PMItoday - June 2009

The
Talent

d
espite world economic woes,
project managers can take
comfort in the fact that they
are part of a profession that
is in demand. A number of reports by
economists and researchers indicate
that global demand for individuals

who are appropriately educated in the principles and tenets of project, program and portfolio management will increase dramatically over the next decade. This is due in large measure to the growth of projectized industries.

Gap

All monetary figures in U.S. dollars unless otherwise indicated.

Evidence of this growth is the amazing increase in the number of project managers who hold PMI’s Project Management Professional (PMP)^®credential. In the last nine years, the number of PMP^®credential holders has grown by more than 1,000 percent–to over 330,000 people.

economies, despite the current global economic downturn. A report in The McKinsey Quarterly said that $12 trillion—or one-fifth of the world’s GDP—will be invested in projects each year in the next decade.

Gross fixed capital formation is now at about $12 trillion, com-

A 2008 study by Anderson Economic Group reported that overall demand for workers in project-oriented occupations is growing faster than in other occupations. The study estimates that employment in project-oriented occupations across all industries will grow 1.5 percent from 2006 to

Total PMP®
Credential
Holders

US$ trillions

Gross fixed capital
formation is now at
about $12 trillion

The world economy is increasingly dominated by projects. Budgets represented by projects are growing at a phenomenal rate, particularly in developing

2SUPPLEMENT PMI Today • June 2009

pared with $2.6 trillion about four decades ago. This figure, one of the measures of economic growth used by the World Bank, primarily comprises large infrastructure projects such as construction of roads, hospitals, schools, etc.

A recent study published in the

Journal of Academy of Business and Economics found that percentage increases of fixed capital growth are even more dramatic in emerging economies such as China and India.

2016, compared to 1 percent growth for total employment.

The study also established that there would be an even greater demand in projectized industries. These are defined as industries driven by projects such as manufacturing, construction, pharmaceutical, IT and IS. Because they are growing faster than the overall economy, these industries are hiring more project employees, and are offering higher average pay for project-oriented workers (annual salaries of $89,000 vs. $49,000 for non-project-oriented workers).