You might be wondering if PMP certification is worth it and if it is valuable for your career.
In my experience, PMP certification is worth it. There are numerous advantages and benefits of becoming certified but, more than anything else, project managers with PMP certification earn more than those without a PMP certification.
PMI salary survey suggests that project managers with PMP credentials garner higher median salaries than the non-credentialed professionals – 22% higher on average.
Salary and emoluments tell us only half of the story. The other half is the cost of preparation and taking the PMP exam. In this post, we will analyze cost vs potential increase in the earnings to determine if PMP is really worth it or not.
Note: Other than salary, there are numerous advantages of doing the PMP certification. You can read my other post to understand the advantages of doing PMP certification.
Is PMP Certification Worth It For A Project Management Career?
There is no doubt that PMP certified project managers earn more than non-certified project managers but the salary increase happens only after passing the exam.
Before the salary increase, you will have to go through the grind of passing the exam. You might ask if it is worth the trouble, effort, and money; given that the PMP exam is not only costly and expensive but also very tough.
Let us look at the investment cost and salary benefit to analyze the value of PMP.
Refer to my other article on the cost of PMP certification. The article lists and explains seven different cost components. Out of these, the three major components are enumerated in the table below.
|Exam Fee||$550||Total fees with membership cost & with membership is approx. same.|
|Training Fee||$200-$500||Fee for a good online course.|
|Practice Tests||$60-$100||Fee for a good online simultator.|
Overall, the cost of doing PMP certification could range between $810-$1150. No doubt, it is a huge cost. However, it is only first part of the equation. Let’s look at the other part of equation i.e. potential gains that can be accrued from investing the money.
The salary of a project managers varies from country to country. However, there is a stark similarity across countries.
The salary of a PMP holder is generally much more than the salary of a non-PMP certified professional.
Let us take a few examples. The stats in table below are taken from the PMP salary survey that was conducted by PMI.
|Country||Mean Salary||% Difference in Salary|
You would have noticed that across countries PMPs earn substantially higher than the non-PMPs. Now, let’s take a look at cost and salary together.
Note: Depending on your sector, geography, role and many other things; your current salary might be more or less than the mean salary written in the table above.
PMP Investment Cost Vs. Salary
Refer to the section on PMP Cost. You will need to invest about $1000 to attain PMP credential.
Now, refer to the section PMP salary. A PMP certified project manager can potentially earn 20% more salary than a non-PMP professional.
Considering these points, the salary benefits outweigh the cost of doing PMP. Depending on the country of your residence, you can recoup your investment of in a matter of 2-3 months.
We would suggest that you should not think too much about the investment cost and start your PMP preparation immediately. You are potentially losing a lot of money by delaying your PMP certification.
Contrary to many other certifications that target a particular domain or particular geography, PMP has its worth in many industries in almost every major country in the World.
There is a growing demand for project managers throughout the world. As a matter of fact, many corporations are training their employees for PMP certification. This information is leading to increased need and demand for proficient and skilled managers.
There is no doubt that the cost of PMP certification is high. Furthermore, it is one of the most difficult professional exams. It requires a good amount of hard work. However, your hard work will pay off after you pass the exam.
Passing the exam is a tough task but not an impossible one. You can easily surmount the challenge with proper planning and perseverance. Our PMP exam simulator and online training can help you in passing the exam in your first try.
PMP exam must not be delayed merely because of the cost involved. The cost of delay is very high. With each passing day you are potentially losing a 22% increase in your salary.
Over To You
What is your take on the cost of PMP certification? Do you think that the cost too high?
Is certification worth the money and effort? Do you think it can give boost to your career and increase your salary?
Please share it with us in the comment section below.