As the new school year kicks off in earnest, PMI has given some managers new reason to hit the books again. That’s right a – new credential is in the works.
The Portfolio Management Credential (PfMP – I secretly fantasized about it being named PoMP), is expected to go into pilot toward the end of this calendar year.
In PM-speak, a portfolio represents all of an organization’s investments in programs and projects, and ideally they should be clearly aligned to the organization’s strategic goals. Among other things a PfMP will need to demonstrate that (s)he is adept at measuring benefit, aligning programs, and tying things back to strategy.
This credential isn’t cheap. The cost to sit for the exam is a whopping $800, and that is for those who are already a member of PMI.
Here is a summary of what it will take:
- Examination Format Evaluation 1: Peer Review Evaluation 2: 4 hour, multiple choice exam
- Examination Fee $800 member $1,000 non-member
- Minimum Professional Experience 6,000 portfolio management hours within last 15 years with a Bachelor’s degree. 10,500 portfolio management hours within the last 15 years with a High school diploma or associate’s degree
- Credential Cycle 3 years
- PDUs per Cycle 60 PDUs
There are no contact education requirements before you can sit for the exam.
It will be interesting to see where this one goes. Fewer than 1% of PMPs went on to get their Program Management Professional (PgMP), and the expectation would be that are fewer Portfolio Mangers out there than there are Program Managers.
Let’s hear from you. What is your interest in this new credential?