Is PMP Certification Worth It Given Its Exorbitant Cost?

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.