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PMP Vs PRINCE2: The Certification Dilemma

Professionals into project management often face a hard time choosing between the certifications: PMP or PRINCE2. A justified dilemma as both PMP and PRINCE2 certifications are reputed in the field of project management. While there are some similarities between the two certifications, there remains some significant difference when it comes to the approach of the two certifications. Let us go through a comprehensive analysis of the two certifications so that next time you sit to ponder; you know which one to go for.
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Some Useful Facts Before You Get Started

Project Management Professional or PMP is a globally recognized professional designation offered by PMI or Project Management Institute. Currently, there are around 729,552 active PMP certified individuals and approximately 284 chartered chapters across 210 countries worldwide.
PRINCE2, on the other hand, is the acronym for Projects In Controlled Environments, version 2. PRINCE2 encompasses quality management, control, and organization of the consistency of projects and alienation of the project’s objectives appropriately with emphasis on dividing the project into manageable and controllable stages. AXELOS, which is a joint venture of the UK Government and Capita currently owns PRINCE2 with 49% and 51% stakes respectively.

PMP vs PRINCE2: How are They Different?

The basic difference between the two certifications is that they follow a different approach and different framework. PMP helps you develop the project management skills while PRINCE2 can be more helpful when it comes to understanding from the project perspective. PMP describes ‘How to Dos’ while PRINCE2 lays more focus on ‘What to Dos’. For PMP, the main guidebook is the ‘PMP Guide’, however, it’s not limited to it. For PRINCE2 the official material includes ‘Managing Successful Projects with PRINCE2’.
PRINCE2 is more widely recognized in the United Kingdom and the British influenced countries, as for PMP, it finds more recognition in the United States and the countries influenced by the USA. Both are recognized worldwide and having any of the certifications can be a significant boost in skills for any project management professional.


Exams and Eligibility

For the project management certificate in PMP, a necessary eligibility criterion is that the candidate must possess at least 3 years of experience in the field of project management. For candidates without a formal four-year degree, the year of experience must be at least five years. Besides this, the candidate must possess 4500 hours of experience in leading a project, along with 35 hours of formal project management experience.
For PRINCE2, you need to take formal training in PRINCE2 methodologies, crack the PRINCE2 Foundation exam and next appear for the PRINCE2 Practitioner exam.
For PMP exam, you will have to register to pmi.org and take the exam from any Prometric exam center in any part of the world. The PRINCE2 exam can be taken by registering with any accredited training organization and taking the exam online at any location arranged by the training organization. An advantage for the PRINCE2 Foundation certification as for the renewal of the certificate is concerned, the PRINCE2 Foundation certification never expires. For PRINCE2 Practitioner, however, you will have to renew the certificate every 3 to 5 years. PMP certification too needs to be renewed every 3 years. Prince for PMP certification is USD 555 whereas for PRINCE2 price differs from organization to organization.

Knowledge Areas

PMP:
The Project Management Principles consists of the project life cycle and five major project management group processes, which are as follows:

  1. Initiating.
  2. Planning
  3. Executing
  4. Monitoring and Controlling.
  5. Closing

Apart from this, PMP also includes ten project management knowledge areas mapped to these five group processes which are Project Integration Management, Project Scope Management, Project Time Management et cetera.
PRINCE2:
PRINCE2 consists of seven principles, seven themes, and seven processes and has a standardized approach to project management. A key feature of PRINCE2 is that it can be tailored for any kind of projects. It divides the roles and responsibilities of each member of the team assigned to project management.


Industry Demand and Job Opportunities

According to several sources, professionals certified in project management earn much higher than their non-certified peers. But if the question is which among the two helps you earn more, then the answer again is, it depends on the geographies. As PMP certification is preferred in the United States and North America, PMP certification is more likely to help you if you are working in organizations based in America and the Middle East. As for PRINCE2, it will help you more if you are working in an organization based in the UK and some European Countries. According to Payscale.com, the average salary for a PMP certified professional in USA ranges from $58,418 to $129,490. For PRINCE2 the figure in the USA ranges between $45,781 to $121,904.


Benefits of the Certified Tag

Better Pay: A certified project management professional commands a better pay and hike compared to their non-certified peers.
Better Job Prospects: PMP and PRINCE2 certifications are widely recognized worldwide, and getting a certification in any of the two, for sure makes you more employable.
Improved Project Management Skill: It goes without saying that, theses certifications will equip you for a much better project handling skills. This includes preparing you for project emergencies like unclear budget or last minute inclusions. The case studies included as a part of the PRINCE2 program will help you gain some key insights on real-life project handling situations.
Makes You a Great Mentor: Not just the applications, you have an edge over the others even when it comes to being a good mentor to the team. Also, you get better at talent evaluation.
Networking and Beyond: During the process of acquiring the certifications, you get to meet and be in touch with several other certified professionals in the field which will help boost your professional network for future. This might just help you find more opportunities in your desired organizations.

Conclusion

If you are still in a dilemma over which certification to choose, there is no harm in going for both. Some techniques differ for the two courses, however doing both isn’t that difficult and will open you to the wide array of opportunities for both the certifications. In case you want to know more about these certifications, please go through the courses on PRINCE2 and PMP offered by AcadGild. Stay tuned to our blog for more interesting stories and articles on technology and certifications.
Keep visiting www.acadgild.com for more updates on the courses.

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