PMP vs. MBA – What Should you Pursue in 2024?

Need clarification about whether an MBA or PMP will improve your career prospects? Don’t worry more; we have got you covered! MBA (Master of Business Administration) is a graduate degree for business and PMP is a professional certification for Project Managers offered by PMI.

A professional credential like an MBA or PMP helps individuals get the best jobs in the market. Based on your requirements, choose the certification that will get you - jobs across industries, high pay grades, and benefits in the long term.

Both are valid worldwide. But, which of these you should pursue depends on your choice based on the skills and knowledge you want to gain. This choice will have a significant impact on your career prospects. Therefore, we have bought this blog to compare some of the essential elements in PMP vs MBA, so it can get much easier for you to make this decision. 

Table of Contents

1) Let's Understand – What is PMP? 

2) Let's Understand – What is MBA? 

3) PMP Vs MBA – Major Differences  

   a) Eligibility Criteria   

   b) Popularity 

   c) Certification Cost 

   d) Salary 

   e) Career Path

   f) PMP vs MBA – Which is the Easier Exam to Clear?

4) PMP Vs MBA - Advantages    

5) Can you do both – PMP and MBA?  

6) Conclusion 

Let's Understand – What is PMP? 

PMP is the acronym for Project Management Professional. Project Management Institute offers PMP certification. It is the most in-demand Project Management certification worldwide.

This certification helps individuals gain the knowledge, skills and abilities required to manage projects from start to finish. This certificate is suitable for those who have at least three years of work experience in Project Management.   

There are over one million PMP holders, though the PMP exam is considered the most challenging professional exam. According to PMI’s Earning Power Survey, PMP-certified Project Managers make 25% more PMP salary than those without the certification.

They are in high demand as they are trained to manage the most complex projects and deliver projects that maintain the utmost client satisfaction. 
 

   

Let's Understand – What is MBA?

MBA is the acronym for Master of Business Administration. It is a graduate-level degree that will provide you with an understanding of business administration relevant to various sectors, including F.

An MBA degree is usually pursued after a three- or four-year bachelor's degree. it will help you stay ahead of other graduates in the job market. There are many universities that provide MBA programs in both online and offline mode and as part-time or full-time programs. So, you can pursue it while being employed as well. 

You have the option to pursue it in the following specialisations: 

1) Human Resouces 

2) Finance and Accounting 

3) Public Relations 

4) Digital Marketing 

5) Marketing  

6) Mass-communication 

7) Operational Management 

8) Information Technology  

Additionally, you can opt for it if you’re looking for a career in a new field. Most of the universities also give job guarantee program post MBA.

MBA programs generally have broad scopes and teach students various business-related subjects. An MBA from famous universities around the world can take you places in your career.   

Secure your future in Project Management! Check out our Project Management courses!     

PMP Vs MBA – Major Differences

As mentioned above, PMP and MBA are both excellent choices for career advancement. However, there are some noticeable differences between them, which are important to be aware of.

Let's see the major differences in PMP Vs MBA: 

1) Eligibility Criteria 

a) First, let's see what you need to pursue PMP certification:  

b) You need to have a high school diploma, associate degree/equivalent degree or a four-year degree or a master’s degree from a GAC-accredited program (bachelor’s degree or master's or global equivalent).  

c) You need 36 months of Project Management experience if you have a four-year bachelor’s degree. Whereas if you have an associate degree or other equivalent degrees, you will need 60 months of Project Management experience. With masters, you will need 24 months of Project Management experience.   

d) Along with a degree and Project Management experience, you will also need 25 contact hours or a CAPM certificate. CAPM is the acronym for Certified Associate in Project Management. Contact hours refer to Project Management training from PMI-authorised Training Partners (ATPs).     

Now, let's see what you need to pursue MBA:  

1) You should have graduated from any recognised university, with a minimum of 50% academic score.  

2) If you're a final-year student and want to apply, you must provide documentation showing that you completed your degree within the specified time frame of your institution.

