Project Management
- Description
- Tasks
- Skills
- Useful Knowledge
- Entry Qualifications
- Professional Qualifications
- Trends
- Resources
 (2)_employer_hero.JPG)
Standing still is not an option for most good businesses, especially in financial services. Projects play a vital role in driving a business forward. They help companies to improve services, offer better products, value for money and reduce costs. As well as giving a competitive edge in a crowded marketplace, projects are instigated to show stakeholders and investors that companies are improving business performance and maximising growth opportunities. The projects themselves may run for several months or even several years. People often join or are seconded to project teams after gaining considerable experience within the business. Many are also external consultants that come into a business to oversee projects.
Salary
As a senior and experienced role, salaries start at approximately £30,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of £70,000 per annum. This does not include potential bonuses and additional benefits. Salaries will vary considerably based on location and employer.
- Setting up project teams, making sure the right business experts provide input
- Bringing in external experts, such as IT, that will be involved in delivering the project
- Working out the cost benefits of each projectCalculating budgets for specific elements of each project
- Analysing the risks involved
- Using special project management software tools to produce clear timetabled project plans
- Managing people resources
- Tracking progress against project plans, making sure each element is on track
- Providing independent advice to project stakeholders and sponsors
- Sending out regular communication updates
- Co-ordinating meetings
- Excellent leadership and interpersonal people management skills
- Good problem solvers
- Numerical skills to control and manage large budgets
- Methodical and logical approach
- Analytical, to recognise potential cost savings
- Confident and persuasive negotiators
- Excellent communicators, capable of leading and controlling meetings
- Experience in the financial sector and specific projects being worked on
- Strong team players
- Understanding of people resources, what they do and how to get the best out of them
- Flexible and capable of working to deadlines
Software packages like MS Project and Workbench are widely used, so prior knowledge can be an advantage. Familiarity with PRINCE2 or PMBOK project methodology is also helpful. Employers usually provide training to acquire skills for:
- Setting strategies, business targets and budgets
- Knowledge of what competitors are doing in their sector
It is likely that before becoming a project manager you will have previously worked within the financial services environment so will have a thorough knowledge of different financial roles and how everything within the business works together. Consultancies, which are contracted to place specific project managers within a business, often recruit graduates and postgraduates direct into their training programmes. Project management, business, finance or economic orientated degrees can be useful.
Several organisations offer professional qualifications relevant both for inexperienced project managers and project managers with several years' experience, including the Project Management Institute (PMI) and Chartered Management Institute (CMI). These range from introductory right up to postgraduate levels.
The following also give a broad introduction to project management for new entrants:
- PMI Certified Associate in Project Management (CAPM®)
- CMI Certificate in Programme and Project Management
The following are for those with some experience of leading projects of different size and scope:
- PMI Project Management Professional (PMP®)
- CMI Diploma in Programme and Project Management
At senior management level:
- PMI Program Management Professional (PgMP)
- CMI Diploma in Innovation and Change Management
- Level 8 CMI Certificate, Award and Diploma in Strategic Direction and Leadership
Project managers working specifically in IT may also take a The Information Systems Examinations Board (ISEB) qualification in programme and project support. These range from foundation to practitioner and higher level qualifications. Some employers may also require project managers to demonstrate their understanding of financial services and undertake specialist technical qualifications, such as those offered by the Institute of Financial Services, the Chartered Insurance Institute or the Chartered Institute for Securities and Investment.
Projects will always play a central role in financial services, with companies keen to stand out, develop and market new products and reduce internal costs. Qualified and highly experienced project managers may eventually become self-employed, offering their expertise at consultancy rates. Although entry to jobs is competitive, demand for experienced project managers remains steady. Opportunities exist in all major financial centres nationwide. Most central project teams are based within head offices, although larger companies sometimes have dedicated regional resources also. Overseas posts, particularly short-term secondments to work on global projects may be available, particularly within an international organisation.
