eCornell: Hotel Revenue Management Certificate

One of the biggest names in hotel-focused higher education, Cornell University’s School of Hotel Administration offers an online revenue management certificate program that’s on par with an undergraduate or graduate course you’d take on campus. The program was developed by Cornell professor Sheryl Kimes, a true industry expert in revenue management. To earn the certificate, you need to complete all five online courses, which typically take about ten weeks in total and include self-paced study and optional, interactive Symposium sessions that are held virtually. Topics include forecasting, distribution channels, overbooking, and non-traditional applications of revenue management. Upon completing the course you’ll be able to create a forecast, effectively set rates and restrictions, and apply various revenue management strategies to increase revenue and profitability.

Since the eCornell course goes deep into advanced revenue management principles, it can be helpful to already have a basic understanding of the discipline. Cornell suggests that the certificate program is most relevant for revenue management leaders, general managers, front desk managers, and other hotel leadership team members. The program costs $3750, and monthly payment plans are available.

IDeaS: Revenue Management Foundations Courses

As a pioneer in revenue management technology, IDeaS is always seeking to advance the field of revenue management. One way the company does so is by offering its Revenue Management Foundations courses completely free of charge to anyone who wants to take them, even if you’re not an IDeaS user. Modules include Revenue Management Basics, Optimal Pricing, Inventory Control, How Forecasts Work, and more. Within each module, you can dive deeper into the nuances of revenue management strategies and explore how revenue management is used in hotels, airlines, parking, and meetings and events.

Since IDeaS’ resources are free and entirely self-paced, they’re a great choice for anyone looking to build a basic understanding of revenue management or brush up on revenue management principles. However, if you’re looking for a more intensive curriculum or interactive virtual sessions, you’ll want to consider a different course.

AHLEI: Certified Hospitality Revenue Manager (CHRM) Online Program

The American Hotel & Lodging Educational Institute runs a popular revenue management certification program, and it’s common to see revenue management leaders tack on the “CHRM” designation. This designation shows that the individual has a strong grasp of revenue management and has demonstrated success in the field. The purpose of this certification is not necessarily to learn new revenue management skills, but rather to demonstrate your expertise in a standardized way, which can help you earn a promotion or raise or become a more competitive applicant for revenue management jobs.

In order to become certified, you must get a score of at least 70% on a proctored exam with 125 questions. AHLEI provides exam preparation materials and a study guide, but there’s no course material required. Because the CHRM certification is designed for industry pros, you cannot apply until you’ve worked for at least six months in a “qualified position,” which involves over 50% of your time spent on revenue management activities. This requirement can be waived if you hold a leadership role or have a degree from an accredited institution. The exam costs $375, but, if you’re an AHLEI member, it costs $318.75. The certification is valid for five years, and recertification does not require taking the test again as long as you still work in the industry.

HSMAI: Certified Revenue Management Executive (CRME)

Another popular revenue management certification option is the Hospitality Sales and Marketing Association International’s Certified Revenue Management Executive (CRME) certification. Like CHRM, CRME is designed for revenue management professionals to show their expertise and capabilities in the industry. Adding a CRME designation can also be a great way to stand out among other candidates for revenue management positions.

CRME can be more difficult for less tenured revenue management professionals to achieve because HSMAI requires applicants to meet a certain threshold of “points” based on tenure, on-the-job responsibilities, continuing education, and other factors. If you have enough points, you can apply to take the certification exam, which can be taken online. An online study guide is available for purchase to help you prepare for the exam, and HSMAI holds in-person prep sessions from time to time. The exam costs $450 for HSMAI members and $625 for non-members. The certification is valid for three years, and you don’t need to take a recertification exam if you continue to meet the points threshold.

RoomPriceGenie Academy

If you’re interested in broadening your revenue management and digital marketing skill sets, revenue management software vendor RoomPriceGenie offers a compelling set of online courses. Available in both English and German, and created by RoomPriceGenie’s CEO and a handful of European hotel institute professors, RoomPriceGenie Academy is both comprehensive and approachable. The courses are suitable for students and revenue management newbies, since they start with the basic principles of revenue management and technology. More advanced courses cover topics like metasearch, reading STR reports, upselling, and content marketing.

RoomPriceGenie Academy is entirely self-paced and online, and upon completion of all the courses, you receive a certificate. Access to the course library costs $195, but your first two weeks are free. Throughout the courses, you’ll receive checklists of actionable ideas you could implement at your hotel.

Where will your revenue management education take you? Whether you’re looking to break into the industry, snag a promotion, or prove your revenue management mastery, one of these courses might be the perfect one to help you reach your goals.