Which Is Best for You in 2022?
The Project Management Institute defines Project Management as ‘the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Planning, motivating, organizing, and controlling resources, protocols, and procedures are involved in this field.
The Project Management Institute conducts these exams and certifies people in various levels of project management like PMP®, CAPM®, PgMP®, PfMP®, PMI-ACP®, PMI-PBA®, PMI-RMP®, PMI-SP®, PRINCE2®, and OPM3® Professional Certification. Project Management is a rapidly growing profession, and to make it in this field, it is a must that you know all about the top 3 certifications –PMP®, PRINCE2®, and CAPM® in this profession.
Individuals aspiring to be project managers often face a common confusion as to which project management certification to take up – CAPM® or PMP® or PRINCE2®. Though poles apart, the three among the highest paying and most preferred project management certifications. It is crucial for an applicant looking to get certified to know the differences in each certification and accordingly plan their next step.
Read ahead as we give you a quick comparison of the PMP® vs CAPM® vs PRINCE2® certifications so you can pick the best for yourself.
Are you looking forward to making a mark in the Project Management field? If yes, enroll in the Project Management Certification Program now and get a step closer to your career goal!
An Overview of the CAPM® Vs PMP® Vs PRINCE2® Certifications
The Certified Associate Project Management (CAPM)® is an entry-level certification. However, if you are starting your project management career, the PMP credential is only available to project managers who have at least three years of experience. Then this course is apt for you. It will distinguish you from your competitors. It is the most basic course in Project Management. Professionals take up this course to enhance their effectiveness and credibility while they are working on or with any project team.
The Project Management Professional (PMP)® certification course is a qualification program that is offered and overseen by the Project Management Institute. PMP® is an industry-recognized certification course for project managers. Becoming a PMP® Certification empowers you to work with any methodology and in any industry. The course covers a broad spectrum of project management techniques and competencies that are necessary, as well as increasing your earning potential. This course, administered by PMI® in the USA, has also gained popularity in Europe and Asia.
The Projects IN Controlled Environments (PRINCE2)® certification, is a process-based project management method that provides a step-by-step, detailed method for delivering a successful project with clear templates, processes, and steps. The certification is both process and project-focused.
The main difference between the CAPM® vs PMP® vs PRINCE2® Certification exams is project experience. PMP® certification requires the highest number of hours, whereas CAPM® certification requires the least. So if you are a professional wanting to take the Project Management road, with only a few years of experience, then opt for the CAPM® certification and take it from there.
Project Management Around the World
The PMI® has a relatively low, but growing, penetration in the United Kingdom. Thus CAPM® or PMP® is not very preferred there. However, PRINCE2® remains the foothold standard certification in the UK. Industries there prefer to hire PRINCE2® certified professionals as compared to any other. Employers may not know about the PMI® credentials, especially if the firms that are relatively new to project management or the project management department is small. There are 1,090,000 certified PRINCE2® Foundation and Practitioner certified professionals worldwide.
This is not the case in the United States. PMP® or CAPM® is more preferred than PRINCE2® certification. These two remain the standard and most preferred project management certifications.
As of July 2015, there are 665,651 PMP® certified professionals and 29,038 CAPM® certified professionals worldwide.
This table shows the number of PMP®, CAPM®, and PRINCE2® professionals worldwide.
Post CAPM® Vs PMP® Vs PRINCE2® Certification
Having a CAPM® certification will highlight your resume in the sense that your employer will know how dedicated and committed you are to project management. Even if you decide not to take up project management in the future, the information on project management processes and how to manage time and effort are both valuable professional skills. If you wish to take up a PMP® certification later, you will still benefit as you already have the basic knowledge of Project Management.
The downside of this certification, however, is that it is not as well recognized as the other two Project Management certifications. Getting into higher management positions on larger projects with just this certification is tougher.
With the more reputed PMP® certification, however, you stand apart from the crowd because of the skills and knowledge acquired from a more in-depth curriculum that helps you execute projects more efficiently and improve team productivity. PMP® certifications are generally found at higher tiers of an organization; as opposed to PRINCE2® or CAPM® certification holders.
A PRINCE2® certification on your resume will mark you as an ideal candidate for the roles of a project executive, project manager, senior supplier, and financier.
CAPM® Vs PMP® Vs PRINCE2® Salary Prospects
According to the Project Management Salary Survey, Eighth Edition, PMP® certified professionals earn more than their non-certified counterparts. Having a PMP® certification signifies that you know and understand the universal language of project management and connects you to a large community of organizations and professionals who possess the same qualification.
A CAPM® certificate will enable you to work on a project, whereas with a PMP® certification, you will be able to lead and direct projects giving you more power. Employers usually give more value to a PMP® certification as compared to any other project management certification.
