If you’re interested in advancing your career in Project Management or want to explore the field, you may be wondering what steps to take to become certified.
The Project Management Professional (PMP®) and PRINCE2® certifications are highly respected in the industry and demonstrate your understanding of key project management concepts and ability to apply them throughout the project lifecycle.
Choosing the right certification can be challenging, but we’ve done the research to help you make the best decision.
Key Differences of PRINCE2 vs PMP
The key difference between PRINCE2 and PMP is the framework they use to guide project management. PRINCE2® (PRojects IN Controlled Environments) is a process-based method for effective project management and is widely used in the UK and European countries.
It provides a flexible approach that can be applied to any type of project, regardless of size or industry.
On the other hand, PMP® (Project Management Professional) is a globally recognized certification developed by the Project Management Institute (PMI).
It is based on the PMBOK® Guide (Project Management Body of Knowledge) which provides a standard for project management best practices.
PMP is more commonly used in North America and other parts of the world and is often seen as the gold standard in project management.
Ultimately, the choice between PRINCE2 and PMP depends on the industry or organization you work in and the type of projects you wish to manage.
Both certifications are highly valued in the project management field and demonstrate a strong understanding of project management concepts and best practices.
Project Management Professional
The PMP® or Project Management Professional Certification is a globally recognized and highly respected qualification for project managers.
It is offered by the Project Management Institute (PMI®) and is widely used as a standard requirement for project managers across various industries.
The PMP® certification empowers individuals to work with any methodology and in any industry, as it covers a wide range of project management techniques and competencies that are essential for project managers.
Not only it can give a boost to your career, but also it can increase your earning potential. This course, which is administered by PMI in the USA, has also gained popularity in Europe and Asia, making it a valuable asset for project managers worldwide.
Exam and Qualifications Required
The PMP® (Project Management Professional) certification is a globally recognized and highly respected qualification for project managers, which is offered by the Project Management Institute (PMI®).
The PMP® certification demonstrates an individual’s proficiency in project management and their ability to apply project management knowledge, skills, tools, and techniques to successfully lead and direct projects.
To qualify for the PMP® certification, an individual must meet certain educational and professional experience requirements. These include:
- A high school diploma or equivalent, along with at least 7,500 hours of leading and directing projects, and 35 hours of project management education.
- A bachelor’s degree or equivalent, along with at least 4,500 hours of leading and directing projects, and 35 hours of project management education.
In addition to the above qualifications, individuals must also pass a rigorous PMP® exam that tests their knowledge of the PMBOK® Guide (Project Management Body of Knowledge) and their ability to apply project management concepts and best practices.
Once the certification is obtained, it is valid for 3 years and the holder should participate in PDUs (Professional Development Units) to maintain their credential.
The Projects in Controlled Environments (PRINCE2) Certification
The PRINCE2® (PRojects IN Controlled Environments) certification is a widely recognized and respected method of project management that provides a structured and organized approach to delivering successful projects.
The certification focuses on both the process and project aspects of project management and provides clear templates, processes, and steps to guide project managers through the entire project lifecycle.
One of the key features of PRINCE2® is its emphasis on dividing a project into manageable and controllable stages, which helps to ensure that a project stays on track and within budget.
PRINCE2® also emphasizes the need for clear roles and responsibilities, effective communication and regular reviews to ensure a project’s progress.
PRINCE2® method is flexible and can be applied to any type of project, regardless of size or industry. It is also widely used in the UK government and many private organizations around the world.
Exam and Qualifications Required
PRINCE2® (PRojects IN Controlled Environments) is a process-based project management method that provides a structured approach to delivering successful projects. The certification is focused on both the process and the project itself.
Eligibility for PRINCE2® certification:
- Individuals must have completed a PRINCE2® training course from an Accredited Training Organization (ATO).
- Pass the PRINCE2® Foundation exam, which covers the basic principles and terminology of the method.
Certification process:
- Pass the PRINCE2® Practitioner exam, which tests the individual’s understanding of how to apply the method in real-life scenarios.
- Re-certification is required every five years to maintain the validity of the certification.
Benefits
Benefits of PRINCE2® certification:
- It is widely recognized and accepted in many industries, including IT, construction, and finance.
- Provides a systematic approach to managing projects, which can increase the chances of project success.
- Enhances career opportunities and earning potential.
- Provides a common language and framework for project management.
PRINCE2 Vs PMP Table Comparison
| PRINCE2 | PMP | |
|---|---|---|
| Meaning | Projects in Controlled Environments | Project Management Professional |
| Origin | UK government | Project Management Institute (PMI) |
| Focus | Process-based approach | Knowledge-based approach |
| Certification | PRINCE2 Foundation and Practitioner certifications | PMP certification |
| Project stages | Divided into 7 stages, including startup, initiation, and closure | Divided into 5 process groups, including initiating, planning, executing, monitoring and controlling, and closing |
| Framework | Adaptable to any type of project | Focused on the five key process groups |
| Methodology | Structured methodology, emphasizing the importance of business case, quality, and risk management | Flexible methodology, allowing for different approaches and techniques |
| Requirements | Emphasizes the importance of defining and managing requirements throughout the project lifecycle | Emphasizes the importance of defining and managing scope throughout the project lifecycle |
| Documentation | Emphasizes the importance of detailed documentation, including business cases, project plans, and risk assessments | Emphasizes the importance of clear and concise documentation, including project charters, project plans, and stakeholder communication plans |
| Role of project manager | Provides guidance and direction to the project team | Leads the project team and manages the project to completion |
| Training | Focuses on training in the PRINCE2 methodology and framework | Focuses on training in project management principles and practices |
| Applicability | Suitable for both small and large projects in any industry | Suitable for large, complex projects in any industry |
| Advantages | Emphasizes business case and risk management, provides clear project management guidance and templates | Provides a comprehensive approach to project management, focusing on the five key process groups |
PRINCE2 vs PMP: Salaries
Multiple studies and surveys have demonstrated that certified project management professionals tend to earn significantly more than their non-certified counterparts.
Possessing a project management certification, such as PRINCE2® or PMP®, is a clear indication of an individual’s knowledge and proficiency in the field of project management.
According to the PMI Project Management Salary Survey – Tenth Edition, project manager salaries continue to rise globally.
In the United States specifically, certified PMP®s have an average annual salary of $112,000, earning approximately 20% more than non-certified project managers.
Among all countries, PMP®s in Switzerland have the highest average salary at $130,966.
These findings highlight the significant financial benefits of obtaining a project management certification.
Not only do they demonstrate an individual’s expertise and proficiency in project management, but they also translate into higher earning potential.
This makes certifications like PRINCE2 vs PMP valuable investments for individuals looking to advance their careers in project management.