Skill development and upskilling have always been consistent in the lives of working professionals. There are tons of relevant and valuable certifications available, and industry experts often consider proper training and certification to climb the hierarchy of the management ladder. PRINCE2 and PMP are the two behemoths for Project Management certification programs that boost professional career advancement and achieve seamless organizational transformations. However, the dilemma begins when professionals or organizations need a clear idea of what to choose when it comes to implementation.
What is a PRINCE2 Certification?
One of the most in-demand Project Management certifications in the world, PRINCE2 reflects the modern realities of managing high voltage and successful projects in the 21st century. It is owned by Axelos and mainly focuses on Project Management methodologies. PRINCE2 is popular in the UK, Europe, and Australia, and the latest PRINCE2 7th edition emphasizes the latest trends in the Project Management sectors along with the evolution of the updated tools and technologies involved in this entire process.
Stands as Projects INControlled Environments, PRINCE2 covers brand new templates, processes, and steps involved in any Project. PRINCE 2 certifications are divided into two certifications: PRINCE2 Foundation and PRINCE2 Practitioner. PRINCE2 belongs to the PeopleCert family and previously all Foundation level certifications were valid for life. However, as of 2023, all PeopleCert certifications need to be renewed every 3 years. This renewal cycle of 3 years helps professionals and organizations stay current and implement the latest skills and knowledge as per industry needs.
What is a PMP Certification?
The PMP certification is for professionals who are associated with managing the people, planning project processes, and business priorities of professional projects. PMP certification is popular in the US, Canada, Australia, the Middle East, and Asia and it mostly deals with the knowledge of Project Management. Project Management Institute (PMI) is the governing body of the PMP certification.
PMI shares this data that shows how a PMP certification can boost career growth. There are some eligibility criteria for the PMP certification where you must have:
- Four-Year College / University Degree
- 36 months of experience leading projects within the past eight years
- 35 hours of project management education/training or CAPM® certification
Difference Between Prince2 and PMP Certification
PRINCE2 and PMP certifications contribute to the growth of project management professionals and organizations in various aspects, but there are fine lines between these two concerning methodology, exam pattern, approach, etc. Both PRINCE2 7th Edition and PMBOK Guide – Seventh Edition are in their latest iteration and contribute immensely to handling projects across industry sectors. PRINCE2 7 and PMBOK Guide 7th Edition Let’s see the major differences between a PRINCE2 and a PMP certification.
Now that you have understood the basic difference between PRINCE2 and PMP, let’s explain the benefits of these two Project Management certifications. PRINCE2 and PMP both have their significance but the major polarity arises concerning the salary structure and workflow.
Benefits of a PRINCE2 Certification
1. Customized to any Project
PRINCE2 methodology can be personalized according to the requirements of projects and their merits. In PRINCE2, it is imperative to complete all processes, and they cannot be eliminated. However, you have the flexibility to customize these processes to align with the specific project environment. Furthermore, PRINCE2 serves as an integrated methodology, resulting in significant resource and time savings, as it is applied comprehensively across all aspects of the organization.
2. Project Justification from the Outset
PRINCE2 methodology mandates a thorough business justification process at every stage. Throughout the project’s lifecycle, regular updates on business cases are essential to verify that both the organization and its stakeholders will realize the anticipated value. Neglecting this requirement may lead to a decision to halt the project due to insufficient justification.
3. Effective Project Management Methodology
As PRINCE2 involves a thorough set of processes for different unique projects, it is essential and time-saving. While framing the layout, Project Managers keep mentioning all the possible obstacles and affirm risk mitigation procedures as well.
PRINCE2 Certification Salary
If you’re planning to get a job in regions like the United Kingdom or certain significant European countries with a PRINCE2 certification, the probability of landing a job with a lucrative package is high. PRINCE2 certification salary depends upon your knowledge of Project Management methodologies and obviously, the region where you’ll be working.
If you want to know more about PRINCE2’s salary structure please refer to this blog: PRINCE2 Salary Guide.
