The PMP and PRINCE2 certifications enjoy an excellent standing in the industry. But the real question is: which one will work best for you? What aspects need to be taken into consideration?
Project management has emerged as one of the most lucrative and in-demand fields of employment throughout the past few years. There is no question that the field will have a prosperous future, showing no signs of slowing down.
There will be a demand for around 87.7 million roles related to project management by the year 2027, as stated in a report by PMI.
Selecting the appropriate project management certification is a critical decision if you are interested in becoming a project manager. You continually work to improve your abilities, increase your productivity, acquire some experience, and, most importantly, obtain a degree. Acknowledged certifications in the industry give project managers a significant competitive advantage over non-certified professionals.
This blog post provides an in-depth comparison of the Project Management Professional (PMP) and the PRINCE2 certification, as well as a discussion of the differences, including the benefits and career opportunities each offers. Continue reading to find out what path will lead to the most successful professional career outlook for you.
To accomplish the goals set forth by your organization, it is necessary to engage in project management activities such as planning, organizing, motivating, and supervising the available resources. The difficulty lies in accomplishing the project objectives while considering the project’s scope, time, quality, cost, and other factors as well!
What is PMP?
An individual can become a PMP through the PMP certification, which is a certification that is widely recognized in the project management business. PMP certification confirms that the candidate possesses the necessary experience, education, skill, and competency to lead and direct projects.
The PMP certification is the most desirable qualification worldwide and is provided by the Project Management Institute (PMI) in the United States.
The reference book known as the PMBOK (Project Management Body of Knowledge) guide is referred to as the go-to resource for project managers all around the world.
What is PRINCE2?
PRINCE2 is a process-based method for efficient project management, and it will teach you the core skills for becoming a successful project manager. PRINCE2 is a system for managing projects effectively. PRojects IN Controlled Environments are what it is commonly referred to as, and it is utilized and acknowledged in every region of the world.
PRINCE2 is entirely adaptable, and the most recent upgrade to the framework makes it so that it may be more readily adapted to the specifics of any project that is carried out.
PMP vs PRINCE2: What are the differences?
| Basis of Comparison | PRINCE2 | PMP |
|---|---|---|
| Headquarters | United Kingdom | The United States of America. |
| Ownership | Axelos, UK, owns PRINCE2. | The Project Management Institute (PMI), USA, administers PMP. |
| Objectives in Project | PRINCE2 answer the What? | PMP answers the How? |
| Management | What/When/Who questions of Project Management. | Questions of Project Management. |
| Methodology | PRINCE2 follows a process-based methodology. | PMP follows a knowledge-based methodology. |
| Exam guidelines | The PMBOK Guide and the extremely favored Rita Mulcahy material. | |
| Frameworks | PRINCE2 has a framework that is prescriptive based on the project environment’s best practices. | PMP has a descriptive framework based on knowledge areas like scope, schedule, cost, etc. |
| Organization | PRINCE2 includes a comprehensive set of concepts and procedures along with Seven essential principles. | PMP has 7 performance domains for Project Management. |
| Project roles | PRINCE2 precisely specifies project roles. | PMP puts a focus on the role of the project manager. |
| Location popularity | Highly favored in the UK, Australia, and the majority of Europe. | Highly favored in the USA, Canada, Australia, Switzerland, and parts of Asia. |
Frameworks for the Processes of PMP vs PRINCE2:
| PMP | PRINCE2 |
|---|---|
| Initiation | Start-up |
| Planning | Direction |
| Execution | Initiation |
| Monitoring and Controlling | Stage Control |
| Closing | Stage Boundary Management |
| Planning | |
| Product Delivery Management | |
| Closing |
PMP vs PRINCE2: Preparation
Since the exams for these two certifications are structured differently, candidates must devote themselves to studying in distinct ways. No matter how short or lengthy the examinations are, they require the same level of commitment because of how important they are.
Making a schedule to go over the required material will be helpful. You may be able to finish all the questions in the allotted time if you stick to a schedule and routine. If you plan ahead, you should be able to correctly answer the most questions possible.
PMP vs PRINCE2: Exam Pattern
Before sitting for the test, familiarizing yourself with the format is a good idea. These credentials are exclusive in many sectors and especially useful for ambitious managers. Ensure you know the PMP vs PRINCE2 exam format and study accordingly.
| PMP | PRINCE2 | |
|---|---|---|
| No. of Questions | 200 questions | 75 questions |
| Total Time for exam | 4 hrs. | 1 hr. |
| Exam Pattern | Abstract Questions with MCQs | Abstract Questions with MCQs |
| Minimum Passing Score | More than 62% | 55% |
| Exam Center | Prometric | Online |
PMP vs PRINCE2: Salary Prospects
A certified project manager’s salary is more than an uncertified one’s. A certification in project management from an established organization is a strong indicator of competence in the field.
The PMI Project Management Salary Survey, reports that a PMP earns an average of $112,000 annually in the United States. It’s been found that certified professionals make 16% more than their non-certified counterparts.
A PRINCE2-certified professional may expect to make an average salary of $102,000 per year.
A poll conducted recently found that male PRINCE2 professionals earn an average of $90,000 per year, while female professionals earn an average of $77,000.
PMP vs PRINCE2: Other Significant Distinctions
Now that you know these certifications and their origins, we can compare and contrast their fundamental differences. To choose the proper certification, thoroughly familiarize yourself with the PMP and PRINCE2 differences.
Methodology
PRINCE2 is a process-based practice with established norms. The frameworks and processes necessary for carrying out projects effectively are the primary concerns of this technique.
In contrast, a knowledge-based approach discovers PMP. It focuses heavily on the processes and expertise needed for managing projects effectively.
Framework
When comparing PMP with PRINCE2, we find that the descriptive framework used for PMP certification is superior. PRINCE2 is based on putting the best practice into action, while the Project Management Professional (PMP) is based on the project management knowledge areas, as well as PMP skills, training such as the PMP Agile training, the different methodologies like the Waterfall Methodology, and other ways of project management such as the hybrid project management and so on.
Accreditation
PMI’s PMP certification stands on its own. Even so, if you want to learn more about project
management and become more effective at your job, you should get your CAPM certification first.
However, PRINCE2 offers two separate certificates.
The PRINCE2 Foundation course will teach you the fundamentals of the PRINCE2 project management framework so that you can confidently participate in PRINCE2 projects.
The PRINCE2 Practitioner course teaches the project management techniques used in the PRINCE2 framework so that they may be used in practice.
Renewal
You need to complete 60 training hours every three years to maintain PMP certification. Once you’ve passed the initial exam, you only need to take and pass the re-registration exam every three to five years to keep your certification current. However, the PRINCE2 certification expires after five years and does not necessitate renewal.
Exposure to potential connections
The PMP credential opens more doors for professional interaction than the PRINCE2 credential. Joining the PMI is the first step towards earning your PMP credential and will connect you with a global PMP community.
Conclusion
In the field of project management, two certifications that are particularly significant are PRINCE2 and PMP. PMP follows a knowledge-based methodology, while PRINCE2 follows a process-based methodology. Both of these certificates are available to those who wish to advance their careers in the field of project management. Consequently, if you want to become a globally respected and capable project manager, you can choose any path.