3) Depending on the institution, you will also need to pass an entrance exam. The most well-known tests include the Common Admission Test (CAT), Graduate Management Admission Test (GMAT), and Xavier Aptitude Test (XAT)

4) Group discussions and Personal Interviews usually follow entrance tests. Following this, you will be qualified to get admission to the university for the MBA program.   

2) Popularity  

PMP is based on market demands. With PMP, you learn the expertise of the industry of your choice. Since the exam is very challenging, everyone needs help to clear it.

On the other hand, only a few years ago, MBA was not very popular, but today almost every university offers it, and it is widespread for anyone who can afford it to their profile. Let us take a detailed look into the popularity of both

PMP: Experts believe that only 50-60% of PMP aspirants can clear the exam and get their credentials. It serves as a guarantee of your skills and expertise in Project Management to employers.   

There are fewer PMPs on the job market than MBAs, which is another factor to consider. Since PMPs are in high demand across industries, the organisation offers high pay grades to hire Them for their business growth.   

MBA: MBAs are everywhere and this makes careers are stagnant as there is nothing exceptional about these professionals, even after spending huge sums. 

Employers are searching for professionals that suit their company's profile—individuals with honed skills and the ability to exhibit evident leadership in their respective industries. PMPs are more suitable to deliver this when compared to MBA professionals.

3) Certification Cost

PMP and MBA have different cost or fee structures, which can vary with various reasons, the institution and location being a few of them. Here is a basic breakdown of the cost of qualifying for a PMP and MBA. 

PMP: The cost of getting a PMP certification varies from being a PMI member. You can choose to do a PMP training which will help you cover the 35 Contact hours requirement of the  exam and will train you for the  exam

To become a PMI member, first you have to visit their website and register. You will be charged £107 per year plus £8 of application fees. The Application for the certification exam charges £331.48 for non-members and members pay £207.17. The re-examination fee of £311 is to be paid by non-members and members have to pay £228

Depending on the institution and location, this training will cost you between £250 to £4000. You majorly have to spend for the exam, which comes at £400 for PMI members and £465 for non-PMI members.

MBA: For MBA, you will have to spend anything between 2,500 GBP to 25,000 GBP, based on the university. The cost of the  entrance exam depends on the test you choose to take and also on the university where you want to pursue it.

In order to take the GMAT exam, you have to pay £207.17. The re-examination fee is £17 and late registration charges come up to £29. Once you pass GMAT, you can choose a business school out of the options listed and get enrolled.

4) Salary  

If someone like you wants to pursue a degree or professional certification,  your significant scale to judge the accreditation is the earning potential that will provide them. Both programmes considerably raise your income potential; therefore, it should go without saying.

PMP: After PMP certification, a Project Analyst can earn around 6,000 GBP and a Product Manager around 8,000 GBP. The average salary of a PMP certification holder is approximately 16,000 GBP.

 This  is 25% more than other non-certified Project Managers. This is not to say that an MBA is less valuable than a PMP certification. It depends on what you want in your career. 

MBA: Your salary after MBA will depend on various factors, including your university, job sector, work experience, specialisation and the entrance test you took.

An entry-level HR professional earns around 4,000 GBP. If you did an MBA from a world-recognised institute like IIM,  you would make around 16,000 GBP.

5) Career Path 

There are many misconceptions about PMP and MBA among professionals. The respecting career paths of both domains are clouded in doubt for many.  Let’s explore more about both the career paths. 

PMP: The PMP certification does provide you with a significant advantage over all other degrees because it will open up employment prospects that are almost inaccessible to individuals with master's degrees.

You will discover possibilities to use the certification even in fields like public service, sales, and marketing that don't require project management, making it simple to integrate into the job market.

There are a lot of excellent positions open for project managers that don't even call for credentials. The PMP is a pretty comprehensive programme that is accessible worldwide.

