ABOUT:
The Certified Estimating Professional (CEP)® credential, offered by AACE International, is designed for professionals involved in the economic evaluation of projects. This certification is essential for those responsible for estimating project costs, advising management on project funding decisions, and applying the estimating body of knowledge to develop accurate budgets, value engineering, and project resource requirements.
CERTIFICATION BODY: AACE International is the certifying authority for the CEP® credential. The organization is a global leader in advancing technical knowledge and providing certification in cost engineering and project management.
LEARNING OBJECTIVE:
Master the Fundamentals of Cost Estimating:
- Understand core costing principles and methodologies.
- Learn to classify costs effectively based on project needs.
- Gain proficiency in applying relevant estimating techniques.
- Develop the ability to accurately estimate costs for a defined project scope.
Develop Expertise in Complex Estimating Problems:
- Enhance skills in tackling intricate estimating challenges.
- Learn to analyze project dependencies and potential risks.
- Master techniques for cost estimating in uncertain scenarios.
- Develop the ability to handle unforeseen circumstances and adjust estimates accordingly.
Grasp Estimating Process and Practices:
- Understand the complete estimating lifecycle from initiation to finalization.
- Learn best practices for effective data collection and analysis.
- Gain practical skills in applying estimating software and tools.
- Develop the ability to implement efficient and streamlined estimating processes.
Enhance Communication Skills:
- Learn to effectively communicate cost estimates and justifications to stakeholders.
- Master the art of presenting complex estimating data in a clear and concise manner.
- Develop writing skills for crafting clear and comprehensive cost reports.
- Gain confidence in presenting cost estimates and responding to inquiries from management.
EXAM INFORMATION:
- Exam Format: Closed-book assessment
- Exam Duration: Maximum of 5 hours
- Number of Questions: 119 multiple-choice and compound scenario questions
- Passing Criteria: Overall average score of 70% or higher across all domains.
- Scoring: Only a pass/fail result is provided; individual domain scores are not disclosed.
- Calculator: Any style, battery-operated calculator is permitted.
RECERTIFICATION:
- Recertification Period: Every three years.
- Continuing Education: Accumulation of 12 Continuing Education Units (CEUs) across at least two specified categories.
- Recertification Option: If CEU requirements are not met, retaking the CEP exam is an alternative.
- Additional Information: Detailed recertification guidelines can be found on the AACE International website.
For More Information
Curriculum
- 7 Sections
- 23 Lessons
- 40 Hours
- Cost Engineering Fundamentals3
- Estimating Techniques2
- Cost Control and Project Management4
- Risk Management and Cost Uncertainty3
- Cost Reporting and Analysis4
- Contract Management and Pricing4
- Professional Practice and Ethics3
Requirements
- Option 1: Eight years of industry-related experience.
- Option 2: Four years of industry-related experience combined with a four-year industry-related college degree. Additionally, candidates must adhere to AACE’s Canons of Ethics.
Target audiences
- Cost Estimators: Professionals seeking to enhance their cost estimating skills and expertise.
- Project Managers: Individuals involved in project planning, budgeting, and control.
- Financial Analysts: Professionals conducting financial analysis and evaluation of projects.
- Engineers and Construction Professionals: Individuals contributing to project cost estimation and control.
- Individuals aspiring for leadership roles: Professionals aiming to advance their careers in cost management and project leadership.