How Much does a PMP Certification Cost?
The PMP test costs $405 for individuals who have a PMI (Project Management Institute) membership and $555 for those who do not. While the price may appear high, this is a step forward in your profession. You must consider the time commitment in addition to the monetary expense. To take this test, you must have either 36 months or 60 months of project management experience, depending on whether or not you have a secondary degree. This is a significant time commitment. Though these hours are often gained through everyday labour, like in the project management industry, it is still a significant time commitment in terms of your career.
How Much Does PMP Exam Training Cost?
Let's start with a look at the training needs. You must have 35 hours of project management coursework OR CAPM certification to be eligible for the test. These training classes are typically priced at about $2,000. Although you will have to do some work to retain your PMP certification, this first training expense is likely to be the most expensive PMP-related expenditure you will have to spend.
In terms of time, you can anticipate spending around an hour for every hour of project management education obtained. While 35 hours of training may appear to be a lot, you will leave these sessions having completed your training requirements and feeling prepared to sit for your PMP test.
When you apply to take the PMP test, you must provide confirmation that you have completed the required training. PMI has the authority to audit your materials at any moment, thus it is critical that you select the correct training provider. A reputable training company will also help you secure your investment by offering a money-back guarantee.
How Much Does It Cost to Keep Your PMP Certification?
Earning your PMP certification isn't something you do once and then forget about. PMI aims to make sure that all PMP certification holders are up to date on their project management strategies and methods. To maintain your PMP certification status, you must renew it every three years. To keep your certification current, you must obtain 60 PDUs every three years. There is also a $150 non-member renewal cost and a $60 member renewal fee with PMI.
While training classes are the most convenient way to re-certify, they are not the only ones. Among other things, you may do public speaking, become a project management author, or attend business events.
Is a PMI membership worthwhile?
A PMI membership costs $129 per year, plus a $10 application fee. Is it worth the money? This subscription allows you to save money on certification examinations, including the PMP certification. If you have a membership, you will save $150, which is more than the yearly fee. This might undoubtedly be worth the money for project management professionals who aim to achieve one or more certifications. If you intend to work as a project manager for the rest of your life, this is a membership you will most likely cherish in the future.
Is the PMP Certification Worth It?
Following an in-depth examination of the fees connected with acquiring your PMP certification, the major question is: is earning your PMP certification worth the cost? You might be looking at a total cost of around $2,400 to $2,500. Obviously, these expenses may vary depending on your training options, but this is the average amount you should anticipate paying. As a result, a small investment today will pay off later as you enhance your earning potential.
One alternative is to inquire with your company about the cost of the certification exam. Many employers will fund some or all of the cost of your PMP certification. It is in your employer's best interest to have skilled project management specialists on their team so that they have an incentive to assist.