Difference between PRINCE2® Vs PMP® Pmp Training, Project Management Certification - Pmobytes

1. DIFFERENCE BETWEEN
PRINCE2® VS PMP®
August 20, 2019 zuhaib
THE WA R OF CERTIFICATIONS
If you‟re in the Project Management field, or if you want to indulge and immerse yourself in this
thriving discipline, you would have wondered what steps you need to take to kick-start your
career with a certification recognized around the world. Both the Project Management
Professional (PMP®) and PRINCE2 (Projects In a Controlled Environment) are highly reputed in
the field. These certifications can be used by the employers to assess your understanding on
Project Management concepts and how to apply them throughout the project management life-
cycle.
Therefore, this invites a question in your mind of which certification is right for you. It is not an
easy decision, don‟t you worry. We at PMOBytes have done the hard work in analyzing and®
collecting data for you. This article will give an overview of both the certifications, job prospects,
benefits and trends for each one. Read on to make the choice on your climbing the corporate
ladder.

2. THE PROJECT MANAGEMENT PROFESSIONAL
(PMP) CERTIFICATION®
One of the highly reputed certifications in the world of Project Managers, the Project
Management Professional ®
(PMP) Certification is an internationally
recognized professional
. Various industry‟s individuals
designation offered by Project Management Institute (PMI) ®
accredit PMP as a standard requirement for project managers. Becoming a PMP empowers you to
work with any methodology and in any industry. The certification course covers a wide spectrum
of project management techniques and competencies that are necessary for any project manager
and can help increase your earning potential. This course, administered by PMI in the USA, has
also gained popularity in Europe, Africa and Asia.
The PMP qualification:



Is indicative of your proficiency in using the PMBOK
Book of Knowledge
®
Guide, the Project Management
Verifies your knowledge of “generally-accepted” best practices and principles of project
management.
Is more generic covering knowledge areas enabling you to understand the project
management tools and techniques and applying them in the complete project life cycle.
PROJECTS IN CONTROLLED ENVIRONMENT (PRINCE2 )®
CERTIFICATION
The PRINCE2 , or „Projects In Controlled Environment‟ certification, is a process-based project®
management method that offers a systematic approach to delivering a successful project with
clear templates, processes, and steps. The certification is both process and project-focused.
PRINCE2 is administered in the UK by AXELOS ®
and by PeopleCert for examinations.®
The PRINCE2 qualification:
 Is an extensive framework that consists of project management principles, themes and
processes, which means it is recommended for and can be implemented on just about any
project within any industry.


Has a well-laid out and standardized approach to project management.
Spells out the roles and responsibilities of each member of the team tasked with managing
the project.


Divides the master project plan into project plans, stage plans, and team plans, which
eliminates ambiguity and makes it easier to execute the project.
It is both project and process focused.
INDUSTRY DEMAND
If you wish to get your certification, it is also important for you to do your research to pick the
right certification for you. Both the certifications have demands in specific geographies, so you
need to determine which country you should work in to boost your employment opportunities.
PMP is more recognized in USA, Canada, Africa, Middle East and Australia. While, PRINCE2 is
recognized in UK, Europe, Middle east and Australia.

3. Salary Prospects
Several studies and surveys show that certified professionals in project management earn much
more than their non-certified peers. Having a project management certification, especially ones
like PRINCE2 and PMP, signifies that an individual knows and understands the universal
terminologies used in the field of professional project management within organizations.
The Project Management Institute‟s (PMI) „Earning Power: Project Management Salary Survey”
states that the salaries of project managers around the world continue to climb.
In the US alone, the average annual salary of a certified PMP is $108,200 per year. The majority
of the survey respondents (82%) earn an average of 23% more than their non-certified peers in an
average across 37 countries. The countries where project management professionals report the
highest median salaries are Switzerland
(US$130,996), the United States (US$112,000), and Australia (US$108,593), whereas the
country with the lowest median salary is Egypt (US$10,159).
Annualized Salary (in U.S
Dollars) by Country
Country n= Median salary exchange rate
Switzerland 549
10,937
955
992
404
523
491
316
759
314
557
$130,966
$112,000
$108,593
$88,449
$86,292
$84,930
$84,480
$82,314
$81,227
$78,035
$75,506
United States
Australia
Germany
Netherlands
United Arab Emirates
New Zealand
Qatar
United Kingdom
Belgium
Ireland

