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PMP® Exam Fee - All Aspects of PMP Exam Fee

Being a PMP® certified professional helps you in expanding your skills and values while at the same time open doors to various potential job opportunities. The PMP®  certification will help you land into lucrative roles in the fields of IT, finance, manufacturing, healthcare, and various other industries. Professionals who are PMP®  certified are reported to have better project performance along with commendable raise in their pay.With the increase in popularity of the project management field, the demand for officially qualified project managers has also increased. For aspirants who wish to prepare for a PMP®  examination, PMP® certification cost is a very critical aspect. What is the cost of PMP® Certification? Are there any different aspects of the PMP® certification cost?Read along to know about the PMP®  certification cost and the other aspects that might be associated with it.PMP®  Exam FeeThe Project Management Institute, PMI® offers two ways for registration of the PMP®  certification exam - one which includes membership of PMI®, while the other excludes the membership.Before you take up the PMP® certification exam, there are some criteria that are needed to be fulfilled. One of the most important criteria, in order to fulfill the PMP®  eligibility requirement list, is to attend a project management course for a minimum of 35 hours. There are other criteria as well that you’ll have to meet before taking up a PMP®  certification exam.The cost of PMP®  certification training is not fixed as it depends on the choices that you make. It depends on whether you take an online PMP®  certification training or PMP® certification classroom training. If you choose the PMP® certification classroom training, the country where you are located plays an important role as well. There is no fixed pricing for PMP®  certification classroom training, hence the same for PMP® certification cost. Approximately, it ranges from $500 USD to $2,000 USD.The other option is to take the Online PMP®  certification training. You can find numerous online PMP®  training across the internet, which is opted by the majority as there are more advantages in doing so. Like, one doesn’t have to sit in a classroom or visit a classroom, which proves to be very advantageous for full time working professionals. The other advantage is that one can complete the training at his/her own pace, at ease. Moreover, online courses cost less than regular classroom teaching, that is, for online training, the price ranges between $200 USD to $500 USD.The PMI® membership fee is $129 for new members, along with $10 as a one-time application fee. The membership holds a validity of one year which needs to be renewed every year by paying a fee of $129.The PMP®  exam fee for the online computer-based exam at Prometric centers is stated below:For PMI® members: $405 USDFor Non-PMI® members: $555 USDThe exam fee for Paper-based exam is stated below:For PMI®-members: $400For non-PMI® members: $250Please make a note that the paper-based testing is available only for those candidates who either stay a minimum of 300 km from the nearest Prometric center or it is burdensome for the candidate to cross his country’s borders.TypeExam FeeAnnual Membership FeeOne-time Application FeeTotalPMI® Members$405$129$10$544Non-PMI® Members$555--$555It can be seen from the above table that you can save $11 if you choose to become a PMI® member first and then apply for the PMP®  certification examination.You can refer to various resources in order to prepare yourself well for the PMP®  examination. PMBOK Guide (Project Management Body of Knowledge), issued by the Project  Management Institute, covers the majority of the topics on which the questions are based. Studying from the PMBOK Guide is an essential part of your preparation. The hard copy of a PMBOK guide is available at a cost of $47.98 USD, while it can be accessed for free as a soft copy by the PMI® members (becomes available on the PMI® website after becoming a member of the PMI®).Can I take the exam again if I do not pass?It will always be best for you the clear the examination in the first attempt and prepare accordingly. In case it happens that you fail to do so, then PMI® charges a fee, which is the re-examination fee only for retakes. The retake fee for computer-based testing is stated as below:PMI® Members: $275Non-PMI® Members: $375The various cost aspects related to PMP® certification can be summarised in the following chart:Exam TypeMembership StatusExam CostComputer-based examPMI® Member$405Non-PMI® Member$555Paper-based examPMI® Member$400Non-PMI® Member$250Retaking exam throughPMI® Member$275computer-based testingNon-PMI® Member$375Is there a refund policy? What is the process?Yes, there is a refund policy that can be asked for. To avail a refund, a request has to be made to the Project Management Insitute, PMI® at least 30 days prior to the date of exam eligibility expiration. An amount of $100 will be retained as a processing fee if the candidate has not taken the exam or not yet scheduled the exam. After this process, the application will be closed and the eligibility period will not be valid after the refund has been processed.A candidate can ask for a refund if their application has been rejected or if they have not passed the audit.Refund will not be provided by the PMI® in any of the following cases:The candidate’s eligibility period of one year has ended and he/she has not yet scheduled an examination. In that case, the whole fee amount will be charged. However, if the candidate wishes to obtain the certification, he/she will have to apply again and submit the fee once again.The candidate has scheduled the examination but has not taken it, nor has he/she provided PMI® with any necessary canceling or rescheduling notification. In such a case, the whole amount of fee will be forfeited.What is the application process for the PMP Exam?After meeting all the eligibility requirements, fill the PMP application. PMI takes about 5 to 10 days to review your application once you have submitted your application. Once your application has been reviewed and processed, you will receive an e-mail from the PMI with a request for payment. You can choose your examination mode, computer-based or online-based, and complete the process of payment. Once PMI receives the payment that you have made, it sends your application for the process of audit.What if my application goes for an audit?For the process of audit, PMI randomly selects a few applications. You’ll be notified through an email if your application gets selected for the process of audit, asking you to submit the following documents for the process of audit:Copy of your 4-year degree certificates/secondary degreeCopy of 35 contact hours certificateSignature copies from the manager or the supervisor for the project that you have recorded in the experience section of your application.You get a total of 90 days to submit the above-mentioned documents. The audit process can take up to 7 days after PMI has received all the documents. After the audit process has successfully been completed, you’ll receive an email notification which will contain your PMI eligibility ID and examination scheduling instructions. You can schedule your examination within one year from this day.What are the different aspects that can be included in the PMP®  certification cost?Are there any different aspects other than training and exam fee for PMP®  certification cost? This question can come across any candidate who is preparing for the PMP®  certification examination. Read along to know about the various factors that are important other than the certification training and fee, so that you can plan your financials accordingly.Cost factor #1: 35 Hours of Project Management TrainingAs discussed, these 35 hours of training is required to meet the PMP®  Eligibility requirement list. One can opt for classroom-training or online-based training, as per their ease. The classroom-training prices vary between $500 USD to $2,000 USD while that of online training varies between $200 USD to $500 USD.Cost factor #2: Time for Preparation The preparation time can be considered as PMP® certification cost. As busy professionals, you’ll have to spare time to take up this project management course. This is the major reason for online training being on high demand, as it is self-paced. The duration of the course and self-study depends on your dedication, background knowledge in project management and your professional experience.  Cost factor #3: Guides and study materialsOne needs to be well prepared for the complex exam pattern of the PMP®  certification exam. For this, you might have to take help from various reference books, which may be hardcopy or softcopy. It’ll help you gain knowledge and boost your courage for your PMP®  examination.Cost factor #4: Practice and Mock TestsSolving sample questions and sample exam plays an important role in preparation in any exam. It will help you test your readiness and knowledge on the topic, giving you a better grasp on the subject. Moreover, you will get to discover the topics where you need to improve. Moreover, you can get a better grip on time management, which is another very important factor to keep in mind while giving a PMP®  certification exam.Cost factor #5: Renewal of Credentials The PMP®  certification that you will earn will be valid for three years. You’ll have to renew your credentials every three years before it becomes invalid, which will cost you $150 USD if you are not a PMI® member. But if you are a PMI® member, the renewal will cost you $60 USD.The additional costs aligned with PMP® certification can be listed down as:Sl. No.PMP® Certification Cost (Different Cost Aspects)Costs1PMI Membership fee along with joining fee$1392PMI Membership renewal fee$129 per year3PMBOK® handbook cost for membersFree4PMBOK® handbook cost for non-members$50 on Amazon5Cost of study guides and resources$40 to $1006Cost of practice tests$60 to $1007Renewal cost of PMP® certification for PMI members$608Renewal cost of PMP® certification for non-members$150Summary: PMP®  Certification CostThe overall cost of PMP®  certification depends on the choices that you over your training preparation and different other factors mentioned above. If you choose on taking an online PMP®  certification, it will cost you approximately $750 USD, which includes the exam fee. If you wish to go for a classroom training for PMP® certification, it will cost you roughly around $1,700 USD, including the exam fee.As discussed, it is equally important to take into consideration the cost of time that you will be spending in preparation and for the PMP®  certification training. Choosing the online-based PMP® certification training will let you study and prepare according to your ease and pace, letting you make the most out of your time management. Moreover, the lower certification cost is an added advantage.Choose well and start preparing well in advance keeping all the factors in your mind! All the best!