Benefits of PMP Certification
1. Highlighting the Resume: PMP is considered to be one of the best certifications for professionals who are into Project Management. Obtaining a PMP certification signifies that you possess the essential skills to tackle project obstacles and the expertise to complete projects from inception to conclusion effectively. It also reflects a commitment to personal and professional development.
2. Global Opportunities: PMP certification salary is quite high in regions such as the USA and the professionals having PMP credentials can enjoy working globally.
3. Better Project Execution Knowledge: Regarding PMP, the extensive knowledge acquired will enable you to assess and enhance your project execution abilities, ultimately leading to increased productivity within your project team. PMP is rooted in the PMBOK® Guide – Seventh Edition, which serves as validation of your proficiency in project management’s best practices and principles.
4. PMP Salary: The Average Salary of a PMP in the USA is USD 120,000, and in Canada is CAD 93,000. In Australia, the average salary is AUD 130,000.
For further details, refer to Project Management Professional (PMP) Salary.
Project Management Jobs
Though companies hire candidates with either PRINCE2 or PMP credentials, the preferences are based on the types of projects and client requirements. According to Glassdoor, PMP-certified professionals have ample opportunities to get a job, but the maximum are in the USA, India, Japan, China, and the UK.
Project Manager, IT Project Manager, Project Coordinator, Marketing Project Manager, etc., are the main job titles that you can come across on multiple job portals that are looking for candidates with PMP/PRINCE2 credentials. Read more about the job roles of a PRINCE2-certified professional.
Read in detail about the companies that are hiring for PMP/PRINCE2 certified professionals.
Exam Pattern for PMP and PRINCE2 Professionals
1. PRINCE2 Foundation Exam Pattern
- Duration: 60 Minutes
- Days: 3
- Format: 60 Multiple-Choice Questions
- Closed-Book Exam: Yes
- Pass Mark: 36/60 Or 60%
- Level Of Thinking: Blooms Levels 1 & 2
Prerequisites for PRINCE2 Foundation Exam Pattern
None but learners should be well versed in basic project management knowledge.
2. PRINCE2 Practioner Exam Pattern
- Duration: 150 Minutes
- Days: 2
- Format: 70 Multiple-Choice Questions; Scenario From The Official Book Used In The Exam
- Exam type: Open book
- Pass Mark: 36/60 Or 60%
Prerequisites for PRINCE2 Practioner Exam Pattern
- PRINCE2® 7 Foundation Certificate in Project Management
- PRINCE2® 6th Edition Foundation
- PRINCE2® 6th Edition Practitioner
- Project Management Professional (PMP)
- Certified Associate in Project Management (CAPM)
- IPMA Level A® (Certified Projects Director)
- IPMA Level B® (Certified Senior Project Manager)
- IPMA Level C® (Certified Project Manager)
- IPMA Level D® (Certified Project Management Associate)
- Project Professional Qualification (PPQ)
- Project Management Qualification (PMQ)
3. PMP Exam
- Duration: 230 Minutes
- Format: 180 Questions (175 scoring questions and 5 unscored pre-test questions)
- Exam type: Closed book
Prerequisites:
- 3 years of experience in the project management field (5 years if you don’t have a four-year degree)
- At least 4,500 hours of experience in leading and directing projects (7,500 hours if you don’t have a four-year degree)
- 35 hours of formal project management education (35 PDUs)
Conclusion
In a nutshell, both PMP and PRINCE2 7 certifications are essential in the Project Management domain across industry sectors. Both can be customized according to the project requirement as one is a methodology (PRINCE2) and the other is a best practice (PMP). We have carefully shown you the differences when it comes to knowledge and how it can be implemented to achieve required transformations in your organizations. Professionals opting for either of the certifications can go no wrong as both are equally in good demand, and PRINCE2 7 and PMP-certified professionals will have the best of the global opportunities in the Project Management domain.
At Spoclearn we deliver both PRINCE2 7 Foundation Training and PMP Exam Prep Training for both individuals and enterprise teams along with consulting services to help organizations carefully implement the methodology and best practices in a step-by-step manner.