To apply for the CAPM, you need to have:
23 hours of project management education by the time you sit for the exam.
Other than the secondary degree AND the hours experience OR the PM education, there appear to be no other requirements. See page 6 of the CAPM Handbook for more information.
To apply for the PMP, you need to have either:
- A four-year degree (bachelor’s or the global equivalent) and at least three years of project management experience, with 4,500 hours leading and directing projects and 35 hours of project management education.
- A secondary diploma (high school or the global equivalent) with at least five years of project management experience, with 7,500 hours leading and directing projects and 35 hours of project management education.
For the PMP, the requirements are broken down into 5 process groups, which are listed in the PMP Application Form. The one that includes preparing the budget is the "Planning the Project" process group.
This consists of preparing the project plan and developing the work breakdown structure. Examples are:
- Project requirements
- Project constraints
- Create WBS
- Develop schedule
- Develop budget
- HR Management
- Quality management
- Change management
- Risk management
- Conducting kick off meetings
- Presenting the plan to stakeholders
The manual doesn't state how many hours you must have in each process group; it just states the total and that you should have experience in all five groups. Thus, if you have experience doing something else in this process group, you should theoretically meet the requirement without specific budgeting experience.
You should have experience in all five process groups across all your project management experience submitted on the application. However, on a single project, you do not need to have experience in all five process groups.
In summary, if you don't meet all of the requirements for the PMP, the CAPM is the choice recommended by the PMI.