Is PMP Certification Worth It? And How To Get It
However, is the PMP certification worthwhile? The requirements for certification, potential costs, and how a PMP certification might further your project management career are all covered in this article.
What Is PMP Certification?
Professional certifications validate your professional competence and give you the opportunity to learn more about key ideas and accepted industry standards that can improve your day-to-day operations.
The most well-known project management credential is the PMP designation. The Project Management Book of Knowledge (PMBOK), which is published by the Project Management Institute (PMI), makes it available. When it comes to project management ideas, the PMBOK is the ultimate source of knowledge.
The PMP certification shows a thorough comprehension of the ideas presented in the PMBOK and other reference materials. With this title, you can set yourself apart from your contemporaries and acquire respectable credentials in your field. You'll pick up knowledge of ideas like Agile, waterfall project scheduling, leadership, and business management along the road.
How to Sign Up for PMP Certification
Starting a project management career is the first step towards PMP certification. Months of professional experience are necessary for PMP certification. Depending on your degree of study, different requirements apply. To be eligible for the PMP credential if you have a bachelor's degree, you must have 36 months of relevant project experience. You must accrue 60 months of experience without a degree.
The next step is to complete at least 35 hours of formal PMP training, generally known as "contact hours," or to have a valid CAPM certification if you already have this work experience or are working towards it. A PMP certification course, which may be taken in-person or online, will allow you to earn contact hours. These courses range in length from a few weeks to a few months, and they cover the topics you need to know in order to pass the PMP certification exam.
More information about obtaining a PMP certification, including requirements and PMP exam fees, is provided below.
PMP Certification Requirements
You must accomplish a certain amount of professional experience and formal training before you qualify for PMP certification.
If you have completed high school or an associate degree but not a bachelor’s, PMP certification requirements are as follows.
- 60 months leading projects
- 35 contact hours
If you have a bachelor’s degree, you must complete the following before pursuing PMP certification.
- 36 months leading projects
- 35 contact hours
PMP Cost
The majority of PMP certification training courses (through which you can obtain your contact hours) cost between $300 and $3,000 on average. Although classes at prestigious schools and universities typically cost more, many of them also offer for-credit courses that lead to undergraduate or graduate certifications. When looking for courses, take into account a programme that has GAC approval.Some resources offer free PMP certification training, but usually just for brief trial periods.
Exam registration is $555 for nonmembers and $405 for PMI members.
PMP Time Commitment
How long does it take to become a PMP? Completing the necessary work experience is the step of the PMP certification process that takes the most time. As soon as you consider applying for PMP certification, you should think about documenting your job experience. The remaining steps in the certification procedure involve studying and arranging your test after you've gained that experience. Each person's time spent on this step can vary depending on their location and the testing center's accessibility.
The majority of PMP certification training programmes last only a few weeks to a few months. The amount of time you spend studying for the certification exam after that is entirely up to you. It's best to be as prepared as you can for the exam because retakes cost $275 for PMI members and $375 for nonmembers.
PMP Renewal Costs
To keep your certification active after passing the PMP exam, you must complete a specific amount of continuing education. Every three years, there is a renewal cost that is either $150 for nonmembers or $60 for PMI members.
Is PMP Certification Worth It?
Weigh the costs of certification against the possible rewards to decide if PMP certification is worthwhile for you. You probably have a fair notion of the expenditure you'd need to make to become certified because we've outlined the fees of PMP certification above. It's time to think about the potential return on your investment now.
Benefits of PMP certification
- A rise in pay. In the United States, PMPs make roughly 32% more money than their project management colleagues who are not qualified.
- Greater esteem in the field. The PMBOK was published by the Project Management Institute, the foremost authority on project management.The PMI PMP certification is highly regarded in the project management field.
- A wider range of employment options. Your marketability should increase if you have a PMP certification and are looking for new or better project management jobs.
Consider Your Career
Are you considering changing careers? Upgrade your position on your present team? The PMP certification may be exactly what you need to further your career in any scenario. You will discover industry best practises as part of the certification process, which you can immediately start applying to your day-to-day professional life.
Look at Earning Potential vs. Certification Cost
In the United States, PMP-certified professionals make an average yearly compensation of $123,000, compared to a median of $93,000 for their non-certified counterparts, according to PMI. For certified PMPs, this corresponds to a 32% compensation boost.
To calculate your prospective compensation after earning your PMP certification, double your current wage by 1.32. The cost of PMP exam preparation and training can then be compared to the income increase. You may decide for yourself whether PMP certification would be worthwhile by using this cost vs. benefit analysis.
