Becoming a certified PMP is no simple task and no cheap
task. When people study the cost of PMP certification, they often think of the
exam fee, which is hefty in itself. However, that is only one portion of the
full cost of PMP
certification. There are many other costs that enthusiastic PMPs and
businesses too often do not take into consideration.
The PMP Certification
Exam Fee
As earlier stated, the PMP exam fee is nothing to sneeze at.
The exam can be taken as a computer-based test or paper-based test, but the
cost is the same at $555. You may take the PMP exam three times in total if you do
not pass the first time, but after attempts have a cost of their personal $375
per re-examination. You can save some money on testing by becoming a PMI member,
but that happens with its costs.
PMI Membership
Becoming a member of the Project Management Institute (PMI)
can drop your exam fee from $555 to $405. Re-examination attempt fees are also
cut from $375 to $275. However, PMI membership begins at a cost, as well. There
is a membership fee of $129 and a joining fee of $10. This makes your costs
back up to $544, not so far from the original $555.
However, PMI members can download the PMBOK
handbook for free, whereas those without membership will have to pay
upwards of $50 on Amazon.
PMP Training Costs
Before taking the PMP exam, you will first have to make
about 35 hours of training. There are a few steps to do this. Some like a
classroom or instructor-led setting, while others take online courses. There is
also a kind of price here. Classroom training itself dramatically varies, from
as little as $200 to as much as $2,500. Instructor-led courses range from about
one to two thousand. Online courses are the most affordable, rarely costing more
than $500.
Additional Study for PMP Exam
PMBOK is one thing. You may also want to invest in other
study guides and resources. These books will help you focus on what is
essential for the PMP exam, and what you will need to carry with you into your
career. They, too, come at a cost, varying from $40-100. Also, there are
practice tests available that can strengthen your chances of understanding what
to anticipate from your PMP exam and how to best pass it. These also differ in
cost, from about $60-100.
Besides all this, hold your study supplies. This could be flashcards, guides, highlighters, notes, or a software program that allows all the same results. These will be among the most affordable components of your total cost, but they are a part and one that should not be forgotten when planning for your PMP certification.
PMP Credential
Passed the PMP exam and got your PMP
certification. But that is not where the costs end. You also have to
have your credentials replaced every three years, and without renewed
credentials, your passed PMP exam would not get you very far. So every three
years, you will have to pay a $150 renewal fee to stay current.
Once again, a PMI membership can decrease the cost here from
$150 every three years to $60 every three years. However, it is essential to
keep in mind that the annual membership fee for PMI memberships is $129, while
credential renewal is only paid every three years.
PMI Professional Development Units
To keep your certification, you also have to attend 60
professional development units every three years. A PDU amounts to about one
hour, whether at a speech at a PMI conference, in a classroom, or working an
online training program. The more affordable options are podcasts, webinars,
and the like, which can vary from about $25-100 per PDU. All told, you could
spend about $3,000 per year to maintain your PMP certification.
None of this is to say that a PMP
certification is not worth it. While there is some discussion on
whether or not a PMP certification is right for everyone, there is no denying
that it can give you a boost on the job market, and ensure that you are paid
competitively. A PMP certification quickly makes you a desirable candidate to
businesses in want of project managers. PMI membership, for its costs, also
offers invaluable resources that set PMPs up for success. Instead, in
conclusion, you should know the full cost of the endeavor for a PMP
certification before you move forward. This way, you can budget properly and
would not be surprised.
Investment for the PMP Certification Salary
By now, you are open about the PMP certification salary
increase you can expect. Whichever way you look at, by country, job,
experience, you still are to gain if you are a PMP certified project manager.
Let us know what investment you require to get that lucrative returns. You need
to invest in the 35 hours of PMP training education. While classroom or PMP
boot camps are expensive, you can work for PMP online certification for even
$15 per month or a PMP Boot Camp Online.
While the actual PMP certification exam cost, if fixed, the
saving is only in the 35 hours requirement. While you pay $555 if you are not a
PMI Institute member, you pay only $405 when you are a member. Moreover, annual
PMI membership will cost you $139, giving an overall $11 saving!
You may need to invest in some study guide, a PMP question
bank, or PMP
questions and answers for simulated tests. These will be the optionally
added costs. So, weigh the investment and return for yourself and take the
challenge!
What Are the Downsides to Obtaining Your PMP?
Passing the PMP exam does not necessarily mean you are an
expert in all facets of project management. It means that you have given a test
that validates you understand the framework of the project management process.
It does not necessarily mean that the projects you have managed have been
successful. Many compare it with attaining your Bachelor’s degree, you have
validated that you have the education, but not the skill nor experience to
perform successfully.
To practice for the PMP exam, 35 hours of formal project
management training courses are needed. Currently, the application fee for the
exam costs $405 for PMI members or $555 for non-PMI members. If you are now
working as a project manager, there is a chance your company will return for
it. Many organizations understand the value of certifying their project
managers as PMPs and are willing to reimburse the cost.
Applying and studying for the PMP exam
can be a slow process. PMI expects applicants to document all project
management education and experience achieved down to the process level. On each
particular project, you will have to provide extensive detail, including the
number of hours you spent on tasks such as building a work breakdown structure
or executing project tasks. It is tedious work. You must be prepared to show
your experience if your application is audited randomly by PMI.
The study time it needs to pass the PMP changes depending on
your project management experience. The Project Management Body of Knowledge is
the essential resource of information that will be found on the PMP exam, but
it is not the only resource. Specific topics such as standards will be featured
but are only glossed over in the PMBOK.
There are lots of study guides that are available to assist
with preparation for the PMP exam. PMP preparation is also an option but can
become costly.
The Bottom Line
Getting a project management certificate depends on your
career goals and the industry you work in. If you work in development, finance,
government, or healthcare industries with a lot of bureaucracy, having a certificate is a plus.
In small companies, a certificate is an obstacle
as your knowledge would not be suited for the type of projects they have. Project
management certificate is not a silver bullet that will give you an
excellent project manager.
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