MBA: Many believe that getting an MBA degree will get them high-paying jobs in any sector. They don’t realise that their university and experience play a significant role.

others believe that it  will get them notable Project Management roles. MBA is a business administration degree and not a Project Management degree.  

a) PMP vs MBA – Broad base vs Specialisation

  An MBA covers many areas and skills and thus, is a broad-based degree. It has an extensive approach to various subjects related to business. But a PMP is more specialised and focuses mainly on Project Management.

b) PMP vs MBA – Flexibility

MBA degrees prepare you for work in various industries. Hence, using your business education with it, you can easily switch careers. But the PMP certification path leads to you becoming a project manager.

c) PMP vs MBA – Growth Opportunities

Your career and growth opportunities significantly widen with a PMP or MBA. You can join the world’s fastest-growing professions with either of them.  To increase their overall value, some project managers get both - a PMP certificate as well as an MBA degree.

d) PMP vs MBA- Qualifications

The qualification process for PMP and MBA differ in a few ways. Both of these need classroom time. However, only two years are needed to complete an Online master's degree program.

6) MBA vs PMP: Requirements

The requirements for both are similar.

 a) PMP Requirements

PMP certification requirements: requires a bachelor's degree in project management and relevant work experience. Even after your certification, you should continue your learning through online resources. Most decide on getting a PMP certificate after their MBA, as it is required to become a Project manager.

b) MBA Requirements

You should have a bachelor's degree from a renowned and well-established institute to be eligible to apply for a master's degree. Sometimes a letter of recommendation and two to three years of work experience are required to enter an MBA program.

5) PMP vs MBA- Scope

You can work in different professions and even become your own boss with an MBA. Product Managers, Financial Analysts, Business Analysts, and Operational Managers possess are some of the job roles that you can apply for.. PMP is a growing  field and there are not many qualified PMPs in the market. This increases your chance of getting a high-paying job as a Project Manager.

6) PMP vs MBA – Which is the Easier Exam to Clear?

Both exams require their fair share of preparation. But let’s see which exam is easier.

PMP: To clear the PMP exam, you must thoroughly study the Project Management Body of Knowledge (PMBOK). It is always good to get an MBA because it has more opportunities than a PMP certificate.

MBA: To become an MBA, you must pass the GMAT.  This exam tests your analytic, verbal, quantitative, and reading skills. In addition to GMAT, you should also have your IELTS/TOEFL scores to get into good business schools. If you wanted to know which exam is easier- PMP or MBA? then you will never get a clear-cut answer. Both exams are equally difficult and have their own strategy for preparation.

PMP Vs MBA: Advantages

Are you confused between considering a PMP certificate or an MBA? It must be established by now that pursuing either has multiple benefits. Let’s look at some of their major advantages:

1) Advantages of PMP Certification

a) You will be in demand if you have a PMP certification and your resume looks great.

b) Certified PMPs have higher salaries than non-certified project managers.

c) The PMP certification obviously shows that you have knowledge and experience in directing projects.

2) Advantages of having an MBA

a) It exposes you to the global market by enhancing your knowledge about the global economy

b) It increases your chance of getting a job in a highly-competitive market

c) You can access the top professionals in your field which in return increases your standards.

d)The economy fluctuates constantly. With an MBA, you can also be an entrepreneur.

e) This is a ‘degree’ and does not require any renewal

Can you do both – PMP and MBA?  

If you’re thinking of pursuing both MBA and PMP, it may turn out to be a good idea. This can be good if you plan on doing Project Management in various business-related job roles.  

As many choose PMP over MBA, you must remember that an MBA has benefits that  the former cannot match. Like MBA teaches business theories and practices that will not be covered in a PMP certification.

On the other hand, earning a PMP certification will help you enter industries currently experiencing the fastest growth.

Aiming for both credentials is excellent, and many people choose to do so You will become a more well-rounded professional if you possess both. 

A PMP is especially valuable as an addition to an MBA if your major is in project management or any similar specialisation. Additionally, if project management or a related field of study is your major, a PMP is a beneficial supplement to an MBA.

Also, check out our blog to prepare the top PMP interview questions to ace your interview!

Conclusion 

PMP vs MBA is a hot topic among professionals, as the argument between which field is better is getting hotter with every passing day. In this blog, we have given you the significant differences between both the professions and now it's your call.

As a last tip, you should know that PMPs have the advantage of being employed in various sectors, whereas MBA professionals become expert expertises in their specialisation.

If you want a career in Project Management, begin your journey With The Knowledge Academy’s PMP training!