Welcome to The Clear View from A D S Financial Services Solutions (ADS). In this periodic issue we will share our perspective on the latest industry issues and trends in the financial services world. We are kicking off our publication with a topic that affects all of us, personally and professionally - the value of certified professionals.

Enjoy! We welcome your comments or suggestions, please e-mail us at TheClearView@adsfs.com

William H. Gallagher
President & Chief Executive Officer
ADS Financial Services Solutions

Know the Rules of the Game
My phone has not stopped ringing since my friend Paul, took a severance package from our local bank where he was a manager for two decades. Unemployed, uncertified and determined, Paul started his own Financial Planning practice, and now my wife insists we should give Paul part of our retirement portfolio to manage.

Unfortunately, Paul doesn't realize that today, industry-recognized certification is a critical differentiator when buying services and protecting our assets. From choosing a doctor, or auto mechanic to a financial planner, professional certification provides the confidence you need when selecting service providers. In the financial services industry, Certification of Project Management Professionals (PMP®) has become a required accreditation over the last couple of years.

As for Paul, if he had opened his practice in the 1980s, the combination of his banking and investment experience would have given him a good chance for success. But today's investment environment makes it impossible for Paul to enter the market without proper industry certification.

Learned Lessons
In the financial services industry, the stakes are higher than ever when it comes to managing projects. IT leaders are expected to do more with less; from accelerating project timelines and delivering new products, to improving customer retention while complying with new regulations. Oversight and leadership by Certified Project Management Professionals, who possess in-depth industry experience, is a key factor in the achievement of those objectives.

In the past, the financial services industry has foregone Project Management as a discipline for the sake of simplicity or expediency. A quick review of the past 15 years demonstrates, in our experience, how Project Management has been utilized effectively yet inconsistently. Read More.

According to the Standish Group, 'In the United States, we spend more than $250 billion each year on IT application development of approximately 175,000 projects. The average cost of a development project for a large company is $2,322,000; for a medium company, it is $1,331,000; and for a small company, it is $434,000. A great many of these projects will fail.' (1) Can you imagine handing over a major project (and perhaps your career) to a Project Manager that is not certified?

Call the Bluff
Consider the difference between "I've managed projects in the past" versus "I'm a Certified Project Management Professional with over 4,500 hours of experience" next time you are tasked with finding a Project Manager who can excel in a project-oriented environment.

We live in a world of accountability and audit-ability. Both business and technology needs are constantly changing and we must ensure that:

1. Every project we undertake has the best possible chance of success,
2. Our organizations are leveraging best practices; and most importantly,
3. We employ Certified Project Management Professionals to run such projects.

Did you know that to obtain PMP® certification, at a minimum, a project manager must satisfy educational and experiential requirements such as:

• 4,500 hours of PM experience
• At least 3 years of PM experience within the six year period prior to application
• 36 unique (non-overlapping) months of PM experience to satisfy the 3-year requirement
• 35 hours of PM coursework

• Must complete rigorous PM examination, and must maintain yearly PMP accreditation

If you are wondering what happened to Paul, well, his practice hasn't been very successful and he is now considering certification. Until then, he won't be seeing any of my assets.
What will you do when you are considering how to launch your next project management initiative?

1 - Standish Group

The respondents of the study were IT executive managers from large, medium, and small companies across major industry segments, e.g., banking, securities, manufacturing, retail, wholesale, heath care, insurance, services, and local, state, and federal organizations.