4. Hong Kong
Sweden
Canada
South Africa
Singapore
Saudi Arabia
Japan
231
480
2,932
658
665
414
699
721
267
1071
208
1,238
878
457
191
328
186
568
355
464
241
440
758
1480
$74,160
$73,769
$73,495
$71,802
$67,875
$63,979
$62,930
$62,562
$62,300
$53,933
$51,340
$48,539
$45,114
$40,117
$38,640
$36,244
$35,000
$34,904
$33,130
$30,600
$30,298
$30,015
$29,040
$25,959
France
South Korea
Italy
Chile
Spain
Brazil
Poland
Costa Rica
Peru
Ecuador
Mexico
Turkey
Colombia
Taiwan
Malaysia
China
India

5. Nigeria
Egypt
239
178
$21,498
$10,159
More than two-thirds of survey participants (70%) report that their total compensation (including
salary, bonus, and other forms of compensation) increased over the 12 months prior to
completing the salary survey. About one-quarter (26%) reported increases of at least 5% over that
time period.
According to payscale.com, the average salary for professionals with a PRINCE2 certification is
$97,000.
SALARY BY INDUSTRY:
According to a PMI® survey, the highest salary a PMP® can earn is in the resources industry or
the primary sector (agriculture, mining, etc.), at $127,000.
BENEFITS OF GETTING THE PMP® CERTIFICATION
INCLUDE:


Better Salary Prospects: Certified PMP professionals get more significant and more
frequent pay raises than their non-certified peers.
Networking Opportunities: To obtain a PMP certification, it is recommended that you
become a member of PMI. Once you are a member, you have access to a vast network of
professionals with similar qualifications. These contacts can prove crucial in helping you
land a project management job.
 Better Employment Prospects: As the world‟s most popular project management
certification, the PMP credential is recognized and trusted by employers worldwide.
BENEFITS OF GETTING THE PRINCE2 CERTIFICATION
INCLUDE:
 Exhaustive Body of Knowledge: The PRINCE2 body of knowledge equips credential-
holders with the tools to analyze a project from all angles, ensuring its viability before it
is initiated. Factors like user requirements and potential risks are taken into consideration,
ensuring that a project that is bound to encounter hurdles is addressed in the planning
stages.


Well Laid-out Methodology: A lot of time and resources are saved during the
completion of a unique project since the certification has a clearly laid out methodology.
Standardization: Confusion in project execution is eliminated since the same, standard
approach is used throughout, with conventional filing systems, procedures, and
documents.
 Improved Salary and Better Employability Prospects: There is a higher chance of
landing a better job that pays well in countries like the United Kingdom. Your employer
is provided with enough justification for your skills to give you a pay raise.

6.  Driven by Business Case: PRINCE2 requires users to self-assess and provide updates on
business cases at defined points to ensure that a project will deliver value to the
organization and its customers. Failure to do so will eliminate the justification for the
continuity of the project.

7. THE EXAMS
PMP Exam Format
With a total of 200 questions, the PMP exam lasts four hours and is split into the process group
areas of Project Initiation, Project Planning, Project Execution, Monitoring and Controlling, and
Project Closing. Out of the 200, 175 questions are scored but you cannot identify the unscored
ones, so all the questions need to be attempted.
Within these five larger domains are a multitude of other 10 knowledge areas like integration
management, risk management, scope management, cost management, schedule management,
resource management, quality management, change management, procurement management, and
stakeholder management.
PRINCE2 Exam Format
The PRINCE2 Foundation exam tests the individual with 60 multiple-choice questions for 60
minutes. 55% or higher is passing and the questions are objective based with four options to
select the appropriate answers. There is no negative marking in these exams and it‟s a closed
book exam administered by PeopleCert and its partners.

8. The Practitioner exam is an objective, scenario-based paper, there is even an additional
information sheet provided which needs to refer as required to reply the answers. The individual
is tested based on 68 standard and matching format questions.
These are provided with a time limit of 2.5 hours. Each question carries one mark, you must score
38 right answers to reach to a pass level i.e. 55% pass score required. PRINCE2 Practitioner is an
open book exam in which you can carry the PRINCE2 official manual for your necessary
reference during the exams.

