You might be thinking that obtaining a PMP certification is worthwhile and beneficial to your job.
PMP certification, in my opinion, is worthwhile. The certificate comes with a slew of perks and benefits. According to a project management institute pmi compensation survey, project managers with the PMP credential earn 20% more than non-credentialed workers.
Even after learning about the salary perks, you may still have reservations. You can argue that the wage boost would occur only after you pass the exam and that you will have to put in the effort to pass the exam first. You might wonder if it’s worth the trouble, given how pricey the PMP exam is and how much time and work it needs.
Your reservations are well-founded. Only half of the tale is told by salary and emoluments. The cost of studying and taking the exam makes up the other half. So, let’s look at the input and output. Let’s look at the expense versus the potential boost in earnings to see if PMP is worth it.
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There are numerous other advantages to earning the certification. You may learn more about the PMP benefits in my other post. In addition, an examination of cost vs. salary increase may be found in this post.
Is a PMP Certificate Beneficial to Your Career?
There is little doubt that PMP certification comes at a high price. You may have put off thinking about passing the PMP test for a while. However, I must inform you that dealing with PMP may result in a 20% reduction in your compensation.
The PMP credentials offer greater pay, which is one of the certificate’s main draws. A certified manager’s typical wage is significantly higher in a variety of industries.
According to the PMI wage survey, project managers with PMP qualifications earn a more excellent median salary than those without. It’s also been reported that the average increase in the surveyed countries is about 20%.
Let’s have a look at the price and benefits of this certificate. According to the current currency rate, the PMP examination fee is $405 for PMI members and $555 for non-PMI members, excluding any other charges such as training fees, study material costs, and so on.
There is a distinct cost differential between PMI members and non-members. This difference is also seen when applicants retake the exam or choose to renew their certificate. Members can also download the PMBOK for free, whereas non-members must pay a fee to obtain the PMBOK.
The entire cost for PMI members is $652, while non-PMI members pay $1086. A detailed cost analysis of the certification may be found in table.1.
|Exam Administration Type||PMI Member Status||US Dollars|
|CCR certification renewal(once in 3 years)||Member||$60|
|CCR certification renewal(once in 3 years)||Non-member*||$150|
|Study Material & Training fee||For all||$187 – $381|
* Join PMI, which costs $129, and $119 to renew each year
If you pass the PMP exam, you’ll almost certainly earn a 20 percent raise on your existing compensation package, according to the credential provider.
The PMP exam is undoubtedly costly and challenging. Still, this expense, which should be considered an investment, can be recouped in 2 to 3 months after passing the exam, which is one of the many advantages of PMP certification.
If you plan to take the PMP exam, you should invest in appropriate project management professional training and study materials to help you prepare. Quality instruction and self-study will increase your chances of succeeding on the first try.
Because you must pay the exam fee each time, you appear for the exam. Good study material costs a lot of money, but it pays off in the end since it leads to success.
Your current income may be higher or lower than the worldwide median salary, depending on your industry, location, and function. As a result, it will impact your training costs, study materials, classroom program, and so on.
PMP Certifications are the most highly respected qualification in the project management profession. So, how much does PMP certification cost? In reality, the following essential component contributes to the cost of PMP certification:
- Fee for PMP,
- Material for Study,
- 35 contact hours of training
The PMP exam fee is $555 for non-members and $405 for members, according to PMI (a member of PMI). Depending on whatever nation you are from, the study materials and training costs may differ. Typically, the cost of activity ranges from $500 to $1500. The PMI membership fee is $195. Also, you may need 60 Professional Development Units for recertification.
You may read our blog post for a more in-depth look at the cost of PMP.
Salary of a PMP
Without a doubt, PMPs earn more money than others who do not have the certification. This is because the PMP certification not only advances your career and expands your network but also dramatically raises your compensation. The following are the most critical aspects of PMP certification in terms of payment.
- A PMP credential holder’s compensation is increased by 20%.
- In the United States, a person’s median pay would increase by $116,000 every year.
- The countries where project professionals report the most fantastic median salary are Switzerland (US$132,086), the United States (US$116,000), while the countries reporting the lowest median wage are Pakistan (US$14,914) and Egypt (US$13,933).
- The PMP test offers both advantages and disadvantages, and the benefits always outweigh the disadvantages.
Cost of PMP vs. Salary
Let’s look at the difference between a PMP salary and a PMP fee. Assume the overall cost of PMP training and study materials is roughly $1500, and the individual passes the exam with good preparation. The compensation of the PMP-certified candidate will increase by 20%. Let’s look at an example: a non-certified worker makes $70,000, and after passing the PMP exam, he will earn $85,000 over a year, a monthly increase of $1,250.
As a result, he will be able to recoup the cost of the PMP within three months of passing the exam. As a result, the income gain will outweigh the expense of taking the PMP exam.
Unlike many other certificates that focus on a specific topic or area, the PMP has value across a wide range of sectors and in practically every major country on the planet.
The demand for project managers is increasing all across the world. In reality, many businesses are preparing their personnel for PMP certification. As a result of this information, there is a greater need for competent and professional managers.
We’ve provided you an estimate of how much your certification will cost, as well as how you’ll manage your certification fees.
The PMP test is undoubtedly one of the most difficult, and it necessitates a significant amount of effort, but your efforts will be rewarded. With a rise in your salary, you’ll be able to easily cover the cost of your certification.
This is not an impossible undertaking; instead, it can be accomplished with careful planning. The PMP exam should not be postponed solely because of the cost but rather because of its benefits.
PMP certification improves your job security in addition to increasing your salary. Some firms place a premium on certification-based core competence and skill. As a result, the PMP credential will undoubtedly pay off. It’s preferable to not having one.
Now it’s your turn.
What is your understanding of the price tag associated with PMP certification? Is taking the PMP certification exam worthwhile for you? Is the price unreasonably high? How about PMP vs CISA?
Do you believe this qualification will help you earn more money? Or will it be without effort? What are your thoughts on this? Please let us know about it in the comments section below. If you want to pass the PMP exam to boost your salary and how to start pmp exam prep, get SPOTO 100% authentic PMP dumps and enroll in PMP training for a single success.