For the last many years, project management has become one of the in-demand career options. According to the research conducted, it has found that employers working in PMI will require 87 million project management-oriented roles. That is why; choosing the appropriate project management certification training is going to be definitive for your career life. Undoubtedly, both PRINCE 2 Certification and Project Management Professional Certification are highly reputed in the organization. If you want the opportunity to take part in weekly live interactive sessions about this topic, click here.
What is the need for achieving project management certification?
The project managers qualified with an industry-recognized certification have high earning potential and reputation over non-certified professionals. Generally, certification offers industry recognition and choosing the correct certification helps you to gain recognition across any industry globally. Around 70% of PMO leaders feel that getting project management certification is relevant for mid-career project managers. PRINCE 2 Certification and PMP Certification are the most common and highly valuable project management certifications.
What is the PMP Certification?
For project managers, PMP certification is one of the highly regarded certifications across the world. Project Management Certification refers to the qualification program offered by PMI (Project Management Institute). Achieving PMP certification empowers the professionals to work with the correct methodology or in any industry with perfection. The course training offers a broad spectrum of project management competencies and techniques vital for the project manager. Along with it, the qualification of PMP certification helps in increasing the earning potential. PMP course administered by the USA has gained high popularity in Asia plus Europe.
What is PRINCE 2 Certification?
The PRINCE 2 Certification refers to Projects In Controlled Environments certification, which offers a systematic approach for managing projects effectively. The professionals get acknowledged to deliver a successful project with processes, steps, and efficient templates. The PRINCE 2 Certification is both project-focused as well as processed administered. The professionals can divide the master project plan into stage plans or team plans which makes it easier to execute the project.
Key differences between PRINCE 2 Certification and PMP Certification
Both PMP and Prince 2 certification involves two different management approaches. Both certifications provide vital knowledge and proven to analytical frameworks for managing projects. Deciding which one is better over the other is a difficult decision that involves several factors. The ideal choice for choosing any certification training depends on the industrial requirement for which you are aiming to build a career. In addition to it, the selection among Prince 2 Certification and PMP Certification depends on the type of project which you are planning to direct or lead. However, both Prince 2 Certification and PMP Certification programs are of equal value in various aspects of project management.
• Industrial demand
The PMP Certification is highly reputed in Canada, Australia, the USA, and the Middle East. However, Prince 2 Certification is highly recognized in Europe, UK, and Australia. If you are going to pursue any of course training among Prince 2 Certification and PMP Certification, then it is better to research the basis of industrial requirement. Every certification has its importance and is in high demand in particular geographies. The professionals need to determine which of the accreditation will boost up their employability. By achieving PMP training, you join a global network of professionals. You can get more job opportunities and high salary packages after getting any project management certification.
• Salary prospects
According to several surveys or studies, professionals who are qualified with Prince 2 Certification and PMP Certification in project management earn more as compared with non-certified professionals. By achieving project management certification like Prince 2 Certification and PMP Certification signifies that the candidate understands the universal language and knows project management. The average annual salary of professionals certified with PMP Certification is around $112, 000 per year. The professionals with the qualification of PMP Certification earn an average of 20% more as compared with non-certified professionals.
However, female professionals with the qualification of PMP Certification earn $105, 000 while male professionals with PMP Certification make $116, 000. The average salary for the individuals who are certified with PRINCE 2 training is around $85, 800. Along with it, male professionals with PRINCE 2 certification earn about $90, 000 while female professionals make approximately $77, 000.
• Career prospects
A career in the field of project management is highly valuable. There is substantial growth for the project-oriented roles according to the PMI report. With increasing job opportunities in project management, a lot of challenges get addressed by aspiring project managers. The importance of getting project management certification is becoming mandatory to get a rewarding career. Based on the region of career prospects, the preference of PRINCE 2 Certification and PMP Certification is one of the difficult choices.
Along with it, there are some of the differences in the salary prospects which depend on the region. In the UK, PRINCE 2 Certification is highly preferred whereas, PMP Certification is not so much valued. In Asia, both certifications get equal priority and professionals with either qualification reach high earning potential.
PRINCE 2 Certification vs PMP Certification exam
The PMP Certification exam lasts for four hours which has a total of 200 questions. The paper is split into the areas of project planning, project initiation, project monitoring, controlling, executing, and closing. Along with it, the individuals get faced with domains involving quality management, risk identification, materials management, change management, and many more.
The PRINCE 2 Certification exam tests the professional for 60 minutes with 75 multiple-choice questions. Five questions are trial based out of the 75 questions and not counted during the scoring procedure.
PRINCE 2 Certification vs PMP Certification exam fee
The cost of the PRINCE 2 Certification varies generally and depends on the region where you are taking the exam. However, the value of the PMP Certification exam is quite expensive, still it worth investment. For the members of PMI, the cost of the PMP Certification exam is around $405, and for the non-members of PMI, it is $555.
Is it advisable to get qualified with both PRINCE 2 Certification and PMP Certification?
The PMP certification is related to the skills plus knowledge necessary to manage the project successfully. However, PRINCE 2 Certification is mainly focused on the framework and processes to execute specific types of projects in maintained environments successfully. That is why; it is vital to do both certifications, which helps in the development of project management skills among the professionals.
The certification chosen by the professionals depends on the region and job prospects. PRINCE 2 and PMP Certifications are not competing for credentials in every professional sector. The expert would get benefit from the knowledge and skills offered by both certifications.