To become a certified Project Management Professional (PMP), you need to pass the exam first. As you prepare for the PMP exam, there are a few costs that you should know about. Familiarizing yourself with these costs can help you know how much to budget for the exam. Here are the costs associated with the exam that you should know about.
The exam fee is subject to change year by year. In 2017, these are the fees you should expect:
- For the paper-based tests, members of the Project Management Institute (PMI) pay $250 and non-members pay $400.
- For computer-based tests, PMI members pay $405 and non-PMI members pay $555.
In order to save on the exam fee, become a PMI member. Membership dues will cost you $139 annually. Paying for your membership and the exam will still be cheaper than taking the exam as a non-member.
On top of cheaper exam fees, you’ll also receive other benefits, such as the PMBOK Guide. Become an active member of your PMI chapter to gain access to inexpensive test prep courses and other materials, too.
Retaking the Exam
Failing the exam isn’t the end of the world. However, you will have to pay to retake it. You can retake the exam up to 3 times each year, but you’re going to have to pay each time.
To retake the exam, PMI members pay $275 and non-members pay $375. Save yourself some money by passing on the first try. Put in the time and energy to study and prepare for the PMP exam to do so.
While budgeting for the exam fee, determine the other costs associated with studying for the PMP exam. What do you need to help you study? Should you enroll in a prep course? Do you need to purchase review books? What about practice exams? Depending on the resources that you need to help you prepare, you may need to spend several hundreds or thousands of additional dollars.
You may be wondering whether or not the PMP certification is worth the PMP exam costs. One study found that people who pass the exam have 20% higher salaries on average than people in the same profession who aren’t certified.
If you’re thinking about taking the exam, consider talking to your employer. Your company may be willing to cover some of the costs. Let them know that the certification is part of your professional development and can benefit the company.
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