PMP Certification Cost and Price Breakup Explained: A Certification Guide For Beginners

If you work in IT, you may have occasionally thought about the PMP certification, how much the PMP test costs, and where and how to get started. It is evident that if you have set your sights on earning the PMP certification, you have chosen wisely and have a promising future ahead of you. But obtaining PMP certification is more difficult than the three-letter phrase suggests. The certification requires education and experience in project management in the actual world.

Let's first define PMP before learning about the cost of the certification.

What is PMP?

An internationally recognised professional qualification for project managers is the PMP, or project management professional, certification. The Project Management Institute (PMI) awards candidates the PMP certification.

The PMP designation stands for the verified training, credentials, know-how, and competence needed to oversee and manage projects. The Project Management Institute (PMI), USA, offers this certification as one of its most esteemed or Gold Standard designations.

The PMP credential verifies your project management skills and acknowledges the hard work you have already put in, just like the CPA credential verifies your proficiency in accounting. The three-year expiration date of this certification. There were 300 chartered chapters and about 932,720 active PMP certified individuals worldwide as of August 2019, according to PMI.

The PMI, a nonprofit company, started out in 1969. Its members are consistently helped by training, networking, and rigorous project management standards, as well as by the availability of a shared forum for discussion. The PMBOK, which is the PMI's standard for project management, was initially published in 1996 and is currently in its sixth edition.

It is important to note that the PMBOK manual is updated every 4-5 years. Along with the ANSI members, the process is carried out by a team of highly skilled professionals. In Philadelphia, USA, the PMI awarded its first member certificate in 1984. Since that time, the number of qualified PMPs has been steadily increasing.

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The PMP certification is unquestionably the most sought-after in the world today. Around 3 million professionals from different continents have benefited from the certifications, standards, and guidelines offered by the PMI Institute. Additionally, obtaining a PMP certification is now required for many positions globally.

Professionals can retain their PMP certification after earning it by following the Continuing Certification Requirements (CCR) programme process.

After learning more about the PMP, let's move on to the cost of the certification.

How Much Does the Project Management Certification Cost?

Are you curious about the price of a good PMP? The cost of the PMP to earn 35 PDUs varies by nation and ranges from $300 to $5000.

The cost of the computer-based testing (CBT) for the PMP exam is:

$405 for PMI members

$555 for non-PMI members

Structure of Re-examination Fees:

$275 for PMI members

$375 for non-PMI members

The $555 PMP price will cover both the exam and the membership expenses for someone who chooses to become a PMI member at the time of application.

It's interesting to note that the PMP exam price must still be paid even if a person decides not to join PMI.

Therefore, in order to make paying for your PMP course price more convenient, we advise you to apply for the PMI membership option.

Let's discover more about the PMP certification renewal fee after discussing the cost of the initial certification.

What is the PMP Renewal Fees?

Confused about the PMP reexamination fee's structure? An electronic notification to apply for PMP fees renewal will be sent out once PMI has verified that a person has fulfilled the PDU requirements.

When the concerned party receives the notification, PMI instructs them to use the online certification system to pay the PMP certification renewal cost.

Status of PMI Membership: CCR Renewal Fee: $60 for PMI Members

$150 for non-PMI members

The PMI certification renewal fee is distinct from and separate from the membership renewal price. After satisfying the PDU requirements, a candidate may finish the renewal procedure at any time throughout that cycle by submitting the money no later than 90 days after the cycle's end date.

After processing the completed application and the renewal payment, PMI will send the candidate an updated certificate with the new active certification/CCR cycle dates. The paper is typically delivered via postal service in six to eight weeks.

Holders of PMI certifications must consent to abide by the terms of usage, which include following the audit standards. In the event of an audit, the candidate won't be able to renew certification until the audit has been completed and all rules and regulations have been met.

Process

For the audit procedure, the PMI will choose a group of PMI certification holders at random. A candidate will have to provide supporting documentation during this period to validate any PDUs.

Therefore, a candidate must retain all PDU claim documentation for at least 18 months following the conclusion of the CCR cycle.

Removal of Certificates

A candidate is free to revoke their certification whenever they want. The candidate must do this by writing to Customer Care at customercare@pmi.org.

For each full year of the renewed certification/CCR cycle that the candidate has not used after the date of the written cancellation request, PMI will reimburse one-third of the renewal price after receiving the application.

A candidate may get in touch with Customer Care if other extenuating circumstances prevent them from finishing the certification renewal process. Each claim will be examined and resolved on an individual basis by PMI.

Let's examine the uses of this PMP certification after learning about the cost, renewal price, and other details.

What Function Does a PMP Certification Serve?

Your career gains value from the PMP. Because it offers tangible proof that a candidate possesses the qualifications that businesses need, the CIO magazine chose this course as the best project management certification.

The typical compensation for PMP holders in the USA is 25% greater than that of project management professionals who are not certified, according to PMI's most recent Project Management Salary Survey.

For PMI members, re-examination costs $275.

$375 for non-PMI members

The willing candidate must successfully complete sets of multiple-choice questions in order to pass the test. 200 questions must be answered by the candidate in 4 hours. The test is available worldwide in 13 different languages.

The PMI created the test to evaluate a candidate's management expertise in five key areas. Following are the fields and the distribution of questions:

Initiating the project (13)

Planning the project (24)

Executing the project (30)

Monitoring and Controlling a project (25)

Closing the project (8)

As we have learned the PMP Certification cost, let us look at some reference books that can help us with the preparation.

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