| | New, independent
economic impact analysis
reveals that individuals
with professional
qualifications and
membership stand to gain
£152,000 in additional
earnings, over the
course of their career.
The study uncovers wide
benefits to the public
purse, as professionally
qualified individuals
deliver higher tax
revenues for the UK
Exchequer.
Commissioned by eight
of the UK’s leading
professional bodies, the
study is based on
analysis of data for six
consecutive quarters of
the Labour Force Survey.
Key findings include:
● boost in
earnings: the estimated
lifetime economic
benefit associated with
holding professional
qualifications has been
valued at £81,000. The
study also shows how
membership of a
professional body can
result in additional
earnings of up to
£71,000 in today’s money
terms.
● revenue driver:
based on today’s
taxation levels the
estimated additional | |
|
| | lifetime tax revenue
contributed by an
individual with
professional
qualifications and
membership currently
stands at £53,000.
● employer value:
individuals with
professional
qualifications and
membership enjoy a 9%
increase in the
probability of being
employed because of the
transferable skills on
offer, according to the
study. This figure,
coupled with the 37%
wage premium received by
professionally qualified
staff demonstrates the
high value employers
place on the skills
developed by
professional bodies.
The report shows that
professional training
and development is a key
lever of support for the
Government’s Skills
Strategy. Together, the
eight institutes deliver
over 50,000
qualifications per year
and, in line with
Government plans to
“ensure employers have
the right skills to
support the success of
their business”, the
majority of ‘students’
undertake qualifications | |
| |
| | qualifications are
undertaken across a
range of age groups, and
are split evenly by
gender, the study
shatters the myth that
professionalism is
elitist.
Against this
backdrop, the eight
professional bodies are
collectively calling for
the creation of a
Professional Skills
Council. The aim is to
create greater value for
the UK Commission for
Education & Skills by
raising demand for
professional and
higher-level skills
across the 25 Sector
Skills Councils and
identifying gaps and
shortages of
professional skills
across a range of
industries.
Ruth Spellman, chief
executive of the
Chartered Management
Institute, commented:
“With 70% of the 2020
workforce already in
employment, the
prosperity of the nation
is dependent on
up-skilling and updating
knowledge. The creation
of a Professional Skills
Council would deliver
significant value by
simultaneously | |
|
| | highlighting employer
need, raising employer
ambition and encouraging
UK organisations to make
strategic investments in
the development of their
teams. After all, if
employers think
competent people are
expensive, they should
take a moment to think
about the cost of
incompetence.”
The research was
commissioned by the
Consultative Committee
for Professional
Management Organisations
(CCPMO) – a group
representing eight
leading professional
bodies in business
disciplines with over
half a million
individual members and a
knock-on reach across
millions of employers.
The members of the
CCPMO are the Chartered
Management Institute,
Chartered Institute of
Logistics and Transport,
Chartered Institute of
Management Accountants,
Chartered Institute of
Marketing, Chartered
Institute of Personnel
and Development,
Chartered Institute for
Purchasing and Supply,
Institute of Credit
Management and Institute
of Chartered Secretaries | |
|
| | while remaining in
employment.
Speaking at the
launch of the report,
Charles Tilley, chief
executive of CIMA and
chair of the
Consultative Committee
for Professional
Management
Organisations, said:
“Driving up the demand
for professionalism in
the UK has the potential
to be immense. Not only
can individuals benefit
at a personal level, but
the spill-over effect
brought about by
influencing team members
can have a huge impact
on UK productivity.”
The report also
highlights how
professional
qualifications are ‘open
access’, ensuring that
individuals are able to
build transferable
skills no matter what
their previous
qualification level has
been. By demonstrating
that professional | |
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