PMP® Exam Fee - All Aspects of PMP Exam Fee

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PMP® Exam Fee - All Aspects of PMP Exam Fee

Being a PMP® certified professional helps you in expanding your skills and values while at the same time open doors to various potential job opportunities. The PMP®  certification will help you land into lucrative roles in the fields of IT, finance, manufacturing, healthcare, and various other industries. Professionals who are PMP®  certified are reported to have better project performance along with commendable raise in their pay.

With the increase in popularity of the project management field, the demand for officially qualified project managers has also increased. For aspirants who wish to prepare for a PMP®  examination, PMP® certification cost is a very critical aspect. What is the cost of PMP® Certification? Are there any different aspects of the PMP® certification cost?

Read along to know about the PMP®  certification cost and the other aspects that might be associated with it.

PMP®  Exam FeePMP Exam fee for PMI Members and Non-PMI Members

The Project Management Institute, PMI® offers two ways for registration of the PMP®  certification exam - one which includes membership of PMI®, while the other excludes the membership.

Before you take up the PMP® certification exam, there are some criteria that are needed to be fulfilled. One of the most important criteria, in order to fulfill the PMP®  eligibility requirement list, is to attend a project management course for a minimum of 35 hours. There are other criteria as well that you’ll have to meet before taking up a PMP®  certification exam.

The cost of PMP®  certification training is not fixed as it depends on the choices that you make. It depends on whether you take an online PMP®  certification training or PMP® certification classroom training. If you choose the PMP® certification classroom training, the country where you are located plays an important role as well. There is no fixed pricing for PMP®  certification classroom training, hence the same for PMP® certification cost. Approximately, it ranges from $500 USD to $2,000 USD.

