Pmp certification cost tax deduct professional#
This translates into a potential increase of USD 2,500 per month.īy using the data from the above statement and previous section, we can do a cost-benefit analysis for a professional working in the USA. This essentially means that, on average, a certified PMP earns USD 30,000 per year more than a non-certified professional. The annualized salary of a PMP certification holder is USD 123,000 whereas those without PMP certificate earn USD 93,000. Refer to page 9 of the PMI Salary survey. You can watch the following video to determine your earning power. Let’s understand the second part of cost benefit analysis by determining the potential increase in salary. So, let us do a cost-benefit analysis considering USD 2900 as the total cost of doing PMP. Whatever may be your peculiar situation it is highly improbable that you would need to spend anything more than USD 2900 for getting the credential. Let us consider USD 2900 for our calculations as it is at the higher end of the spectrum. Such a person would spend about USD 750 for getting PMP. Scenario II – for a person who wants to pass the credential test by enrolling into an online PMP course.Such a person would spend about USD 2900 for getting PMP. Scenario I – for a person who is willing to spend on the best preparation resources that includes a good PMP boot camp.Some of the important factors are country of your residence, mode of training, and choice of study material. The post talks about various factors that can influence the total cost of doing PMP. Or, you can look at my other post on expenses involved in pursuing and maintaining the PMP credential for a detailed analysis. You can look at the following video to understand how much it costs to do PMP certification. The total cost of PMP certification can vary from about USD 750 to 3000.
Let’s see how the potential salary benefit outweigh the cost involved. You should ask yourself – Can I recover my investment after becoming a PMP certified project manager? As a project manager, you should weigh the cost against the potential benefit. But cost is only one side of the equation. There is no denying the fact that the cost of pursuing the credential is extremely high. Is PMP Certification Worth It for a Career in Project Management? You can read my article on reasons for pursuing the PMP certification to understand these benefits.Įven though PMP exam prep is a tedious job that requires a lot of effort, the end result is well worth the effort. This can give you a platform to become a project manager.Īpart from the monetary benefits discussed earlier, there are numerous other PMP certification benefits. If you do have experience of managing projects then you can apply for the other PMI certification – CAPM certification (Certified Associate in Project Management). Project managers from any industry can appear in the exam. Only those project managers who have undergone 35 hours of project management education and have requisite project management experience can apply for the exam. PMP exam has stringent eligibility requirements. PMP exam preparation requires 2-3 months of rigorous study. It tests your knowledge and skill about both predictive and agile project management approaches. PMP certification exam is mostly based on the concepts written in the PMBOK Guide (A Guide to Project Management Body of Knowledge).
The certification is awarded by Project Management Institute (PMI) after a project manager passes the PMP exam. PMP is globally recognized project management certification. What is PMP (Project Management Professional) Certification? In this post, you will find a comparison of the expenses involved in the PMP exam against the potential increase in the income. Let us do a scientific cost-benefit analysis and measure the true worth of PMP certification. It needs an investment of about $1000 to cover the cost of project management training and application fee.įrankly speaking, you should not worry about the cost of doing PMP because monetary benefits (higher earning) far outweigh the expenses involved.
Many project managers don’t pursue the certification because it is a costly exam. This way you can recover your money in as little as 2 months of passing the PMP certification exam and after that you can enjoy your salary increment. As per the PMI’s project management salary survey, median salary of a PMP certified project manager in North America is 25% higher than those without the certification. PMP certification is definitely worth the money and effort. To learn more about becoming a PMI Professional in Project Management (PMI-PMP ®) please click here.Is PMP certification worth it? Does it have enough value to improve your career prospects and increase your salary?
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