Today’s modern world is filled with all sorts of postgraduate degrees, academic & Professional certifications in all walks of life and different field. One of the most well known and commonly sought out of these degrees is the MBA degree, however, it is not the only professional certification in the field of business management & administration.
In today’s article, we will be discussing these two certifications, the difference between them and which one would be the best option for you. So, prepare your reading glasses, get your morning coffee or tea a let’s start breaking both certificates down.
1) Definitions of the MBA & PMP
Let’s start with defining bot degrees before diving into the respective differences between them starting with the definition of an MBA degree, which is otherwise called the master’s degree in business administration.
As per MBA.com, the definition of MBA programs is a post-graduate higher education level general business degree which aims to provide its students with the needed managerial & technical knowledge needed to either maintain an existing business or open his or hers new project.
A PMP or a Project Management Professional PMP as per Wikipedia is that it is a professional designation offered solely by the Project management institution (PMI). The PMP credential is an industry-recognized certificate targeted towards those who aspire to fulfil project management roles and reflects the experience education level skill level & competency of its students and is a great opportunity for those who are seeking to manage projects.
2) Differences between MBA & PMP
Now that you’re aware of the definitions of both degrees or designations if you may its time to move on into the differences between them in terms of degree nature, providing bodies and other notable differences.
One of the core differences between the two designations is that the PMP is provided by a specific and central body which is the PMI or project management institutions including the PMP test and PMP certification. The MBA degree, however, can be sourced from a group of different sources including business schools, UNiversities, and other providing bodies.
Another core difference between the two designations is the examination process, During your study for your MBA degree, you will perform several items of coursework on the way however your effort will culminate in the form of a final examination or exit test, that is designed to assess your skills in the form of a comprehensive test, after the completion of the required coursework.
The examination process for the PMP or the PMP exam prep courses all accumulate in the form of a 200 multiple choice question exam, 25 of those being sample questions used to adjust or fine-tune the difficulty degree for the person taking the exam and are not counted as part of the scoring process
Courses & Concentrations
MBA degrees are generally more general in terms of the subjects skills and different aspects of the business world they educate its students in. They also feel more expansive in terms of concentrations such as Human resource management, Engineering, Entrepreneurship, and more.
When it comes to PMP certifications they tend to be more specific and less general and unlike the MBA which combines a group of leadership & management skills it focuses on project management skills with knowledge in the field of technology. This makes the PMP degree more specific and scarce which in turn makes its pay higher.
The difference in cost
An MBA degree from the top business schools such as Harvard or Stanford could easily cost you above 120.000$ and 70,000 to 80,000$ for a B-School MBA degree, which is frankly speaking not a small amount of money.
As for the cost of a PMP, could range anything from 3.0000 to 5,000$, the cost of a computer-based examination is 405$ for members and 555$ for non PI members. The reexamination cost for those of you who fail to pass the PMP exam is not tasking at all, standing at 275$ for PMI members and 375$ for non-members.
Accreditations and Audits
One of the core elements of an MBA degree is the accreditation body which is crucial in determining the ROI of your MBA degree. The bodies that are providing MBA accreditations are many including but not exclusive to the IBAS, IBSS and the Athe, As for the PMP designations since the providing source is mainly the PMI, a PMI conducts an audit to make sure of the credibility of both the designation holers and the body.
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3) So, MBA or PMP or both?
So, we come to the main question, which of these two degrees is the better option for you. Well, that depends on your objective behind pursuing any of the two degrees, your long term career objectives, your budget, and what your looking to achieve
One of the most important aspects you need to consider, among the previously mentioned aspects is the Financial ROI of an MBA or a PMP degree. The average annual income for MBA holders in the US is 102,000$ annually, in Canada, it’s 99,800$ & 98.400 in Australia.
The average annual salaries for a PMP holder, depending on the position you are occupying could range anywhere from 110,000$ to 166,000$ in Canada and the US.
In conclusion, whether you decide to pursue an MBA degree or a PMP designation earning any of these coveted degrees is sure to boost your career and open up interesting and lucrative opportunities in front of you. We hope this piece has been useful for you and helped you discover more about PMD degrees and MBA degrees in general.