PRINCE2 is a certification that is administered from the UK by the APMG to individuals both in the UK and internationally. It has a well-defined methodology that outlines in detail the steps, templates and processes that a project should follow in order to be delivered successfully within a controlled environment. It documents the roles and responsibilities of all project stakeholders. It provides well-defined templates to facilitate smooth execution of the project such as change request form and progress report.
In terms of prerequisites, PRINCE2 doesn’t require candidates to have any previous experience in project management, though it is recommended to have it and enroll for a training program before you sit for the examination. Still, PRINCE2 is a good option for college graduates that don’t have no prior experience in project management.
PRINCE2 is recommended for just any kind of project. It has a standard approach that covers the roles and responsibilities of each team member in the project. It is both project and process-focused. PRINCE2 structures the planning phase into Project-, Stage- and Team-Plans, which makes it easier to execute the project.
PMP is a professional certification that is based on the Project Management Body of Knowledge (PMBoK). The certification verifies that have the minimum skills required to complete a project based on your experience and understanding of project management. PMP is administered from the USA, and has gained popularity in Asia and Europe where UK-based PRINCE2 traditionally has been more popular. PMP ensures that project managers know processes, tools and techniques to successfully run a project. It also ensure that project managers speak the same language. PMP includes a dictionary of terms related to project management.
In terms of prerequisites, PMP requires candidates to have a four-year bachelor’s degree or its equivalent and more than three years of experience in the project management sector. Moreover, you must have at least 4,500 hours of managing and executing projects and 35 hours of education in project management. Alternatively, to register for PMP, you need to have a secondary (high school) diploma or its equivalent and have at least five years of experience in the project management field. In addition, you need to have 7,500 hours of managing and executing projects and 35 hours of education in project management.
Hence, PMP is different from PRINCE2 as certification candidates are required to have some experience in the field, unlike PRINCE2, which can be done by a person who is new to the field. Since experience is critical to be successful project manager, many companies have a slight preference towards PMP certification.
Employers have different preferences in terms of certifications depending on industry sector and region. It is recommended that you conduct thorough research within your organization and on job boards to determine which certification has the most demand in your target industry and region. Some sectors and regions prefer PRINCE2, while others favor for candidates with PMP certification. If you want to work at a European company, PRINCE2 seems to be slightly more popular. If you want to work for a U.S. company, PMP certification is strongly recommended to boost your career.