RICS members get paid more - survey

Members of the Royal Institution of Chartered Surveyors (RICS) working across all sectors of the property market in Europe continue to earn more on average than their non-chartered counterparts, according to the 2008 RICS and Macdonald & Company salary survey. The report, which polled more than 800 people, indicates that the credit crunch, the current fall of property prices or recent exchange rate movements have had an impact on the salary trends, affecting notably those persons working in the residential property sector.

As a result, even though most of respondents reported a salary increase, the general average salary and bonuses in Europe has fallen (-9%) significantly compared to last year survey. The average salary in 2008, excluding bonuses and other benefits, is EUR 70,187, against EUR 76,970 in 2007. Less than one third (30%) of the respondents to the survey anticipated that the economic activity in their chosen professional activity will increase over the next 12 months (compared to 63% in 2007).

Nevertheless, the survey reveals that those professionals in Continental Europe with an RICS status earned 46% more on average than non-members (EUR 87,882 against EUR 59,990), especially in the early stages of their career, making the qualification increasingly interesting for young graduates. The best rewarded were those working in the investment, financial services and commercial sector. Geographically, the highest salaries were registered in Belgium, the Netherlands and Luxembourg, followed closely by the Scandinavian countries. The lowest salaries and bonuses were reported in UK and Ireland.