After passing the PMP exam, a thought may come to mind. Should you go for the PMI-RMP certification? And does it have any value?
Often I receive this query from professionals who have recently passed PMPs. This is a natural question because the PMI-RMP is the next sought after certification from the PMI; they want to achieve it.
There may be another reason.
You have been preparing for the PMP exam. You pass it, the pressure is released, and you are not comfortable with it. Passing the PMP exam was a project for you. Now you are free and looking for another project, so you are thinking about applying for the PMI-RMP exam.
I wouldn’t suggest you go for this certification just for the sake of attaining it.
There is another category of aspirants who did not pass the PMP exam and are only interested in the PMI-RMP certification because of their job requirements.
Should I go for the PMI-RMP certification exam?
You should go for this certification if you are involved in risk management and have genuine interest. This certification will improve your performance and increase your career prospects.
You can also gain this certification if you are involved in project management and are interested in following a career in risk management.
Is this certification valued in the industry?
Yes, this is a valued certification in the industry, and I have witnessed it. I received many more interview calls when I updated my CV with the PMI-RMP credential.
A search on any job portal for a risk management position will show you that many employers have recommended this credential and some have made it mandatory. This shows the value of this certification.
A few years back, PMP certification holders were rare and organizations were happy just to have them. These days, organizations are becoming more cautious. Project failure is a very costly affair, and they want to avoid it at all costs. Therefore, they prefer PMI-RMP certification holders over non-PMI-RMP certification holders to manage risks in their projects.
I hope I have answered your queries and now you are in a better position to decide whether you should get the PMI-RMP certification or not.
The following information will help you understand the process if you are interested in the PMI-RMP certification.
You should have 4,500 hours of project risk management experience if you hold a secondary degree (high school diploma or equivalent), and you must attend 40 hours of formal project risk management training.
You should have 3,000 hours of project risk management experience if you hold a four-year degree (bachelor’s degree or equivalent), and you must attend 30 hours of formal project risk management training.
The exam fee for PMI members is 520 USD and 670 USD for non-members.
The PMI membership fee is 139 USD, so if you become a member of PMI and apply for the PMI-RMP exam, you will save 11 USD. Therefore, I suggest you get a PMI membership before applying for the exam and make use of the many benefits it provides.
The PMI-RMP exam consists of 170 multiple-choice questions, including 20 pretest questions. These pretest questions are not added to your result but are instead used to check the validity of future exam questions. Since you cannot distinguish these questions, you should be ready to answer all 170 questions.
The time allotted for the exam is 3.5 hours, and there is no scheduled break. You can take a break but the time is included in your exam duration.
The PMI-RMP certificate is valid for three years. You will have to earn 30 PDUs in risk management topics to renew it for another three years.
Benefits of a PMI-RMP Certification
According to the PMI’s Pulse of the Profession edition 2015 findings:
83% percent of organizations that are high performers in project management practice risk management frequently while just 49% of low performers do so. The practice contributes to a handsome payoff: high performers meet their goals 2.5 times more often and waste 13 times less money than low performers.
This certification helps organizations perform better. It makes them proactive in managing risks, improves the control of projects, minimizes surprises and losses, and improves organizational resilience. It improves stakeholders’ confidence and trust in you and your organization.
The PMI-RMP certification is the most renowned certification in risk management, and possessing it validates your experience and knowledge. This certification enhances your skills and makes you more employable. I recommend you apply for the PMI-RMP certification if you are involved with risk management.
P.S. Please refer to the PMI-RMP Handbook for the latest information. In case of any conflict, assume the information given in the PMI-RMP Handbook to be correct.
Are you involved in risk management and thinking about the PMI-RMP certification? Please share your thoughts in the comments section.