I have seen many people asking where they should go for PMP or PRINCE2 certification, especially when they are working for a European organization or serving a client from the European region. Both are extremely popular project management certifications, but there are subtle differences that you have to consider carefully when you are choosing either of them.
PRINCE2®
PRINCE2 is more of a subjective test, and you have to explain project scenarios in detail in your test. It is done by Alexos. It has two levels (Foundation and Practitioner). PRINCE2 Foundation is comparatively easy to qualify for, but PRINCE2 (Practitioner) is a very rigorous test. But it is a highly respected credential in Europe (Government agencies) and Australia. You can’t appear on the Practitioner Test without qualifying for the Foundation Test. The Foundation certificate is valid for a lifetime, whereas you have to renew your Practitioner certificate every 3 years. The renewal can be done either by resetting the exam or through CPD (Continuous Professional Development) earned with Axelo memberships.
PMP®
PMP® is the American counterpart of PRINCE2®. It is conducted by the Project Management Institute (PMI). It has wider acceptance worldwide. It is popular in North America, Asia, and the Middle East. It is the most widely cherished project management certificate in Indian IT sectors. You need experience logging 4500 hours in project management to be eligible to appear for the certification test. The test is rigorous and will last for 4 hours, but it is all MCQs (Multiple Choice Questions), unlike PRINCE2. Passing the test is usually not easy, but you can do it with proper effort. Your certificate will be valid for 3 years, after which you have to renew. You are required to earn at least 60 PDUs (Professional Development Units) in order to be eligible to renew your certificate, which is not very cumbersome as most of the PDUs can be obtained by practicing as a project manager, undergoing training, contributing to PMI, and reading or watching online resources. I hope that was useful. Let me know in the comments below if you have any other queries.
If you would like to know more details about the nuances of PRINCE2 and PMP you may want to read my responses on Quora here.