The other option is to take the Online PMP®  certification training. You can find numerous online PMP®  training across the internet, which is opted by the majority as there are more advantages in doing so. Like, one doesn’t have to sit in a classroom or visit a classroom, which proves to be very advantageous for full time working professionals. The other advantage is that one can complete the training at his/her own pace, at ease. Moreover, online courses cost less than regular classroom teaching, that is, for online training, the price ranges between $200 USD to $500 USD.

The PMI® membership fee is $129 for new members, along with $10 as a one-time application fee. The membership holds a validity of one year which needs to be renewed every year by paying a fee of $129.

The PMP®  exam fee for the online computer-based exam at Prometric centers is stated below:

  • For PMI® members: $405 USD
  • For Non-PMI® members: $555 USD

The exam fee for Paper-based exam is stated below:

  • For PMI®-members: $400
  • For non-PMI® members: $250

Please make a note that the paper-based testing is available only for those candidates who either stay a minimum of 300 km from the nearest Prometric center or it is burdensome for the candidate to cross his country’s borders.

Type
Exam FeeAnnual Membership FeeOne-time Application FeeTotal
PMI® Members
$405$129$10$544
Non-PMI® Members
$555--$555

It can be seen from the above table that you can save $11 if you choose to become a PMI® member first and then apply for the PMP®  certification examination.

You can refer to various resources in order to prepare yourself well for the PMP®  examination. PMBOK Guide (Project Management Body of Knowledge), issued by the Project  Management Institute, covers the majority of the topics on which the questions are based. Studying from the PMBOK Guide is an essential part of your preparation. The hard copy of a PMBOK guide is available at a cost of $47.98 USD, while it can be accessed for free as a soft copy by the PMI® members (becomes available on the PMI® website after becoming a member of the PMI®).

Can I take the exam again if I do not pass?

It will always be best for you the clear the examination in the first attempt and prepare accordingly. In case it happens that you fail to do so, then PMI® charges a fee, which is the re-examination fee only for retakes. The retake fee for computer-based testing is stated as below:

  • PMI® Members: $275
  • Non-PMI® Members: $375

The various cost aspects related to PMP® certification can be summarised in the following chart:

Exam TypeMembership Status
Exam Cost

Computer-based exam
PMI® Member
$405
Non-PMI® Member

$555
Paper-based exam
PMI® Member
$400
Non-PMI® Member
$250
Retaking exam throughPMI® Member
$275
computer-based testingNon-PMI® Member
$375

Is there a refund policy? What is the process?

Yes, there is a refund policy that can be asked for. To avail a refund, a request has to be made to the Project Management Insitute, PMI® at least 30 days prior to the date of exam eligibility expiration. An amount of $100 will be retained as a processing fee if the candidate has not taken the exam or not yet scheduled the exam. After this process, the application will be closed and the eligibility period will not be valid after the refund has been processed.

A candidate can ask for a refund if their application has been rejected or if they have not passed the audit.

Refund will not be provided by the PMI® in any of the following cases:

  • The candidate’s eligibility period of one year has ended and he/she has not yet scheduled an examination. In that case, the whole fee amount will be charged. However, if the candidate wishes to obtain the certification, he/she will have to apply again and submit the fee once again.
  • The candidate has scheduled the examination but has not taken it, nor has he/she provided PMI® with any necessary canceling or rescheduling notification. In such a case, the whole amount of fee will be forfeited.

What is the application process for the PMP Exam?

After meeting all the eligibility requirements, fill the PMP application. PMI takes about 5 to 10 days to review your application once you have submitted your application. Once your application has been reviewed and processed, you will receive an e-mail from the PMI with a request for payment. You can choose your examination mode, computer-based or online-based, and complete the process of payment. Once PMI receives the payment that you have made, it sends your application for the process of audit.

What if my application goes for an audit?

For the process of audit, PMI randomly selects a few applications. You’ll be notified through an email if your application gets selected for the process of audit, asking you to submit the following documents for the process of audit:

  • Copy of your 4-year degree certificates/secondary degree
  • Copy of 35 contact hours certificate
  • Signature copies from the manager or the supervisor for the project that you have recorded in the experience section of your application.

You get a total of 90 days to submit the above-mentioned documents. The audit process can take up to 7 days after PMI has received all the documents. After the audit process has successfully been completed, you’ll receive an email notification which will contain your PMI eligibility ID and examination scheduling instructions. You can schedule your examination within one year from this day.

What are the different aspects that can be included in the PMP®  certification cost?

PMP® Certification cost Factors

Are there any different aspects other than training and exam fee for PMP®  certification cost? This question can come across any candidate who is preparing for the PMP®  certification examination. Read along to know about the various factors that are important other than the certification training and fee, so that you can plan your financials accordingly.

Cost factor #1: 35 Hours of Project Management Training

As discussed, these 35 hours of training is required to meet the PMP®  Eligibility requirement list. One can opt for classroom-training or online-based training, as per their ease. The classroom-training prices vary between $500 USD to $2,000 USD while that of online training varies between $200 USD to $500 USD.

