What comes to your mind when it comes to choosing a certification, especially in the field of project management? Well, the first three choices that usually come forward include PMP®, PRINCE2®, and CAPM. However, it is not always possible for the aspirants to pursue all three of these certifications. So, eventually you will have the choice to choose either one between PMP®, PRINCE2®, and CAPM®. Now, the question is - which one of the three certifications is the best for you as a candidate? Yes, we agree to the fact that all three professional certifications are the highest-paid. They are also among the most preferred certifications. That's what makes it vital for candidates to know the difference between PMP® vs. PRINCE2® vs. CAPM® before planning their next step.
Overview of PMP®, PRINCE2®, and CAPM Certifications
Let us begin by trying to understand the details of PMP®, PRINCE2®, and CAPM certifications before we delve into their differences.
PMP®
The Project Management PMP® Certification is often considered the gold standard in project management. PMI also awards the certification as one of the best courses. It validates that the respective certification holder has good skills and expertise in different project Management related processes. It often includes initiation, planning, execution, monitoring, and closing. The knowledge areas related to all these processes are the management of cost, quality, human resources, scope, time, risk, procurement, communication, and stakeholders. PMP® can also provide you with a senior-level project manager job role in the future.
Becoming a PMP® Certification holder empowers you to work with any methodology and different industries. The course covers several project management techniques and competencies that help increase your earning potential.
Various aspects of project management are being taught in PMP®. Examples include the role and responsibility of the project manager, project integration management, schedule management, cost management, scope management, etc., based on the latest PMBOK guide. Candidates can handle multiple complex projects and lead bigger teams with ease after completing this course.
Certified PMP® professionals are believed to deliver better project performance and get pay raises with efficient jobs in IT, finance, healthcare, manufacturing and many more industries.
PRINCE2®
The full form of PRINCE2® is Project In Controlled Environment’s Certification. It is quite different from the other project management certifications. This is because PRINCE2® is a process-based system that helps individuals in understanding the step-by-step procedure of handling any particular project until its execution. Individuals can also learn to develop definite procedures and templates through this course.
The main focus of the PRINCE2® Certification is on the project where they discuss the different theories related to it. The candidate will usually have the highest level of practical implementations and practices through this certification while dealing with all sorts of projects. The certification is not only project-focused but also process-based.
Although the PRINCE2® Certification is administered by the Association for Project Management (APM), it is recognized especially in countries like Europe and Australia on the global platform.
Also, Check:PRINCE2 Certification Levels
CAPM®
CAPM® is also called the Certified Associate in Project Management. It is an entry-level certification that can be a stepping stone for your creative career path as an efficient project manager. This certification can be attained by any individual because there are no experience related eligibility conditions associated with it. The PMI or Project Management Institute awards the CAPM® Certification. It validates that the respective The certification holder possesses a comprehensive understanding of all fundamental principles and knowledge associated with project management. This also includes understanding the processes and terminologies that are related to project management.
IT professionals who want an effective learning path toward being a project manager can pursue the CAPM® Certification. It is also good for those individuals Individuals who incorporate project management into their part-time job responsibilities. The CAPM® Certification can always get you a junior or assistant-level role in the project management team.
It is considered to be the most basic course in Project Management. Professionals often take up this certification to enhance their credibility while they are working with any project team.
CAPM® Vs PMP® Vs PRINCE2® Exam Pattern
The PMP® (Project Management Professional) exam is a comprehensive assessment lasting four hours, comprising 200 multiple-choice questions. It covers various areas of project management, including project initiation, planning, execution, monitoring and controlling, and project closing, alongside professional and social responsibility. Within these domains, candidates are tested on a range of skills, such as risk identification, quality management, change management, and materials management, among others. However, eligibility for the PMP® exam requires candidates to hold a Bachelor's Degree, along with specific project management experience and education requirements. The exam fee for PMI® members is $405. Whereas, it is $555 for non-members. To maintain PMP® Certification, candidates must earn 60 PDUs (Professional Development Units) every three years.
Moving on to PRINCE2®, there are no defined prerequisites for the exam, although candidates are recommended to have some experience in project management and undergo training. The PRINCE2® Foundation exam consists of 75 multiple-choice questions, lasting 60 minutes (1 hour). To succeed, candidates need to attain a minimum score of 50%. The PRINCE2® Practitioner exam is an objective paper featuring nine questions to be completed within 2.5 hours. Both exams assess candidates' Comprehension of the PRINCE2® methodology and capability to implement it in project management scenarios.
Finally, the CAPM® (Certified Associate in Project Management) The exam spans three hours and comprises 150 multiple-choice questions. It covers various areas of project management, including the project management framework, project life cycle, project management processes, and specific knowledge areas such as integration, scope, schedule, budget, quality, personnel, communication, risk stakeholder management, and procurement. Unlike the PMP® exam, candidates for CAPM® Certification do not need a Bachelor's Degree; a High School Diploma suffices. The exam fee for PMI® members is $255. Whereas, it is $300 for non-members. However, CAPM® Certification requires candidates to retake the exam every five years to maintain their certification status.
