Prince2 vs. PMP The Better Certification

Prince2 vs. PMP The Better Certification

•  The field of project management is one of the challenging and lucrative professions out there. And if you are planning to make your career in it then you must have wondered about the steps which you should take to kick start your career as a project manager. Nowadays, Project management certification plays a vital role in getting a dream job as it makes your resume stand out while highlighting the core competencies to handle a project. It boasts the confidence of employers in an employee. But, It becomes trickier when choosing between two famous courses known as prince2 v/s PMP certifications as both the courses are highly credible and in-demand right now.  

WORRY Not! This article will provide an overview as to which course you should do and why? So, read on to learn and have a clear understanding of it.

• PRINCE2VS PMP: Key Difference

The PRINCE2 VS PMP certification involves two structurally different approaches. Both provide information and a proven approach to managing projects effectively. Prioritizing one over another involves various factors. Still, the ideal choice lies with the type of industry or company, the specific country, or the type of project you want to lead or direct. Both the certifications are of equal value, although in different aspects of project management.

• The Project Management Professional (PMP) Certification

One of the highest value courses in the market for becoming a project manager is PMP or project management certification, offered by the PMI or project management institute. 

It is one of the acknowledged courses from the industry’s perspective. The PMP certification generates the core knowledge, skills, and leadership qualities that are needed to direct a project. It empowers you to work with any methodology as per the industry’s standard. This certification, administered by PMI, has gained popularity, not in the USA but also in the UK and Asia.

• The PRINCE2 certification

The prince2 certification is the synonym for the project in a controlled environment. This is a project-based management method that primarily focuses on dealing with the project through clear understanding, templates, steps, and processes. Both the project-based and process-based approaches are used here. PRINCE2 is offered by the APMG in the UK.

• PRINCE2 and PMP certification demand worldwide.

If you are making up your mind to pursue one over another then you cannot ignore the angle of the world-wide demand of these certifications. Each course is globally recognized but for better employability, you need to look for the demand of a specific geographical region. The corporate sector is not limited to one region only so the demand for these two courses as well.

Let’s have a look at different region requirements.

    REGION                               1st preference                                                    2nd preference

       UK                                        PRINCE2                                                          -                                  

USA                                  PMP                                                                   PRINCE2

ASIA                                BOTH                                                                     -

MIDDLE EAST               BOTH                                                                    -

AFRICA                           BOTH                                                                    -

EUROPE                          PRINCE2                                                               -

The above-mentioned list of regions will give a clear understanding as to which course is more preferable in which region around the world. So, if you are planning to do a job in some specific region then it is better to do some research about the current market trends.

• PRINCE2VS PMP CERTIFICATION: SALARY OVERVIEW

Based on various conducted studies and surveys, it’s been concluded that certified project managers earn more than their non- certified counterparts in the project management field. Having a project management certification, especially like PRINCE2 or PMP, definitely highlights the individual’s capability to handle a project in a universal language of project management.

In the USA alone, the average annual salary of a certified PMP is $112,000 per year, which is 20% more than non-certified peers. The highest average salary of PMP certification in Switzerland is $130,966. The PMI project management salary survey- tenth edition says that the salary of project managers is continuing to climb around the world.

• Salary by Gender

According to a survey conducted by the PMI, the Male PMP counterparts earn more than their female counterparts. In the US Alone male earns around $116,000, while a female earns around $105,000, which is $11,000 less than a male counterpart.

On the other hand, PRINCE2 professionals earn around $85,800.

According to a survey of payscale.com, male PRINCE2 earn $90,000, while women earn $77,000.

• The PRINCE2 vs. PMP Exam Overview

• Exam Pattern

The PMP exam comprises 200 questions and is split into five main areas of project initiation, project planning, project execution, monitoring and controlling, and project controlling. Apart from this, it also includes multitudes of skills like risk identification, Quality management, Chance management, material management, etc. It lasts for four hours.

The prince2 Foundation exam tests the individual with 75 MCQ based questions for 60 minutes. Out of 75, 5 are the trial based questions which are excluded from the total scoring process.

The practitioner exam is an objective paper. The individual is tested on the basis of 9 questions with a time limit of 2.5 hours.

 Exam Eligibility

Eligibility for PMP Certification Exam

• Secondary degree (high school diploma, associate’s degree or the global equivalent)

7, 500 hours 

• leading or directing projects
• 35 hours of project management formal training.

OR

• A four- year degree
• 4,500 hours leading or directing projects
• 35 hours of project management formal training

Eligibility for PRINCE2 Certification Exam

• There are no prerequisites for PRINCE2 exams. Still, it is advised to have some prior experience in project management and formal training, before appearing for an exam. The practitioner exam will require you to clear the foundation exam.

• EXAM COST

• PMP Exam- The exam cost of PMP certification is 555 USD (for non PMI- Members) and 405 USD (for PMI members). The cost of the PMI membership is 139USD. The exam may appear expensive but it’s worth it.

• PRINCE2 exam- The cost of the PRINCE2 exam varies from region to region. It is important to check the cost of the exam as per the region.

• Can you do both the exams?

 If you are wondering about the same question then the answer is ‘YES’. If you are interested in doing both then certainly you can go ahead and pursue them. Most people become confused about these certifications but in the end, they both are related to the project management field only.

PMP is more inclined towards the skills and knowledge necessary to manage a project in limited time and budget and PRINCE2 is more inclined towards the projects which need to be done in a controlled environment.

HENCE, anyone can grab these two. It will only provide an Upper hand to the candidate as it will help in utilizing the knowledge and skills gained from these two certifications while handling any project.

But it also has a few drawbacks like both the courses have different terminologies and communication language which may create confusion for a candidate.

• Conclusion

All the major points will help in picking up between PMP and PRINCE2 certifications. Despite all these points, one must do intensive research and also analyze their interest before choosing one certification.

The personal interest plays an important role while choosing a course for project management. So, take your decision wisely.