Cost factor #2: Time for Preparation 

The preparation time can be considered as PMP® certification cost. As busy professionals, you’ll have to spare time to take up this project management course. This is the major reason for online training being on high demand, as it is self-paced. The duration of the course and self-study depends on your dedication, background knowledge in project management and your professional experience.  

Cost factor #3: Guides and study materials

One needs to be well prepared for the complex exam pattern of the PMP®  certification exam. For this, you might have to take help from various reference books, which may be hardcopy or softcopy. It’ll help you gain knowledge and boost your courage for your PMP®  examination.

Cost factor #4: Practice and Mock Tests

Solving sample questions and sample exam plays an important role in preparation in any exam. It will help you test your readiness and knowledge on the topic, giving you a better grasp on the subject. Moreover, you will get to discover the topics where you need to improve. Moreover, you can get a better grip on time management, which is another very important factor to keep in mind while giving a PMP®  certification exam.

Cost factor #5: Renewal of Credentials 

The PMP®  certification that you will earn will be valid for three years. You’ll have to renew your credentials every three years before it becomes invalid, which will cost you $150 USD if you are not a PMI® member. But if you are a PMI® member, the renewal will cost you $60 USD.

The additional costs aligned with PMP® certification can be listed down as:

Sl. No.
PMP® Certification Cost (Different Cost Aspects)
Costs
1PMI Membership fee along with joining fee
$139
2PMI Membership renewal fee
$129 per year
3PMBOK® handbook cost for members
Free
4PMBOK® handbook cost for non-members
$50 on Amazon
5Cost of study guides and resources
$40 to $100
6Cost of practice tests
$60 to $100
7Renewal cost of PMP® certification for PMI members
$60
8Renewal cost of PMP® certification for non-members
$150

Summary: PMP®  Certification Cost

The overall cost of PMP®  certification depends on the choices that you over your training preparation and different other factors mentioned above. If you choose on taking an online PMP®  certification, it will cost you approximately $750 USD, which includes the exam fee. If you wish to go for a classroom training for PMP® certification, it will cost you roughly around $1,700 USD, including the exam fee.

As discussed, it is equally important to take into consideration the cost of time that you will be spending in preparation and for the PMP®  certification training. Choosing the online-based PMP® certification training will let you study and prepare according to your ease and pace, letting you make the most out of your time management. Moreover, the lower certification cost is an added advantage.

Choose well and start preparing well in advance keeping all the factors in your mind! All the best!

KnowledgeHut

KnowledgeHut

Author

KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com

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Best Project Management Certifications in 2021

