Andy,
I would agree with you depending on how enlightened the Senior Management Team (SMT) is. I have come into or consulted in companies where the PM was seen as nothing but a technical lead by the SMT and have spent a lot of time teaching and coaching the PMs to take on P&L responsibly for their project including managing:
1) The Budget from a planned to an actual basis with Change Control factored in. I expect them to perform like a line manager with a department budget.
2) Resource Management from requesting them, assigning them, tracking them, knowing/sharing their metrics, and finally giving them a mini-appraisal during their time on project to the resource manager.
3) Quality Management by actually being responsible for the product their teams produce. They are part of the QA process and take part in testing and reporting.
4) Risk Management from identifying and quantifying the risk to creating a watchlist for triggers and management/mitigation plans. This includes budgeting and managing their contingency.
5) Issue Management, escalation and resolution.
6) SMT-level Status Reporting teaching them complete staff work. They have to organize and present SMT-level project briefings on a period basis.
7) Project Peer Reviews helping/coaching/mentoring their fellow PMs through the project lifecycle.
Once they have gone through this mini-certification, I can say they are ready for management or program management because they have demonstrated general management skills and demonstrated they can deliver in project management.
John F. Filicetti, PMP, MBA