By Jacqueline Dennis
July 17, 2025
Introduction
Portfolio Management and Program Management are parts of an organization’s system that is comprised of interrelated components designed to achieve value delivery. An organization’s value delivery system is comprised of project portfolios, programs and projects that ensure alignment with organizational strategy.
For a value delivery system to properly function, it must be placed under a project portfolio structure. It is at its best an organization’s practitioners hold a Portfolio Management Profession (PfMP)® and a Program Management Professional (PgMP)®, two of the Project Management Institute’s (PMI’s)® Core Certifications for advanced knowledge. This is because the holders of these certifications consistently demonstrate both the theoretical and the practical knowledge to bring about business sustainability.
Portfolio Management Professional (PfMP)®
According to PMI’s Lexicon of Project Management Terms, a (project) portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Portfolio management is the centralized management of one or more portfolios to achieve strategic objectives.
The Standard for Portfolio Management, first published by PMI in 2006, is currently in its fourth edition. The intent of the standard is to identify and define:
- Portfolio management principles that help to guide professional behaviors, which are based on four values in PMI’s Code of Ethics and Professional Conduct
- Portfolio management performance domains, shown below, are good practice groups used to effectively manage program and project investments.
The PfMP Certification was launched in 2014 to recognize advanced portfolio management skills. It focuses on ensuring the strategic alignment of project portfolio components (subsidiary portfolios, programs, projects, and operational work) with an organization’s strategic goals. The PfMP is one of PMI’s most coveted credentials. It supports the management of major investments through effective governance, helping organizations not only “do things right”, but also “do the right things”.
The PfMP is based on the certification-specific Examination Content Outline (ECO) developed from a role delineated study that:
- Utilizes knowledge and guidelines to assess performance competencies
- Determines the level of salience, criticality and frequency of tasks and skills to meet the industry-wide standard role of a portfolio manager.
PMI retained Professional Examination Service (ProExam) to develop the global PfMP ECO, which has five (5) examination domains. The domains are high-level knowledge areas essential to the practice of portfolio management, seen and distributed as follows:
So, what are the process steps to earn the PfMP Credential? The process with maximum time frame for each step is as follows:
To gain insight into each step, access PMI’s homepage. Visit Certifications in the upper left-hand corner, select the fourth item listed under Core Certifications which is Portfolio Management Professional (PfMP)®, as shown below:
The homepage for the PfMP Certification provides an overview of the eligibility criteria and more. One might notice that the eligibility criteria are categorized into three (3) sets, with each set requiring 96 months or eight years of business experience over the past 15 years. The experience need not be contiguous. However, the number of years of portfolio management-specific experience differs based on one’s level of education. (See the referenced page for PfMP Certification summarized in the table that follows)
If you desire to pursue the credential, be certain that you hold degrees as outlined in the table below:
Now, you might think there is an education requirement for eligibility that was overlooked, but this is not the case. International Institute for Learning has both on-demand and instructor-led training courses available that will help to prepare you for the credential.
An important note: the certification homepage does not reference the panel review as indicated in the fifth step above, but it is an essential step. After the audit is completed and/or payment is received, a Panel Review will be held. The panel participants are a group of expert PfMP volunteers who practice portfolio management. The group appraises a PfMP candidate’s credential worthiness, based on their responses in the Portfolio Management Experience Summaries section of the application. The panel is trained and calibrated to assess the responses without bias.
The panel review will verify that the candidate, under limited supervision, is deemed responsible for the coordinated management of one or more portfolios that aim to align the investment in projects and programs with organizational strategy. If one fails the panel review, a certification associate will contact the candidate to discuss their status. At this point there is no step to appeal the decision. Consequently, the candidate will not be allowed to schedule an exam, and the exam portion of the fee will be refunded.
While the exam is based on the PfMP ECO domains, the following PMI publications are a necessity for exam preparation:
- Portfolio Management Standard – Fourth Edition
- Program Management Standard – Fifth Edition
- Project Management Body of Knowledge (PMBOK)® Guide – Seventh Edition
- Process Groups: A Practice Guide
The time estimate for preparation is 2 – 3 months. While for the PfMP, this estimate assumes the candidate holds a PMP and/or the PgMP and is familiar with all aforementioned but The Standard for Portfolio Management and its ECO. Therefore, plan additional time to prepare if this assumption does not hold true for you.
After passing the panel review, exam scheduling will be permitted with Pearson Vue at a testing center or securely online. As shown in the process flow above, one has three attempts to pass the exam in their 1-year of eligibility at a reduced cost.
Program Management Professional (PgMP)®
According to PMI’s Lexicon of Project Management Terms, a program is defined as related components (projects, subsidiary programs, and program activities) managed in a coordinated manner to obtain benefits not available if the components were managed individually. Program management is defined as the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually.
