What is the value of PMP certification?

The cost of the Project Management Professional (PMP) certification varies depending on your location and whether you are a Project Management Institute (PMI) member. The cost of the PMP certification exam is $405 for PMI members and $555 for non-members. Since membership is $129 plus a $10 one-off application fee, it is marginally cheaper to join PMI just to apply for the exam.

Even if you didn’t use any of the other PMI benefits, such as participation in events, the fantastic magazine, or the networking opportunities, it would still be the financially smart choice to join for a year.

However, it is important to note that these fees are only for the exam itself and do not include any other expenses you may incur while preparing for the exam, such as study materials or courses—which we’ll detail more later.

Are there any additional costs associated with obtaining PMP certification?

The three most important pieces of information regarding additional costs associated with obtaining PMP certification are:

• Exam preparation courses or PMP training, in-person or online, that are designed specifically to prepare you for the PMP exam.
• Study materials such as books or additional resources that depend on the quality and quantity of materials.
• Continuing education, since once you have obtained your PMP certification, you will need to evidence your ongoing professional development to maintain it. Continuing education courses can also range in price, depending on the provider and the course content.

Let’s dig deeper into each of these costs to find out if the cost of a PM certification is worth it.

The cost of PMP exam prep courses

The cost of training can vary depending on the provider, but in our case, PrepCast PMP Training typically ranges from $279 to $389. Meanwhile, a PMP exam simulator is at an affordable price of $119.

In our experience, it’s a mistake to self-study without proven training materials and an exam simulator because they increase your chances of passing on the first attempt. To maximize the return on investment, you want your acquisition costs (passing the test) to be as low as possible, which means no resit fees! Practicing the different types of PMP questions improves the likelihood of only needing to take the exam once.

The cost of PMP study materials

The cost of PMP study materials can range from minor to significant, depending on the number of resources and tools you use. Generally, those who choose to purchase physical copies of coursework and study guides can expect to pay anywhere from $50-100, while digital versions of the same material may cost between $30-70.

However, you can often find secondhand or discounted physical copies of PMP study materials and books through online marketplaces, which could reduce the overall cost substantially.

Ultimately, it is essential to consider the value of a PMP certification before exploring the costs associated with obtaining it; this credential carries a high salary premium over your peers which should more than offset any associated investments in educational resources!

What is the cost of maintaining PMP certification?

Once you have obtained PMP certification, there is an ongoing cost to maintain it. As of 2023, the cost to renew your PMP certification is $60 for PMI members and $150 USD for non-members. You will also need to earn a certain number of professional development units (PDUs) every three years to maintain your certification.

Is a PMP certification worth it?

We think so! However, the balance is in the upfront costs compared to the longer-term benefits that you will see paying off for many years. You can see that in the table below.

Short-term investment	Long-term benefit
Cost of training and studying	Increased salary
Cost of exam fee	Improved marketability
Cost of exam simulator	Able to apply for a wider selection of high-paying jobs
Cost of taking time off work to study	Better job stability
Commitment to taking the exam	Career recognition, increased credibility and reputation at work

In the short term, you have to pay for training, a PMP exam simulator for test practice, and the cost of the examination fee.

We have a free PMP exam prep guide, so don’t feel you have to invest in a lot of extra ‘how to pass’ information, as our website has plenty of guidance to get you started.

Financial payback of PMP Certification

Let’s say you are an uncertified project manager in the United States with an average salary of $79,400. Your certified colleague who sits at the next desk to you earns the average salary for a US-based certified project manager, which is $100,170.

Over the next five years, that individual will take home $20,770 per year more than you, which is $103,850.

That’s a lot of skinny lattes and almond croissants on the way to work. Or a sizable chunk of your housing bill.

What’s the return on investment of a PMP Certification?

Here’s how to work out the return on investment for your personal situation in whatever country you are studying and working in.

Step 1: Work out the cost of passing the exam, including the examination fee, training course, exam simulator, and any PMP exam prep books you need.

Step 2: Use the PMI salary survey data on their website to determine the salary difference between a certified and non-certified professionals.

Step 3: Divide the difference in salary (the increase in earnings you could potentially benefit from) by what it will cost you to pass the test.

Let’s work through an example.

Step 1: Cost of passing the exam

PMI membership: $129 + $10 joining fee

Examination fee: $405

Project Management PrepCast training bundle including exam simulator: $349

Total cost: $893

Step 2: Salary differential

Let’s assume you are a Project Manager earning in the 75th percentile on the salary survey, and based in Saudi Arabia. In US Dollars, your average salary could be $39,561 before you earn your certification and $45,816 (excluding any bonus) after certification. That’s a differential of $6,255.

For your calculations, use your actual salary data based on what you earn now and either the PMI salary survey data or equivalent information for your country or job adverts that show salary ranges for the kind of positions you could apply for if you were certified.

Remember, you are not guaranteed a pay raise of this amount on passing the exam. Negotiate your position with your employer, and consider the other benefits you may get as a result. We hear from past students that while some employers pay a step-change in salary, others do not. For those students, the financial benefit comes from being able to secure a new position in another company on a higher salary.

Step 3: Calculate ROI

Divide the difference in salary by the total exam cost. In our example, that is $6,255 divided by $893.

6,255 $893 = 700% ROI.

When you consider how many more years at work you have to go before retirement, that type of return starts to really add up! If you took a project to your boss and presented a business case with a 700% ROI, they’d probably tell you to get started immediately!