What is the Project Management Institute (PMI)?

Laura Angelica updated on 2024-06-06 13:44:58

Who else in this world doesn't want to enhance their career as a professional product manager? Mostly if we talk about today's competitive market. There are so many competitions going around in every field of professional life. You have to be the best of the best to stand in front of these challenges.

That's where Project Management Institute comes to rescue you. So, in this article, we'll cover all the things about PMI that what actually is Project Management Institute and who can take benefits of it? Also, we'll see how many certifications and skills you can get from Project Management Institute.

What is the Project Management Institute?

Program Management Institute is a not-for-profit professional membership organization for product managers or program managers. Project Management Institute gives you recognized globally PMP (Project Management Professional) certification that assures a person or any employee is perfectly trained to manage higher-level projects.

In simple words, PMI is an institute that provides managerial level certificates for employees. PMI network spread over 200 countries around the globe. PMI not only providing professional certificates for project management but also providing career training and educational sources.

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The certifications that are offered by the Project Management Institute are highly valuable in the business field as well as in IT.

Project Management Institute has four different membership plans for those who want to become a part of PMI.

  • Individual Membership
  • Students Membership
  • Retiree Membership
  • Group Membership

As per Individual Membership, this membership is open for everyone who wants to join PMI. The starting processing fee is $139; after that, you can pay $129 annually.

For Student Membership, this membership is limited to the students only. The starting fee of Student Membership is $42; after that, you have to pay $32 annually.

Retiree Membership is only for those who were a part of Project Management Institute for at least five consecutive years of service since retired. They have to pay only a $65 renewal fee.

And in last Group Membership is only open for companies and educational institutes that have a group of at least 15 members interested in joining the Project Management Institute.

Who is the Project Management Institute for?

There's no doubt Project Management Institute offers valuable certification for the professional. But the question occurs, who is eligible for PMI's certification? Everyone can apply for PMP certification whose educational background is related to project management. You can also apply for any PMI certifications if you have any prior experience in project management.

It's better to have some experience in leading and managing projects. Perhaps, it's mandatory to have some managing experience for certification.

Following roles with some prior experience in their field can go for PMP certifications. Remember, the income of a certified PMP falls in the category of the top 10 highest paid jobs in the world.

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Roles can be:

  • Anyone participating in the project management process
  • Supervisor
  • Team Leader
  • Project/Product Manager
  • Coordinators
  • Assistant Manager

Well, the people mentioned above can quickly get the membership of the Project Management Institute without any inconvenience.

What you can gain with Project Management Institute?

It's worth spending money on any Project Management Institute certifications. Currently, PMI offering eight certifications for professionals. Every certificate has its own benefit for your career of choice.

Following are the list of certifications that the Project Management Institute is offering to employees:

  • CAPM: Certified Associate in Project Management
  • PMP: Project Management Professional
  • PfMP: Portfolio Management Professional
  • PgMP: Program Management Professional
  • PMI-ACP: PMI Agile Certified Practitioner
  • PMI-RMP: PMI Risk Management Professional
  • PMI-PBA: PMI Professional in Business Analysis
  • PMI-SP: PMI Scheduling Professional
program management institute

1. CAPM: Certified Associate in Project Management

Anyone can go for this certificate because it doesn't need any kind of experience in project management. All you need is a high school degree or an equivalent diploma. After applying to this certification, you've to 23 hrs. of project management training program.

Remember: This is only valid for five years without any further renewal.

2. PMP: Project Management Professional

PMP is one of the most highly paid certifications around the world. Most of the professionals often go for this certification. This certificate will take your career to the next level.

Validation of this certification is for three years and can be extendable after completing the CCR cycle.

3. PfMP: Portfolio Management Professional

This certification is suitable for those who like to manage multiple programs or projects. This certification required 10,500 hrs. of experience in portfolio management and eight years of business experience for diploma holders. Or if you're a bachelor's degree holder, this certification required 6,000 hrs. of experience in portfolio management and eight years of business experience.

Validation of this certification is for three years and can be extendable after completing the CCR cycle.

4. PgMP: Program Management Professional

This certification is suitable for those who are managing related programs. The requirement for this certification is quite the same as what we've seen in PfMP.

5. PMI-ACP: PMI Agile Certified Practitioner

As the name suggests, this certification only for agile professionals with having a secondary degree and having 1,500 hrs. of experience in agile management.

6. PMI-RMP: PMI Risk Management Professional

Both the Degree or Diploma holders can go for this certification. Experience need for the diploma holder must be 4,500 hrs. in risk management. Or if you're a degree holder, it required 3.500 hrs. Plus, it's mandatory to attend a risk management training program.

7. PMI-PBA: PMI Professional in Business Analysis

This certification is only eligible for those professionals who have a secondary degree, and 7,500 hrs. of experience in the relative field and the requirements for the bachelor degree holders is 4,500 hrs.

8. PMI-SP: PMI Scheduling Professional

This certification needs 5,000 hrs. of experience in project scheduling, and after that, you have to attend the 40 contact hrs. of training in scheduling management. Or if you're a degree holder, the experience should be 3,500 hrs. in scheduling management.

Well, these were the different certifications offered by the Project Management Institute and their requirements. Pick the right certificate that suits your career.

Good Tool for Product Prototype

So far, we've discussed almost everything about Project Management Institute, there's one last thing, it's a little bit off-topic but can be very helpful if you are a manager for designing department.

Wondershare Mockitt can be a massive assistant for the product managers. It's not a management tool, but a product manager can use this tool for product prototyping. Wondershare Mockitt is a prototyping tool or a graphic designing tool used to create creative prototyping of anything.

project management institute

With the help of its unique features, you can create real-world prototyping in Mockitt. Some important features of Wondershare Mockitt are as follows:

  • Team Collaboration

Team collaboration has been made easy with Mockitt. The product manager can track the live report of the designer and collaborate with them. Yes, you can communicate with team members during design. It's called real-time collaboration.

  • Multiple/Interactive Screens

You can create more than one screen at a time and can create interaction between them.

  • Security

Wondershare Mockitt does care about your privacy. Information of users stores on robust servers so no one can access your personal information.

Well, Mockitt has many incredible features that need to explore. It's a lot better for you if you go to the official site of Wondershare Mockitt and explore the fantastic features.