Project management is defined by the Project Management Institute as “the application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements.” This field involves the planning, motivating, organizing, and controlling of resources, protocols, and procedures.
PMP®, CAPM®, PgMP®, PfMP®, PMI-ACP®, PMI-PBA®, PMI-RMP®, PMI-SP®, PRINCE2®, and OPM3® Professional Certification are all administered by the Project Management Institute, which certifies individuals in various levels of project management. Project management is a rapidly growing profession, and in order to succeed in this field, you must be familiar with the top three certifications – PMP®, PRINCE2®, and CAPM®.
Individuals aspiring to be project managers are frequently perplexed as to which project management certification to pursue – CAPM®, PMP®, or PRINCE2®. Despite being diametrically opposed, the three are among the highest paying and most sought-after project management certifications. It is critical for an applicant seeking certification to understand the differences between each certification and plan their next steps accordingly.
Read on for a quick comparison of the PMP®, CAPM®, and PRINCE2® certifications so you can choose the best one for yourself.
A Comparison of the CAPM®, PMP®, and PRINCE2® Certifications
The Certified Associate Project Management (CAPM)® certification is an entry-level credential. If you are just starting out in project management, this course is for you. It will set you apart from your competitors. It is the most fundamental Project Management course. Professionals enroll in this course to improve their effectiveness and credibility while working on or with any project team.
The Project Management Institute offers and oversees the Project Management Professional (PMP)® certification course. PMP® is an industry-recognized project management certification course. Being a PMP® Certified Professional allows you to work with any methodology and in any industry. The course covers a wide range of project management techniques and competencies, as well as increasing your earning potential. This course, which is offered by PMI® in the United States, is also popular in Europe and Asia.
The Projects IN Controlled Environments (PRINCE2)® certification is a process-based project management method that provides a detailed, step-by-step method for delivering a successful project with clear templates, processes, and steps. The certification is process-oriented as well as project-oriented. The Association for Project Management (APM) administers PRINCE2® in the United Kingdom, but it is also recognized and valued around the world, with a particularly strong presence in Europe and Australia.
The primary distinction between the CAPM®, PMP®, and PRINCE2® Certification exams is project experience. Most hours are required for PMP® certification, while the least hours are required for CAPM® certification. So, if you are a professional with only a few years of experience who wants to pursue a career in project management, choose the CAPM® certification and proceed from there.
Project Management Across the Globe
In the United Kingdom, the PMI® has a low but growing penetration. As a result, CAPM® or PMP® are not widely used. However, PRINCE2® is still the most widely used certification in the United Kingdom. In comparison to other industries, industries in that region prefer to hire PRINCE2® certified professionals. Employers may be unaware of the PMI® credentials, particularly if the company is new to project management or the project management department is small. Worldwide, there are 1,090,000 PRINCE2® Foundation and Practitioner certified professionals.
In the United States, this is not the case. PMP® or CAPM® certification is preferred over PRINCE2® certification. These two are still the most common and preferred project management certifications.
There are 665,651 PMP® certified professionals and 29,038 CAPM® certified professionals worldwide as of July 2015.
Following PRINCE2®, CAPM®, and PMP® Certification
A CAPM® certification will enhance your resume by demonstrating to your employer how dedicated and committed you are to project management. Even if you decide not to pursue project management in the future, the knowledge of project management processes as well as time and effort management are both valuable professional skills. If you decide to pursue a PMP® certification later, you will benefit because you already have a foundational understanding of project management.
The disadvantage of this certification is that it is not as well known as the other two Project Management certifications. Obtaining higher management positions on larger projects with only this certification is more difficult.
However, with the more prestigious PMP® certification, you stand out from the crowd due to the skills and knowledge gained from a more in-depth curriculum that allows you to execute projects more efficiently and improve team productivity. PMP® certification holders are typically found at higher levels of an organization than PRINCE2® or CAPM® certification holders.
A PRINCE2® certification on your resume will position you as a strong candidate for project executive, project manager, senior supplier, and financier positions.
Salary Prospects for PMP®, PRINCE2®, and CAPM®
PMP® certified professionals earn more than non-certified counterparts, according to the Project Management Salary Survey, Eighth Edition. A PMP® certification demonstrates that you know and understand the universal language of project management and connects you to a large community of organizations and professionals who share the same qualification.
A CAPM® certificate allows you to work on a project, whereas a PMP® certification allows you to lead and direct projects, giving you more authority. Employers typically place a higher value on a PMP® certification than on any other project management certification.
According to the PMI® Project Management Salary Survey – Seventh Edition, project managers’ salaries around the world are continuing to rise. A PMP® professional earns an average annual salary of $105,000 in the United States. They earn an average of 16% more than their non-certified counterparts. According to InfoSec Institute, the average annual CAPM® salary for professionals is $101,103. A candidate with less than one year of experience can expect a median annual salary of $45,611, which rises to $77,914 with ten years of experience or more.
The average salary for PRINCE2® certified professionals is £50,000 (approximately $77,000).
Gender Salary
In the Project Management industry, pay disparities persist. However, it is unclear whether this pay disparity exists because men have higher-level jobs than women who have lower-level jobs.
A male PMP’s median salary is $105,000. Three-quarters of male PMPs earn more than $87,500 per year, while one-fourth earns more than $125,000 per year.
When it comes to female PMPs, the figures are different and significantly lower. A female PMP earns a median annual salary of $95,000. Three-quarters of them earn more than $79,000 per year, with the remainder earning more than $112,918 per year.
Exam Pattern for CAPM®, PMP®, and PRINCE2®
The CAPM® exam is three hours long and consists of 150 multiple-choice questions about project management framework, project life cycle and organization, project management processes, project integration management, project scope management, project time management, project cost management, project quality management, project human resource management, project communications management, project risk management, project stakeholder management, and project stakeholder management.
The advantage of this exam is that it does not require a Bachelor’s Degree to take. All that is required is a high school diploma, which is advantageous for those who are still in college and want to pursue a career in project management. PMI® members pay $255 for the exam, while non-members pay $300. A re-exam is also required every five years.
The PMP® Exam is four hours long and consists of 200 multiple-choice questions divided into project initiation, project planning, project execution, monitoring and controlling project closing, and professional and social responsibility. There are a plethora of other skills within these five larger domains, such as risk identification, quality management, change management, materials management, and much more.
In contrast to the CAPM®, you will need a Bachelor’s Degree and a High School Diploma, as well as 4,500 hours of project management experience (3 years) and 7,500 hours of experience (5 years), as well as 35 hours of project management education. The exam costs $405 for PMI® members and $555 for non-members. To keep your PMP® certification, you must earn 60 PDUs (Professional Development Units) every three years.
The PRINCE2® Exam has no set prerequisites, but it is recommended that you have some project management experience as well as some training. The PRINCE2® Foundation paper contains 75 multiple-choice questions, five of which are trial questions and will not be counted during the scoring process. The time allotted is 60 minutes (1 hour), and a candidate must score 50% to pass. The PRINCE2® Practitioner exam, on the other hand, is a paper with nine questions that must be answered in 2.5 hours.
