Thinking about getting a professional certification? Wise thinking. Well-chosen certifications whether a CPA credential, an IT certification, or a project management credential – can not only boost your knowledge and skills, but also help you stand out in a competitive job market, and even bump up your salary.
However, it’s also undeniable that most also require considerable time and financial commitments. From exam fees to study materials to potential retakes (because not everyone passes on the first try), the costs can add up fast.
But planning ahead can make a huge difference, saving you from financial stress while keeping you focused on what matters: passing the exam and leveling up your career.
Why Certifications Matter
Certification can be invaluable to your career because employers see it as proof you’ve got the knowledge and skills to do the job well.
In some industries, it’s a necessity. For example, accountants aiming for higher-level roles often need to pass the Certified Public Accountant (CPA) exam to qualify for top positions. In tech, certifications like the AWS Certified Solutions Architect or Cisco’s CCIE can unlock six-figure salaries. Even in fields like project management, a PMP certification can give you a significant edge.
Research confirms this: according to a survey by Global Knowledge, IT professionals in the USA with certifications earn on average 22% more than their non-certified peers, while in the Asia-Pacific region, they earn about 45% more. That’s a fantastic return on investment.
Still, before you reap the rewards, you need to be financially prepared for the costs.
Planning for Certification Costs
Before you start budgeting, it’s important to get a clear picture of the expenses involved because costs vary widely depending on the certification and governing body. Here’s a rough breakdown of some common exams:
CPA Exam Costs
If you’re planning to become a CPA, you’ll need to budget for several fees:
- Application Fee: Varies by state but usually falls between $50 and $200.
- Exam Section Fees: The CPA exam consists of four sections, each costing around $345, totaling approximately $1,380.
- Review Courses: While optional, most candidates invest in a prep course, which can range from $1,500 to $3,000.
- Retake Fees: If you don’t pass a section, you’ll have to pay to retake it.
When all is said and done, the total CPA exam cost can be anywhere from $1,600 to $8,000, depending on materials, state fees, and the number of retakes.
IT & Business Certification Costs
- AWS Certified Solutions Architect: Exam fee: $150.
- CCIE (Cisco Certified Internetwork Expert): Written exam: $450. Lab exam: $1,600.
- Project Management Professional (PMP): Exam fee: $405 for PMI members, $555 for non-members.
Beyond the base fees, you should also factor in study materials, training programs, and potential retakes. Some certifications also require periodic renewals, adding to the long-term cost.
Budgeting Strategies to Keep Costs Manageable
Research and Plan for All Costs
Go beyond the exam fee: factor in study materials, training courses, travel expenses (if testing centers aren’t nearby), and possible retake fees. Creating a detailed list of expenses will help you prepare realistically and avoid unexpected financial surprises.
Take Advantage of Employer Reimbursement
Many companies cover the cost of professional certifications, so make sure to check with your HR department to see if your employer offers tuition reimbursement or financial support. Some companies even pay for study materials and training courses, so don’t leave money on the table.
Use Cost-Effective Study Resources
Expensive prep courses aren’t always necessary. Look for budget-friendly alternatives:
- Self-Study Materials: Many certifications offer free resources, official study guides, or community-supported study groups.
- Online Learning Platforms: Websites like Udemy, Coursera, and LinkedIn Learning offer affordable courses.
- Used Books and Notes: Look for second-hand materials on sites like eBay or borrow from past test-takers.
Spread Out Exam Fees Over Time
Instead of paying for everything at once, space out costs strategically. If your certification has multiple exams, you may want to schedule them months apart to avoid financial strain. Many prep programs also offer installment payment plans.
Set Up a Dedicated Savings Plan
If your certification is a year or more away, consider setting aside a fixed amount each month. Even $50 to $100 per month can help you accumulate the funds needed without disrupting your regular expenses.
Look for Membership Discounts
Many certification bodies offer discounts to members. For instance, PMI members save $150 on the PMP exam fee. If an organization provides useful resources in addition to discounts, the membership fee can pay for itself.
Schedule Smartly to Avoid Retake Fees
Failing an exam means paying to retake it, which can be expensive. So, before scheduling your exam, make sure you are prepared so you can pass the first time. Here’s how you can do that:
- Take multiple practice tests.
- Identify weak areas and focus on them.
- Set a realistic study schedule to avoid rushing the process.
Consider Financing Options if Needed
Finally, if your certification is essential for career advancement but you’re short on funds, explore financing options:
- Some certification programs offer zero-interest payment plans.
- Look into workforce development grants or scholarships.
If necessary, you can also use a low-interest credit option, but it’s best to avoid high-interest loans, whenever possible – even if you’re sure the ROI of your certification would be high.
