How Cost-Effective is the PMP Certification?

Project Management Professional(PMP) certification is the most endorsed certification issued by Project Management Institute(PMI) for the project managers. For any professional seeking measurable upturns in his/her career in project management, PMP certification is an essential career boost. Lately, organizations worldwide are more interested in hiring PMP certified project managers.   

With a project management professional certification course from an accredited organization, individuals can work on any project irrespective of their geographical location. This establishes PMP as a globally recognized certification. Another benefit of PMP is that it permits common methodologies which allow project managers to work collaboratively. This certification indicates that a person knows the language of project managers and can effectively apply project management methodologies to a project.

Requirements for PMP certification:

Obtaining a PMP certification is not as easy as it sounds. Project Management Institute (PMI) has defined some prerequisites to get this certification. The important PMP certification eligibility criterias are as follows:
●    An individual should possess secondary degree (High School Diploma, Associate Degree, or Global equivalent).
●    Project Management experience of nearly 7,500 hours in leading and directing projects, and 35 hours of Project Management Education.
●    An individual should possess 4 years degree (Bachelor Degree or the Global equivalent)
●    A minimum 3 years of Project Management experience with 4,500 hours in leading and directing projects, and at least 35 hours of Project Management Education. Also, check on more about the benefits of PMP certification here!

PMP training cost:

PMP course cost is of two types- 

1. Examination cost: 

The PMP examination fee is a globally fixed price for anyone who has to attend the exam. Following is the structure of the standard PMP Examination price.

2. Preparation and training cost: 
This type of cost depends on the training institute that you chose. As per PMI standards, the candidates need to undergo 35 hours of training before appearing for the exam. Preparation cost depends on what reference materials you want to use. Along with the PMI issued Project Management Book of Knowledge (PMBOK) guide, you can buy other study materials to clarify your doubts about the concepts. 

In India, the PMP course fee is between INR 12k to 20k including examination and preparation fee if you are opting for self-study. The certified training institutes that assure of offering quality PMP Certification, charge around 15,000 to 18,000 INR. It is recommended that you go for the popular packages offered by those institutes. It will help you save money.

Let us have a look at the PMP training price in different countries.

●    America, Canada, Australia: ~1500 USD
●    South America (Brazil, Chile etc.): ~600 USD
●    China, India: ~500 USD
●    European Countries: ~1200 USD
●    Arabian Countries: ~2000 USD

So the global average cost of PMP training as per today’s market turns out to be around 1160 USD.

The PMP training fee may vary from a few hundreds to thousands of dollars. It totally depends on the type of the training program you select. Generally, the training institutes offer courses in three modes-
1. Online course: For the online programs, you have to pay approximately 180 USD.
2. Virtual Classes: For the online programs, you have to pay  500-1,000 USD approximately.
3. Classroom training: For the online programs, you have to pay more than 1,000 USD. 

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The Cost of Books:
For cracking the PMP exam, ideally, it is suggested to refer at least three books. Two PMP reference books should be of any good author and the third book should be the PMBOK guide. The cost of two reference books ranges from 80 USD to 120 USD and the PMBOK guide for PMI members is free. For non-PMI members, the guide costs 37.39 USD. For all PMI members, it gives access to freely download the PMBOK guide.

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After clearing the PMP exam, an applicant has to follow some rules to maintain the PMP credential set by the PMI. The PMP certificate can be renewed after every 3 years. In these 3 years, the applicant has to earn 60 PDUs (Professional Development Unit) to retain the certificate (1 PDU == 1 hour of pmp training). Getting the PMP certification is not cheap and easy.  But once earned, it can help attain some of the critical goals in one’s career.