PMP Certification Exam Costs
Getting a professional certificate in project management can give a huge boost to your career. However, it is not an easy task to complete. PMP certification requires lots of hard work and also money in pocket to invest.
One of the major hurdles towards getting the certificate is the pm fee. The PMP certification exam costs is much higher than a regular certificate exam. As a result, it is important to know where and how much you are investing in to get a certificate that could possibly be one of the best decisions of your life.
In this article, we will explain the PMP certification exam costs that you will incur in 2021. Despite the high fixed cost and several variable costs, acquiring a PMP certificate can actually return you with a higher yield in the long run.
How Much Does PMP Certification Exam Costs?
PMP is the most widely recognized and demanded professional certificate out there. Therefore, you may already realize that you have to invest a lot of effort, time, and money to earn the certificate.
The overall cost of PMP certification is not cheap. You will have to pour hundreds of dollars to complete the exam. Moreover, the exam is very tough, and you may have to retake the exam later.
Of course, this will vary from person to person. As a result, the total cost of PMP certification differs depending on your personal situation.
Nevertheless, we can divide the overall cost into 7 distinctive categories. Here is a full list of costs that you may incur starting from your preparation to eventually attain the PMP certificate.
1. PMP Certification Training Cost
One very important criterion to sit for the PMP exam is fulfilling 35 hours of formal education on project management. It is a must for all.
Sometimes, your college education on project management or formal training in your office may be considered by the PMI. If this is your situation, you can consider yourself lucky.
However, this will not happen in most cases. Therefore, you will have to acquire formal training on project management before you can register for the exam.
As a result, you will eventually end up joining different online, live, or offline programs. Getting formal training from this will cost you some money. The amount will vary depending on the form of education you decide to pursue.
For instance, an online program will cost you the lowest at about $150. This is for the complete 35 hours of formal training. On the other hand, virtual live classes will cost you about 500 to 1,000 USD. This amount is pretty extreme.
However, offline physical classes will definitely cost you the highest. The majority of the programs are a minimum of $1000. You should consider spending around this range for 35 hours of contractual training on project management.
2. PMP Official Guide and Other Prep Books
The next cost you will incur in your quest for a PMP certificate is on books. First and foremost, you will have to buy the PMBOK official guide. It is a must to complete the book as the majority of the exams will come from this guide.
Along with this, you should consider reading 2 more books. These can be PMP prep books or exam preparation books. They will help you to develop a deep understanding of the topics. Moreover, your preparation will be complete with the help of these materials.
Now, the official PMBOK guide will not cost you anything if you become a PMI member. The majority of the examinees actually become a member of PMI before or while registering for the PMP exam.
However, this membership will cost you $139. You will be able to download the Pdf and start practicing right away. On the other hand, just the book will cost around $60, if you are not a member of PMI.
In addition, the two prep books will cost you a very little amount. Together, you should be able to buy them from 80 to 200 USD.
3. PMP Practice Test Costs
In the actual PMP exam, you will have to answer a total of 200 questions within 4 hours. It is tougher than you can imagine. Therefore, giving mock tests before the exam is a necessity.
This will make you reach out to your wallet as practice tests are not free. Of course, you may find options to give mock exams for free. But their authenticity cannot be trusted.
There are numerous PMP exam simulators out there for you to practice real questions in the real exam environment. These will cost you between $139 to $300. With this money, you can get access to thousands of practice questions in the PM exam simulators.
4. PMP Certification Costs in Exam
This is the fixed cost of your pathway towards PMP certification. To sit for the exam, you must pay a certain amount of money from your pocket.
The exam fee depends on two things. One, are you a member of the Project Management Institute (PMI)? And two, do you want to be a member of PMI?
If you are not a member of PMI, your PMP exam fee will be 555 USD. This is non-refundable, and there is no scholarship or discount on this amount. If you are already a member of PMI, the exam fee will be lower. The amount is $405.
On the other hand, if you are not a member of PMI and want to be a member, the total cost will go slightly lower. Becoming a member of PMI will cost you $139. This comes with a few benefits, as well.
For instance, you can download the official PMBOK guide and become a member of a huge forum to discuss the PMP exam.
Afterward, you will have to pay the 405 USD to register for the PMP exam. As a result, your total cost becomes $544 if you decide to become a member of PMI and then register for the exam.
5. PMP Certification Fees in Reexamination
The PMI will allow you to sit for a maximum of 3 PMP exams. As a result, you can retake the exam even after getting an undesired result from the first one.
If the situation comes to this, you will incur extra costs for the exam. If you are already a PMI member, you will have to pay 275 USD. On the other hand, not being a PMI member will cost you higher for every time you sit for the exam. This amount is around $375.
6. Additional Study Materials Expenses
This is completely a variable cost. Therefore, it will differ from person to person. People usually go for extra materials as the exam is really hard, and the chances of acquiring the desired score depend a lot on the hard work you put in.
Among the additional materials, PMP ITTO flashcards can be a very important tool. There are several PMP apps available, as well. You will have to pay some money to get a subscription to the full version. Eventually, you should expect to spend somewhere around $100 for additional study purposes.
7. Renewal Fee of PMP
The PMP renewal fee is basically renewing your credentials. You will have to do it every 3 years. The renewal amount varies for two different situations.
If you are a member of PMI, the renewal fee is only $60. On the other hand, not being a member will cost you around 150 USD to renew PMP credentials.
Getting a PMP certificate is really tough. You will have to put in a lot of effort. More than that, the PMP certification exam costs in 2021 are not minor either. Nevertheless, you should intend to dedicatedly acquire a PMP certificate to add immense value to the growth of your professional career.