While nothing can replace industry work experience, there is no doubt that a credible certification can open up new opportunities and elevate your current profile. This is true for any area of work and more so in the project management field.With projects getting more complex, pan global and resource intensive, organizations look to hire project managers who come with solid expertise and a recognised certification to back their knowledge and skill.With so many project management credentials to choose from, which one would suit you best in terms of the knowledge and opportunities you will gain? Here is a ready compilation of the best Project Management Certifications for 2021, to help you to make an informed decision.PMP® Certification TrainingCAPM® Certification TrainingPMI-RMP® Certification Training PRINCE2® Foundation and Practitioner Certification TrainingProgram Management Professional (PgMP)® Certification TrainingPMI-ACP® Certification Training1. Project Management Professional (PMP)®Arguably the most well-known credential in the Project Management space, the PMP is globally recognized as the gold standard in project management. Offered by the Project Management Institute (PMI)®, the PMP gives you the bandwidth to work in any industry, using any methodology and working on a variety of situations.This certification is a litmus test of your project management knowledge and skills in managing the project "triple constraints", that is time, cost, and scope. 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This shows the importance of risk management and the emphasis organizations place on qualified risk managers.Benefits of getting PMI-RMP certifiedApply risk management practices for greater competitive advantageIdentify and measure risks in project development and implementationQuantify and create risk response strategies to deliver products that meet stakeholder expectationsUse a proactive and focused approach to preventing problems, rather than dealing with them once they occurIncrease your visibility within the companyAim for greater career growthEarn salaries upto $115,931Top companies that hire PMI-RMP professionalsWhere to take training for certification: Aspirants must train from an Authorized Training Partner (ATP) of PMI.Who should take the training for certificationRisk ManagersRisk Management ProfessionalsProject ManagersProject SponsorsProgram ManagersProject EngineersProject CoordinatorsPlanning ManagersPlanning EngineersProject Cost Control EngineersQuantity SurveyorsCivil EngineersIT Project ManagersProduct ManagersProject AnalystsBusiness AnalystsProject LeadersProject Co-ordinatorsTeam LeadersTeam MembersEligibilityTo apply for the PMI-RMP® Credential, you need to possess a:Secondary degree (high school diploma, associate’s degree, or the global equivalent)4,500 hours of project risk management experience40 hours of project risk management educationORFour-year degree (bachelor’s degree or the global equivalent)3,000 hours of project risk management experience30 hours of project risk management educationExam FormatNo of questions: 170 questions Type: Multiple ChoiceTime: 3.5 hoursDuration to get certifiedApplication fee: For PMI membership: USD $ 129 plus USD $10 for application fee.Course fee for certification: INR12999, USD 999Exam fee for certificationIn U.S.Member: $520Non-member: $670Retake fee for certificationMember: $335Non-member: $4354. PRINCE2® Foundation/PRINCE2 PractitionerThe PRINCE2 (PRojects IN Controlled Environments) Foundation and Practitioner credentials are sought-after offerings from AXELOS. There are a number of credentials offered under PRINCE2 that make it suitable for a wider audience. Axelos keeps the PRINCE2 curriculum regularly updated with the latest industry advances, which makes it suitable for new age project management and intensive, demanding projects.  PRINCE2 Demand: PRINCE2 extends its applicability across industries and sectors. This makes it very popular in the market as it is a one size fits all model. Although PRINCE2 was founded in the UK, it has now firmly established its presence in industries across the world. According to a report in LinkedIn, PRINCE2 is the most popular project management methodology. A professional adept at PRINCE2 and holding the credential is highly valuable and sought after by organizations implementing PRINCE2 for their projects.  Benefits of getting PRINCE2 certifiedGuide projects in their entiretyTailor PRINCE2 to suit the needs of projects and organizationsValidate your commitment to continued excellence and quality  Master and demonstrate your proficiency of the PRINCE2® framework  Gain project management best practices and grow your career with confidence Work across projects in diverse sectors and industriesShow your ability to work in challenging work environments  Command higher salaries (upto $99,012 average) than your non-certified peers Top companies that hire PRINCE2 professionalsShellBPTranspower New ZealandIBMHPAquasoftGetronicsSiemensWhere to take training for certification: Aspirants must undertake training from a Certified Partner of AXELOS and an accredited training organization (ATO) with PeopleCert®.Who should take the training for certification?Project ManagersProject CoordinatorsProject AnalystsProject LeadersProduct ManagersProgram ManagersProject SponsorsTeam LeadersSenior Responsible OwnersProduct Delivery ManagersBusiness Change AnalystsProject and Programme Office PersonnelOperational Line ManagerAnyone who wishes to build up knowledge in project management EligibilityThere are no eligibility requirements for the PRINCE2® Foundation certification exam. To qualify for the PRINCE2 Practitioner exam, you must have at least one of the following certifications: PRINCE2® Foundation or higher (applicable only to certificates obtained after 1 January 2009) Project Management Professional (PMP)® Certified Associate in Project Management (CAPM)® IPMA Level A® (Certified Projects Director) IPMA Level B® (Certified Senior Project Manager) IPMA Level C® (Certified Project Manager) IPMA Level D® (Certified Project Management Associate) Project Management Qualification (PMQ) Project Professional Qualification (PPQ) Exam FormatFoundation ExamDuration: 60 minutes (1 hour) Questions: 60 Multiple choice questions Pass mark: 33 out of 60 available, or 55% Use of textbook: No, it’s a closed book examPractitioner Exam Duration: 150 minutes (2.5 hrs) Questions: 68 Objective type questions Pass mark: 38 out of 68 available, or 55% Use of textbook: Yes, but only the official PRINCE2® manual is permitted. Duration to get certifiedYou will need to attend 32-hours of PRINCE2® Foundation and Practitioner training from an ATO of AXELOS and PeopleCert®, following which you will be required to take the exams to demonstrate your knowledge of PRINCE2 and get certified. The results of your tests are issued within 2 business days from the date of your exam.  