CAPM® Vs PMP® Vs PRINCE2® Salary Prospects
The Project Management Salary Survey, Eighth Edition, highlights a significant disparity in earnings between PMP® certified professionals and their non-certified counterparts. Those holding a PMP® Certification command higher salaries. This is attributed to their comprehensive understanding of the universal language of project management. Moreover, being PMP® certified connects individuals to a vast community of professionals and organizations with similar qualifications. It also enhances networking opportunities and career advancement prospects.
In contrast, obtaining a CAPM® certificate enables individuals to participate in project work but lacks the authority and leadership opportunities associated with a PMP® Certification. While CAPM® Certification shows a foundational understanding of project management principles, employers generally place greater value on the advanced skills and expertise shown by PMP® Certification holders. The PMP® Certification signifies the ability to lead and direct projects effectively. It provides individuals with increased authority and influence within their organizations.
Employers recognize the rigorous requirements and showcase the competence of PMP® Certification holders. This makes them highly desirable candidates for project management roles. The prestige associated with PMP® Certification sets it apart from other project management certifications. This reinforces its value in the eyes of employers and industry professionals alike. As a result, individuals with PMP® Certification are positioned for greater career opportunities and earning potential compared to those with other project management certifications.
Meanwhile, here is a detailed look at the salary prospects for PMP® Vs. PRINCE2® Vs. CAPM certifications.
Salaries Based on Job Role for PMP® Certified Professionals
Job Role | Average Annual Salary |
Project Manager | $88,631 |
Service Delivery Manager | $1,25,556 |
Information Technology (IT) Manager | $1,47,660 |
Salaries Based on Job Role for PRINCE2® Certified Professionals
Job Role | Average Annual Salary |
Project Coordinator | $56,359 |
Project Analyst | $78,528 |
Program Manager | $149,204 |
Salaries Based on Job Role for CAPM® Certified Professionals
Job Role | Average Annual Salary |
Project Management Consultant | $154,019 |
Project Controller | $105,432 |
Technical Manager | $98,854 |
Salaries Based on Experience for PMP® Certified Professionals
Job Role | Average Annual Salary |
Entry-level Project Manager | $54,801 |
Mid-level Project Manager | $90,488 |
Experienced Project Manager | $103,333 |
Salaries Based on Experience for PRINCE2® Certified Professionals
Job Role | Average Annual Salary |
Entry-level Program Manager | $107,460 |
Mid-level Program Manager | $128,415 |
Experienced Program Manager | $171,270 |
Salaries Based on Experience for CAPM® Certified Professionals
Job Role | Average Annual Salary |
Entry-level Technical Manager | $59,525 |
Mid-level Technical Manager | $98,854 |
Experienced Technical Manager | $1,34,134 |
PMP® Vs. PRINCE2® Vs. CAPM®: Which is the Right Choice?
Obtaining the Project Management Professional (PMP®) certification requires candidates to fulfill certain eligibility criteria. This includes having 3 to 5 years of project management-related experience and completing a specified number of hours in project management education. PMP® holders must also continually engage Engage in professional development activities to acquire Professional Development Units (PDUs) and renew their certification every three years.
Conversely, the Certified Associate in Project Management (CAPM®) certification does not have ongoing education requirements. However, all CAPM® holders must retake the exam every five years, which usually helps maintain their certification. Despite its more stringent eligibility conditions, the PMP® Certification is highly regarded in the IT project management field and is considered the best certification option.
While CAPM® and PRINCE2® Certifications may have lower demand compared to PMP, they still provide opportunities for immediate employment and competitive salaries. PRINCE2® Certification may be particularly advantageous in certain geographical regions where it is widely adopted. CAPM, being an entry-level certification, is recommended For individuals who fail to meet the eligibility criteria for PMP.
Today, aspiring project managers have the convenience of pursuing PMP® Certification from the comfort of their own homes. Leading IT education service providers like Simpliaxis offer training programs that include hands-on experience in real-world IT projects. These programs may offer options for online or offline classroom lectures, instructor-led training sessions, practice sets, and access to learning materials and resources essential for certification success.
While PMP® Certification may have more stringent eligibility criteria, it remains the most sought-after certification in IT project management. CAPM® and PRINCE2® Certifications also offer valuable opportunities for career advancement. That is why these courses should be considered based on individual circumstances and career goals. This is how aspiring project managers can achieve their certification goals with the support of leading IT education providers with the availability of training programs.
Conclusion
A lot of people choose multiple certifications from different bodies over time. It definitely adds to your skillset and enhances your resume. So don’t fear that taking any certificationWill impact your necessity for pursuing additional credentials later in your career. It means, you can choose either PMP® Certification, PRINCE2® Certification, or CAPM® Certifications to become an efficient project management professional.
For instance, if you decide to do a CAPM®, then make sure to pursue PMP® in a couple of years. On the other hand, if you are willing to take up the PRINCE2® Certification, then do the practitioner course later. Remember, your decision must be based on what you think your prospective employers will look for in the industry you wish to enter, and what your experience level currently is in present times.
References
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