If you work in the Project Management field or aspire to do so, you may have wondered about the necessary steps to obtain certification and advance your career. The Project Management Professional (PMP®) and PRINCE2® credentials are both highly esteemed in the industry and can demonstrate your knowledge of fundamental project management principles and how to implement them throughout the project lifecycle. As a result, you may be wondering which credential is most suitable for you. While it is a challenging decision, we have done much of the research for you.
What is the Key Difference Between PRINCE2 vs PMP?
PRINCE2® and PMP® are two distinct project management frameworks that provide a body of knowledge and a proven approach to managing projects successfully. Choosing between them involves multiple factors, such as the industry or company you are interested in pursuing a career in and the type of project you intend to lead or direct. Both certifications are equally valuable, but they emphasize different aspects of project management.
The Project Management Professional (PMP)
The PMP® or Project Management Professional credential, offered by the Project Management Institute (PMI®), is a highly esteemed qualification program for project managers that is widely recognized worldwide. Many industries consider PMP® as a standard requirement for project managers, enabling them to work with any methodology and in any industry. The course covers a broad range of project management techniques and competencies necessary for project managers and can potentially increase their earning potential. This program, originally administered by PMI in the USA, has also become increasingly popular in Europe and Asia.
The PMP Qualification
- Is indicative of your proficiency in using the PMBOK® Guide, the Project Management Book of Knowledge.
- Verifies your knowledge of "generally-accepted" best practices and principles of project management.
The Projects in Controlled Environments (PRINCE2)
The PRINCE2®, or ‘Projects IN Controlled Environments' credential, is a process-based project management method that offers a systematic approach to delivering a successful project with clear templates, processes, and steps. The credential is both process and project-focused.
The PRINCE2 Qualification
- Is a broad, high-level, general framework of project management principles, which means it is recommended for and can be implemented on just about any project.
- Has a well-laid out and standardized approach to project management.
- Spells out the roles and responsibilities of each member of the team tasked with managing the project.
- Divides the master project plan into project plans, stage plans, and team plans, which eliminates ambiguity and makes it easier to execute the project.
- It is both project and process focused.
Industry Demand for PMP Professionals
If you wish to get one of these certifications, it is important that you do your research before you begin to walk down one path vs. the other. Each credential is in higher demand in specific geographies, so you need to determine which of the two credentials will boost your employability. Also, a few industry sectors prefer PRINCE2®l, while others prefer the PMP®.
PMP® is preferred in the USA, Canada, Middle East, and Australia. PRINCE2®, however, is recognized in the UK, Europe, and Australia.
PRINCE2 vs. PMP: Salary Prospects
Several studies and surveys show that certified professionals in project management earn much more than their non-certified peers. Having a project management credential, especially ones like PRINCE2® and PMP®, signifies that an individual knows and understands the universal language of project management.
The PMI Project Management Salary Survey – Twelfth Edition, states that the salaries of project managers around the world continue to climb. In the US alone, the average annual salary of a certified PMP® is $123,000 per year. They earn an average of 32% more than their non-certified peers. The highest average salary for PMP®s is in Switzerland at $140,983.
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Salary by Gender
According to a survey conducted by the PMI, male PMP®professionals in the U.S. earn $116,000 while female PMP® professionals earn $105,000, about $11,000 less than their male counterparts.
The average salary for PRINCE2® certified professionals is $102,000.
According to a Payscale.com survey, male PRINCE2® professionals earn $90,000, while women earn $77,000.
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Salary by Industry
According to a PMI® survey, the highest salary a PMP® can earn is in the resources industry or the primary sector (agriculture, mining, etc.), at $130,000.
Benefits of Getting a PRINCE2 vs. PMP Credential
Benefits of Getting the PMP Include
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Better Salary Prospects
Certified PMP® professionals get more significant and more frequent pay raises than their non-certified peers. -
Networking Opportunities
To obtain a PMP®, it is recommended that you become a member of PMI. Once you are a member, you have access to a vast network of professionals with similar qualifications. These contacts can prove crucial in helping you land a project management job. -
Better Employment Prospects
As the world's most popular project management credential, the PMP® is recognized and trusted by employers worldwide.
Learn new trends, emerging practices, tailoring considerations, and core competencies required of a Project Management professional with the PMP course.
Benefits of Getting the PRINCE2 Include
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Exhaustive Body of Knowledge
The PRINCE2® body of knowledge equips professionals with the tools to analyze a project from all angles, ensuring its viability before it is initiated. Factors like user requirements and potential risks are taken into consideration, ensuring that a project that is bound to encounter hurdles is addressed in the planning stages. -
Well Laid-out Methodology
A lot of time and resources are saved during the completion of a unique project since the credential has a clearly laid out methodology. -
Standardization
Confusion in project execution is eliminated since the same, standard approach is used throughout, with conventional filing systems, procedures, and documents. -
Improved Salary and Better Employability Prospects
There is a higher chance of landing a better job that pays well in countries like the United Kingdom. Your employer is provided with enough justification for your skills to give you a pay raise. -
Driven by Business Case
PRINCE2® requires users to self-assess and provide updates on business cases at defined points to ensure that a project will deliver value to the organization and its customers. Failure to do so will eliminate the justification for the continuity of the project.
The PRINCE2 vs. PMP Exams
With a total of 200 questions, the PMP® exam lasts 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.
Pre-requisites
There is a set of prerequisites that one will need to meet to take up the PMP® exam.
- Secondary degree (high school diploma, associate's degree or the global equivalent)
- 7,500 hours leading and directing projects
- 35 hours of project management education
OR
- A four-year degree
- 4,500 hours leading and directing projects
- 35 hours of project management education
There are no defined prerequisites for the PRINCE2® exams. However, it is recommended that you have some project management experience and formal training before you take the exam. The Practitioner exam will require you to have passed the Foundation exam.
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PRINCE2 vs. PMP Exam Cost
In India, PRINCE2 Agile costs between Rs 25000 and Rs 35000 for a classroom course and between Rs 25000 and Rs 30,000 for a web-based course.
The cost of the PMP® exam - though a little expensive - is well worth the investment. For members of the PMI®, it is $405, while for non-members it is $555.
The cost of the PRINCE2® to exam varies according to the region you are taking the exam in.
Maintaining Your Credential
To maintain the PMP® credential, 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 become invalid. Professionals will have to complete and pass the PRINCE2® re-registration examination 3-5 years following their previous practitioner exam.
Is It Advisable to Do Both?
Many people view the PRINCE2® and PMP® credentials as different, which is why there is a battle between the two.
PMP® is related to the knowledge and skills necessary to successfully manage a project and its delivery.
PRINCE2® is focused mainly on the processes and the framework to execute specific types of projects in controlled environments successfully.
Therefore, it is advisable that you do both of these credentials as it helps in the development of the professional's excellent project management skills.
There may be a few drawbacks to this-
- Conflicting language: The two courses use different terminologies, which can be confusing at first. For example, project charter in PMP® is what is known as project brief in PRINCE2®.
- Different Techniques: Some techniques differ vastly, such as the categorization of risk.
PMP® Certification Training Course offers 35 contact hours, access to digital materials from PMI, 8 simulation test papers and experiential learning through case studies. Sign-up today!
Conclusion
Your choice should depend on your job prospects and the region you are working in. PMP® and PRINCE2® are not competing in all regions. A professional would benefit from the skills and knowledge that both of these credentials offer.
PMP® and PMI® have registered trademarks of the Project Management Institute, Inc.
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