August 13, 2020

How To Handle Project Management Professional Certification Expenses

We know that getting a PMP certification is important for boosting our careers. But once you take a look at the expenses and CAPM cost, you may want to rethink your decision. The exam fee of non PMI members is around $555 USD and for PMI members, it is $405 USD. If you pass your exams and get a project management professional certification, you’ll have to make sure that you stay a member of the Project Management Institute, which is going to cost you an annual fee of $139 USD. Not to mention that the additional training and exam preparation fee which can range from $200 to $2000. If you add all these expenses, your total becomes somewhere about $3114 USD, which is a huge sum of money, to say the least.

It may cost you several months of salary just to attempt the exam and if you fail, the expenses will only increase. Not all of us have that kind of money laying around the house, which limits our options and promotion opportunities. This calls for a concrete plan to handle the CAPM cost. Fortunately, you can get your employer to pay for the expenses. Many business organizations have a PMP certification sponsorship programs, you can simply sign up for it but if your company does not have a sponsor, you can directly approach your employer to pay for the PMP certification and training fee. How? We will discover in this article.

Approach with a Business Mindset

Your company is unlikely to pay a huge sum of money just so you could increase your marketability and the value of your résumé. Instead of personal professional development, approach your employer with a business mindset. Determine the exact cost of training and examination course, the benefits you’ll be able to achieve and the return on investment. Highlight how exactly the business organization will benefit from your PMP certification. Develop a one-page proposal that enlists a short summary, the goal, benefits, a detailed list of expenses and the return on investment.

Highlight the Benefits

The most important step to getting your employer to sponsor your PMP training and certification is to highlight the benefits. The advantages your business organization will get as a result of your PMP certification should be numerous. You can state benefits like increase in organization’s knowledge and formal techniques on how to handle a project, the enhanced quality of results, the increase in the quantity of incoming proposal due to increase in efficiency. You can also describe how better performance will lead to customer satisfaction, leading to improvement in organization’s reputation.

Identify Cost and Return on Investment

It is better to enlist more than two cost options in your proposal that will provide more flexibility to your employer. The organization can choose from one option that costs less and still enables you to get your PMP certification. Moreover, you need to highlight in clear terms the return on investment. It is better to include qualitative as well as quantitative benefits the organization will receive as a result of your Project Management Professional certification.