UAE: Skill-building courses can increase earning potential by 16%, reveals survey

A new study has revealed the power of continuous education and skill-building in the project management field could increase professionals’ earning potential by 16 per cent in the UAE.

According to the survey conducted by the Project Management Institute (PMI) between March and June 2021, respondents holding the Project Management Professional (PMP)® certification reported higher median salaries across 40 countries surveyed.

The latest iteration of the biennial report underlines how further learning and training, such as acquiring professional certifications, can benefit professionals’ earnings over the course of their careers.

The survey highlights that in Egypt Project Management Professional (PMP)® certification holders earn a median salary 17 per cent higher than those who do not hold the certification. In Saudi Arabia, certified PMPs are reported to earn 6 per cent more (median salary) than colleagues and peers without the certification.

Findings published in the report also underline that, globally, the salaries of project management professionals tend to increase with higher positions, but the rate of increase varies significantly by country.

The most dramatic increases are seen in Egypt and Saudi Arabia, as well as in Pakistan and New Zealand, where respondents demonstrated increases of more than 60 per cent in median salary from project manager I to project manager III.

ALSO READ:

• Dubai: Youth should develop soft skills in post-Covid world, say experts

• Dubai: Issuing free driving licences among RTA's CSR initiatives last year

“As The Project Economy continues to evolve and contribute to the development of increasingly innovative businesses, industries and communities, project practitioners and professionals take on even more important roles in helping to shape life, work and the world as we know it,” said Grace Najjar, Managing Director of PMI MENA.

He adds, “This has placed a premium on skilled project managers equipped with the tools to build a brighter and even more sustainable future. As such, project professionals are now in greater demand than ever, their expertise commanding highly attractive compensation packages that only grow with more experience.”

The latest edition of the “Earning Power: Project Management Salary Survey” provides insights from more than 30,000 respondents, 79 per cent holding the PMP certification. Despite the impact of the Covid-19 pandemic on the global economy, an increase in total compensation (including salary, bonus, and other cash incentives) was reported by half of survey participants over the 12 months prior to completing the survey. Nearly one-quarter (22 per cent) reported total compensation increases of at least 5 per cent over that period.

“According to the company’s Talent Gap report, the global economy will need 25 million new project professionals by 2030,” said Michael DePrisco, Interim CEO, PMI.

“This pressing demand — coupled with organisations’ desire to leverage future-proof talent — is producing a wide range of competitive compensation opportunities across sectors and geographies. Our Salary Survey is a valuable resource for professionals applying for these emerging project management roles and organisations seeking to fill them,” he added.

“As indicated by the Salary Survey report, project managers who are committed to their ongoing professional development and upskilling are in a strong position to seize new opportunities,” said DePrisco. “The data shows strong financial benefits for project managers who are well-equipped to drive change for their organisations.”

• Dubai