I was reading about this certification online and I want to know what is the procedure for studying for this certification. Furthermore, is there an exam that one needs to appear ? How hard is this exam ? Is this certification issued by a board? I would like to know as many details as possible. Thanks in advance.

The previous answer was pretty accurate, but there were a few errors. Firstly you also need to have 3500 hours of PM experience (if you also have a degree) before you’re qualified to sit for the PMP exam. If you don’t have the experience then you might want to look at the CAPM certification from PMI which does not require experience.

Secondly, the 35 hours of PM training doesn’t really need to be "approved". Pretty much any PM training will do. However, most people do take some form of PMP prep course to help them learn the material.

There is no study guide on the PMI website. Most people find the exam reasonably hard. The exam is taken at a Prometric testing center.

Generally and legally speaking you can be hired as a project manager without being a PMP, but more and more organizations are making it a requirement.

You can read more about the PMP and CAPM certifications at the links below. On each page there is a link to the appropriate certification handbook from PMI, which you should also read.