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Should I do PMP or not – Is the cost justifiable?
Should I do PMP or not – Is the cost justifiable?
Are you aspiring to become a Project Management Professional (PMP)? Understanding the total components and costs involved in the process is crucial. This comprehensive guide will walk you through the various expenses associated with achieving your PMP certification.
- PMI Membership Cost ($139 USD): To begin your journey towards PMP certification, you need to join the Project Management Institute (PMI). The PMI membership provides numerous benefits, such as access to exclusive resources, networking opportunities, and discounts on exam and training fees.
- PMP Exam Cost ($405 USD): The PMP certification exam evaluates your knowledge and skills in project management. This fee covers the cost of sitting for the exam and represents a significant part of the overall certification expenses.
- 35 PDU Training Cost: Professional Development Units (PDUs) are essential for maintaining your PMP certification. You need to earn 35 PDUs through training and educational activities every three years. The training costs can vary depending on the provider you choose.
- PMP Test Simulation Cost: Practicing with test simulations is a valuable step in preparing for the PMP exam. Investing in high-quality test simulations can help you gauge your readiness and identify areas for improvement. The cost of test simulations may differ depending on the provider.
TCO (Total Cost of Ownership) for PMP Certification (USD): Summing up all the above costs, the total investment required for achieving your PMP certification is as follows:
- PMI Membership: $139
- One-time Setup Fee: $10
- PMP Exam Fee: $405
- Training fee: Anywhere from $500 – $3500
Total PMP Certification Cost: $1150 (Approx)
What do you gain?
According to the PMI Salary Survey 2022, PMP-certified project managers earn an average of 16% more than non-certified project managers. This salary difference is even higher in some countries, such as:
- United States: 32%
- United Kingdom: 25%
- India: 20%
The salary hike after PMP certification can vary depending on a number of factors, including:
- Country: The salary difference between PMP-certified and non-certified project managers is typically higher in developed countries.
- Industry: The salary difference is also higher in more heavily regulated industries, such as construction and healthcare.
- Experience: PMP-certified project managers with more experience tend to earn more than those with less experience.
- Job title: The salary difference is also higher for certain job titles, such as project manager, program manager, and senior project manager.
The PMI Salary Survey is a valuable resource for project managers who are considering getting PMP certification. The survey provides data on salaries, job titles, and other factors that can help project managers make informed decisions about their careers.
Here is the link to the PMI Salary Survey 2022: https://www.pmi.org/learning/careers/project-management-salary-survey
Conclusion
Becoming a PMP is a rewarding endeavor that demands dedication and financial commitment. Understanding the various components of PMP certification costs can help you plan your journey effectively. Investing in quality training and resources can increase your chances of success in the PMP exam and advance your project management career. Remember, the benefits of earning the PMP certification can outweigh the costs in the long run, making it a valuable investment in your professional growth.
