Blog no. 22 – My experience with PfMP

I was requested by many Project, Program Managers to share my experience during prep. & exams. I hope this article will be beneficial for any professional who is interested to achieve this elite certification that is offered by the project management institute PMI. ☺️

First of all, let’s start with what before we move to how ..

What is PfMP? – PfMP certification if provided by PMI (Project Management Institute). PfMP stands for Portfolio Management Professional.

Why PfMP? – PfMP® is a very important certificate for aspiring & experienced Portfolio Managers. Preparing for PfMP® will help you to learn many new and familiar concept and assist you to run your portfolio efficiently and effectively. Achieving PfMP® will assist you to gain top positions with excellent salary.

1) Preparation:

• This is the first PMI certification where I didn’t attempt much question banks, I mostly relied on my experience and I read the standard for portfolio management books ~6-7 times
• First of all, have a good understanding on the exam outline before you start preparing. You can download the same from PMI’s official website
• I was able to remember all the ITTO’s for all the processes with a very solid understanding on where to use each and every tool, input and output. How the portfolio and portfolio reports get updated after each and every process.
• I attempted Rania Al-Maghrabi 170 questions one time and I scored very well, this boosted my confidence. I also attempted Dr. Ginger Levin’s questions as well just to ensure that I’m ready for the exams
• I would also recommend you to purchase books of Dr. Ginger, Prasad, Tu. You will also benefit from my Supporting Material, The Complete Reference Guide for PfMP®, PfMP® Challenger, PfMP® Pathfinder
• As for my application, it was a bit complex for PfMP, I have taken so much time to build my application and used PMI terminology to avoid any chances for audits or rejection. My panel review took almost 2 weeks (Please do not rush your application)
• My overall study plan tentatively took ~6-7, with an average of 3 hours study per day

2) D-day (Exams):

• Based on my conversation with few PfMP certified professionals, I expected that the exam would be much easier than any other PMI exams, however I was surprised that it was somehow tricky and requires a thorough understanding for the portfolio management standard and even beyond. Learning: Don’t believe PfMP professionals exam experience blindly 😀 Schedule for exams once you are confident with your prep.
• Most of the questions were situational and based on the ITTO concept of the standard. The questions require a good experience as a portfolio manager as well as a good knowledge in PMI questions style and terminologies
• I faced couple of questions that were entirely out of the portfolio standard. These questions were somehow distracting for me, if you see such type of questions, don’t get panicked, remember that there are 20 questions out of 170 questions that are out of the exam score whether you get them right or wrong; but this shouldn’t give you a guarantee that specifically these questions are the ones that are out of the score assessment.
• The ITTO’s are so important because there were so many questions on the exam that are structured on this framework. Here I would say, don’t memorize the ITTO’s but try to understand how their concept is built.
• It is very important to understand the use of all the tools and techniques without exception, such as but not limited to: strategic alignment analysis, gap analysis, stakeholder analysis, readiness assessment, Monte Carlo simulation, qualitative and quantitative analysis, weighted ranking and scoring model, graphical analysis, scenario analysis, prioritization model, force field analysis, heat maps, comparative advantage analysis, scoring models, expected monetary value and probability and impact analysis, efficient frontier, benefits realization analysis, Tornado diagrams etc….
• There were few straight forward questions on the exam, but still they were based on the portfolio management standard
• There were many questions that need you to be well aware about the concept of risk management and strategic change management.
• You should be able to evaluate and assess the performance of the portfolio based on the status of each project within the portfolio (whether the portfolio is well performing or under performing)
• The framing of the questions was very good, the exam timing gives a fair distribution for a combination between long questions and short questions
• Be very careful while reading each and every question, and don’t rely on the theory that tells you to read the last statement only when the question is long, this will never work on the PfMP exam, this is because every word given in the question can be vital to decide the correct option
• The 4 hours time that is dedicated for this exam is considered as fair, I was able to complete my exam ~20 minutes before the time, I reviewed all the questions which I marked for review and fortunately I changed many of my answers which helped me to score well on the exam.
• Try to calculate whether you are ahead or behind the exam time after each 25-30 questions, this will really help to cool you down and avoid any chances for tension and stress. Short/straight forward questions should be an opportunity to save time for long questions that need you to think.
• Don’t become confused if you see a series of long and confusing questions one after the other, be sure that at a certain stage of the exam you will find a series of easy ones as well
• Ultimately; for me the exam is considered moderate in terms of the difficulty level

I encourage all professionals who admire the value of PMI certifications to plan for this exam, especially the ones who are: eligible, capable, and who already have an experience in PMI certifications (if you are PgMP certified, then PfMP is going to be as shortcut for you).

I wish you all the best, you can approach me separately, if you need any advice on this certification.

Let me know your thoughts on this topic? And please check out my blog related to this topic –  Six must have skills in a Project Manager (Interpersonal).

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