Is PMP Certification Worth it in 2020?

Is PMP Certification Worth it in 2020?

You might be wondering if PMP certification worth it and is it valuable for your career.

In my experience, PMP certification is worth it. There are numerous advantages and benefits of becoming certified. PMI salary survey suggests that project managers with PMP credential earn 20% more than the non-credentialed professionals.

You might be thinking that the PMP exam is very expensive and difficult. It requires a lot of time and effort. The salary increase will happen only after passing the exam.

True! Salary and emoluments tell us only half of the story. So, we need to compare input cost vs potential increase in earnings to determine if PMP is really worth it or not.

There are many other benefits of doing the certification. You can read my other post to understand these benefits. In this post, you will find an analysis of cost vs salary increase.

Is PMP Certification Worth It For Your Career?

Contrary to many other certifications that target on a particular domain or particular geography, PMP has its worth in any industry and in any location.

There is a growing demand for Project Management in the IT industry. As a matter of fact, many corporate are training their employees for PMP certification. This information is leading to increased need and demand for proficient and skilled managers.

There is no second thought that the cost of PMP certification is high. You might have temporarily delayed the thought of clearing the PMP exam. But I must tell you that you are potentially losing a 20% increase in your salary by dealing with PMP.

The featured attraction of this certificate is the higher salary offered to the PMP credentials. In various sectors, the average salary of a certified manager is substantially higher.

PMI salary survey suggests that project managers with PMP credentials report a higher median salary than those without it. It is also reported that there is a nearly 20% hike on average across the surveyed countries.

Let us understand the cost and benefit attached to this certification. The PMP examination fee is $405(Rs.29,694) for PMI members and $555(Rs.40,697) for non-PMI members, according to the current exchange rate excluding all other costs expenses like training fee, study material cost, etc.

There is a clear difference in the cost for members and non-members of PMI. This difference also appears if candidates take re-examination or opt to renew the certificate. Members can also download the PMBOK for free, whereas non-member will have to pay a certain amount to get PMBOK.

The total cost for PMI members comes out to be Rs.47,809($652) and Rs.79,606 ($1086) for non-PMI members. Refer to the table.1 for a complete analysis of the cost for the certification.

Exam Administration TypePMI Member StatusUS DollarsINR
Computer-based testing(CBT)Member$405Rs.29,694
Computer-based testing(CBT)Non-member*$555Rs.40,697
Paper-based testing(PBT)Member$250Rs.17,975
Paper-based testing(PBT)Non-member*$400Rs.28,760
CCR certification renewal(once in 3 years)Member$60Rs.4,315
CCR certification renewal(once in 3 years)Non-member*$150Rs.10,785
Study Material & Training feeFor all$187 – $381Rs.13500 – Rs.27400

* Join PMI, which costs $129, and $119 to renew each year.

Table.1

India ranks at number 38 on the global salary survey map with an average median salary of up to Rs.28,750. This interprets into an extra income of Rs.3,45,000 per year or about Rs.28,750 per month.

That means if you clear the PMP exam you are very likely to get an increment of 20% on the current salary package, which is also quoted by the certificate providing institute.

The PMP exam is indeed expensive and difficult but this cost, which should be quoted as an investment, can be recovered from 2 to 3 months of successfully clearing the exam, which marks one amongst the benefits of PMP certification.

If you are thinking of appearing for PMP then it’s better to take good training and good study material for your preparation. The chances of you succeeding at the very first attempt depend on quality training and yourself study.

Because every time you appear for the exam you have to pay the exam fee. Good study material means a good amount of money but ultimately it leads to success.

Depending on your sector, geography, role; your current salary might be more or less than the global median salary. It will affect your cost of training, study material, classroom program, etc.

PMP’s Salary

No doubt the salary scale of PMPs is higher than the one without the certification. The PMP certification not only boosts your career, your network, but it also increases your salary significantly.

PMP exam has both benefits and costs attached to it and the benefits always overpower the cost of the exam.

The top job profiles that deliver the maximum worth of PMP Certification are predominantly in the IT sector like IT Project Manager, IT Senior Project Manager, Software Development Manager, Project Manager, Program Manager, and Engineering Operations Manager (Rs 308,613 to Rs 1,618,782), etc.

Conclusion

We have given you an idea about how much your certification will cost you and how you will able to manage the expenses that you spend on your certification.

PMP exam no doubt is one of the toughest exams and requires a good amount of hard work and your hard work will surely pay off. By increment in your salary, you can easily pay the amount that you spend on your certification.

This is not an impossible task but a task that can be done with proper planning. PMP exam must not be delayed merely because of the cost involved but it must be considered as the benefit associated with it.

Apart from increased income, PMP certification improves your job security. Some companies value the core expertise and skill accomplished through certification. Hence, PMP credential will definitely pay you. It’s better than not having one.

Over To You

What is your understanding of the cost attached to PMP certification? Is it worth for you to take the PMP certification exam? Is the cost too high?

Do you think this certification will boost your current salary package? Or, it won’t have any effort? What is your opinion on this? Please share it with us in the comment section below.

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