Once considered an accidental occupation, project management is now a first-choice career and has evolved into a global multimillion dollar profession, according to a panel discussion on careers in project management at the Project Management South Africa (PMSA) Biennial Conference held at the end of 2012.
There are several sectors, including financial services, retail, construction, mining, telecommunications and IT, in which project managers play a critical role and there has been an international surge in demand for their skills in spite of worldwide economic hardships. In the banking sector, which has had considerable layoffs globally, there is a sustained demand for project managers.
"With the financial industry becoming ever more regulated and its systems older and more complex, there will always be a need for project managers. Banks are competing vigorously to innovate their products and channels, increasing the demand for project management skills to deliver on these assignments," argued Martin Pienaar, COO of Mindworx Consulting.
Valerie Carmichael-Brown of Triniti Business Solutions and PMSA's representative on the SABS committee, agreed, adding that it is the same in the mining industry, which has had several new regulations, such as a host of updated SABS codes and environmental controls. Project managers are not only responsible for keeping activities within strict time frames and budget constraints, but also to industry specific codes and best practices. "If someone gets injured on a building site, it is the project manager who will ultimately be held responsible."
Financial incentive is very attractive
The financial incentive for project managers can be very attractive indeed. Mindworx' research performed in 2011 shows wide salary ranges for project managers in financial services. "Packages range from R400 000 per annum for junior project managers to about R1.2 million for senior positions. At the top end of the scale are programme managers earning up to R1.6 million annually," said Pienaar. Many in the profession choose to rely on contract work with hourly rates ranging from R420 to R1000 for senior portfolio managers. The advantages of contracting include the speed of boarding a project and flexibility in managing peak demand. Contract project managers also tend to invest the most in keeping their skills current.
So who makes it to the top? "There is a strong correlation between earnings and age, as opposed to related professions, such as business analysts, where salaries peak at about 30 years of age and then flatten out," said Pienaar. "Top earners are those who not only have the analytical skills allowing them to operate at the technical level, but have also developed the ability to negotiate at senior levels and, therefore, can adapt messages for different audiences." Increasingly, employers want practitioners who have the ability to look into the future and anticipate project hurdles and risks before they occur.
Skills in project management are largely transferrable between industries, however, as Wentzel Coetzer of C-Systems & Process Management, said: "The processes in the construction industry do not mirror those in financial or IT."
A tertiary education a distinct advantage
But domain experience is always a good thing to have, said Pienaar: "Recruiters filling a project management position for an IT system upgrade, for example, will look for someone who has managed this type of assignment before." Recruiters also look for those with a tertiary education, which is a distinct advantage. "About 70% of project managers we place have a degree." For the financial industry a basic commerce, mathematical or engineering degree will stand one in good stead. A general project management certification is also key; the particular certification: PMBOK, Prince 2 or PMP is less important. "It's the structured way of working and ongoing professional education that corporates are after. Experience and practical skills are as valuable, but a formal certificate shows potential employers that a candidate has invested in staying current and will communicate in a common language." Also important is proficiency in the tools required to manage projects, including Microsoft Project, Sharepoint and other enterprise project management tools.
For the younger generation, a career in project management is an exciting option full of prospects. The panel agreed that as it becomes a first-choice career, younger, dynamic people will start filling more complex roles - this generation tends to enjoy using technology, has a grasp on social media, and is more adaptable to changing environments - all essential elements of success in the field. However, mentoring and coaching remains a challenge, with a need for companies to upskill new entrants for about two to three years to provide the practical experience necessary to manage a project.
"The financial services industry spends a lot on training, but could perhaps invest more in mentoring and coaching young professionals to allow them to take on more challenging assignments sooner," said Pienaar.
As the need for these skills increases, academia, the government and businesses will have to work closer together to ensure that sufficient resources are available to fill increasing demand. There is no doubt that those who pursue a career in project management have a blazing future ahead.
