For those in the project management field, or people aspiring towards a career in this area, Project Management Professional (PMP) certification is the leading credential for project management professionals.
The majority of aspiring PMPs only worry about passing their PMP exam without considering the total costs involved in attaining a PMP certificate. So how much money should you budget for in 2020? In this post, we will break down all the various costs you will incur during your journey of becoming a certified PMP.
How much Does PMP Certification Cost?
According to a survey conducted by PwC, PMP certified project managers are responsible for managing more than three-quarters of top-performing projects in the United States. Also, organizations that hire more than 30% of project managers with PMP certification achieve greater project success than companies that don’t. Furthermore, Forbes ranked the PMP certification as the second highest paying IT certification globally in 2019.
These statistics are enough proof that getting a PMP credential is rapidly becoming an obligation for project managers, and this raises the question: What is PMP Certification?
The PMP Certification
The Project Management Professional (PMP) is a globally acclaimed certificate conferred to project managers after passing the PMP exam.
It is awarded by the non-profit organization the Project Management Institute (PMI), which is mandated to regulate and preserve project management standards.
Although it may seem like a pretty logical step to take, many aspiring PMPs are unsure if it is worth the cost and time investment. Aside from the years of experience required to even qualify for the exam, one has to sacrifice both money and time to study and sit for the exam. For this reason, project managers often want to know if the commitment pays off. So how much do you need to get this prestigious accreditation?
PMP Certification Training Fees
You can begin your PMP Certification journey with gathering information about PMP certification requirements on PMTI. One of the best ways you can prepare for your PMP certification exam is by enrolling for a PMP training course. You can register for a class wherever you are in the United States.
Why is enrolling for a PMP training course Important?
- PMP training institutes provide custom-tailored study materials to prepare for the PMP exam.
- Trained professionals assist students in grasping different project management theories, terminologies, and other crucial inputs necessary to pass the PMP exam.
- PMP training institutes provide students with the 35 contact hours
- You can also get the 35 contact hours necessary to become eligible to sit for the PMP exam.
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How Much Does PMP Certification Training Cost?
The cost incurred during training for the PMP exam largely depends on whether you will enroll in an in-class, live, or online PMP certification course. The region where you will take your course will also determine the cost.
The average cost for a PMP training course from a reputable REP lies between $450 – $4,000.
If you have a busy schedule and can’t attend a physical training class, you can opt to take the PMP course online. The main difference between an online PMP course and live online classes or in-class boot camps is that Online courses do not have an instructor or a Pre-programmed schedule. Despite this, online courses offer all the necessary study materials a student requires to pass the PMP exam.
The significant benefit of taking an Online PMP Training Course, is the flexibility to study wherever and whenever as long as you have a stable internet connection. Also, an online course is way cheaper than an in-class course, and the average cost of an Online PMP training course lies between $200 and $3,500.
Live online training courses offer all the perks of a classroom course from the comfort of your work or home. A live online course will also allow you to interact with your instructor in real-time. A live online class is a more efficient way to get your PMP certification.
PMP Exam Application Fees
After completing the required 35 hours required to be eligible for the exam, you are now ready to apply and schedule for your PMP exam.
(To simplify the entire process of PMP application, you can optionally use a PMP Application Exam Prep Tool after you register for a PMP Exam Prep classes to help facilitate your application documentation.)
For no-PMI members, the PMP Certification exam fee is USD 555, while PMI members are required to pay USD 405. It’s beneficial having a PMI membership since it
- Saves you money.
- It allows you to network with other project managers in your sector and across the globe.
- Grants you free access to vital documents such as the PMBOK® Guide
The PMBOK® Guide is PMI’s fundamental and the world’s most popular resource for effective project management practices. This guide is consistently updated to reflect the best practices that are evolving within the project management profession.
The PMBOK® Guide is published roughly every four years. The latest one is the PMBOK® 6th edition and was released in September 2017.
Preparing For Your PMP Exam
Many people fail to factor in the preparation cost; the cost incurred while preparing for the PMP exam.
Time is money, and the time you spend while preparing for your PMP exam will determine the total cost you will incur while obtaining your PMP certification.
The average time needed to study for the exam is directly proportional to your capability to grasp basic PM principles together with other factors.
Before you develop the ideal study plan, it is essential to review your regular daily schedule; what time of the day are you usually free? Which hobbies or activities can you postpone until the exams are over? Are you capable of making sacrifices, i.e., studying during lunch break? Try as much to dedicate 2 hours every day during weekdays and 4 hours during the weekend to prepare for your exam.
It would be best if you also kept in mind that your study schedule should not affect your work or family time.
Bottom Line: Choosing the Right PMP Training Provider
If you opt to take PMP certification training boot camp courses in the USA, whether you are in Washington, DC, Atlanta, GA, San Diego, CA, or San Francisco, CA, it is always important to remember not all PMP Training centres are similar. The quality varies depending on the institution, and not all institutions offer quality training to prepare for the exam adequately. As an aspiring PMP, you should not sacrifice quality for a lower price while investing in your career.