The major components of PMP certification cost are exam charges, training fee, study material expenses, and practice test simulator cost. Out of these PMP exam fee, which is charged by Project Management Institute (PMI), is standard all over the world but other costs vary with country e.g. training fee is much higher in USA than in India.
PMP exam fee and training fee are the most expensive components of attaining PMP credential. The exam fee is $555 for PMI members. The training fee can vary between $200 to $2000.
You can save a lot of money by investing in a reasonably priced training. A live training can cost as much as $2000 but an online training can cost as little as $200.
You will find a discussion of the different costs involved in doing PMP certification in this article. It has a special focus on India. Although, I have mentioned the costs in US Dollars and Indian Rupees, this article is useful for everybody.
Lets look at different costs for cracking the PMP examination.
PMP Certification Cost in India
The major cost components of getting PMP certification are:
1. PMP Exam Application Fee
PMP exam can be taken only after registering yourself on the PMI website. If you want, you can become a member of PMI by paying a nominal fee and then apply for the exam. The membership fee is $129 and joining fee os $10.
It is beneficial to become a PMI member as PMI gives a discount on exam application fee to its members. The non-member examination fee is $555 but it reduces to $405 for members.
Considering both the options, you need to pay a total of approximately $550 for appearing in the PMP exam.
Note: Apart from a discount on the exam fee, PMI membership has many other benefits. Members get discount on re-examination fee (#6) & certification renewal fee (#7). They can download PMBOK Guide for free (#3). You can read my article on benefits of PMI membership for the full list of benefits.
2. PMP Training Fee
The 35 Contact hours of specific instruction that conveyed learning objectives is mandatory for taking the PMP Examination. One hour of instruction equals to one contact hour.
The training fee is the variable cost fee and it might be one of the expensive elements because the cost depends on the training institute that you pick. You can either go for an self-directed online training or an instructor-led live training. A live training is much more expensive than an online training.
A training from a knowledgeable instructor and good institute can improve your chances of passing the exam in first try. A good online training will cost between $200 and $500.
If you are looking to crack the PMP exam in near future, then you can take a look our PMP online training. You can get its lifetime access at a very reasonable price.
3. Practice Tests
You will find a lot of free practice tests on the web but you must invest in a paid exam because many of the free tests have questionable quality.
A simulator with lot of mock questions is one of the most important tool for passing the exam in first attempt. A good simulator will not only test your knowledge but also give you a lot of confidence. You must invest in a good simulator to increase your chances of passing the exam.
The price of a good simulator falls somewhere between $60 and $300.
You can also practice mock questions from our Simulator. Currently, you can get its lifetime access at a deep discount.
4. PMBOK Guide
The PMBOK Guide is the primary reference for the PMP exam preparation. Although it is not mandatory to study the PMBOK Guide but it useful for understanding the PMI terminology.
One of the benefits of becoming a PMI member is that you can download a free digital copy of the PMBOK Guide.
However, if you are not comfortable with a digital copy, you can buy a hard-copy of the Guide. The approximate cost of paper copy is $40 and you can order it online.
5. Other Books
There are many exam preparatory books available in the market. You can buy any one of them to understand the PMBOK Guide concepts in simple language.
A good book will cost anywhere between $40 and $100. It can bring you one step closer to clearing the PMP examination.
6. Re-examination fee
After your application is approved, you are allowed a maximum of three attempts to pass the exam. In an unfortunate circumstance, if do not clear the exam you can take it again. For each attempt, you will have to pay re-examination fee.
The re-examination fees is respectively $275 and $375 for members and non-members.
7. Certification Renewal Fee
The PMP certificate has to be renewed after every three years. There is a formal process for renewing the certificate, which involves paying a fees of $60 and $150 respectively for members and non-members.
PMP Exam Expenses in US Dollars & Indian Rupees
Unlike many other certifications that target a particular industrial domain or geography, PMPs sought in many different industries.
The table below gives a quick snapshot of the first five cost section. We have not listed the sixth head assuming that you will crack the PMP exam in the first attempt. Similarly, we ignored the seventh head as renewal fee is paid only after you become PMP.
|S.No.||Cost Head||Fee in USD||Fee in INR|
*INR fee is calculated at Rs. 75/USD.
The PMP credential can cost you anywhere between $890 to $990. The exam fee is fixed so you cannot do anything about it but you can find training and practice test options that are reasonable priced.
PMP is no doubt the most demanded credential and qualification in the world.
The cost of doing PMP certification varies from country to country. The main difference comes because of training fee. The cost in India is considerably lower as compared to the rest of the world.
Although the cost of pursuing PMP is very high but it nothing as compared to salary advantages that you get after becoming PMP certified.
PMP certification is well worth the time and cost investment. If you have decided to pursue PMP then you should start your preparation immediately. You are potentially losing a lot of money by delaying your exam.
Over To You
What is your take on the cost involved in pursuing the PMP certification? Do you think it is very high? Do you think it is worth to pursue this credential? Please leave a comment below.