How Much Time, Effort and Money is Required for the PMP Credential?
Earning the PMP® Certification involves a lot of money, time and efforts. It is imperative to estimate whether your budget and study time allow you to take on PMP® as your next professional achievement. This article gives will you some ballpark figures on the money, time and efforts required for the PMP® exam.
Time and Study Effort Input
It is often said that the PMP® exam is very hard and requires a lot of preparation. The actual length of study usually cannot be determined until you are half way in the study. Luckily, a recent survey of 100 PMP® who successfully passed the PMP® exam gives us some hints on the amount of time required. The survey shows that PMP® aspirants may need as short as a week of study or as long as over 6 months of preparation to pass the PMP® exam. The average time required is around 2 months with 3 hours of studies every day. This equates to around 180 hours of studies.
Money Input – PMP® Certification Cost
The minimal payable items required for the PMP® certification exam for most people is listed below:
- Becoming a PMI member (US$139)
- The PMP® Certification Exam Fee (US$405)
- 35 Hours Project Management Education (~US$200, depending on courses) – It is advisable to take one even if you have previous project management education as exam prep courses will help you to prepare and pass the PMP® exam)
- PMP® Exam Prep Study Guide (~US$100)
By adding up the above items, the minimum PMP® Certification cost would be around US$1000. You may optionally need to purchase PMP® practice exams to help you further (around US$100) or you may want to study in a classroom environment (around US$1000).
PMP® Re-certification Inputs
You have to bear in mind that passing the PMP® exam and getting the PMP® certificate is not the end. PMI requires PMP® to obtain at least 60 PDUs in each 3-year re-certification cycle (1 PDU is equivalent to 1 hour of project management education/service). You will need to spare at least 65 hours each 3 years to collect, record and report the PDU you have gained during the re-certification cycle. Luckily, this is not a large amount of time.
Also, some PDUs may cost you money but yet there are numerous ways to obtain PDUs for free. Being a member of PMI, for example, you get you enough free PDU every 3 years (essentially this is NOT free as you will have to pass the membership fee US$129 X 3 for each 3-year cycle, i.e. US$ 387). Of course, if you would rather attend courses that are more tailored to your needs, the course fees have to be taken into account.
If PMP® is your next professional target and you are able to set aside the money and time to prepare for the PMP® exam, it is time to actually begin the PMP® journey – to know how to get 35 contact hours for project management education and select a PMP® training suitable for you.
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