What does the PMP exam cost?

What does the PMP exam cost?

Learning Mudra, Category - PMP

As the market heats up, the complexity of Management continues to increase, companies and organizations are seeking insights that might help them simplify situations ahead of them. In the past, things were straightforward, and everything revolved around a product. Now everything seems to be dynamic, and people face uncertain issues in the project management arena. As everyone doesn’t know every aspect of running a business, there should be something to handle them properly and efficiently. Here comes the PMI, Project Management Institute. It’s a not-for-profit professional membership association for project management professionals.

The PMP association aims to provide network, tools, and best practices to those seeking help to manage their projects and portfolios successfully. PMP started in 1969, currently helping more than 2.9 million professionals provide resources and research programs in almost every country to excel in their respective professions. In addition to this, PMI oversees the documentation of the Project Management Body of Knowledge (PMBOK) Guide that contains all the standards and guidelines established for successful project management. PMI offers a wide range of credentials and certifications to help professionals recognize their knowledge and competency, then use it to grow in their profession.

Project Management Professional (PMP) certification is an industry-recognized credential for project managers all over the world. PMP demonstrates the education, skill, experience, and competency required to lead and direct the projects. It is the most sought-after certification amongst eight certifications administered by the PMI, USA. PMP certification is imperative in every industry. The demand is in terms of skill requirements, which vary upon different sectors and geographies. As per PMI’s 2014 survey report, there will be enormous opportunities for practitioners of project management.

Prerequisites

But to sit for the PMP exam, you need to fulfill specific criteria requirements decided by PMI. Today every organization needs professionals to manage and handle the projects effectively and efficiently; therefore, PMI started a four days training course along with a standard process for the PMP certification exam. The eligibility criteria are divided into two categories:

Education: Graduate with a 4-year degree.
Experience: 36 months of leading projects.
Training: 35-hour Project Management Education.

OR

Education: Non-Graduate with a high school diploma or associates degree or an international equivalent.
Experience: 60 months of leading projects.
Training: 35-hour Project Management Education.

Costs of PMP exam

Once you fulfill prerequisites before applying for the PMP exam, you may doubt PMP certification costs in India. Let’s look into the PMP exam cost. The significant prices involved in achieving PMP certification include the following:

1. The Exam Fee:

This is a fixed cost for everyone from any corner of the globe. The generalized examination fee is $555 but will be subsidized for PMI members. The discounted exam fee comes down to $405, but you need to pay $129 of membership and $10 as a joining fee totaling $139 to benefit from the discount. Thus, a total of $550 has to be paid for giving the PMP examination.

2. The Training fee :

The second expense in the PMP certification process is the training fee, i.e., a variable cost and depends on the training institute you choose. The 35 contact hours training is mandatory, with one hour of classroom instruction equals one contact hour. If you have already completed education hours from your company’s training programs or your college, you don’t need to spend extra time on a training course again. Nonetheless, it’s preferable to take a formal PMP coaching from PMI authorized training centers, which reduces any chance of failing.

There are many benefits to being a member of PMI. One such thing is you have access to download a digital copy of Project Management Body of Knowledge, PMBOK Guide. If you are not comfortable with the digital copy, PMI also provides a hardcopy of the guide. The paper copy will cost around $40, and you can order it online. Along with PMBOK, one must also read other materials available in the market. A useful compilation of study materials can bring you one step closer to clearing your PMP examination.

3. The practice test:

Another cost candidate will incur in the form of a practice test, even though many free practice tests are available on the web. But it is always advisable to have a full-length paid test to clear the exam. The cost of a good mock test may fall somewhere between $60 and $300. Also, you should buy other study material to pass the exam against all the odds. This additional study material includes ITTO and formulas learning tools. There are a few ITTO charts and formula sheets that are free to download.

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Once your application is approved, you can take the PMP exam for the next three attempts. If you cannot clear the exam, you have to pay a re-examination fee for the second attempt. . The re-examination cost varies upon whether you are a member of PMI or not. So, PMI members have to pay $275, whereas non-member have to pay $375 for the PMP re-examination. After clearing the exam and certified as PMP, you need to renew every three consecutive years. The PMI members have to pay $60, and non-PMI members have to pay $150 as a certification renewal fee.

Unlike many certifications that target geography or domain, PMP has its worth in any location and industry. So there is a massive demand for PMP certification all over the world. Hence this PMP certificate should not be let get expired. The PMP credential in India is valued accordingly. The significant cost variable across different geographical locations is training fees. In India, training fees range from (Rs.20,000 - 50,000). It is thus making the total cost to approx. Rs.47017 for a PMI member and Rs. 66,320 for a non-PMI member. A total of approx. Rs.77014 to 116320 will be involved for a person willing to take the PMP exam.

If you clear all the grounds of the PMP examination and its preparation, then cost will never be a deciding factor for such a globally recognized certification. The cost in India varies compared to the rest of the world. The training price varies upon the locations; if you have decided to pursue PMP, it is better to start your preparation immediately because you are potentially losing money by delaying it as PMP certification is well worth the time and cost investment.