Prince 2 vs. PMP certification - Which one holds more value?

It is always advisable to be well versed with the important aspects of Prince 2 and PMP certification before choosing between the two. So here is a brief description of both the courses:

Prince 2

Prince 2 or Projects in Controlled Environments is a project management methodology dealing into organization, planning and control of projects.

PMP

PMP or Project Management Professional certification is program dealing into management, planning and control of projects.

Prince 2 vs. PMP certification which one holds more value

Now that you have a fair idea of what Price2 and PMP are about you have to think wisely what you want in your professional career. While Prince2 will be helpful in comprehending your project better, PMP is a certification focusing mainly on skills which certify you as someone who can deliver projects. It necessarily does not mean that PMP will help you to have an in depth knowledge of your projects, however since it has a fairly global recognition, it will be an effective way to boost your career prospects. Prince2 on the other hand helps you to develop important methods to suit your project be it a small one or a big one. So what do you think should shape your future? What do you think will be more relevant in your career--- a valuable degree or a comprehensive methodology to bolster your understanding of your task? The decision rests with you in this case.

Both Prince2 and PMP have worldwide acceptance but the former has a greater recognition in the UK and Australia and the latter offers better prospects in the US, Canada and Asia.

While Prince2 is a step by step method of understanding projects, PMP is a prestigious certification which definitely helps to bag a better salary as any other certification does. However you are not assured of a 20-30% hike in salary once you have a PMP degree as the nature of hike mostly depends on the organization you are working for, but you will get a hike nonetheless. On the other hand Prince2 can be of real help when you are stuck up at any critical level of your assigned project.

Considering India if you go through the respective salary packages of the PMP and Prince2 professionals there is little to choose. Here’s how their salaries stand:

PMP:

Project Manager, IT= INR 582,906 - INR1,795,030

Project Manager, Construction= INR 457,446 - INR2,375,663

Senior Project Manager, IT = INR 984,602 - INR2,152,444

Project Manager, Software Development= INR 653,261 - INR1,832,490

Program Manager, IT= INR 966,671 - INR2,365,580

Prince2

Project Manager, (IT) = INR 595,163 - INR1,996,171

Project Manager, Operations= INR 540,449 - INR1,527,492

Senior Project Manager, IT= INR 601,254 - INR2,051,120

Project Leader, IT= INR 650,000 - INR1,161,997

Project Manager, Software Development= INR 1,000,000 - INR1,727,773

It can be gauged from these salaries that in India both the certifications offer fairly equal prospects. While a Prince2 professional has greater scope in Software Development, a PMP can earn better in the IT industry.


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