An MBA is often a year or two long educational program for those who want to become masters in business administration. The course is designed for students to successfully understand the different technical and managerial skills to grow into the job market. There are many variations of an MBA with varying specializations as options for students to choose from.
There is no doubt that both the courses add value to one's professional aspects and help one grow one's career. The question that arises in this scenario is which option is considered to be better. The choice depends on what the working professional is looking to achieve with the options. Ideally, any form of further education should help professionals increase the annual salary they are going to receive, make them more suitable for the job market, and benefit them in the short and long term both.
This article discusses the many points of difference between an MBA degree course and a PMP certification course to help aspiring professionals make the right choice for their future.
PMP and MBA: Points of Difference
Choosing the right option between an MBA and a PMP certification should depend on a variety of factors. Some of the things to consider when selecting between a PMP certification and an MBA course are:
The Skills You Want to Develop and Gain Expertise inThe PMP certification and an MBA train professionals for different job roles. Both the courses help students diversify their career opportunities when it comes to creating a secure livelihood. An MBA will help students perform better at management roles in different organizations across industries or train them to become entrepreneurs in their field of choice. A PMP certification is for those working professionals who already have experience managing teams and want to increase their skill set.
While students can opt for an MBA directly after completing their undergraduate program, a PMP certification requires a certain level of work experience to be eligible for the certification course. Becoming a Project Management Professional is a highly desired job role, and the certification will aid candidates in achieving this goal.
The Time it Takes To Complete the Educational Program
There are different types of MBAs available to suit the learner's needs. The program can last anywhere from a year to two years in their field of choice. Learners also have the opportunity to pursue this degree course as a full-time education program, or they can choose to complete it online or part-time.
In comparison, a PMP certification takes up a lot less time compared to completing an MBA program. This is why working professionals choose to complete their PMP certification over their MBA. It allows them to learn and work simultaneously, and one does not have to halt their earning potential while they study.
The Cost of the Education
Typically, the financials required to complete an MBA degree program are relatively high. A variety of universities offer an MBA program across the world with different fields of specialization. The higher the university is ranked, the more it usually costs to complete the degree course there.
When you compare this to a PMP certification, it is not the case. A PMP certification is a lot more cost-friendly, and the certification can be completed in a much more affordable manner. Many professionals do not have the time or monetary funds to complete their MBA, and a PMP certification offers an equally impactful learning program at a fraction of the cost.
The Demand of Your Field of Expertise in the Job Market
The truth of the matter is, an MBA has grown in immense popularity over the last few years. This means that many graduates have completed their MBA in the job market, and it is getting saturated. Completing one's MBA is not enough anymore because many people apply for the degree program every year, across the world. They need to complete additional courses and certifications to stay ahead of their peers in their field.
On the other hand, a PMP certification is popular, but not nearly as much as an MBA. It is still a widely recognized certification that gives project managers a competitive edge over their non-certified peers. This way, learners and experienced professionals can still generate immense value with their educational program. The aim of completing higher education is to learn more and in a way that will create value to one's career. A PMP certification can generate more weight as compared to an MBA for working professionals.
The State of the Job Market Today
As mentioned above, the job market is saturated with MBA graduates. There have been over 200,000 MBA graduates in the United States alone completing their education program since 2010 each year. This means over the last ten years; there has been a minimum of 2 million MBA graduates in the US alone. Now, suppose you compare this statistic to that of the total number of people who have an active PMP certification. In that case, the total number of PMP-certified professionals across the world is 2 million.
Since the PMP certification is difficult to complete, it holds a lot of value in the job market. Although also difficult to accomplish, an MBA holds lesser value, simply because of the sheer number of people who have completed it. In an ideal world, the perfect solution to this problem would be to complete an MBA and then the PMP certification program to specialize further and increase one's professional value.
The Level of Specialized Expertise You Will Gain With the Educational Program
The MBA program is a generic (often) two-year-long educational program concerned with teaching the values, best practices, and tools and techniques of business administration and management. A PMP certification program is a highly specialized skill-based program that teaches learners how to manage projects more efficiently and generate higher business value for their organization.
There are many points of difference between getting an MBA degree and completing a PMP certification. Both courses come with their own benefits, and add value to businesses. Choosing the right option between the two should be decided based on the career path users want to take and the field they want to expertise in.