Project Management is one of the many growing fields in today’s scenario. You can be a project manager without any prior experience, but a professional certification in the field is required to rise the ladder. There are two major certifications, namely PRINCE2 Certification and PMP (Project Management Professional) certification. Both of these are highly reputed in the field and can validate one’s understanding of major project management concepts and their applicability.
According to a report by PMI (Project Management Institute), the demand for project-management-related roles will go up by 2027. Now, you must be wondering which one to choose between the two – PRINCE2 Certification and PMP.
Here are a few reasons behind how and why to choose one over the other based on facts relevant to both certifications.
PRINCE2 Certification
The PRINCE2 Certification is a professional certificate for project management enthusiasts. It stands for PRojects IN Controlled Environments and is owned by AXELOS, a joint venture by Capita PLC and the government of the United Kingdom. It is a process-based method of managing projects. The certificate is divided into two different levels, namely PRINCE2 Foundation and PRINCE2 Practitioner.
A few facts about PRINCE2 Certification:
- The world’s most practised method for project management.
- The Prince2 training is practical, scalable and flexible.
- It can help you manage any project ranging from building a skyscraper to executing a marketing campaign.
- The Foundation certification is a prerequisite for the Practitioner certification.
- Recognised more in the United Kingdom and Australia.
- It has a well-laid-out methodology.
- The PRINCE2 project management process consists of the following- Start-up, Direction, Initiation, Stage control, Stage boundary management, Planning, Product delivery management, and Closing.
Exam specifications and PRINCE2 certification cost:
- Format- Multiple Choice Questions
- 75 questions to be completed in 60 mins with 33 correct answers to pass the test. Out of these, 5 are trial based and not counted in the final score.
- The PRINCE2 Foundation exam fee is $365 (approximately ₹29,000), while the practitioner exam costs around $485 (approximately ₹38,500). Some programmes are bundled with the PRINCE2 foundation+practitioner certification exam cost, which makes it cost-effective.
- The PRINCE2 certification needs no renewal, expires after 5 years, and is renewable by taking re- registration exam 3 yrs after the practitioner exam.
- There are not any eligibility criteria for the PRINCE2 Foundation certification exam, but having basic Project Management knowledge is advisable.
- It also does not require any prior experience to apply for PRINCE2.
PMP Certification
The PMP certificate stands for Project Management Professional Certificate. It requires more prerequisites as compared to a PRINCE2 certification. One must either have a secondary degree with at least 7,500 hours of experience directing projects or a four-year degree with at least 4,500 hours of experience leading projects.
A few facts about PMP Certification:
- PMP requires one to complete 60 professional development units every 3 years, unlike PRINCE2, which does not need any renewal.
- The PMP project management process consists of 6 steps- Initiation, Planning, Execution, Control, Monitoring, and Termination.
- PMP credentials are acceptable more in countries like the United States of America, Canada and Australia.
- PMP certification is considered to be more complicated than PRINCE2.
- One benefit of PMP over PRINCE2 is that PMP professionals are paid more than PRINCE2 certificate holders.
- It follows a knowledge-based methodology.
- Provides better networking opportunities.
- It includes ten knowledge areas.
PMP examination specification:
- The examination consists of two hundred Multiple choice questions to be attempted in 4 hours. Out of the 200, 25 are pretest questions and do not contribute to the final score.
- There are two types of fees for the PMP certification exam. For PMI members, it costs $400 (approximately ₹31,000), while for non-PMI members, the cost is $555 (approximately ₹44,000).
Conclusion
Based on the facts and figures about the certifications stated above, it can be concluded that you should choose a certificate for yourself based on various factors like your job prospects, career requirements, salary prospects, willingness to spend on the course, and the region you belong to. Both of these are globally recognised certifications. Some regions might favour one over the other. Both of these are beneficial in their ways. So go ahead and choose the best one for you.
