Who doesn’t want to at the top of the game when it comes to their career, the project management sector is no exception. Staying updated with latest trends and practices is a must for any project manager. Most of the time this is achieved through certifications. If you are a current or an aspiring project manager then, by the end of this article, you will be able to decide between two of the most renowned Project Management certifications PMP® and PRINCE2® . This article includes an exhaustive comparison, which will help you make up your mind between the two. Let us get started.
For the last many years, project management has been one of the most high paying and in-demand careers. With an exponential increase in the number of projects initiated and executed worldwide, the demand for well-trained, proficient project managers are always on the rise. As per research conducted by PMI, statistics indicates employers would require 87.7 million project management oriented roles by 2027.
Let’s begin with the question of why do you need a certification at the first place?
PMP® , PRINCE2® certifications will validate for employers your understanding of crucial project management concepts and the way to apply them all throughout the project management lifecycle. It’s important to choose the right certifications for you. To know what are the most common and preferred certifications for the employer, this can be achieved by regularly skimming through their requirements for the role you are looking for.
What is the difference between PMP® vs. PRINCE2®?
Both PRINCE2® and PMP® Certification have different approaches and have different management frameworks. Both of these certifications have the same value but in different aspects of the project management sector. So when you have to choose between the two the decision should be based on the industry or the organisation that you want to have a career in.
The Project Management Professional PMP® Certification.
PMP® is one of the most sort after certifications in the world. This certification Is issued by Project Management Institute (PMI®), USA, it has also gained popularity in Canada, Middle East, Australia, Asia and Europe. The approach adopted in PMP® enables you to work with any methodology adopted globally across all industries. This certification will cover a wide range of project management related competencies and techniques that will boost your capability as a project manager and increase you earning potential.
The Projects in Controlled Environments PRINCE2® Certification.
The ‘Projects IN Controlled Environments’ certification otherwise known as PRINCE2®, is a process-based project management method. This certification is issued by APMG, UK, and is widely accepted all across Europe and Australia. This certification focuses on delivering a successful project with well-defined templates, processes, and procedures.
PMP® vs. PRINCE2®: Salary Insights.
According to recent surveys and studies it is seen that certified professional earn an average of 20 percentage more than their non-certified peers. Companies are ready to pay lucrative Salaries for both PMP® and PRINCE2® certified professionals. The average salary package is between $115,000 to $130,000 per annually.
Benefits of Getting the PMP® vs. PRINCE2® Certification Include:
|Better Employment opportunities.||Expansive Knowledge gain.|
|Higher Salary Prospects.||Standardised approach.|
|Better Networking opportunities.||Improved Salary and Better Employability.|
|Widely accepted across the world.||Business case oriented approach.|
The PMP® vs. PRINCE2® Exams
|PMP®||PRINCE2® Foundation||PRINCE2® Practitioner|
|No. of Questions in the Exam||200 questions (MCQ)||75 questions (MCQ) –Includes 5 trial based questions||68 questions ( Scenario based)|
|Duration of the Exam||240 minutes||60 minutes||150 minutes|
|Pre requisite-hours of Project experience||7500||0||0|
|Degree||Minimum of secondary degree||None||None|
|Previous Qualifications||None||None||Any of: PRINCE2 Foundation, or PMI CAPM®, or PMI PMP®, or IPMA Level A® to D®.|
|Pass Mark||Not known||55%||55%|
|Exam Style||Closed Book||Closed Book||Open Book|
|Price||PMI member: US$405|
|GBP299 (exam centre)|
|GBP349 (exam centre)|
|Ways to renew||60 PDUs every 3 years||N/A||20 CPDs per year for 3 years; OR, pass Practitioner exam within 3 years.|
|Countries/regions where popular||USA, Americas, Africa, Asia||UK, Europe, Australia, New Zealand||UK, Europe, Australia, New Zealand|
|Number of exams taken so far||770,000*||1,000,000*||500,000*|
Conclusion– PMP® vs. PRINCE2®
Both PRINCE2® and PMP® are valued in the project management sector. However, the preference given to each of these certifications vary based on geographical distributions. Both the exams have tried and tested approaches, which is implemented widely across the project management sector. Both PRINCE2® and PMP® are not competitors but rather they complement each other. On one hand we have PMP® which is knowledge based whereas on the other hand PRINCE2® is process based. To excel in the project management field prioritize in the type of projects you are interested to work in and get your certifications accordingly. There is also an option to do both and make yourself valued across the entire project management sector in general.