How Much PMP Certification Cost in 2024? Is it Worth it?

The Project Management Professional (PMP) certification symbolises proficiency, expertise, and devotion in a growing professional landscape where project management is the backbone of organisational achievement.

As we approach 2024, those seeking to advance their project manager career path are highly curious to explore how much PMP certification costs and if it is worth the investment.

Around 90 million project management employees currently drive project-based sectors globally. However, global talent demand is expected to rise, requiring 25 million new project management specialists by 2030.

This highlights the essential importance of project management and the need to develop skills to suit the changing needs of highly competitive sectors.

Wondering how you can leverage PMP certification to enhance your chances of bagging a project management role? Let us embark on a journey to uncover the many facets of PMP certification fees in 2023.

We endeavour to present a clear picture of the financial responsibilities involved, from exam fees to instructional resources, helping you navigate this path with utmost clarity. 

Along with PMP certification, if you’re aiming to acquire specialised knowledge in the domain of product development, upGrad’s PG Certificate in Product Management can be an excellent choice!

What is PMP Certification?

The PMP certification, issued by the Project Management Institute, validates your aptitude and talents in project management. It demonstrates your understanding of the most recent project management concepts, methodologies, and practices. PMP credential holders earn approximately 16% more than non-certified equivalents in 40 countries. 

A project manager has to fulfil specific standards and then take a 180-question exam to obtain PMP certification. Since project supervisors designed the PMP exam for project managers, each test question can be tied to real-life project management scenarios.

How Long Does PMP Certification Take?

The time required to claim a PMP certification varies drastically, depending on the candidate’s work experience and education degree. Potential PMPs are expected to bring three to five years of work experience, depending on whether they have a bachelor’s degree.

Education	Time duration
High School or Secondary School Diploma	35 hours of project management training or a CAPM certification 60 months experience in managing and leading projects
Graduation or four-year degree	35 hours of project management training or CAPM certification An experience of 36 months in spearheading projects

PMP Certification Advantages & Benefits

After completing your Professional Certificate in Global Business Management from upGrad, if you’re seeking the dynamic role of a project manager, PMP certification can benefit you in a myriad of ways. Here are some of the most notable advantages you will get if you obtain your PMP certification: 

Global Recognition

PMP certification is widely recognised and respected throughout the world. This accreditation can help you advance in your profession regardless of location. 

Acquire New Skills

PMP certification will compel you to hone your project management abilities. Furthermore, the exam will most likely introduce you to new concepts and ideas you can apply daily. 

Assist you in Becoming a Better Project Manager

Obtaining PMP certification will help you become a better project manager by providing you with knowledge and abilities. This can lead to better project outcomes and more satisfaction at work.  

Higher Pay than Non-Certified Project Managers

PMP-certified project managers earn more than non-certified colleagues. PMP professionals make 20% more than non-certified project managers on average. 

Increases the value of your resume

PMP perks include increasing the value of your CV and making you more appealing to future jobs. Furthermore, holding the accreditation can give you a competitive advantage when applying for jobs. 

Demonstrates your commitment to the job

Earning your PMP credential reflects your dedication to the project management profession. This can be useful while looking for new jobs or promotions. 

PMP Certification Cost

Given below is the PMP certification cost:

PMP Exam Application Fee

1. The PMP test can only be taken after enrolling and depositing the application cost on the PMI website.
2. You can apply for the certification test after being a PMI member or apply without becoming a member.
3. In order to acquire membership, you have to pay a membership cost of INR 9,963 and a PMP joining exam cost of INR 772. 
4. Joining PMI is advantageous because members receive a price reduction on exam application fees. 
5. The non-member fee is INR 42,863, which is lowered to INR 21,933 for members.

 Training and Preparation Costs

As per the PMI guidelines, an applicant requires 35 hours of training to acquire a PMP certification. Therefore, learning about the PMP training costs is a necessity.

PMP certification costs relevant to in-depth classroom preparation in India range from INR 15,000 to INR 40,000, and online training programs may cost INR 10,000 to INR 40,000. On the other hand, self-paced programmes usually range from INR 5,000 to INR 15,000. 

 PMP Certification Renewal Cost

The PMP certification is subject to renewal every three years, requiring payment of the renewal fee of INR 3,475 for members and INR 11,585 for non-members.