Course fee for certification: USD 1999Exam fee for certification: Included in course fee5.  PgMP®: Program Management Professional (PgMP)® Certification TrainingAnother project management from the PMI, this credential is more advanced than the PMP and certifies the holder’s ability to manage complex projects that cover functions, organizations, cultures and geographies. The credential mandates holders to be proficient in the six prime focus areas: Governance, Prioritization, Escalation, Resource Management, Benefits Realization, and Stakeholder Management.PgMP Demand: Credentials from the PMI are known for their rigorous standards and testing, which is why they are well accepted in industries across sectors. PgMP holders are better able to promote integration and coordination of multiple projects for the overall benefit of the program. According to PMI’s 2015 Pulse of the Profession® report, an organization’s projects are far more successful with program management than without it — 76 percent compared to 54 percent. This further compounds the demand for PgMP professionals. Benefits of getting PgMP certifiedGet in-depth knowledge of tools and techniques to handle complex multiple related projectsUnderstand Program Lifecycle and its processes, competencies, tools and techniques with practical sample templatesLearn to implement large-scale programs to align with business strategyOpen yourself to lucrative job opportunities and leadership rolesWork in projects across geographiesEarn high salaries, upto $139,000 on averageTop companies that hire PgMP professionalsAmazonGoogleMicrosoftCognizantCapgeminiDeloitteJP Morgan ChaseErnst & YoungWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI®Who should take the training for certificationTeam LeadsSponsorsProject DirectorsProgram ManagersPortfolio Managers  Project Management Office (PMO) HeadsEligibilityA Four-year Degree (Bachelor's or Global equivalent), with at least four years of Project Management experience and four years of Program Management experience.ORA Secondary Diploma (High school or Global equivalent), with at least four years of Project Management experience and seven years of Program Management experience. Exam FormatNo of questions: 170 multiple-choice, of which 20 are considered pretest questions which are not scored.Question type: Most questions are scenario based and test a professional's understanding and clarity of thoughts on different Program Management concepts.Time: 4 hoursDifficulty level: DifficultDuration to get certified: You have to complete your 24 hours of training from an Authorized Training Partner (ATP) of PMI. Make a study plan and stick to it religiously. The PgMP is considered to be more difficult than the PMP and requires a fair bit of preparation. Once you pass the 4-hour exam you will be PgMP certified.  Course fee for certification: INR 13,999; USD 1199Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationIn IndiaMember: ₹46,338.00Non-member: ₹77,230.00In U.S.Member: $800Non-member: $1000Retake fee for certificationMember: $600Non-member: $8006. PMI-ACPPMI-ACP Demand: Agile is a fairly new concept in the context of product development. Though organizations reap immense benefits by adopting Agile, the road to transformation can often turn out to be expensive if not well executed. PMI-ACP professionals are therefore in huge demand as they can bring in project management best practices in Agile environments and ensure project success.  Benefits of getting PMI-ACP certifiedThe shortage of Project Managers has increased job opportunities in the Agile environmentYou will qualify for Agile jobs with expertise in Agile methods like Scrum, FDD, Kanban, etc. which are in demand in the industryEarn salaries in the range of $108,000 on an averageEquips you with knowledge of various Agile methodsMakes you more marketableTop companies that hire PMI-ACP professionalsStandard CharteredOracleIBMVMWareSource: IndeedWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI® Who should take the training for certification?Project ManagersProject PlannersQuality Assurance StaffDevelopers/ProgrammersDesigners, TestersProject ControllersProduct OwnersScrum MastersScrum Team MembersEligibilityTo apply for the PMI-ACP®, candidates must meet the following requirements:1. General Project Experience2000 hours of working on project teams within the last 5 years or having an active PMP®/PgMP® credential2. Agile Project Experience1500 hours of working on Agile Project Teams or with Agile Methodologies, in addition to “General Project Experience” above;3. Training in Agile Practices21 contact hours earned in Agile PracticesExam FormatNo of questions: 120 MCQ, of which 20 are pre-testDuration: 3 hoursDuration to get certified: Once you complete the course, you need to schedule the exam date. Exam applications have to be submitted and approved by PMI. Online applications m ay take upto five business days to get processed. Once your application is processed, you can schedule your exam date, and on passing receive the PMI-ACP credential.Course fee for certification: INR 10,999, USD 1099Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationFor members: $435Non-members: $495Retake fee for certificationMembers: $150Non-members: $200SummaryProject Management is among the most sought after job roles, not only in the tech industry but any industry that executes and manages projects. By 2027, 88 million individuals will need to be skilled in project management-oriented roles. This makes it among the hottest job trends in the coming years, and a credential will go a long way in helping you capitalise on this trend.
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Best Project Management Certifications in 2021

