Should I take the APM PFQ or PMQ exam?
Though the PFQ is typically considered the first step to progress in project management knowledge to be followed by the PMQ to further that knowledge and understanding, neither actually has any formal prerequisites. That is, you may take just the PFQ, the PFQ and then the PMQ, or just the PMQ. So, how do you decide which is the right qualification for you?
Compleat PM suggests you consider the following:
Your Current PM Experience
Have you been working in projects for awhile (or had previous training) and have a good grasp of the basic approach, purpose, and terminology? You may already have great foundational knowledge to refresh and build upon for the PMQ. But if you are new to project management or it has been awhile, consider easing in with the PFQ to build that foundational knowledge first.
Time to Commit
How much time are you able carve out from you job and personal obligations for the training and revision required to prepare for an exam? The 1-hour, multiple-choice format of the PFQ typically means a shorter training course, less revision, and maybe a bit less stress than preparing for the 3-hour + 15-minutes, short essay essay format of PMQ.
Your Career Objectives
Are you looking to further your career as a project manager, or are you looking to increase your contribution to a project delivery team or as a project sponsor? The PMQ is SCQF Level 7, and will provide an understanding of the best practices to support a career as a project manager. But if that's not your goal, or you prefer taking smaller steps, the SCQF Level 6 PFQ may be a better place to start.
Do note that, while not the only path to becoming a Chartered Project Professional (ChPP), ultimately the PMQ does significantly reduce the amount of time, effort, and cost for the application.