As a Project manager, you would not expect your organization or client to undertake a new project without a robust business case. So, let's look at why you should become a PMP (the benefits), and what it will take to do so (the costs).
What are the benefits of becoming a PMPĀ®?
This list provides some general benefits; you might add some specific benefits the PMP credentials provide to you:
- Long-term career development - PMP certification can kick-start this; there are many people out there who just want to add as soon as possible the credentials to their title or name. But you should see getting the PMP as a long-term investment in your career development. Being a PMP - after getting the certification - will gain you so much more ...you will see.
- Short-term access to jobs - Remember from the last lesson, that PMP is highly demanded in the project economy and by many employers. But note that many employers value experience over qualifications. Well, PMP - cause of its requirements - provides both and may get you that interview and maybe your dream job.
- Suitability for bigger, more complex projects - the PMP validates the knowledge and competence to manage even larger and more complex projects with high demands. If you can add such projects to your track record it will have an even bigger impact on your career path.
- The PMP signals your commitment, determination, and diligence
- Enhanced salary expectation - dependent on sector and geography, compare what is in there for you by utilizing PMIs Earnings Report; you can find at the end of this lesson ...
- PMP demonstrates a thorough grounding in the craft of Project Management
- Professional recognition and respect - you'll be part of an exclusive club, at the moment of the writing there are almost 700.000 PMPs worldwide
- Fellowship and networking - you may meet lots of great people in the global project economy community while working towards the PMP certification
- ... (there might be many more benefits; which do you miss or want us to add? Let us know in the comments! Thanks a lot in advance!)
So, what does it Take to Become a PMPĀ®?
Okay, let's start with the cash.
All numbers are in US Dollars, as that's what the PMI does.
1. PMI Membership
Yes, that is a little investment, BUT we do highly recommend becoming a PMI member!
At least for the first year (the year in which you will gain the credentials!).
"Why should I?" you may ask and I will tell you.
You will save money! ... Huh? How can I save much while paying for a membership?
Well, that's easy ... the savings you will gain on the exam fee (see below) are already higher than the membership fee for the first year. (you can cancel the membership at any point later on ...).
And you'll save even more money! On the necessary PMBOKĀ® guide for instance. As a member, you are allowed to download it for free (PDF version).
It will also be the basis of maintaining your PMP certification. And anyway, why wouldn't you. This is the club you'll be applying to join as a senior member.
Cost: $139
My Recommendation:
A PMI membership includes so many benefits that the clear recommendation can only be: Yes, become a PMI member!
At least for the first year, because here, the membership is practically "given" to you by the savings on the examination fee.
You can then decide from year to year whether you want to continue the membership or not.
2. PMBOKĀ® Guide
If you are a PMI member youāll get a free PDF version of the latest PMBOKĀ® Guide. This includes the Agile Practice Guide. (and all the other practice guides, standards, and publications btw; another great member benefit ...)
You can buy a printed copy. It costs $99 from PMI or $49.50 if you are a member.
If you arenāt a member, you can often find it cheaper on Amazon, where you can also buy second-hand copies.
You need this book. Itās the reference source for the exam and about 50% of the answers to exam questions are directly drawn from the knowledge in the book.
My Recommendation:
If you don't necessarily need to have a "real" book in your hand, just become a member (see above) and download the PDF version for free.
If you need a book, a used edition could be an inexpensive alternative.
3. PMP Certification Exam Fee
This is non-negotiable. No exam: no certification.
Cost:
$405 (PMI Members) or
$555 (non-members - so there's your membership fee for the first year and even a bit more!)
My Recommendation:
This position also favors becoming a member since the savings on the examination fee alone ($150) are already higher than the membership fee for the first year.
4. 35 hours of Project Management Education / Prep Course
This is a mandatory requirement, but you may choose to count training you've already taken if you've recorded it properly.
However, we do strongly recommend budgeting for a PMP prep course ...
It's hard to quantify the cost, cause it can be anything from $300 for a pre-recorded on-demand video course up to $2.500 (and even more) for a live course/Bootcamp training. We will explore all those options later on throughout this roadmap ...
Cost: It depends, that can be anything from $300 to 2.500$ and even above ...
My Recommendation:
Even if you can prove you have already completed training to meet the 35 contact hours requirement, my recommendation is to still calculate costs for a PMP preparation course.
My #1 recommendation for a self-paced course is the popular PMPrepCast by Cornelius Fichtner:
My recommendation for an instructor-led course is the colleagues from Alvision with their unique concept:
5. PMP Exam Prep Study Guides
You'll need some form of the study guide in companion to the PMBoKĀ® Guide to help you prepare. This will take the dry content of the PMBoKĀ® Guide and present it in a more easily assimilable way.
