Project Management is a skill that is witnessing an ever-increasing demand in the market. In particular, PMPs or Project Management Professionals are needed by companies across a plethora of industries and sectors. However, becoming a PMP is not easy and requires a certificate from the prestigious Project Management Institute (PMI). PMP certification has thus become a holy grail that can augment the resumes of all workers.
However, the certificate is not without its associated costs and requirements. Firstly, it requires both education and experience and thus, no unskilled and amateur aspirants can acquire it. Another factor is the cost of completing the training and certification. The discussion here considers how much it will cost aspirants to get the certification.
How Much It Costs To Get PMP Certification?
PMP certification and PMP training are two different but connected aspects and have different costs. PMP training is required before one can apply for PMP certification, and without certification, PMP training won’t be of much value. The following notes will elaborate on the costs associated with the two.
- The cost, of course, will depend on the institute in question. It will include thirty-five hours of training by PMI-certified instructors. However, it should come to be no more than 25,000 or 30,000 INR in India. Please note that the institute should be PMI-certified if one desires to be eligible for the certification.
- It is recommended but not necessary to become a member of PMI, which will cost you 129 dollars every year along with additional ten dollars the first time for application (thus 139 dollars the first time and 129 years every year afterward).
- You must also pay a fee to make an attempt at certification. The cost of each attempt is 275 dollars for non-PMI members and 375 for PMI members.
- Further, the exam fee cost is 405 dollars for PMI members and 555 dollars for non-members.
- Lastly, the certificates must also be renewed as the certificate’s validity is only three years. The PMI certificate renewal will cost 60 dollars for PMI members and 150 dollars for non-paid members.
An Analysis Of PMP Costs
Analysing the above costs can help one make the following observations:
- Given the fee of PMP training is similar everywhere, one should try to get the training at an institute that has good ratings and reviews. The cost is negligible compared to the skills the aspirant will be learning.
- Though an additional expense, PMI membership shall prove a cost-effective choice, especially if aspirants had to make repetitive attempts at certification, and it shall also offer several other benefits.
- Given the comparatively lower costs of renewing the certification (as compared to the cost of acquiring a fresh one), one should make a point of renewing the PMP certification.
- These costs do not include the commute and accommodation costs, and these will have to be considered separately.
The Bottom Line
To conclude, PMP costs vary depending on the training institute, dollar-rupee conversion rates, the number of attempts one makes, and whether or not one has a PMI membership. Further, one must ensure that one meets the various PMP requirements before appearing for the exam.