RICS qualification continues to reap rewards
RICS and MacDonald & Company Salary Survey 2008
Average salary increases for chartered surveyors continue to perform well ahead of other jobs*, reports the annual RICS and MacDonald & Co salary survey published today (7 March 2008). 2007 increases remained in line with previous years amounting to a steady increase of 6.25 percent each year over the past four years.
RICS members continued to shine earning far more than their non-chartered counterparts, especially in the early stages of their career, making the qualification increasingly of interest to young graduates.
The average salary of RICS Members (MRICS and FRICS) is £49,366 - 51% higher than non-chartered personnel who averaged £32,729. Average salaries of RICS members tend to be particularly higher than their non-chartered counterparts at the earlier stages of their career with members aged 23-26 years earning 31% more than their non-RICS counterparts (£31,795 versus £24,290) and those aged 36-45 years, earning salaries 36% higher (£56,382 versus £41,412).
“Those in the second year of a graduate scheme who take their APC see their salaries shoot up from £25,000-£26000 straight to £33,000-£34,000 plus car allowance and other benefits,” says Peter Moore MRICS, Managing Director of MacDonald & Company. “Percentage wise this is a huge leap at an early stage in a person’s career, showing the real benefits structured RICS training can achieve.
“The higher earnings enjoyed by RICS members later in their careers shows the relevance of the qualification and the value employers place on those willing to make the investment of time and effort.”
Though salary took over as the most important aspect of a participant’s job pushing interesting work into second place, career progression has increased significantly in importance at a total level. 59 percent of respondents placed high importance on career progression opportunities, with a further 69 percent of respondents stating that they are were unlikely to change jobs in the next twelve months. This strongly indicates that employers are recognising the needs of their staff and providing effective career development opportunities.
Sean Tompkins, RICS Chief Operating Officer comments:
“To qualify as a chartered surveyor takes dedication and application. The rewards are justifiably higher for chartered property professionals recognising their enhanced status and high standards of professionalism and integrity.
“The exceptional differences in salary enjoyed by our members, against those that are non-chartered, show the value and status of the qualification and recognition of the first class individuals employed by firms. With 87 per cent of respondents happy with their current jobs, this survey is very encouraging of the strides employers have taken in this sector.”
Ends.
Notes to Editors
About RICS
RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 140,000 members globally and represents, regulates and promotes the work of property professionals throughout 146 countries. RICS is governed by a Royal Charter approved by Parliament which requires it to act in the public interest. It is also a professional regulatory body approved by Government (HM Treasury).
About the RICS and MacDonald & Company Survey
Now in its ninth year the annual survey enjoyed its largest and most comprehensive response ever with over 6,900 participants – 2,000 more than in 2007. Just over half of those completing the survey this year were Assistants / Probationers and Professional Staff (52% versus 28% in 2007) with the average age of participants falling for the second year in a row, to 35 in 2008, compared to 38 in 2007 and 40 in 2006.
Obtain the full survey from the PDF downloads panel on the right-hand side.
*The UK average salary increase in 2007 for all jobs was 3.8percent. Source: Office of National Statistics
For further information, please contact
Shella Ali
Press Officer
RICS Communications
T: +44 (0)20 7334 3703
F: +44 (0)20 7695 3722
E: sali@rics.org
