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PMP Certification Cost : All you need to know

Last updated on 27th Oct 2022, Artciles, Blog

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Manorajan (Senior Manager )

Manorajan is a six-sigma rule project manager with 6+ years of experience who inspires creative thinking and excitement among team members. His paper concerns the SDLC model, the Kanban methodology, and the agile methodology.

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    • In this article you will get
    • 1.Introduction
    • 2.What is the PMP?
    • 3.What does PMP Certification Entail?
    • 4.Certification and maintenance for the PMP
    • 5.Salary factors for project managers
    • 6.Size of a Project Team
    • 7.Conclusion

Introduction

Assuming you are an IT expert, you may have contemplated the PMP certification, the expense of the PMP exam, and how to get started sooner or later. Clearly, if you have set your sights on obtaining the PMP certification, you have made the correct choice – and you have a bright future ahead of you! In any case, obtaining PMP certification is not as simple as the three-letter term suggests. The accreditation requires the actual training and expertise of board members.

What is the PMP?

PMP, or Project Management Professional, certification is a highly esteemed task for project managers worldwide. The Project Management Institute (PMI) awards competitors PMP certifications.

PMP refers to the claimed knowledge, training, skills, and abilities required for leading and executing projects. It is likely the most prestigious or “gold standard” certification offered by the Project Management Institute (PMI) in the United States.

PMP validates your ability to manage projects and recognizes the arduous work you’ve accomplished thus far, similar to how CPA validates your accounting expertise. This confirmation is valid for a considerable period. According to the PMI, as of August 2019, there were about 932,720 active PMP-certified individuals and 300 authorized sections in 218 countries.

The PMI, a non-profit organization, began its expedition in 1969. Its members are consistently supported by educating, organizing, and rigorously enforcing the board’s policies, and by providing a common platform for communicating and exchanging viewpoints. The first edition of the PMI’s standard for project managers, the PMBOK, was published in 1996, and the sixth edition is now available.

It is appropriate to state that the PMBOK is updated every four to five years. In addition to ANSI personnel, the cycle is completed by a group of highly experienced specialists. In 1984, the PMI granted its first part endorsement in Philadelphia, United States of America. Since that time, the local population of certified PMPs has expanded at a constant rate.

PMP is without a doubt the most sought-after certification for project managers in the world today. With its accreditations, guidelines, and manuals, the PMI foundation has provided assistance to about three million professionals across continents. In addition, PMP certification has become a requirement for several jobs around the world. After obtaining a PMP certification, professionals can maintain it through a program called as Continuing Certification Requirements (CCR).

PMP Certification

What does PMP Certification Entail?

The PMI-issued PMP certification validates your project management skills and abilities. It demonstrates your understanding of the most recent principles, procedures, and practices in project management. PMP credential holders in 40 countries earn around 16% more than their non-certified peers.

Your expertise and use of waterfall project scheduling, Agile, business management, and leadership management sets you apart from the competition.

The PMI-issued PMP certification validates your project management skills and abilities. It demonstrates your understanding of the most recent principles, procedures, and practices in project management. PMP credential holders in 40 countries earn around 16% more than their non-certified peers.

Your expertise and use of waterfall project scheduling, Agile, business management, and leadership management set you apart from the competition.

The willing candidate must pass multiple-choice question sets to pass the examination. In four hours, the candidate must answer 200 questions. The examination is available worldwide in thirteen distinct languages.

The PMI has designed the examination to evaluate a candidate’s management competence in five distinct areas. The fields, as well as the question distribution, are as follows:

  • Initiating the project (13) Project planning (24) Project execution (30).
  • Controlling and Supervising a project (25).
  • Terminating the project (8).
  • Now that we are aware of the PMP Certification fee, let us examine some preparatory reference materials.

Certification and maintenance for the PMP

PMP confirmations will have supporters and opponents, just like everything else in the world. We have heard that the PMP examination is expensive, costing between $40,000 and $50,000 over the course of a 30- or 40-year career – all fees listed in US dollars. Sincerity be damned, it is a myth that will prevent you from learning some very excellent PMBOK practices. However, PMP is not for those who have already chosen against it, whether out of laziness, organisation, or a sense of having passed the point of no return in the game.

Prerequisites for PMP:

In addition to agreeing to the PMI website in order to apply for the PMP, you should also have:

A four-year degree (single man’s or global equivalent) and at least three years of task-the-board experience, including 4,500 hours of leading and coordinating projects and 35 hours of task-the-board training.

Alternatively – An optional confirmation (secondary school or international equivalent) with around five years of project management experience, 7,500 hours driving and directing projects, and 35 hours of project management training.

Salary factors for project managers

Certification in project management or an advanced degree:

As a project manager, you might make a lot more money if you get a degree or go to graduate school.

PMP Certification:Getting this certification will raise your salary and show employers that you have the skills and knowledge to manage projects and teams well.

