The PMP: How Much Value Does It Really Offer?

Mark Mullaly is president of Interthink Consulting Incorporated, an organizational development and change firm specializing in the creation of effective organizational project management solutions. Since 1990, it has worked with companies throughout North America to develop, enhance and implement effective project management tools, processes, structures and capabilities. Mark was most recently co-lead investigator of the Value of Project Management research project sponsored by PMI. You can read more of his writing at markmullaly.com.

 

According to the last issue of PMI Today, there are now 45,139 Project Management Professionals (PMPs) certified by the Project Management Institute. More than 4,800 have now been certified so far this year, which means that there should be more than 50,000 of us roaming the planet by the end of this year if current trends continue. That will constitute an increase of 40,000, or 400 percent, since 1998. Clearly, there is a huge number of people that have decided that the PMP is a worthwhile investment. And lets be frank, it is an investment--often a significant one.

I would realistically suggest that it costs upward of USD $5,000 to get your PMP today--and that doesn't include the investment of your time. $555 for the examination ($405 if you're a member, but the membership is $150, so let's just call a spade a spade, shall we?). An average of $1,500 in order to get the 35 hours of in-class instruction that is now required. Another $432.75 for the study kit. Yet another $2,500 for a PMP exam preparation course (which varies from frighteningly expensive to ridiculously cheap depending upon the option you choose.) Add a couple of hundred hours or so of classes and study, and the PMP is a significant investment indeed. So what's the payoff? What's the return on investment? What, to put my project manager's hat on here, is the business case? Is there one?

First, a personal …

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