In today’s competitive employment market, when candidates are expected to be consistently one step ahead of their competitors, knowledge is power. The market for project management is anticipated to increase in the project-oriented sphere at 33%. Suppose the information and details provided in this article have piqued your interest. In that case, it is time to consider obtaining a PMP certification seriously. But the biggest question that stalls them is: What will be the total PMP certification cost?
Most people only consider the PMP exam cost and the PMP fees. However, there are additional expenses associated with PMP certification. How much do the various requirements for the PMP certification cost? How much should you set aside to become a Project Management Professional? Would you need to budget for anything else besides the PMP certification course training and the PMP certification fee for everything else?
What are the Benefits of PMP Certification?
PMP is a globally accepted certification and is highly valued! It gives you an edge while competing worldwide for different Project Management positions. You can expect the following benefits once you obtain the certification!
PMP certification is costly because it is an internationally renowned credential. In any industry, any field, and in any part of the world, a professional with PMI certification stands out from the crowd.
Some of the advantages of holding a PMP certification are as follows:
- To pass the exam, you’ll need to study not only the fundamentals of project management that you know but also the cutting-edge tools, concepts, and skills that are in high demand in the field.
- Once you get your PMP certification, you can expand your professional horizons by connecting with other experienced professionals through PMI’s many networking events and opportunities.
- According to data published by the Project Management Institute (PMI), certified experts earn 16% more than their non-certified peers and receive hiring priority.
- Preparing for and succeeding in the Project Management Professional exam indicates your dedication to your profession. You can easily do that through ProThoughts PMP Certification training!
What are the additional PMP Certification Costs?
You should be aware of other costs associated with getting your PMP certification.
In addition to the required PMP training expenses, there are a few other costs to consider when preparing for certification. It will require resources for you to complete the PMP course training successfully. The initial investment is high, and there are further costs to consider.
One should know the details about the PMP certification fees if you consider becoming a PMP. Find out what the different types of expenses under PMP certification costs are as you further read the blog.
What are the additional expenses for the PMP Certification cost?
To simplify this discussion, I will divide the total PMP exam budget into three parts:
- Fixed Expenses
- Variable Expenses
- Additional Expenses
The cost of getting this certification will differ depending on their circumstances and needs.
1. Fixed Expenses
The PMP test starts at $575 for the first attempt. If you fail the first time, you can retake the exam twice within a year for a fee.
The current starting price for a PMI membership is $139-$159, and the renewal price is $139-$149 yearly.
The savings you’ll realize by taking the PMP exam after becoming a PMI member will more than cover the cost of your membership. The fixed expenses segment of the PMP certification cost can range from $425 to $595.
2. Variable Expenses
There is a wide range of PMP training courses that will cost you accordingly. Online, virtual, and traditional classroom settings are all available from various service providers and ProThoughts is one of them. Online training, as well as in-Classroom training, are available through us at ProThoughts!
Some of the variable expenses are listed below:
- The sort of Institution
- Training lectures
- Course training professors
- Course training materials
If you need contact hours of training, enroll in our PMP certification online course because they are convenient, economical, and can be completed from the comfort of your home.
1. Additional Expenses
In this section, I’ll talk about potential extra costs that may or may not come up, depending on how you go about studying for the test.
While some training courses may supply study notes and sample exams, you will likely need to purchase these items separately. Among those expenses, some of them are listed below:
- Additional Mock Exams and their evaluation
- Other Resources: Quizzes & Practice Tests
2. Book Prices
In addition to the PMBOK (Project Management Body of Knowledge Guide), invest in at least two additional PMP exam reference books to help you study for the PMP exam.
As a PMI member, you are entitled to a free soft copy of the PMBOK Guide. It will cost money for those who are not members. The PMP certification cost for book prices can range from $100 to $180.
3. The Price of Mock Questions
The PMP exam has two hundred questions, and you have 4 hours to complete them. You will need a lot of practice to accomplish this.
Thus, you can test your preparation with mock exams and subscribe to several simulators for more practice. The PMP certification cost for the mock questions can range from $50 to $150.
4. The Price of a PMI Membership
As I mentioned before, the cost of the PMI certification exam will more than cover the $139 annual membership charge. Thanks to the free digital copy of the PMBOK Guide, you already have plenty of motivation.
5. The Price for Alternative Resources
You can save time and effort on your PMP exam prep with the help of these supplementary materials.
Study aids such as Rita Mulcahy’s preparation materials and the PMBOK guide is good examples. Other resources that are provided by ProThoughts, include study notes, flashcards, factual/false statements, mind maps, practice questions, and more. The PMP certification cost for the questions can range from $50 to $150.
Below is the chart for the fees:
There are different types of PMP memberships provided by PMI. They are given as follows:
| Type of Membership | PMI Membership | Student Membership | Retiree Membership |
|---|---|---|---|
| Cost of Membership | $139 - $159 | $32 | $65 |
The rates for PMI and non-PMI members differ for various things such as the ones listed below:
| PMI-Members | Non-PMI Members | |
|---|---|---|
| PMP Examination Fees | $405 - $425 | $575 - $595 |
| PMP Re-examination Fees | $275 | $375 |
If the candidate requests to reschedule or cancel the exam more than 30 days before the initially planned exam, we will not impose any PMP certification fees on the candidate.
Earning the Project Management Professional (PMP) certification is complex.
Conclusion
To achieve the PMP certification, one must complete the PMP certification procedure and then take and pass the PMP exam. You can’t do well on the Project Management Professional (PMP) exam until you have studied the Project Management Body of Knowledge (PMBOK), which contains all of the exam’s courses and answers.
Once you pass the PMP exam, you will benefit from being a project management professional, including expanding career opportunities, increasing pay, reducing stress, and managing workload more effectively.