A new global study found that professionals with a PMP certification procure 22% more than those without one across all nations and industries. In the United States, a project manager with PMP certification earns $120,000 annually, compared to $95,000 without it.

A PMP certification is typically associated with career progress and success. The certification is granted by the Project Management Institute, a globally recognized organization that promotes cooperation, education, and examination among project managers. Additionally, the organization maintains global certification standards, credentials,methodologies, and systems.

1.Graduate degree in Project Management:

A graduate degree in project management has two advantages. As far as one can tell, project managers with graduate degrees earn a median salary of $120,000, compared to $110,250 for those with a four-year bachelor’s degree.

Burning Glass Labor Insight did a survey that found that 34% of all executive jobs prefer or require a graduate degree right now. This is a figure that is incredibly convincing. Obtaining a graduate degree in project management can not only increase your salary, but also your marketability. A strong alumni program can equip you with the specific skills and in-depth expertise you need to lead challenging projects and grow your career.

2.Extensive Years of Experience:

As with most occupations, the amount of experience you have will determine how much you will earn as a project director. In the United States, project managers with over 20 years of task board experience earn a median annual salary of $135,000, compared to $83,000 for those with less than three years of industry expertise.

3.Specialization:

Your venture management remuneration may also increase based on your area of specialization within the profession. For instance, you could opt to become a program administrator or portfolio manager.

  • This is how the three jobs differ based on annual compensation by role description.
  • Project managers organize, direct, and conclude projects by determining liabilities, creating comprehensive plans, and supervising budgets. They earn an average annual salary of $91,245.
  • For an average annual salary of $127,517, program directors carry out a number of interrelated tasks, collectively referred to as a “program,” to improve an organization’s performance.
  • Portfolio administrators evaluate an organization’s projects to aid organizations in identifying the best assignments, distributing the appropriate resources, and enhancing project performance. They receive an average annual salary of $140,780.
  • On the other hand, having knowledge in a particularly popular venture the executives procedure may also assist in increasing your income.

Size of a Project Team

Group size also determines a project manager’s salary. Depending on the size of the group, a project manager could earn an additional $25,000 each year. According to the Project Management Institute, the following are the median salaries in the United States by group size:

  • 1-4 individuals: $106,888
  • 5-9 individuals: $115,000
  • 10-14 individuals: $121,533
  • 15-19 individuals: $122,000
  • 20+ individuals: $130,000

5.Economy:

The industry in which a director operates can significantly impact annual profit. According to the Project Management Institute, the following industries have the highest median salaries for project managers in the United States:

  • Investments (Agriculture, Mining, etc.): $134,577
  • Counseling: $134,149
  • Drugs: $133,246
  • Transport: $129,732
  • Food and Drink: $124,559
  • Designing: $124,434
  • Utilities: $122,255
  • Data Technology: $122,245

Due to the rapid expansion and demand in these industries, project board compensations in the scientific, innovation, designing, and mathematics (STEM) domains are very high. In reality, 93% of STEM occupations pay salaries far above the national median, and the median income for all STEM careers is nearly double that of non-STEM positions.Government projects, for example, are more complicated and require specialized information on specific programming on a regular basis, resulting in higher-than-average pay rates for the project board.

6.Area:

Where you choose to work might also affect your compensation, both in the United States and internationally. Normal enterprise director compensation by region, countrywide:

  • San Francisco: $91,318
  • $82,119 for Houston
  • Seattle: $78 693 dollars
  • $79,231 in New York
  • Boston: $78,852
  • Philadelphia: $76,329
  • $73,899 for Charlotte

Switzerland, the United States, Australia, Germany, and the Netherlands are the nations in which project managers report the highest median salaries worldwide. According to the Project Management Institute, project managers in these nations earn an average salary of:

  • Switzerland: $132,086
  • US: $116,000
  • Australia: $101,381
  • Europe: $96,987
  • United Kingdom: $93,839

Regardless of your education, experience, expertise, project team size, and industry, where you work has a substantial impact on your salary. While contemplating their potential salary and professional development, project managers should consider the above factors.

PMP advantages

Conclusion

The PMP certification can help you obtain rewarding positions in IT, manufacturing, finance, healthcare, and other dynamic industries.The Project Management Institute (PMI), the certifying body for PMP, published the Project Management Best Practice Guide titled “Venture the Board Body of Knowledge (PMBOK),” which serves as the foundation for the PMP® certification examination.

The PMP examination is difficult for the majority of professionals because it covers a vast array of topics adapted to the PMBOK-based blueprint. Therefore, the selection of a solid preparation foundation is essential. Completing the PMP examination is difficult; hence, it is recommended that candidates read a few books on the subject. You may also enroll in our online PMP certification training course, which covers the most up-to-date methods outlined in the PMBOK Guide, sixth edition, and allows you to learn from master professionals, and pass the PMP® exam on your first attempt.

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