PMP Vs PRINCE2

In the field of project management if you have ever wonder to be certified in project management , the two certifications you hear first are PMP & PRINCE2. You must be wondering now which certification I should pursue to apply in your project management career & grow in your knowledge.

Both PMP (Project management professional) & PRINCE2 (Projects in Controlled environment) are highly reputed in the project management field & gives you knowledge on understanding the project management concept & apply them throughout the project lifecycle. Both certifications have equal values, however you have to look in to other influencing factors to when picking the certification. If you are looking to take a decision on which certification is better , it is not that easy.Let me give you some details about both which will help you to make this decision.

Frame Work:

PRINCE2 is managed by APMG & is based on process which drive the project management. PRINCE2 is a methodology with a detailed process model & templates. PRINCE2 tells the step by step information on how to run a project & more practical. PRINCE2 focuses on the business benefits from projects in different phases to asses whether the project is giving value to organization & customer. The roles & responsibilities of each member of team is well defined. PRINCE2 have Process, principles, themes & deliverables.

PMP is one of highly regarded project management certification offered by PMI ( Project management institute). PMP is is a standard & not a methodology which is applicable or can be applied in all industries like construction, IT, government etc. PMP is based on understanding the knowledge as per PMBOK. PMP covered project process groups, knowledge areas & processes.

Geography:

If you are planning to take the certificatin, you must spend some time in doing the reasearch to select the suitable path. PMP & prince 2 are having higher value in certain geographies. PMP is preferred in US & other regions exept (UK, Europe), & PRINCE 2 is recognized in UK & Europe. If your project or you are going to manage project in US it is recommended to certify in PMP & it is in UK or Europe it is preffered to certify in PRINCE2. This will give you more value in respective location.

Salary:

As per the reports it is clear that certified project managers earns more than the non certified project managers. Having a certification specifically with PMP or PRINCE2 enhances the value of yours. As per survey shows that in US certified project managers get 20% more salary that non certified peers. PMP certified are getting more salary than PRINCE2 Certified as per the reports.

Exam:

I have covered the certification detail for PMP in my post pmp training project management certification

To shortly summarize, there are pre-requsites for PMP certification as below

Secondary degree (high school diploma, associate's degree or the global equivalent)
7,500 hours leading and directing projects
35 hours of project management education
OR

A four-year degree
4,500 hours leading and directing projects
35 hours of project management education

There are no specific pre-requisite for PRINCE2 Certification. PRINCE2 have both foundation & practitioner exam, to write practitioner you need to be certified on PRINCE2 foundation.

The cost of the PMP certification is USD555 for non PMI member & USD450 + USD 129 for PMI Member.

PMP exam duration is 4 hrs & have 200 questions. The questions are split across the process groups initiating, planning, executing, monitoring & controlling and closing.

PRINCE2 foundation exam duration is for 1 hr and have 75 questions. The practitioner exam duration is for 2.5 hrs.

To maintain the PMP certification you need to get 60 PDU or professional development unit every three years.

PRINCE2 exam there is no need for renewal. Practitioner certification is valid for 3 years & need to re-certify.

I have also found out that similar way to PMP, PRINCE2 also provide renewal of the practitioner certification through collection of CPD's . You can register for the membership of AXELOS & then collect 60 CPD's which will renew the certification. Refer the details here.

Networking:

One of the major benefit of PMP is you become a PMI member & which gives you opportunity to connect with experienced project managers in PMI chapters across the globe. You are eligible to use all the available resources in PMI & this give a great advantage & learn from experience.

Decision:

Both PRINCE2 & PMP are good certification & enhances your project management career, the decision on which one has to be completed depends on the industry, geography & benefits. If you can do the both certification it is well recommended to develop the project management skills across different standards & methodology.