Similar to The Standard for Portfolio Management, PMI’s The Standard for Program Management was first published in 2006, to standardize the practice of program management. Currently in its fifth edition, it identifies and defines the:
- Program management principles that help to guide the professional behaviors, which are based on PMI’s Code of Ethics and Professional Conduct four values
- Program management performance domains that are good practice groups used to effectively integrate and manage program components, as seen in the figure below
- Program life cycle, practices, supporting activities and tools
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In 2007, PMI launched the Program Management Professional (PgMP)® Certification (Hodgkins, 2010). The PgMP requires advanced knowledge in the project management profession to govern the integration and control of various programs, which ensures the realization of one or more program benefits and value aligned with one or more of an organization’s strategic objectives.
The credential is based on the PgMP Examination Content Outline (ECO) developed from a role delineated study that:
- Utilizes knowledge and task-driven guidelines to assess the practitioners’ competencies
- Determines the level of salience, criticality and frequency of each knowledge area, tasks and skills to meet the industry-wide standard role of a program manager
- Ensures the validity of the examination by measuring all elements of progression in terms of real settings
PMI retained Professional Examination Service (PES) to develop the global certification-specific ECO, which has five (5) examination domains. The domains are high-level knowledge areas that are essential to practice program management:
For convenience, the eligibility requirements are reproduced in the below table:
The PgMP process for earning and maintaining the credential is like that of the PfMP with a panel review required before taking the multiple-choice examination.
The Panel Review is conducted by a group of expert PgMP volunteers who practice program management. The group appraises a PgMP candidate’s credential worthiness, based on their responses in the Program Management Experience Summaries section of the application. The panel is trained and calibrated to assess the responses without bias.
Under very limited supervision, the review will verify that the candidate is deemed responsible for the coordinated management of programs that aim to realize benefits and deliver value aligned with the organizational strategic objectives.
If unsuccessful in passing the review, a certification associate will contact the candidate to discuss their status. There is no step to appeal the decision to not move the candidate forward. Therefore, the process will end and the exam portion of the fee paid will be refunded.
While the exam is based on the PgMP ECO domains’ tasks, the candidate should include in their preparations the study of the following PMI publications:
- Program Management Standard – Fifth Edition
- Project Management Body of Knowledge (PMBOK)® Guide – Seventh Edition
- Process Groups: A Practice Guide
The time estimate for PgMP exam preparation is 2 – 3 months, which is typical for core exams. This estimate assumes the candidate holds a PMP and is familiar with the PMBOK Guide and the Process Groups: A Practice Guide. If one does not hold a PMP, then plan to take additional time to become familiar with all publications listed.
After passing the panel review, exam scheduling will be permitted with Pearson Vue at a testing center or securely online. As shown in the process flows above, one has three attempts to pass the exam during 1-year of eligibility. The second and third attempts will be at a reduced cost.
Professional Development Units (PDUs)
Earning a PfMP is a noteworthy achievement. It signals you are among the top in portfolio management. After success in passing the exam, plan to maintain the status by earning 60 Professional Development Units (PDUs) within each 3-year certification cycle. Additionally, if you have more than one core credential, PMI encourages you to synchronize your certification cycles so they share the same renewal date. The collective number of PDUs required to maintain core credentials is 60 PDUs for one or for all, but make sure your PDUs reflect the advanced level of knowledge required for a PfMP.
Similarly, earning the PgMP is a noteworthy accomplishment. Like the PfMP, the PgMP requires 60 PDUs within a 3-year certification cycle to maintain. If you hold a PMP and PgMP, check that the PDUs you earn apply to both before committing your time. Some PDUs earned for the PMP might not apply to the PgMP. To stay on track, monitor your PDU distribution of PDUs as you progress through each certification cycle to ensure you meet the 60-PDU requirement for each credential.
PDUs are reported in PMI’s Continuing Certification Requirements System (CCRS), which is part of the CCR Program. As a credential holder, you must earn a minimum number of PDUs in each skill area of the PMI Talent Triangle–Ways of Working, Power Skills, and Business Acumen—as well as in the “Giving Back” category. See the diagram below for the required PDU distribution.
Now, are you ready to take the first step?
Jacqueline Dennis
Jacqueline Dennis is a Senior Consultant with International Institute for Learning (IIL), a role held since 2008. Jacqueline has practiced project, program, and portfolio management, and brings over 30 years of experience in the project management profession. Her experience encompasses industries such as Services (R&D, consulting, educational, and technical); Manufacturing (telecommunications); and Construction (building masonry and mechanicals). She holds both a PgMP Credential and PMP Credential, since 2009 and 2002, respectively.
