For many years, project management has been one of the most profitable and sought-after job paths. The demand for skilled, seasoned project managers has increased because of this trend, which is anticipated to last for the foreseeable future. By 2027, companies will need 87.7 million people to fill jobs related to project management, according to an analysis done by PMI.
Thus, if you are a project manager, either now or in the future, selecting the right project management certification now will have a significant impact on your career. However, there are various certifications in Project Management, and choosing the correct one is essential for your career and growth.
The 2 main highly known certifications are PRINCE2 and PMP, many professionals get confused about which one to choose. So let’s understand the basics of both the certifications which will make your mind clear for your career.
What is PRINCE2 and What does PRINCE2 certification entail?
Project management using a process-based approach is called PRojects IN Controlled Environments, or PRINCE. A UK government support organization published the PRINCE2 method in 1989 after updating it to take into account corporate requirements. Foundation and Practitioner are the two main PRINCE2 certifications. For the Practitioner certification, the Foundation certification is mandatory. Axelos, a partnership between a for-profit business and a government agency, is in charge of managing PRINCE2 certification. According to some estimates, since 1996, more than 2 million people have obtained a PRINCE2 certificate.
What is PMP Certification and what does it entail?
The Project Management Professional (PMP) certification, which is a universally recognized project management credential, evaluates a candidate’s capability to manage the people, procedures, and business priorities of a professional project. The Project Management Institute (PMI) is in charge of administering the Project Management Professional (PMP) certification. In 2021, PMI estimated that there are over 1 lakh certified PMPs worldwide. The first PMP certifications were offered in October 1984.
PRINCE 2 Certification V/s PMP Certification Explained in short:
PRINCE2: “PRojects IN Controlled Environments” is the acronym for PRINCE2. PRINCE2 project management is a process-based approach to efficient project management. Its official manual, Managing successful projects with PRINCE2, may be useful to practitioners. Currently, the PRINCE2 certification pertains to Axelos, UK.
PMP: The PMP credential, which stands for “Project Management Professional,” is often pursued by project management professionals. The PMI (Project Management Institute), a non-profit membership organization based in Pennsylvania, Philadelphia, and the United States, is in charge of managing the PMP. The PMBOK (Project Management Body of Knowledge) guide is used by project managers all around the world.
Collation of the PRINCE2 and PMP certifications:
Project managers who want to demonstrate their commitment to the industry and progress their careers pursue internationally known accreditation. Two of the most prestigious and well-respected qualifications in the field are the PMP and PRINCE2 designations.
It can be challenging to distinguish between PMP and PRINCE2, with a combined potential of 3.1 million certificate holders, and even more challenging to discern which would be appropriate for a certain project manager. The following information outlines the distinctions between the credentials so that you can choose which (or if both) to pursue. The PMP and PRINCE2 certificates sometimes both have merit and values so it depends on which certification you may choose according to your preference.
1- Demand for PMP Professionals in the Industry
Before choosing one path over another, it’s crucial to research if you want to earn one of these credentials. You must choose which of the two credentials will increase your employability because each is more in demand in particular regions. Additionally, some areas of the economy favor PRINCE2 certification while others favor the PMP certification.
In the United States, the Middle East, Canada, and Australia, the PMP certification is favored. However, PRINCE2 is acknowledged in the UK, Australia, and Europe.
2-PMP and Prince2: Foundation structure:
Project management procedure for PMP:
The following steps make up the PMP project management training framework process:
Project management methodology PRINCE2:
The following steps make up the PRINCE2 project management training framework process:
- stage management
- stage boundary control
- Starting to plan
- Managing the delivery of goods
3- How long do the certifications last?
- The PMP credential: It is valid for three years in total.
- Foundation for PRINCE2: It doesn’t have a timescale.
- PRINCE2 Practitioner: It has a three-year maximum validity., if you are a PRINCE2 practitioner, you can sign up for the PRINCE2 subscription to retain your certification
4- What are the Salary expectations?
Project management specialists who are certified are paid more than those who are not. Possessing a reputable certification, such as the PMP or PRINCE2, demonstrates a person’s proficiency in project management. So based on each country the person possessing either PMP or PRINCE2 certification earns a good and high salary package. They can expect 20-30% more than a non-certification candidate.
Coming towards the conclusion part of the article we can assume that you have gained complete knowledge about both the certifications and their methodology. If you persist in any one of the expertise then you can choose to go with either PMP or PRINCE2. However, You can become familiar with both credentials if you wish to succeed in the field of project management. By choosing both you can develop into a respected and skilled project manager on a global scale. So Get yourself registered now with ProThoughts- a well-known Project Management Institution and complete your certifications easily.