If you are a project manager or are looking to become a project manager, then the PMP exam is likely something that you have thought about. If you haven’t heard of the PMP, don’t worry, we’ll be explaining what the PMP is and how much it costs to get your PMP certification.
What is PMP?
The PMP is the Project Management Professional certification, and it is given out by the PMI, or the Project Management Institute. Although the PMI is a US-based organization, it has chapters located all over the world to help train and certify project managers the world over.
PMP is known internationally as the top project management certification and training. Having your PMP can lead to an annual increase in your salary of up to 25%. This certification isn’t easy to get, though and does come with its fair share of external costs.
The PMP is not an exam for everyone, and it does have some prerequisites. In order to be eligible to take the PMP certification exam, you must meet one of two sets of requirements that the PMI has set forward. You must have either:
- 4-year bachelor degree, 4500 hours leading projects, and 35 online or in-person training hours specific to the PMP exam
- A secondary degree or high school diploma and an associate’s degree, 7500 hours leading projects, and 35 online or in-person training hours specific to the PMP exam
Having your PMP certification is a great way to show potential employers that you have the necessary experience in managing and leading projects. PMI is an internationally recognized and respected organization, so you can know that your PMP certification will be valid anywhere in the world. This gives you tons of different options for places that you can get hired and work.
The PMP exam is a five-part exam that covers everything from starting a project to wrapping it up. Each section of the exam covers a different aspect of project management and is responsible for a different amount of your total score, as outlined below.
Monitoring and Controlling (25%)
Each section of the PMP exam is broken down into a number of tasks or concepts that are covered throughout the exam. The best way to understand the tasks for each section of the exam is to thoroughly read the exam resources on the PMI website.
What Does the PMP Exam Cost?
The PMP exam costs vary depending on if you are a member of PMI or not. If you are a member of PMI, it will cost you $405 to take a computer-based PMP exam. This only covers the direct cost of the computer-based test and not any additional training help you receive or study materials that you choose to buy. The PMP examination costs can seem high, but this is the cheapest way to achieve this level of certification.
If you are not a member of PMI, you can either lump your membership cost and your exam cost together, in which case PMI will give you a deal, and it will total $555, or you can opt to not join the PMI, in which case your PMP exam will still cost you $555. This means that if you are not already a PMI member, it is much more cost-effective to join the PMI when you register to take your PMP exam. Again, this cost only takes into account the computer-based test and not any training or study material you choose to purchase.
How Much Does the PMP Recertification Cost?
The PMP certification, like most certifications, doesn’t last forever, and you will need to keep your certification up to date. For each level of certification that PMI offers, you will be required to achieve a certain amount of Professional Development Units, or PDUs, in order to work through the Continuing Certification Requirements (CCR) Program.
In order to keep your PMP certification up to date, you will need to make sure that you are a member of PMI and pay your membership fees each year, as well as taking 60 PDUs during a three year period. Each PDU is one hour long and is designed to help keep you up to date on your certification. PMI has a great online program designed specifically to help you keep track of your PDUs, which makes it super easy to figure out where you are in your CCR.
The PMP renewal costs also depend on if you are a PMI member or not. If you are a PMI member and have completed all the necessary PDUs for your CCR, you will only need to pay $60 to renew your PMP certification. If you are not a PMI member and have completed all the necessary PDUs for your CCR, you will need to pay $150 to renew your PMP certification.
How Much Does PMI Membership Typically Cost?
PMI is an organization that has a lot of resources available to its members, and these resources do cost money, so membership to PMI is not cheap. A yearly membership to PMI will cost you $129, along with a one-time $10 sign-up fee. There are a variety of benefits to your PMI membership, so make sure you utilize the resources that the organization has available to you.
PMI is the largest community of project managers, which means that you have a connection with some of the best in the world. The networking opportunities provided through PMI are second to none. PMI membership costs get you access to all of these connections as well as a whole host of other resources.
PMI also gives its members access to tons of online resources. These resources range from study tools to help you prepare for your next certification exam to online tools and templates to help make your job easier. They also offer a huge selection of PDUs to help you continue your education and help you keep your certifications up to date.
There are other more affordable ways to have a membership to the PMI, depending on your current status. If you are a full-time student and have proof of registration at an accredited university, your yearly membership cost to the PMI will only be $32. This incentive is provided to students to help get them involved in PMI and give them access to the journals and resources that PMI members get access to.
Another option, if you have been a PMI member in good standing for at least five years and have retired from your job, is to get the retiree membership. The retiree membership is only $65 per year and gives you access to all the resources of the PMI at this greatly reduced cost.
How Much Does it Cost to Retake the PMP Exam?
Retaking your PMP exam has its own costs associated with it depending on if you are a member of PMI or not. If you are a member of PMI, when you retake your PMP exam, you will be paying $275 for the retake of the PMP exam. If you are not a member of PMI, when you retake your PMP exam, you will be paying $375 in order to retake your PMP exam.
This additional cost is only likely to be something that you need to worry about if you don’t pass your PMP exam the first time, which is why it is so important to make sure that you are well prepared for your PMP exam. Making sure that you have adequate resources to use to help you study for the exam and enough time to study are both great ways to help ensure your success on your PMP exam.
Like the first time you take the PMP certification exam, it is super important to study for the retake of your PMP certification exam. PMI has a variety of resources that are designed to help you study for your PMP exam. Especially if you are retaking the exam, take some time to get all the resources that are available to you.
Wrapping Things Up: How Much is the PMP Exam?
Remember, the PMP exam and subsequent certification are globally recognized and respected, meaning that they will give you a leg-up anywhere in the world that you go. This means that the exam process is rigorous, and you should expect to spend at least $100 beyond the cost of the exam in exam prep and study materials. This is an exam to take seriously, and we hope that this article has given you the tools to do just that.