Can Individuals Benefit From Investing in a CAPM Certificate?
As the project management industry grows, so does the demand for project professionals. Due to the abundance of opportunities, competition for project manager positions is also severe. Individuals must thus seek ways to distinguish themselves in the field. The only way to accomplish this is by demonstrating to employers that they are committed to their chosen professional path. The most effective approach for them to demonstrate project handling abilities is to obtain certificates. Certified Associate in Project Management (CAPM) Certificate is a terrific choice for individuals who are just beginning in this sector.
Earning CAPM Certification is not as easy as it sounds. Individuals must devote a significant amount of time, effort, and money. Therefore, candidates must know how much the CAPM Certificate would cost before preparing for the examination. The following will help candidates get a clear picture of the CAPM Certificate costs.
Five Aspects Of CAPM Certification Cost
The following components are included in the cost of obtaining CAPM certification; some are required, while others are optional.
- Exam cost
- Training cost
- Membership cost
- Resource cost
- Recertification cost
CAPM Exam Cost
The Exam cost is an important component of CAPM Certification cost. It is one of the mandatory costs determined by PMI. Candidates have to pay the CAPM exam fee after submitting the exam application. The fee is USD 300 if they are not a PMI member whereas, if they are a member the fee is USD 225. However, if the candidates did not pass the exam on their first attempt, they have to pay a re-examination fee of USD 200 for PMI non-members and USD 150 for members.
CAPM Training Cost
Candidates must attend formal training in order to complete 23 hours of project management education prior to taking the CAPM certification examination. The cost of training ranges between USD 1100 and USD 1300, depending on geographical location, training medium, and resources. The table below discusses the cost variance of CAPM Certification in various countries.
|Country||CAPM Training Cost|
|USA||USD 1100- 1300|
|United Kingdom||GBP 908 - 1070|
|India||INR 87,738 - 103,691|
|Canada||CAD 1410 - 1668|
|Australia||AUD 1574 - 1860|
|China||CNY 7418 - 8766|
|Japan||JPY 149,329 - 176,480|
|Brazil||BRL 5770 - 6818|
|Germany||EUR 1080 - 1275|
|Saudi Arabia||SAR 4131 - 4882|
|UAE||AED 4040 - 4775|
Membership is not mandatory. However, being a PMI member has several advantages for CAPM applicants. The advantages include savings on CAPM Exam fees, free access to PMI standards and publications, and access to a variety of research papers. PMI membership is classified into three categories:
Individual membership: The cost of an individual membership is USD 139, plus a USD 10 registration fee. After becoming a member, the annual membership renewal is USD 129.
Student membership: Student membership is available to current full-time university or college students who have valid identification. Student membership is USD 32 plus a USD 10 registration fee, and the annual renewal cost is USD 32.
Retiree membership: Retiree membership is accessible to individuals who have retired from active employment and have been a member of PMI for at least five years. They can still maintain their PMI membership by paying a USD 65 renewal charge every year.
Additional study resources can be purchased to help candidates prepare for the CAPM Exam, which may add to the CAPM Certification cost. These can be PMBOK guide, CAPM Exam study materials, online practice tests, or project management textbooks. The cost might range from USD 40 and USD 70, depending on the resources.
The CAPM certification lasts three years. Candidates must earn PDUs as well as pay the renewal fee for certification maintenance. The recertification costs USD 60 for PMI members and USD 150 for non-members.
Summary of CAPM Certification Cost
The entire cost of CAPM certification will vary depending on the individual. It depends on several aspects, including the country, sort of training, and the study materials. Following is an estimate of the cost of CAPM certification:
|Components of CAPM Certification cost||Cost (USD)|
|Exam cost||USD 225 (PMI member) and USD 300 (non-member)|
|Training cost||USD 1100- 1300|
|Membership cost||USD 139 (129+10)|
|Resource cost||USD 40 - 70|
|Recertification cost||USD 60 (PMI members) and USD 150 (for non-members)|
|Total||USD 1700 (on average)|
Is CAPM Worth It ?
Individuals sometimes ponder if it is wise to invest in the CAPM Certificate. Candidates acquired a good picture of the overall cost involved in the CAPM Certificate from the points listed above. Knowing the benefits of the certificate is as crucial as knowing the cost to determine whether it is worth the investment.
Earning CAPM leads to increased opportunities and offers the following potential benefits for new project managers:
- CAPM is a world renowned certification that teaches the basic principles of project management tools and approaches.
- The credential confirms professionals’ skills in the field and demonstrates to employers that they are productive workers who can be relied on to perform duties in accordance with worldwide standards.
- Owning CAPM Certificate enhances their resume with a professional achievement from a well-known organization and aid in gaining a competitive edge
- It increases the confidence of aspirants in managing a project, establishing a team, and motivating them to execute the project effectively.
- Being one of PMI's esteemed credential, it boosts the chances of job advancement and prospects, as well as increases credibility and respect from colleagues and project leaders.
- CAPM educates candidates on a diverse skill set necessary to be a successful project manager, including technical project management skills, strategic and business management skills, and leadership abilities.
Technical skills: scope management, schedule management, cost management, quality management, stakeholders management, risk management, and procurement management.
Leadership skills: interpersonal skills, communication skills, negotiation skills, problem solving, critical thinking.
Strategic and business management skills: competence to perceive the organization from a high level, knowledge to describe organizational factors such as strategy, purpose, goals and objectives, market circumstances, and understanding of market competition.
Is CAPM Certification worth investing in? The answer is an unequivocal yes. It is worth every dollar spent by professionals and provides benefits that boost their bottom line. CAPM lays the groundwork for a successful project management career.
Certified professionals exhibit a good grip on the steps of project planning. That is the foundation of a project’s success. The certification ensures their potential in assessing project risks, as well. Training provides the guidelines to developing the work breakdown structure while planning a project. This helps the project yield desired results. The amount invested in pursuing this certification offers manifold returns to its aspirants in the form of lucrative salaries.
This training imparts knowledge in the three different concepts of project life cycle. These concepts are namely, adaptive, iterative, and predictive. Such invaluable and helpful knowledge outweighs the certification cost. Insights into the various knowledge areas of project management is a plus point of this certification course. Individuals learn to assign values to cost, time, and performance that are considered as the three major constraints to a project.