PRINCE2 vs. industry specific knowledge
1996 saw the launch of the PRINCE2 accreditation - the first project management qualification of its kind - and since then, project management has slowly begun to evolve from a job title to a profession in its own right.
This means that, in theory at least, there is now scope for a Project Manager (PM) to move between industries, even if their knowledge of a particular subject matter is to some extent limited. But will the banking industry see it that way? Matt Davis finds out.
What is a PM?
It seems that most office workers are responsible for managing projects these days. You will often see job descriptions specifying that the employee be responsible for the ‘project management’ of, for example, the collation of data or an administration process.
Perhaps the launch of the PRINCE2 qualification in 1996 - the first accreditation of its kind and still the only one recognised the world over - lead to the recent hijacking of the term ‘project management’. But if this is the case it is ironic, because it is becoming increasingly evident that not everyone managing a project should be considered a Project Manager.
More and more, project management is being recognised as a profession in its own right. This could well be down to the fact that the PRINCE2 methodology can be applied to virtually any project, regardless of the industry.
So there is now a very real opportunity for those within the profession to diversify and ply their trade in industries outside of their ‘specialist subject’. But to what extent will the banking industry embrace them?
What’s new?
During the last four years, the banking industry’s need for talented Project Managers has increased more than most. This is a culmination of two things:
Firstly, numerous regulatory changes have been imposed on the financial services industry of late - Basel 2 being a prime example.
Secondly, there is an ever-increasing need to optimise efficiency and maximise productivity within the workplace. If there are large-scale changes that need implementing, an investment bank will often turn to a specialist to oversee the project.
One person who has benefited from this increased demand for PMs is Paul Manku, Implementation Manager at RBS. He first entered the world of project management in 1998 and has spent the majority of the last eight years working within the banking industry.
It didn’t take long for Paul to realise the value of the PRINCE2 methodology - he believes it is the key factor to a successful career in project management, no matter what the industry. “Being PRINCE2 qualified shows that I can apply a standard methodology to any given project, regardless of the subject matter,” Paul says.
Transferable skills
While it may be easy to imagine an accountant moving between industries – after all, figures are figures, no matter what they relate to – how transferable are a PM’s skills? Paul Manku is adamant. “As long as Project Managers have strong organisational skills, a proper methodology and the ability to manage people as well as projects, I believe we can be successful in any industry,” he says.
But do the banks agree? Katie Ward, Regional Director of Hays Banking’s Projects Change and Interim Management Division, says: “Financial institutions recognise the advantages of PRINCE2 methodologies and the industry is becoming open-minded to the transferable skills offered by PMs. However, there is still an element of product and industry knowledge that will dominate certain areas of the market.”
The future
As the need for talented PMs within the banking industry increases, the more it will benefit from the transferable skills offered by the PRINCE2 qualification, not to mention the fresh perspective a PM from another industry will bring with them. While it’s fair to say that the industry isn’t having any problems retaining experienced project managers, are there enough to go around?
For the time being, yes. But, as Katie Ward explains: ”This is still a growing market and as long as change remains a way of life for these financial organisations, the need for a more effective and experienced workforce will grow and grow.”
As Katie concludes: “PRINCE2 is a qualification that offers the perfect career path. It provides clear direction to aspiring project managers, allowing them to progress within a recognised and respected profession.”