While nothing can replace industry work experience... Read More

Project Contracts – A Vital Legal Binding

One of the key knowledge areas discussed in the Project Management Professional (PMP®) certification is Procurements Management. As part of project procurements management a project manager is mainly expected to be able to initiate, execute and manage projects based on the project contracts. This article is an attempt to discuss about project contracts, to discuss the importance of such contracts and to give an introduction to types of contracts as a precursor to subsequent articles. The PMBOK® defines a contract as follows. “Contract represents a mutually binding agreement that obligates the seller to provide the specified products, services or results, and obligates the buyer to provide the monetary or other valuable consideration in return. A contract can also be called an agreement, understanding, undertaking or a purchase order.” (PMBOK® 5.0) Any project involves two or more parties. One main party that is the buyer and the other the seller. In addition to these there can be other 3rd party elements that are not directly involved in the contract but are interested in or are impacted by the same. The contract between the buyer and the seller happens to protect the interests of the two parties entering into the agreement. The seller provides goods or services to the buyer for which the buyer compensates the seller monetarily or through other financial or non-financial means.   A contract is a formal agreement between the two parties and it is a legal binding amongst the two entities. A formal contract must be in written format and can be used even in court of law in the case of either party failing to honour their commitment or in the case of an appeal against any misdeeds. Dishonouring contracts may actually lead to settlements even in court but should ideally be settled mutually among the disagreeing parties, most probably through a mediator called an ‘arbitrator’. Normally in large organizations contracts are managed by a separate contract manager or a procurements manager. The management of contracts are done in 2 separate ways namely; centralized contracting and decentralized contracting. In centralized contracting, one contract manager manages all the contract related matters for multiple projects. This requires expertise in contracting, standardization of contracting practices across the organization and more focused management of contracts. In decentralized contracting, separate contract managers are allocated to manage the procurements for individual projects. This results in full time management of contracts and the contract manager must report progress to the project manager. This results in more focused management of project contracts and with time creates specialized expertise in contracting. However, this may result in duplication of contracting expertise and less standardization of contracting practices across multiple projects in the company. There are three main types of contracts. They are Cost Reimbursable OR Cost Plus, Time and Material or Unit Price and Fixed Price or Lump Sum contracts.  The applicability and use of these contract types based on the type of project, complexity and the parties involved may decide on variations based on the charges involved in order to ensure that the contract terms are mutually beneficial for the two parties. Hence, these contracts vary based on the cost, time and price.  A cost plus or cost reimbursement contract is a contract in which the contractor is reimbursed or paid all the actual expenses they incur when carrying out the work. In addition to this they are also allowed to charge an extra fee allowing them to obtain a profit. For example a contractor taking up building a contract may claim resource costs as well as any miscellaneous expenses incurred for travel, food, purchases as well as charge an additional amount from the customer in order to make a profit from the tasks carried out. A fixed price contract on the other hand does not depend on the resources utilized or time expended. A fixed amount is agreed upon between the contractor and the customer where the amount is paid to the contractor even if the resources expended is lower or higher than the agreed upon amount. Time & material contract is where the contracting party is paid only for the amount of time or resources spent. For example if there is a software development firm which assigns 4 resources for a project on a T&M basis the company will be paid an hourly rate for each resource based on the amount of time they spend on tasks in the project.  Each contract type has its own pros and cons for both the contracting and implementation party. For example a fixed price contract is suitable for an organization as they would know the amount due before hand and know that they won’t end up paying extra if the triple project constraints are not met. Similarly, a time and material project may be suitable for both parties, as amount will be charged only based on the amount of work done in the project and for the time spent. Advantages and disadvantages of each contract type depend on the context. Thus, it is important for stakeholders involved in projects to negotiate on contracts wisely.
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Project Contracts – A Vital Legal Binding

