certain things/points that need to keep in the head while going with either MBA or PMP or both courses. Let’s dive into the courses of PMP and MBA in the following ways:
About Project Management Professionals (PMP):
What do you understand by PMP Certification?
Primarily, Project Management Professionals or PMP is a universally certified course by the Project Management Institute (PMI). This course of PMP tests the ability of the enrolled candidates’ ability to manage the people, processes, and business priorities of a professional project. Project Management Professionals is applicable for project managers in virtually any industry, that includes Health Sector, Construction, Information and Technology (IT), and Business.
The following are the essential PMP Certification Requirements:
Validation of the Education that the candidates have received is an important step towards PMP. The course also asks for Experience in Project Management. These are as follows:
*35 hours of project management training, which means coursework that specifically addressed learning objectives in Project Management. This can be substituted with a Certified Associate in Project Management (CAPM) Certification.
*36 months of experience leading projects if you have a four-year degree, or 60 months of experience leading projects if you have a high-school Diploma or Associate Degree.
Which qualities are supposed to be incorporated after completing the PMP Course?
*People: Recognizing the skills to effectively lead and motivate a project team throughout the project.
*Process: Using predictive, agile, and hybrid approaches to determine which way of working is the best for each project.
*Business Environment: Highlighting the success of a project and its impact on overall strategic organizational goals.
What powers are inculcated after being certified with PMP Course?
*PMP is a stand-out solution to set you apart in the current scenario of work.
*It is a globally recognized certification that gives confidence to the recruiter to take you for the position.
*The salary of a PMP-certified candidate will be increased as the candidate is already experienced in doing the projects.
*The PMP-certified candidate will be having advanced skills in project management compared to the others.
*People who are PMP certified will be getting higher positions in just a short span. Since they are experienced in making and leading projects.
*PMP certification is a must for people who want to start their Project Management Careers.
*Companies will be getting more benefits from certified project managers as they are experienced in the projects.
What is MBA All About?
The Masters of Business Administration is an internationally-recognized Masters Degree that polishes the skills that are highly required for careers in business and management. The scope for an MBA Postgraduate is not limited to the world of business and management only. A candidate who has accomplished the MBA Degree can opt for pursuing a managerial career in the Private Sector, Public Sector, and Non-Profit Sectors as well.
Essential Requirements for MBA:
*Bachelor’s Degree is a must for candidates who are willing to pursue an MBA Degree Course for their bright and secure future.
*Qualifying for the Entrance Tests such as CAT, MAT, GMAT, XAT, ATMA, NMAT, IIFT, SNAP, and CMAT is the entry ticket for getting admitted to the MBA Course in India.
*Students who are willing to pursue their Higher Studies of MBA abroad will have to crack GMAT/GRE.
*Being proficient in English is another important requirement for getting into the MBA Degree Course.
*Above all, the candidates should be dedicated enough to get enrolled in the MBA program.
Qualities that will be incorporated after pursuing MBA Degree Course:
*After completing the MBA course, the candidate will have great Problem-Solving Skills.
*Interpersonal Communication skills will be developed in the candidates, which will be highly beneficial in many a way.
*Flexibility is another important characteristic that will find a way in the personality development of the students who have completed MBA courses.
*Candidates who will possess an MBA Degree will be confident enough to tackle any situation.
*Such students who will be accomplishing an MBA Degree will be highly efficient in managing Risk in any situation.
*They (the MBA Degree holders) develop an Analytical Thinking nature in themselves.
Benefits of MBA Degree Course:
*One of the major benefits of having an MBA Degree is High Salary and Job Security in the industry.
*The MBA Degree holders do have a better Network of Successful Peers in the field concerned.
*After pursuing the MBA Degree, there is a huge opportunity for advancement in the career, that will pave the right path for a bright and secure future.
*Possessing an MBA Degree will help the candidates in building Personal Credibility and Brand.
*MBA Degree holders do have better Communication Skills that aid in developing their personalities in every possible way.
Now, let’s have a look into the different aspects of PMP and MBA altogether:
PMP vs MBA Exam and Cost:
The exams for both PMP and MBA are diversified in their natures. The basic differences are as follows:
*The duration of the MBA exam is 150 minutes, while the PMP exam gives 230 minutes for the exam.
*The MBA exam pattern consists of 200 Questions and the PMP exam pattern includes 175 questions for the examination.
How Much Does a PMP Certification Cost?
PMP Certification costs INR 23,459 in India for PMI Members and INR 42,863 for non-members.
How Much Does an MBA Degree Cost?
MBA fees in India range from INR 20,000 to INR 40 lakh for the two-year full-time program.
Does PMP help MBA Degree Holders?
The relationship between PMP and MBA can’t be well explained than the following quote by Sydney J. Harris:
“The purpose of Education is to turn mirrors into windows.”
In a conversation with the ex-employee of L&T, Shri Anil Srivastava, based on his personal experience, revealed to CareerIndia that PMP Certification does add value to the growth of the personality of the candidates who are willing to pursue PMP Certification. Experience does matter,m hence; the larger the project, the better the opportunity to maneuver the skill.
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(With Inputs from careerindia)