Choices
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Professional exams are a significant step toward advancing your career, but their costs can be challenging.
However, with careful planning and resourcefulness, you can manage these expenses. Here are six steps you should consider taking.
- Save Incrementally Through a Dedicated Fund
Professional exams can sometimes be costly.
For instance, in the US, the CPA exam cost can be as little as $1,600, but it can be as high as $8,000. (There are additional expenses too!) So, students who intend to take professional exams need to carefully determine how they will afford the expense.
One tried and tested method is to save incrementally through a dedicated fund.
Set up a separate savings account specifically for exam fees. Even small weekly deposits build over time into substantial amounts.
Automate your savings whenever possible by scheduling recurring transfers into this account from your primary income source.
And use budgeting tools or apps to track progress toward your goal and avoid unnecessary spending on other expenses during this period.
If you’re savvy, your fund could build up more quickly than you think.
- Investigate Exam Fee Waivers and Subsidies
Exam providers or governing organizations sometimes offer fee waivers or subsidies to reduce costs for eligible candidates. These are typically aimed at students with financial constraints or exceptional academic achievements.
Check the official website of your chosen certification body to find details about their programs.
Contact their support team directly to inquire about requirements and deadlines. Documentation such as proof of income or enrollment status might be necessary.
Act early when applying, since funds for these programs often have strict limits and can run out quickly as applications pour in.
- Explore Flexible Payment Plans Offered by Exam Boards
Many professional exam boards understand the financial strain of their fees and offer flexible payment plans to ease the burden. Instead of paying the full amount upfront, students can break it into manageable installments.
Start by visiting the official website of your exam provider to check if they list installment options or deferred payment programs. If no clear information is available, contact them directly for details.
When enrolling in a plan, read all terms carefully. Some might include small administrative fees or require specific deadlines for payments.
This approach makes exams more accessible without straining monthly budgets.
- Leverage Employer Sponsorship Opportunities
Some employers are willing to cover or reimburse the cost of professional exams, especially if the certification benefits your role within their organization. It’s an investment in both you and their business.
If you’re professional, begin by discussing this possibility with your supervisor or human resources department. Many companies have educational assistance policies that include exam fees, study materials, and prep courses.
Be prepared to explain how the certification aligns with your current responsibilities and contributes to company goals. Employers often favor employees who show initiative in advancing skills relevant to their job.
Keep in mind that some sponsorships come with conditions like maintaining employment for a specific period after earning the credential. Understand these terms before accepting support.
- Research Low-Interest Loans Specifically for Education Costs
If other funding options fall short, low-interest loans tailored for educational expenses can help cover professional exam fees.
Many financial institutions and organizations offer loans specifically designed for students pursuing certifications or career advancement.
Start by looking into banks, credit unions, or nonprofits that provide education-specific loans. These often come with lower interest rates and flexible repayment terms compared to standard personal loans.
Before applying, compare loan offers to ensure you’re getting the best deal. Focus on factors like:
- Total interest payable.
- Repayment periods.
- Any hidden charges.
Borrow only what you need to avoid unnecessary debt. Use these funds responsibly to focus entirely on achieving your certification without additional financial stress.
- Use Crowdfunding Platforms to Rally Support
Lastly, when finances are tight, crowdfunding can be a helpful way to raise money for professional exam fees. Friends, family, and even strangers may want to support your goals when they understand the importance of your certification.
Start by choosing a crowdfunding platform with low transaction fees.
Then, create a compelling campaign page that clearly outlines why you’re pursuing the certification, how it impacts your career, and what reaching this goal means to you personally. Include specific details about the exam costs and timelines.
Share your campaign widely through social media channels or personal networks. And regularly update donors on your progress as an extra gesture of gratitude.
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