To find the answer you need to weigh the investment and return of this certification. Research has indicated that having a PMP certification leads to a 16% higher salary. Also, you can get a 300% ROI with this certification. Before making any judgment based solely on the salary and ROI figures, you need to analyze the cost and other factors. 

PMP cost 

The PMP cost doesn’t only include the PMP exam fee. Other costs are associated with it too. Here is a breakdown of the costs. 

Along with this cost, there is an additional cost of $60 for members and $150 for non-members to renew the certification every three years. 

PMP salary 

According to the PMI salary survey, the Project Managers having PMP certificationgets higher median salaries (about 16% higher) than the non-certified professionals.  The salary of Project Managers varies from country to country. Here are some examples.

Table 2: PMP Salary

You will notice that the salaries of Project Managers having a PMP certification are considerably higher than those of non-certified managers. 

PMP ROI 

You then need to find out the ROI to make sure that this certification is worth the investment. You can calculate the ROI by dividing the potential increase in salary by the investment. 

You will notice from this table that the ROI is quite high and every time the salary outweighs the cost. So, you can recoup the investment within 2 to 3 months. These figures tell that you should join a PMP training program and give the exam to obtain the certification immediately. 

Job Opportunity

The PMP certification can add a lot of value to your resume. You will have a better chance of getting short-listed for a job than non-certified candidates. This certification will make you stand out. Some recruiters today prefer this certification more than a master’s degree as this certification provides offers training with extensive, high-level exposure to industry projects. 

Highly regulated industries like financial services and pharmaceuticals do not accept candidates without a PMP certification. These industries have good prospects and so if you are interested to join these industries then you need a PMP certification.  

Universal recognition 

By obtaining the PMP certification you will learn the global language of Project Management. No matter in which industry or country you work, the Project Management approach will be the same. Your knowledge will be easily transferable to different industries and countries. Companies across the globe trust the PMP certification. The PMI has more than 2.9 million members worldwide and decision-makers know about this certification. It has become a standard scale for measuring the potential of a Project Manager globally. 

Networking opportunities 

This certification will provide you with outstanding networking opportunities. To be a PMP-certified professional, you need to become a member of the PMI. This will introduce you to the world of certified Project Managers. In the major metropolitan cities, the PMI holds regular meetings with certified Project Managers. The meetings help to obtain the PDUs necessary to renew the certification. By attending the meetings you will meet many certified Project Managers who might offer you a job. You can also develop your Project Management skills by communicating with these Project Managers. 

It is not easy to obtain a PMP certification. You need to undergo vigorous training and pass an exam. Afterward, you need to obtain a sufficient number of PDUs to renew your certification. All this hard work definitely pays off. 

Over the years, the terminology and methodology of Project Management have changed. The PMP certification helps Project Managers to stay updated with the changes. The need for skilled Project Managers is at its peak today.  The PMP certification is worth it as it will reshape your career, help you earn more salary, and give you better job satisfaction.