The PMI® Project Management Salary Survey – Seventh Edition states that the salaries of project managers around the world continue to climb. In the US alone, the average annual salary of a PMP® professional is $105,000 per year. They earn an average of 16% more than their non-certified peers. The average annual CAPM® salary recorded by InfoSec Institute for professionals is $101,103. A candidate with less than a 1-year of experience will have a median annual salary of $45,611, and this will increase to $77,914 with 10 years of experience or even more.
The average salary for professionals with a PRINCE2® certification is £50,000, or $77,000.
This table compares the median salaries of PMP®’s, CAPM®’s, and PRINCE2® certified professionals.
Salary by Gender
The pay disparity persists in the Project Management industry. However, it isn’t clear if this pay gap exists because men have a higher level job as compared to women who have a lower-level job.
The median salary for a male PMP is $105,000. Three fourth of male PMPs earn more than $87,500 per year while the remaining one-fourth earns more than $125,000 per year.
The figures are different and considerable low when it comes to female PMP The median salary for a female PMP is $95,000 per year. Three fourth of them earn more than $79,000 per year while the rest earn more than $112,918 per year.
The table shows the huge salary gap among the male and female professionals in the Project Management sector.
CAPM® Vs PMP® Vs PRINCE2® Exam Pattern
The CAPM® exam lasts 3 hours, consisting of 150 multiple choice questions, and tests you in the areas of 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 procurement management.
The upside of this exam is you do not need a Bachelor’s Degree to take it up. All that is necessary is a High School Diploma, which benefits those who are still in college looking to take up Project Management. The exam fee is $255 for PMI® members and $300 for non-members. Also, you need to take a re-exam every five years.
This table shows the breakup in the CAPM® exam.
The PMP® Exam consists of 200 multiple choice questions, is four hours long, and is split into areas of project initiation, project planning, project execution, monitoring and controlling project closing, and professional and social responsibility. Within these five larger domains are a multitude of other skills like risk identification, quality management, change management, materials management, and much more.
However, unlike the CAPM®, you will need a Bachelor’s Degree and a High School Diploma along with 4,500 hours of project management experience (3 years) and 7,500 hours of experience (5 years), and 35 hours of project management education. The cost of the exam is $405 for PMI® members and $555 for non-members. To maintain PMP® certification, you will need to attain 60 PDUs or Professional Development Units every three years.
This table highlights the breakup of the PMP exam.
The PRINCE2® Exam has no defined pre-requisites, though it is recommended that you have some experience in Project Management along with some training. The PRINCE2® Foundation paper offers 75 multiple choice questions that you will need to answer, out of which five are trial questions and not counted during the scoring process. The time allotted is 60 minutes (1 hour) and to pass, a candidate requires 50%. The PRINCE2® Practitioner exam, however, is an objective paper with nine questions to be answered in 2.5 hours.
This table shows the differences between the time allotted for each exam and the number of questions asked.
The given table below highlights the key differences between the exams.
PMP® Vs PRINCE2® Vs CAPM® Alternative Credentials
If you are looking for an alternative for the CAPM® or PMP® or PRINCE2® exam, the Canadian based International Institute of Business Analysis (IIBA)® certifications provide for a good one.
The focus of the PMI® credentials is on the management of projects to achieve a specific set of desired objectives. The IIBA®, however, is more focused on determining what these objectives are and optimizing an organization’s process.
The two certifications provided by the IIBA® is the CBAP® and CCBA®. Like PMI®, the IIBA® exams are based on BABOK® (A guide to the Business Analysis Body of Knowledge). PMI® Project Management document is comprehensive, covering the areas that are important to the project manager providing a framework.
The IIBA® document, however, covers the business analysis techniques in greater detail and can be an excellent reference for a project manager.
NOTE: While the IIBA credentials offer a great value in aspects relevant to a project manager, they are not all project-oriented.
The Final Decision on CAPM® Vs PMP® Vs PRINCE2®
The table shows which credentials employers prefer based on region. With reference to this information, you can make your decision accordingly.
No matter what you choose, there isn’t a wrong decision. A lot of people end up with multiple certifications from multiple bodies over time. It adds to your skillset and pumps up your resume. So don’t fear that taking this particular certification now, will affect your need to go for other credentials later in your career.
If you decide to do a CAPM®, then follow it up with the PMP® in a couple of years. Employers always prefer a higher credential. On the other hand, if you are willing to take up the PRINCE2® certification, then do the Practitioner as well.
Your decision must be based on what you think your employers will look for in the sector you wish to enter, apart from what you can afford and what your experience level currently is. Attaining a qualification is rarely a wrong choice as any of these certifications will improve your confidence and prove to your employers that you are serious about your career in Project Management.
PMP®, CAPM®, PgMP®, PfMP®, PMI-ACP®, PMI-PBA®, PMI-RMP®, PMI-SP®, and OPM3® have registered trademarks of the Project Management Institute, Inc.