PMP Certification: Acquired Skills

Obtaining a PMP certification allows you to learn and rediscover project management skills and stay current on industry concepts and technologies. These are the abilities you obtain after studying for the PMP certification.

Effective communication: It is the most important ability for all project managers to cooperate effectively with teammates and clients.

Efficient time management: To ensure seamless project execution, competent project managers must appropriately organise and handle time.    

Risk Management: All initiatives contain some level of risk, and being able to foresee and manage them accurately is essential.

Leadership Skills: As the team’s leader, project managers must be able to manage every stakeholder and carry the project through to completion. 

Problem-Solving Skills: Unexpected obstacles can arise at any time during a project. The project manager must ensure the project is completed on schedule and within the set budget.

Explore the array of  Management Courses offered by upGrad.

Best PMP Online Courses

In order to acquire a PMP certification, online courses can help you ace your PMP certification exams in the first attempt. The following is a collection of free PMP online courses:

Course name	Service Provider	Duration
Free PMP Training	Master of Project Academy	1 hour
PMP Project Management_ Fundamental Concepts for Beginners	Alison	2-3 hours
Project Management (Short Course)	Oxford Home Study Centre	20 hours
Project Management Certification	LinkedIn Learning	–
KICKOFF (Free PM Course)	Project Management Institute	1 hour

 Check out Free Management Courses at upGrad.
 

PMP Market Demand 

PMP certified professionals are in high demand across a wide range of industries, including information technology, construction, manufacturing, and healthcare. They’re also in high demand in government and non-profit organisations. PMP-certified project managers often earn more than non-certified project managers. Let’s explore the PMP market demand across different sectors with the help of some figures.

PMP Certification: Job Opportunities

The table below lists some of the most prominent employment opportunities for PMP Certified Professionals within industries:

Sector	Recruiters
Construction	Alliance International, RK International, Hector & Streak Consulting Pvt. Ltd., DPR Construction Dynamic Group, G Gheewala, Randstad India
Finance	JP Morgan Chase & Co., Bain & Company, Yes Bank, McKinsey & Co., SBI, Barclays, HDFC
Information Technology	Tech Mahindra, TCS, Wipro, HCL Technologies, Microsoft, Cognizant, Infosys, Microsoft, Intel,
HealthCare	Apollo Life, Cipla, Cadila Healthcare, Wipro GE Healthcare,
e-business	Amazon, Myntra,  Flipkart,
Sales & Marketing	HDFC Bank, Tata Capital, Maruti Suzuki, Walmart,  ICICI Bank,  Honeywell

Top Recruiters Use PMP Certification

PMP-certified individuals are hired in both the public and private sectors. Certificate Project Management Professionals are in high demand both in India and overseas. Students who complete the course can find high-paying jobs in various professions. 

Cisco	Accenture
AECOM	SAIC
Bank of America	Ericsson
JPMorgan Chase	Southern California Edison
Microsoft	Jacobs
Google	Amazon
Appirio	Perficient
Icon	Lakeshore

PMP Certification Salary

PMP Certification Salary – By Company

The following are the PMP salaries offered by the country’s biggest MNCs:

Company Name	Average Annual Salary
Accenture	INR 7,68,000- 40,00,000
Capgemini	INR 8,23,000- 30,00,000
Infosys limited	INR 9,60,000- 20,00,000
IBM India Pvt ltd	INR 8,17,000- 30,00,000
HCL Technologies ltd	INR 6,50,000- 30,00,000

PMP Certification Salary – By Sector

Sector	Average Annual Salary
Construction	INR 9 LPA
Finance	INR 6 LPA
Information Technology	INR 14 LPA
HealthCare	INR 8 LPA
e-business	INR 11 LPA
Sales & Marketing	INR 16 LPA

Conclusion

In conclusion, The decision to pursue the PMP certification in 2023 is based on a delicate equilibrium of the costs and prospective advantages. The Project Management Professional (PMP) credential is the highest standard for project managers.

PMP-certified experts are in high demand and can earn higher wages than non-certified colleagues. Therefore, claiming a PMP certification can significantly boost your career to reach the next level!

With upGrad’s Management Essentials programme, you can further delve into the world of management and explore how to navigate the challenging path of project management as a career.