We will explore all the options and recommendations in an upcoming lesson.
Cost: These prep books range from $40 - $100 and we recommend you buy two (but not more and with different approaches). So budget +/- $100 - $120
My Recommendation:
To learn more about all the books you need for the PMP Preparation and our recommendations please click on the image:
6. PMP Exam Simulator (highly recommended!)
Practice, Practice, Practice - is key!
Practicing exam questions is perhaps the most valuable way to learn and prepare for your PMP exam, as well as testing your readiness. Practicing sample questions is valuable in the early stages of your preparation.
In the closing part of your PMP exam prep, you will benefit a lot from an exam simulator that gives you questions under mock exam conditions.
Cost:
150$ to 250$ for a professional exam simulator
You can look for bundle options (with online courses for instance) and save a few bucks this way.
Of course, you can also try to utilize some free available material out there, BUT note, this approach has some downsides also. We will discuss them later on.
My Recommendation:
It's obvious - you need a PMP Exam Simulator - URGENT!
Seriously!
This will be the tool that will enable you to pass the exam. Working through all the knowledge is one thing, and yes, it is necessary.
But then to apply this knowledge, to practice this ... under "real" exam conditions ... is crucial!
So clearly, you need a professional simulator!
On the market, there are many offers for this, but also here, caution is required, and a careful selection has to be made. In our roadmap, we will give this topic its lesson.
But if you can't or don't want to wait for that, here is our recommendation:
Our clear #1 comes once again from Cornelius Fichtner and is called the PM Exam Simulator (I also used this one myself in 2015!):
7. Exam Day Cost
Depending on where you live and how close you live to the nearest exam testing center you may have to include the following items in your budget:
- Travel cost (public transport or mileage if you are driving)
- Hotel cost if you need an overnight stay the day before or night after, depending on the time of your exam and the journey distance
- Meals on the day of the exam and also as part of your travel before and after
- Parking fees if you are driving to the test center.
You may also have to āpayā with vacation time to take a day (or more) off work. Some employers offer study leave time for taking exams, so check with your manager. If your company doesnāt offer this, you will have to organize time off using your annual leave allocation.
You can take the exam online from the comfort of your home office if you prefer. But that option has some specific requirements (like a stable internet connection for instance ...) and could also have some downsides. Explore the information about that option at the www.pmi.org homepage.
Total Cost
As you can see, the budget you will need can easily add up to a few hundred dollars, depending on your decisions about material options and learning approach.
This may sound a lot, and it is. Your judgment will be on how this compares to the impact of PMP Certification on your long-term career. The simple fact is that many thousands of people have chosen to invest. Whether you should be one of them, is up to you.
How to Pay Your PMP Certification Costs
There are three ways to pay for your PMP certification costs.
- You cover the costs yourself
- Your employer covers the costs
In reality, you will likely do a mixture of both. For example, you might receive a stipend for a course and then pay the exam fee yourself.
Your employer might give you a day off for the exam. Or your employer might cover the cost of the training and exam, including travel to and from the exam center, but you buy your book.
Review your budget and consider how you can fund each part.
Even if your company doesn't offer a program to fund training, it's worth talking to your supervisor about your plans to take the PMP exam. He may have access to a training and development fund or other "hidden" budget that he can tap into.
He may also be willing to give you an extra day off for the exam. It always pays to ask!
Time and Effort
Before you make your decision, however, you should consider how much time and effort you will have to devote. Studying will be a big part of your life for two to six months.
Some manage to do it in less than 2 months (not recommended from my point of view, because it's called "studying" for a reason!). Others even need longer than the 6 months, primarily due to external influencing factors.
But 2 to 6 months is the normal range. The exam is (rightly) hard. And the content you need to internalize and ultimately master is pervasive.
To master the PMP study in about 12 weeks, you should plan, e.g., 2 to 3 hours per day for studying and practicing. On the weekends rather more. This means between 120 and 300 working hours. In most cases, it will settle at plus/minus 150 to 180 hours.
Of course, that depends on many factors. What type of learner are you? What materials do you want to use? And much more ...
Before making a decision, consider your life circumstances. What are your work and family commitments? Do you have the time and energy you need to accomplish this task? And if so, how do you plan to divide it: a quick sprint of 3-4 hours a day for 2 months, or a steady pace of 10 hours a week for 6 months? Or anything in between? Be professional about it! Approach it like a project! Make a plan! And stick to it!
You also need to assess yourself and determine how easy it is for you to learn and understand new content. Even if you already have some project management experience (even if it's just to meet the requirements), many things can seem complex and challenging. Some can acquire all the knowledge in 120 to 180 hours. Others may need 200 to 300 hours to understand and learn everything.
Questions or doubts?
Let us know in the comments.
Regards,
Markus