The Portfolio Management Professional (PfMP) certification is given by the Program Management Institute (PMI) and it is widely viewed as the high point of the project management professional ladder. It is the application of management activities to a collection of programs, projects, and operations to achieve strategic business objectives. Ensuring that projects within the portfolio achieve the set goals of the organization.
Portfolio Managers usually manage aspects such as time, cost, resources, and so on by applying portfolio management best practices. The PfMP certification provides the necessary expertise to influence and define project investments.
What are the benefits of PfMP?
Portfolio Management supports strategic goals and ensures positive returns on investment. For every organization out there looking to make a profit, Portfolio Management supports this goal. It basically bridges the gap between strategy and implementation.
As a PfMP® you will be able to monitor and manage multiple portfolios by selecting the appropriate portfolio components, managing stakeholders, and keeping them up-to-date with key portfolio communications. So also investing resources in the right work to deliver the expected value results.
As the PfMP certification is the most elite PMI qualification, certified professionals stand to gain an advantage in employment and promotional opportunities, as against those without the certification.
Who is this certification for?
It is designed for experienced project and program managers looking to advance in their careers and support their organization’s project portfolio and lead complex programs. PMO consultants, Financial, marketing, and operational executives in a position to influence and contribute to organizational strategy are also eligible for this certification.
What are the requirements for a PfMP certification?
All applicants must possess a minimum of 96 months of professional business experience within the last 15 years and a secondary degree (high school diploma, associate’s degree or the global equivalent). 84 months of portfolio management experience
All applicants must possess a minimum of 96 months of professional business experience within the last 15 years and a four-year degree (bachelor’s degree or the global equivalent). 48 months of portfolio management experience
PfMP Certification process?
It is a four-week-long credentialing process, starting with a review of portfolio management experiences. This is to evaluate skills, and professional experience, and gauge responses to a series of questions. The review also seeks to verify that one has managed one or more portfolios. Passing the panel review means you are cleared to sit for the exam which has a time limit and should be taken within one year.
The exam consists of 170 multiple-choice questions with a 4-hour time limit; 150 questions are scored, while 20 are non-scored pre-test questions placed randomly throughout the exam.
What skills are being measured in the PfMp exam?
It is expected that candidates have good knowledge of the following before taking the PfMP test:
- Introduction to Portfolio Management and its benefits
- Portfolio Strategic Alignment
- Portfolio Governance
- Portfolio Performance
- Portfolio Risk Management
- Portfolio Communications Management
What is the PfMP Exam Fee?
PMI Member: $800.00
How best to prepare for the PfMP Certification?
Additional preparations are recommended when preparing for this certification. Training, resources, workshops, coaching sessions etc. will provide extra education and knowledge.
CareerCentra can prepare you for certification as we proudly have certified professionals in our faculty, including a triple P-certified project professional. For further information, please reach out to us here. We will be happy to be of help.