Hello and welcome to knowledgehut. Project Management Professional (PMP) and PRINCE2
are two most popular certifications in the field of project management. Many professionals
working in project management often face the dilemma of choosing the best among the two.
Therefore in this video, we will compare them both to help you know which of them fits your
needs better. So let us begin
Certification Bodies The certification body which offers PMP is
the Project Management Institute. PMI is well known throughout the globe. It follows the
PMBOK guide. The PMP certification verifies your knowledge of generally accepted best
practices and principles of project management. PRINCE2, on the other hand, is offered by
Axelos, which is a joint venture between the Government of the United Kingdom and Capita
limited company. The PRINCE2 certification is focussed on both project and process.
Geographies Both the certifications are popular in different
parts of the worlds. Additionally, some industries prefer PMP certification whereas others prefer
PRINCE2. PMP certification is more popular in the USA, Canada, Middle East, and Australia.
PRINCE2 is recognized more in the UK, Europe, and Australia. In some places like Asia and
Africa, both of them are equally popular.
Prerequisites To apply for the Project Management Professional
(PMP) credential, you need to either:
Possess a Secondary Degree (which means a High School Diploma, Associate's Degree, or
Global equivalent) with a minimum of five 5 years of unique or non-overlapping Project
Management experience, with 7,500 hours in leading and directing projects, and 35 hours
of Project Management Education
OR
You need to Possess a four-year degree (Bachelor's Degree or the Global equivalent) and a minimum
3 years of Project Management experience, with 4,500 hours in leading and directing
projects, and 35 hours of Project Management Education
There are no eligibility criteria for the PRINCE2 Foundation Certification Exam; however,
basic project management knowledge would be advisable.
Exam Format The PMP examination is comprised of 200 multiple-choice
questions and has to be completed in 4 hours. Of the 200 questions, 25 are considered pretest
questions and do not affect the score. The duration of the exam is 4 hours. A lot of
candidates have attested to the sufficiency of time to complete the 200 questions.
The PRINCE2 Foundation exam is a multiple choice based exam with 60 questions. 33 out
of 60 marks are required to pass, and the duration is 60 minutes.
Cost The PMP certification cost varies between
members and non-members. PMI members pay $405 for the computer-based exam, while it is $555
for non-members. Keeping in mind other additional costs, you are expected to spend between $800-1,000
to get PMP certified.
The cost of PRINCE2 certification includes the exam fee, training fee, and learning materials
fee. The cost of the PRINCE2 Foundation exam fee is $365, while the PRINCE2 Practitioner
exam fee is $485. However, this varies from one country to another. The training fee for
PRINCE2 courses online ranges from $300 - $1000. The classroom training cost around $1,000.
Some courses are bundled with the PRINCE2® Foundation and Practitioner certification
exams costs. The bundle training can help you save money for both the PRINCE2 Foundation
and Practitioner certification exams.
Maintaining the certificate PMP certification renewal for Project Management
Institute members costs $60 while it is $150 for non-members. Renewal is mandated every
three years from the time you first receive the certification
In the case of PRINCE2 fundamentals, renewal is not required. The PRINCE2 Practitioner,
however, expires after 5 years of your certification. It is renewable by taking the re-registration
exam 3 years after you passed the Practitioner exam.
As a conclusion, we can say that you should choose the certification based on your job
prospects and the region you are working in. No matter which certification you select,
you would benefit from the skills and knowledge that both of these certifications offer