You may question if PMP certification is worthwhile and will benefit your career. Since you may earn 16% more money than professionals without credentials, PMP certification is unquestionably valuable. Additionally, you might get an ROI of up to 300% by completing PMP. Certification has several benefits, but the most significant one is that project managers with the PMP certification often make more money than non-certified experts. We only get half the picture from salaries and benefits. Costs associated with studying for and taking the PMP test make up the other half. In this piece, we will examine the expense of the possible revenue improvement to decide whether PMP certification is worthwhile. In addition, to pay, earning the PMP certification has several other benefits. See my previous article for more information on the benefits of making a PMP certification.
Is A Career In Project Management Worth The PMP Certification?
Undoubtedly, project managers with the PMP certification make more money than uncertified project managers. However, this compensation rise only occurs after passing the test. You will have to work hard to pass the test before you can get the pay raise. Given that the PMP test is not just pricey and expensive but also quite tricky, you may wonder whether it is worth the pain, time, and money. Let’s examine the investment cost and pay benefit to assess the PMP’s worth.
PMP Cost
Regarding the price of PMP certification, please see my previous post. The article outlines and compares seven major cost factors. The table below lists them and the three main parts of each.
A PMP certification might cost anything from $810 to $1150 overall. It is unquestionably quite expensive. However, it just represents the beginning of the equation. Let’s examine the second aspect of the equation: the possible profit from the funds’ investment.
Pay for PMP
According to the PMI compensation report, project managers with PMP certifications make 16% more on average than professionals without credentials in median earnings. Project managers make varying amounts of money in different nations. There is, nevertheless, a striking commonality across countries. The pay of a PMP holder is often much more than that of a non-PMP-certified professional. You would have seen that PMPs consistently earn much more than non-PMPs across all nations. Let’s now examine the price and pay as a pair. Depending on your industry, location, job, and many other factors, your current pay may be more or lower than the mean wage shown in the chart above.
Cost of Investing in PMP vs. Salary
By using the below-listed procedures, you may determine the ROI.
Step 1: Check out the PMP cost section to estimate your costs for obtaining the certificate.
Step 2: Check the PMP compensation section to see how much money PMP-certified project managers in your nation make than those who aren’t.
Step 3: To get the return on investment, divide the possible increase in earnings (step 2) by the amount you invested (step 1).
To do the calculation, it is assumed that you will need to pay roughly $1000 to get the PMP certificate. After examining ROI, it is clear that taking the PMP is more expensive than the income advantages. You may return your investment in as little as two to three months, depending on the nation in which you live. It is advisable to begin your PMP preparation immediately and not worry too much about the investment expense. By putting off your PMP certification, you might lose a lot of money.
Conclusion
The PMP provides value across numerous businesses in every significant country, unlike many other certificates that focus on a specific industry or region. Project managers are in more demand than ever before for the future of project management. In reality, many businesses are preparing their staff members for PMP certification. Due to this knowledge, there is an increasing need for and demand competent managers. The test is also among the most challenging for professionals. A significant amount of effort is needed. Your diligence will, however, be rewarded after you pass the test.
