Yes, it can, and honestly it makes sense once you think about what the certification actually signals. A director role usually needs someone who can handle vendor relationships, risk, compliance, and negotiation all at once. CPCM builds exactly that kind of judgment, so employers tend to notice.
That said, the exam alone will not carry anyone to the top. It works best alongside real project exposure and a track record of managing contracts under pressure. People who combine both usually move up faster than expected.
If you are weighing whether this path fits your career goals, CertBoosters has a breakdown worth checking out before you decide: www.certboosters.com/ncma/path/cpcm