Technology

PMP vs. PRINCE 2 – A Detailed Comparison

Everyone in the project management field has been talking about it for the past few years but they still don’t have a concrete answer to this. PMP vs. PRINCE 2 – which is better? It is true that both of these certifications hold high recognition all over the globe and there are more chances for an individual to flourish is his or her respective business field if they have any of the two certifications. But people, especially students who are new to the business industry are still perplexed about which degree to pursue. That’s why there is a detailed comparison between two certifications so that you can make your own decision based on the advantages and disadvantages of both.

What Is PMP?

PMP stands for Project Management Professional. It is a certification granted by PMI – the Project Management Institute and is a widely recognized management certificate. No matter where you are in the world, if you have a PMP certificate, you can easily get a job in a high position. In this program, you’ll learn the ABC of project management.

What Is PRINCE 2?

PRINCE 2 stands for Project IN Controlled Environment. The Cabinet Office of UK is the originator of this certificate. In this program, you mostly focus on techniques related to project management, program and risk management as well as the portfolio, value and IT management regarding a project. It is also one of the most recognized certifications in the world.

Popularity According To Area

While both certifications are popular all over the world, their level of popularity may differ according to the area or countries. PMP has a high standing in the USA and other American countries. On the other hand, since PRINCE 2 is a UK based management certifications, it is more popular in the United Kingdom and other European countries. Asia, Africa and Middle East countries prefer both certifications equally.

Higher Salary

According to a research, PMP certification surpasses PRINCE 2 by a large margin, when it comes to salary. An average Project Management Professional certificate holder in the US approximately earn $105,000 annually. On the other hand, a PRINCE 2 certificate holder in Europe earns only about £ 50,000, which is $77,000 when converted into US Dollars. In other countries, PMPs also get higher pay and this amount is assumed to keep increasing in the future as well.

Eligibility Criteria

The eligibility criteria for applying for Project Management Professional certification is more difficult than applying for PRINCE 2 Certification. In order to get a PMP, you need to have a high school diploma, a bachelors in business management degree or another equivalent as well as a minimum of 7500 hours of work experience. But the eligibility criteria for PRINCE 2 is pretty lenient. All you need is basic education, after that anyone can train and improve their position in life. Click here, if you want to learn more about it.

Certification Fee

The examination fee for PMP certification Virginia and PRINCE 2 is quite similar to each other. It costs about $555 for non-PMI members and $405 for PMI members to get their PMP certificate. PRINCE 2, on the other hand, costs about $365 for getting a certificate.