One of the key knowledge areas discussed in the Pr... Read More

How much does a PMP® Certification cost?

 Are you planning to take the PMP® certification exam soon? If yes, you should take the next step by starting with the application process. But before that, you need to have a clear idea about the costs which are included in the process of getting PMP® certified.  PMP® is considered as one of the most valuable and high demand certifications in the project management category. Having a PMP® certification under your belt will introduce you to the world of greater opportunity and lucrative salaries. But PMP® is a tougher exam compared to other certifications and requires more preparation to pass the exam.There are multiple items to consider when you try to find out the cost involved in the PMP® certification process. The PMP® certification costs include the application and exam fees plus any other additional costs associated with preparing for the exam.It is not just about the PMP® Exam feeYou need to pay an amount of $555 as the exam fee to sit for your PMP® certification exam. But you can bring it down to $405 by becoming a PMI member. But this is not the only cost involved in the PMP® certification cost. The costs can further be explained in the following points:1. Become a PMI member:It is not necessary for you to become a PMI member to sit for your PMP® certification exam. But the benefits of getting a membership with PMI is more than the membership fee. The annual membership fee along with the first time registration fee is $139. You can save $150 on the exam fee itself by becoming a PMI member.Apart from the exam fee, you get a free copy of the latest edition of PMBOK® Guide and other standards or guides published by PMI which you need to be thorough with in order to pass the PMP® examination. Further, you can gain the required PMP® PDUs for free by watching the webinars and joining the annual online conferences which are exclusively available for the members.2. PMP® certification exam fee:Once you become a PMI member, you need to pay $405 as the PMP® certification exam fee to take the computer-based exam at your nearest Prometric exam center. But it is $555 for non-members.You can take up the PMP® certification exam three times in the one-year eligibility period. Again, if you are a PMI member, you just need to pay a PMP® re-examination fee of $275 whereas, the non-members need to pay $375.3. PMBOK® Guide:As a PMP® aspirant, you shouldn’t consider only the PMBOK® Guide to be the syllabus of PMP® exam. It is an official reference book for the PMP® exam. It is recommended for every aspirant to read the PMBOK® Guide more than once while you prepare for your PMP® exam. The content of the PMBOK® Guide can be found in the real PMP® exam. The current cost of PMBOK® Guide is $47.98.Got a PMI membership? Then you can download the free copy of the PMBOK® Guide from the PMI website.4. Earning 35 contact hours by attending the Project Management Training Course:You need to complete 35 hours of project management course work to sit for the PMP® exam. Taking up a Project Management Training Course can help you to earn these 35 contact hours. The cost of these courses ranges based on the training provider. You need to spend around $1,000 to meet this requirement.5. PMP® exam reference books:As you know that PMP® certification exam consists of a complex exam pattern and you need to be well prepared to clear it at one go. You can get access to reference books both in hard copy and online. These resources contain tons of project management knowledge which proves helpful while you prepare for your PMP® exam.6. Practice Exams and Mock Tests:Taking PMP® sample exams plays a pivotal role in your PMP® exam preparation. These mock tests and practice exams prove as a good resource to test your readiness for the exam. Further, these mock tests will help you understand the techniques of time management which is an important factor while writing your PMP® certification exam.7.Renewing your credentials:You can’t stop your quest once you get your PMP® certification. Your PMP® certification is only valid for three years and you need to renew your credentials before it gets invalid. So, you need to pay $150 to renew your credential every three years. However, you can bring down this cost to $60 by becoming a PMI member.Confused? The following chart will help you to get a clear understanding of the costs involved in your PMP® certification:Sl. No.PMP® Certification Cost (Different Cost Aspects)Costs1PMI Membership fee along with joining fee$1392PMI Membership renewal fee$129 per year3PMP® Certification Exam fee for PMI members$4054PMP® Certification Exam fee for non-members$5555Rescheduling fee for PMI members$2756Rescheduling fee for non-members$3757PMBOK® handbook cost for membersFree8PMBOK® handbook cost for non-members$50 on Amazon9Cost of study guides and resources$40 to $10010Cost of practice tests$60 to $10011Renewal cost of PMP® certification for PMI members$6012Renewal cost of PMP® certification for non-members$150Online PMP® trainingWon’t it be great if you get access to PMP® certification training from your preferred location? You can make it possible by opting for online PMP® certification training. The e-learning course provided by the R.E.P.s give you access to innumerable mock tests and exam revisions. Few of the features of such courses are as follows:35 PDUs on completion of 35 hours of e-learning15 audio-visual modules covering all course topics from PMBOK® Guide13 hours of online contentPMP® eBook in downloadable format and PMP® exam blueprintA question bank on all knowledge areasTips and tricks to pass PMP® in the first attempt.PMI Talent Triangle™ BundleYou need to continue your learning and development in order to maintain your PMP® certification. The PMI® has set a 60 PDU requirement which you are expected to meet in order to continue your PMP® journey. As a PMP® certification aspirant, won’t you be happy to get all the course which you need to fulfill your PDU requirements in a bundle? You need to earn 35 PDUs in the Education category and meet the following minimum requirements, as per the PMI Talent Triangle™  skill areas:Education PDUs - Minimum Talent Triangle RequirementsCertificationTechnical PDUs RequiredLeadership PDUs RequiredStrategic PDUs RequiredRemaining PDUs - across any area of PMI Talent TriangleTotal Minimum RequiredPMP8881135The activities and courses included in the three components of the PMI Talent Triangle™ are as follows:TechnicalLeadershipBusiness & Strategic ManagementLife Cycle ManagementCoaching & MentoringCustomer relationship & satisfactionTime, Scope, Risk ManagementProblem SolvingBenefits RealisationEstimationTeam BuildingLegal & Regulatory complianceAgile PracticesEmotional IntelligenceStrategic planning & analysisGovernanceConflict ManagementOperational FunctionsData gathering and modelingBrainstormingBusiness acumenEarned value managementInfluencingCompetitive analysisPerformance ManagementListeningMarket awarenessInterpersonal skillsBusiness models and structuresThe best way to earn 35 contact hours of PMP® trainingYou can get access to PMP® certification training in three different methods. They are classroom training, instructor-led training, and self-learning method. All the mentioned modes have their own pros and cons, but self-learning is considered as the cheapest of all the three courses.You can choose between self-learning mode or instructor-led mode to take your online training. There are numerous R.E.P.s in the market who provide such training and help you attain 35 contact hours to fulfill the PMI requirements.You should consider the following important factors while searching for the best online platform for your PMP® certification training:Is the training provider a registered training body?Will you be provided with 35 hours certificate?Is the training provided in English?What is the duration of the eLearning access?Salary of a PMP® certified professionalAfter knowing about all the costs which you need to bear in order to get PMP® certified, won’t you love to know about what lies ahead of it? Here are five jobs for project management professionals in the US with the highest paid salaries.1. Pharmaceutical project management professionalA Pharmaceutical Project Manager works with researchers, doctors, and engineers to ensure that the research and development stay on schedule and on budget. He or she is responsible for overseeing the development of new medication for the treatment of diseases and other health problems. The average annual salary of a Pharmaceutical Project Manager based in the US is $131,833.2. Resources project management professionalA Resources Project Manager works toward making the process of extracting and growing natural resources by working with farmers, mining, and oil companies and eliminating waste as well as improving communication. He or she looks into the procurement of natural resources for efficient delivery to end consumers. The average annual salary of the Resources Project Manager based in the US is around $129,368.3. Consulting project management professionalFrom environmental engineers to sales managers, a Consulting Project Manager works at all the levels of the industry and they work on a case-to-case basis. He or she works with the goal to furnish industry expertise and advanced knowledge to the client in order to lead their project to success. A Consulting Project Manager earns an annual average salary of $129,208 in the US.4. Aerospace project management professionalThe job description of an Aerospace Project Manager includes working with designers and engineers to ensure the delivery of the new aircraft on time and on budget. His or her focus areas include quality control and risk management. The average annual salary of the Aerospace Project Manager based in the US is $121,923.5. Engineering project management professionalAn Engineering Project Manager communicates with clients to ensure the quality of the end product as demanded by the client. The annual salary of the Engineering Project Manager based in the US is $121,769 per annum.To concludeAs you can see, the PMP® certification involves a lot of other costs other than the exam cost itself. There is a cost involved in all the processes which you need to go through in order to get PMP® certified. But these costs can vary from person to person and the country you are residing in. Further, adding a PMP® certification to your collar exposes you to better career opportunities and higher salaries.
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How much does a PMP® Certification cost?

 Are you planning to take the PMP® certification... Read More

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