9. PREREQUISITES
There is a set of prerequisites that one will need to meet to take up the PMP exam.
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 defined prerequisites for the PRINCE2 exams. However, it is recommended that you
have some project management experience and formal training before you take the exam. The
Practitioner exam will require you to have passed the Foundation exam.
THE EXAM COST
The cost of the PMP® exam – though a little expensive – is well worth the investment. For
members of the PMI®, it is $405, while for non-members it is $555.

10. The cost of the PRINCE2 to exam varies according to the region you are taking the exam in. On
average the exam fees are $250 – $300 for Foundation and for practitioner around $300 – $400.
Training ranges at different costing depending on the quality and accreditation of the training
providers possess for their organization.
MAINTAINING YOUR CREDENTIAL
To maintain the PMP certification, you will need to attain 60 PDUs or Professional Development
Units every three years.
Your PRINCE2 Practitioner certificate is valid for three years, at the end of which you will need®
to either re-appear the Practitioner exam or maintain your certificate through a subscription to My
PRINCE2.
To remain current through My PRINCE2 you must meet the following criteria within the three-
year period:
1. Join My PRINCE2 within three months of passing your exam and remain subscribed for
the three-year period by renewing the subscription each year.
2. Maintain your PRINCE2 digital badge which will be awarded as part of My PRINCE2 for
the three-year period. You will need to record 20 CPD (Continuing Professional
Development) points each year, in the prescribed categories, for the badge to be extended
on renewal.
By satisfying the above criteria you will be issued a new certificate that is valid for a further three
years.
PRINCE 2
Practitioner
PMP PRINCE 2 Foundation

11. Subject PM Knowledge
How?
PM Method
Deals with the question
type
What? When? Whom?
USA, Canada, Middle
East, Australia
Most Common in UK, Europe, Australia
The official manual,
Managing Successful
Projects with PRINCE 2
Mainly PMBOK Guide,
but not limited to it
Source of the Exam
Number of Questions
Type of questions
Pass Mark
200 60 68
Multiple choice
61%
Multiple choice
55%
Objective Testing
55%
Duration 4 Hours 60 Minutes 150 Minutes
Open book
Note: Only the offi
printed hard copy o
the Managing
Open Book? Closed book
Successful Projects
with PRINCE2 201
Edition is allowed.
At least 3 years of
experience (4500 Hours)
in the field of Project
management along with a
bachelors degree.
Being certified as
PRINCE 2 Founda
Pre Requisites
At least 5 years of
experience (7500 Hours)
in the field of Project
No formal training hours are No formal training
required. Self-study can also hours are required.
be done. Self-study can also

12. management along with a
Diploma degree.
done.
35 Hours of Formal
Project Management
training.
Usually by registering at an
accelerated training
By registering at pmi.org,
and taking the exam in
Prometric exam centers
around the world.
organization and taking the
exam online at the exam
center, or any other place you
have arranged with your
training organization.
Registering for the exam.
Retake the PRINCE
2017 Practitioner
exam before 3 year
maintain the certifi
through CPD Point
Every 3 years with 60
PDU‟s.
Renewing the certificate It has no expiry date.
For PMI Members: $405
Varies according to the
region the exam is taken in.
Exam cost For Non PMI Members:
$555
IS IT ADVISABLE TO DO BOTH?
Many people view the PRINCE2 and PMP certifications as different, which is why there is a
battle between the two certifications.
The PMP is related to the knowledge and skills necessary to successfully manage a project and its
delivery.
PRINCE2 is focused mainly on the processes and the framework to execute specific types of
projects in controlled environments successfully.
Therefore, it is advisable that you do both certifications as it helps in the development of the
professional‟s excellent project management skills.
There may be a few drawbacks to this-


Conflicting language: The two courses use different terminologies, which can be
confusing at first. For example, project charter in PMP is what is known as project
mandate in PRINCE2.
Different Techniques: Some techniques differ vastly, such as the categorization of risk.

13. Conclusion
The certification you choose should depend on your job prospects and the region you are working
in. PMP and PRINCE2 are not competing but are complementing an individual with different
credentials and regional recognition. A professional would benefit from the skills and knowledge
that both certifications offer.