Ty Kiisel of @task wrote a commentary titled Is Certification Losing Value over at CIOZone. The ongoing (recent) discussion has been about there being too many unqualified but "certified" people in the workforce, while there are also seasoned professionals who will not get certifications because they believe they no longer hold value. Geoff Grane over at PapercutPM and I have been going back and forth on this for days now. Ty said he didn't think we was ready to say the PMI's certification was irrelevant quite yet. He added that he believed the burden of demonstrating the value of any certification rests within the certification body, in this case the PMI. I agree with him.
Unfortunately, I believe PMI is becoming a victim of its own marketing success. Though there is an audit process in place, to verify if PMs really have the necessary education and experience to sit for the PMP exam, I don't believe there are enough auditors to do the job. They are overwhelmed by sheer numbers of applicants. Let's not forget the PMI is a for-profit organization. They want more members.
This paradox speaks to potential quality, not value. I think the PMI marketing department has won the war with hiring managers, convincing them the credential has value. What the PMI needs to do now is sell the (global) project management community on the quality of its credential. Until that happens, you'll have some people racing to the nearest boot camp to get a certification, not to learn best practices.
Read the 47+ comments over at Geoff's blog
Read Ty's entire commentary over at CIOZone