Prior to taking up a project management certification, professionals tend to grapple with the issue of choosing between the PMP and PRINCE2 certifications, two very reputed credentials in the project management field. This makes the question of which to consider unclear.
The PRINCE2 and PMP Certifications involve two different project management frameworks. Both offer different approaches or plans to manage projects effectively. Each has its favorable area and expertise and, therefore, a choice between the two depends on various factors. The ideal choice should be based on the company, and the type of project one is leading or directing. Both the certification programs are of equal value, albeit in different aspects of project management.
One of the most-reputed certifications in the world for project managers, the PMP or Project Management Professional Certification, is a qualification program that is offered by the Project Management Institute (PMI). Various industries use PMP as a standard requirement for Project Managers. Becoming a PMP empowers you to work with any methodology and in any industry. The course covers a wide spectrum of project management techniques and competencies that are necessary for any project manager, as well as increasing your earning potential. This course, administered by PMI in the USA, has also gained popularity in Europe and Asia.
A few features of the PMP qualification include:
The PRINCE2, ‘Projects IN Controlled Environments' certification, however, is a process-based project management method that provides a step-by-step, detailed method for delivering a successful project with clear templates, processes, and steps. The certification is both, process and project focused. PRINCE2 is administered in the UK by the APMG.
A few features of PRINCE2 are as follows-
If you wish to get one of these certifications, it is important that you do your research before you begin to walk down a specific road. Different parts of the world require different certifications, making it necessary to determine which of the two certifications will boost your employability. Some sectors prefer the PRINCE2 certification, while others prefer the PMP certification.
Each of these certifications is more popular in a different set of countries to the other. The PMP certification is preferred in USA, Canada, Middle East and Australia. PRINCE2, however, is recognized in UK, Europe, and Australia.
A number of studies and surveys show that certified professionals earn much more than their non-certified peers. Having a project management certification, especially ones like PMP and PRINCE2, signifies that an individual knows and understands the universal language of Project Management.
The PMI Project Management Salary Survey – Seventh Edition, states that the salaries of project managers around the world continue to climb.
In the US alone, the average annual salary of a PMP professional is $105,000 per year. They earn an average of 16% more than their non-certified peers. The highest salary a PMP can earn is in Switzerland, $160,409.
The average salary for professionals with a PRINCE2 certification is £50,000, which, in US dollars, is $77,540.
Male project managers are seen to earn more than female project managers.
According to a survey conducted by the PMI, male PMPs earn $105,577 whereas female PMPs earn $95,349, $10,000 less than their male counterparts.
The same goes for PRINCE2 professionals. According to the Payscale.com survey, male PRINCE2 professionals earn £45,365 ($70,395) whereas women earn £39,002 ($60,521).
According to a PMI survey, the highest salary a PMP can earn is in the resources industry or in the primary sector (Agriculture, mining, etc.) industry, $120,000.
According to Payscale.com the highest salary a PRINCE2 can earn is in the IT services industry, £45,669.
Taking up one of the two certifications, or even both the certifications, have their benefits.
With a total of 200 questions, the PMP exam is stretched for four hours and is split into the areas of Project Initiation, Project Planning, Project Execution, Monitoring and Controlling, and Project Closing. Within these five larger domains are a multitude of other skills like risk identification, quality management, change management, materials management, and much more.
The PRINCE2 Foundation exam tests the individual with 75 multiple choice questions, for 60 minutes. Out of the 75 questions, 5 are trial based and not counted during the scoring process.
The Practitioner exam is an objective, scenario based paper. The individual is tested based on 9 questions with a time limit of 2.5 hours.
There is a set of prerequisites that one will need to meet to take up the PMP exam.
There are no defined pre requisites for the PRINCE2 exams. However, it is recommended that you have some project management experience and formal training before you sit for the exam.The Practitioner exam will require you to have passed the Foundation exam.
The cost of the PMP exam though a little expensive is still worth it. For members of the PMI, it is $405 while for non-members it is $555.
The cost of the PRINCE to exam varies according to the region you are taking the exam in.
To maintain the PMP certificate, you will need to attain 60 PDUs or Professional Development Units, every three years.
The PRINCE2 Foundation exam, needs no renewal, The Practitioner exam, however, is valid for 5 years after which it will be termed invalid. Professionals will have to complete and pass the PINCe2 re-registration examination 3-5 years following their previous practitioner exam.
Many people view the PRINCE2 and PMP certifications as different, which is why the battle between the two certifications.
The PMP is related to the knowledge and skills necessary to attain successfully manage a project and its delivery.
PRINCE2 is focused mainly on the processes and the framework to successfully execute the project.
Therefore, it is advisable that you do both of these certifications as it helps in the development of the professional's all round Project Management skills.
There may be a few drawbacks to this-
The certification you choose should depend on your job prospect and the region you are working in. PMP and PRINCE2 are not competitors. A professional would benefit from the skills and knowledge that both of these certifications offer.
Get a taste of our PMP and PRINCE2 certification courses with this preview video!
Prior to going for a project management certification program, this indecision is common for most project managers and aspirants.
Avantika holds a degree in Journalism, & writes on such topics of interest as PMP, Digital Marketing, Six Sigma, & Big Data. She also maintains a travelogue, blogs on media issues, and volunteers at a boarding home for stray dogs. She enjoys art & travelling, & loves outdoor activities like basketball, athletics, & swimming.
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