The Real Cost Of PMP Certification In 2024

PMP (Project Management Professional) is an expensive certification exam. The major constituents of PMP certification cost are exam fees and training expenses.

PMI (Project Management Institute) charges $555 as the PMP exam fee, which is standard all over the world. However, the training expenses can range from $200 on the lower side to $2500 on the higher side. The total budget for a PMP aspirant can hover anywhere between $800 to $3,500.

Although exam and training fee are the major expenses, you can spend addtional money on reference books, exam simulator, and other study aids.

Let us look at the various costs involved in pursuing the PMP certification.

Cost of PMP Certification

There are ten components of PMP certification cost. I have divided them under three major cost heads – mandatory, optional, and long-term expenses. The following table gives a quick overview of various components.

Let us look at all these components in detail.

1. PMP Exam Fee

The PMP exam fee is $555 and $405 for members and non-members respectively. You need to pay $129 and $10 as a membership and joining fee respectively to become a PMI member. You can refer to the next section to understand more details about the PMI membership.

The PMP certification fee is to paid only after you get an approval on your PMP application from PMI. Overall, the fee is almost same whether you become a member or not.

2. PMI Membership Fee

There are three types of PMI members namely Individuals, Students, and Retirees. The membership fee for Individuals is $129. I have considered Individual membership in the previous section. The fees for other types of membership are written in the table below.

The membership fee will give you a mileage for one year. You can renew your membership after one year if you want to but it is not necessary. If you finish your exam within a year of taking the membership, you don’t need to continue your membership.

You can write the PMP certification exam without taking PMI membership also. So, strictly speaking, this is not a mandatory expense. However, I have taken it as a mandatory expense because there are many tangible and intangible benefits of becoming a PMI member.

We already know that you can save a bit on the PMP exam fee by taking the membership. Similarly, you can save money on other PMI certifications also if you decide to pursue them during your membership year.

In addition to the exam fee, you can save on Re-examination fee if you do not pass your exam in the first attempt. You can also download the PMBOK Guide and other PMI standards free of cost after becoming a PMI member.

I think PMI membership is highly useful for PMP aspirants and other project management professional.

3. Training Expenses

There are two prerequisites to apply for the PMP exam. These are project management experience and 35 hours of project management education. You can get the former only after working in a role of project manager whereas the best way to get the latter is through a formal PMP certification training.

A formal PMP certification course can cost anywhere between $200 to $3,000. The price of training depends on many factors like your geography, type of training, and the quantum of study material provided by the training institute.

You can enroll into a training in three different modes namely classroom, instructor-led live online, and self-learning online program. A PMP training course is essential for the PMP exam prep.

The classroom trainings have almost vanished after the COVID-19 pandemic. So, you have to choose between live online or self-learning modes. A live training can cost anywhere between $1,000 to $3,000, whereas a good self-learning PMP training can cost between $200 to $500.

A good PMP certification training course is essential for success in the credential exam.

4. Exam Simulator

A good PMP exam simulator will check your preparedness before you take the exam. The price of a good simulator can range between $60-$300.

If your 35 hours training package includes a good practice exam simulator then you would not need to buy it separately. Otherwise, you should invest in a good simulator. There are many paid simulators available in the market but you must invest in a good PMP exam practice test simulator – a simulator that has good quality questions and can give you feel of the real exam.

5. PMBOK Guide

A digital copy of the PMBOK Guide (A Guide to Project Management Body of Knowledge) is free for the members but, if you want, you can buy a paperback as many people feel more comfortable studying from a paperback.

The paperback version of the Guide will cost you about $40. You can click here to check its current price on Amazon.

PMBOK is a registered mark of PMI. It explains all the project management terms that are tested in in the PMP examination.

6. Reference Books

There are a number of reference books for the PMP exam preparation. They explain the content and concepts of the PMBOK Guide is simpler manner. A reference book can help you in your studies.

You can buy a good book for $40-$100. You can buy any one of the following books:

1. Rita Mulcahy
2. Kim Heldman
3. Andy Crowe
4. Head First PMP
5. Andrew Ramdayal

7. Other Study Material

You can buy other study materials to augment your preparation. The other study material can include Formulas Guide, ITTO Guide, Flashcards, Cheat Sheets etc. These can help you to accelerate the pace of your learning.

You can budget between $50 to $100 for buying other study material.

8. Re-examination Fee

A PMP aspirant can take a maximum of 3 attempts in a year to crack the PMP exam.

You will have to take the PMP exam again, if you are not able to pass it in your first try. You will have to pay the re-examination fee for every additional attempt.

The cost of re-examination for PMI members is $275 and for PMI non-members is $375.

9. PDUs

PMP certificate remains valid for 3 years. After every 3 years cycle, you have to renew the certificate.

You need to gather 60 PDU (Professional Development Units) every 3 years to continue your certification. If you want, you can get these PDUs without spending any money.

Many people don’t spend any money for PDUs but, I believe, it is beneficial to spend some money for continuing education. You can get 60 PDUs for about $200 or less.

You can read my article on PDUs to understand how to gather 60 PDUs in a 3 years cycle.

10. Renewal Fee

The PMP certificate is valid for 3 years. After gathering the PDUs, you will have to renew your certification. The renewal fee for a PMI member and non-member are $60 and $150 respectively.

Conclusion

The cost of doing PMP certification is very high. You will need to shell out at least $800 (not including the long term expenses) to get the certificate. The cost can go up to $3500 if you decide to go for more expensive options.

The PMP certification is well worth the cost. It is the most respected project management certificate. There are a host of benefits of doing PMP certification. It can help you in your career and can give you a platform to increase your salary.

Are you planning to pursue a project management certification in near future? How much money are you willing to spend on it?

What is your take on PMP certification fees? Do you know of any cost effective ways to getting PMP certified?

I would love to hear from you.