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Organizations fill gaps between implementation and strategy with effective portfolio management. Portfolio management is the best way to meet or overpass anticipated return on investment as it is an effective way to implement strategic actions. The certification of PfMP validates your abilities to adjust an organization’s projects and operations according to its goals. Earning the PfMP credentials make you capable to invest the resources of your organization in a productive way that meet business objectives. With the PfMP or Portfolio Management Professional certification, you become competent to work in the coordinated management of more than one job roles.
Organizations need certified PfMP professionals because research shows that with developed project portfolio management organizations complete 35% more of their operations. As a Portfolio Management Professional, you become able to manage and organize a portfolio of projects to achieve an organization's goals. PMI PfMP approved individuals track the success of one or more departments, resolve clashes between projects and programs and invest resources according to an organization's priorities and capabilities. You should earn the PfMP certification because it helps to boost your career in portfolio management. HR managers prefer certified portfolio managers to assist the company’s strategic goals. Certified Portfolio Management Professionals have a clear advantage over the non-certified individual in terms of employment and career opportunities.
Prerequisites: Candidates must have 96 months of experience in the professional business within the previous 15 years. A high school diploma, undergraduate degree, and portfolio management experience of 84 months are also necessary.OR
4 years of bachelor’s degree and 48 months of portfolio management experience also act as prerequisites for the PfMP certification. You have a choice to fulfil any of these requirements.
PfMP Certifying Process
Besides the experience requirements, you need to pass both the penal review and PfMP examination. A panel of portfolio managers will review the application after your submission. Your application will be assessed based on your feedback to the summaries of Portfolio Management Experience. The final step in the certifying process is the PfMP exam. You must pass the multiple-choice exam to earn the certificate. Read on to find details of this PMI exam.
The PfMP examination has 170 questions and its format is multiple-choice. The given below points give you information about the percentage of questions from each domain. These percentages show the number of questions included in each PfMP certification domain.
1. Strategic Alignment (25%): This domain includes PfMP exam questions about aligning portfolio components with the organization’s goals. It also involves tasks of recommending portfolio scenarios to form a basic portfolio roadmap.
2. Governance (20%): In this domain, you face PfMP questions of establishing the governance model, developing a plan for portfolio management, and approving the portfolio.
3. Portfolio Performance (25%): You perform tasks of managing the portfolio by using the portfolio processes, monitoring and evaluating the consolidated portfolio components performance, and reporting on advancement to meet strategic goals.
4. Portfolio Risk Management (15%): Skills to develop a portfolio risk management plan are tested in this domain of the PfMP examination.
5. Communications Management (15%): PfMP questions about communication with stakeholders, understanding stakeholders’ requirements, solving issues and promoting suitable stakeholders engagement in activities of the portfolio.
The first step you must take during the preparation is visiting the official website of the PfMP certification exam. Review the PfMP handbook which gives you basic information on the procedure of getting and maintaining the PfMP certification. This handbook guides you to get knowledge about the policies and procedure of getting certified. After this, use the exam content line to guide your PfMP preparation. All the information about exam domains and tasks is given there. From the PfMP content outline, you find what type of PfMP questions you will face and which tasks you will perform in the real examination. PMI has also mentioned the PfMP examination reference list to guide your preparation.
Once you complete this step, the next thing you need to do is preparing relevant PfMP practice questions. You must prepare such PfMP questions that are based on the present syllabus of the exam. PMI can change the content of the PfMP examination so make sure your PfMP exam questions fit the current syllabus. Practice questions come in the PfMP PDF format which makes preparation uncomplicated. Whether you are at home or in the office you can prepare actual PfMP practice questions from any place. You need a smartphone, laptop, tablet, or PC to study PfMP questions without the time and place constraint.
Practice is also very important before appearing in the final PfMP certification exam. Taking the PfMP practice test gives you two benefits in preparation. One is that it gives you a real exam-like environment that gives you an idea of ??the PfMP exam topics and objectives. This real exam situation also helps you overcome the fear of the exam. The second major benefit of taking the PfMP practice test is to review the preparation. With the help of this practice test, you can find out which parts of your preparation are weak, what are your mistakes. Repeating this process over and over again not only helps you eliminate your mistakes but also strengthens the weak parts of your preparation before you take the actual test. The PfMP practice exam comes as web-based and desktop software. You can also take the PfMP mock test online and install the software on your computer.