If you’re in the management and leadership industry, you will have probably heard the term ‘chartered manager’ and be aware that , they typically make more money than a non-chartered manager.
In this blogpost, we focus on the subject of chartered managers, from how to become one, how much they earn and whether pursuing chartered manager status is worth it.
What is a chartered manager?
A chartered manager is a professional who plays a crucial role in business, as they have achieved the highest status in the management and leadership industry.
Chartered managers are typically found in high positions within the business industry, such as Head of Department, Senior Manager, Director and Chief Executive.
Chartered managers earn their status through the Chartered Management Institute (CMI), which is the only professional body that can grant a professional the status of chartered manager.
What is the difference between a chartered manager and a regular manager?
The CMI has a commitment to continuing professional development, so if you have a CMI recognised qualification in chartered management, you have an internationally recognised, prestigious institute endorsing your experience and expertise in the field of management.
Many employers seek to hire qualified chartered managers, as they can trust that they have the right experience, skills and expertise for the job, as recognised by the CMI.
Although a regular manager may have a lot of experience in the field of management, their experience isn’t validated by a trustworthy external governing body, which can leave room for unreliability in the eyes of employers.
If you have years of experience in the field of management, it is worth getting a CMI chartered management qualification to solidify and validate your expertise and experience, so you can get that much desired pay rise or promotion.
What is the process for obtaining chartered manager status?
The CMI provides professionals two routes to achieve chartered manager status. These two routes are called Fast Track and Full Assessment.
Full Assessment
To take this route towards a chartered manager qualification, you are required to:
- Have a degree level qualification that is specific to management, business or leadership, plus 3 years of experience in a management role.
- Or, if you don’t have a management specific qualification, you will need 5+ years of experience in a management position.
To be awarded chartered management status, you will need to complete a written application, describing your leadership and management journey, including your notable achievements during your time in the role.
For the assessment process, you will be assigned a chartered management assessor who will arrange an online discussion, where you can highlight your management and leadership skills and experience.
The assessor will then review your application, and if successful, you will gain chartered manager status.
Fast Track
If you have a CMI Level 5 qualification, you can take the fast-track route to achieving chartered status, as you only need 3 years of management experience.
How much does it cost to become a chartered manager?
CMI chartered management courses vary in price depending on which course is right for you. It costs around £650 (plus VAT) for the full assessment CMI course. For the fast track CMI course, it costs around £130 (plus VAT)
However, it is worth including any past qualifications that are required. For example, for the full assessment course, you are required to have a management, business or leadership related degree if you only have 3 years of experience in a management position.
This means you must include any fees relating to your degree, which can be around £30,000 in current times, not including any maintenance loans.
Choosing the fast-track course can be cheaper as it is only £130 (plus VAT), and although you are required to have a CMI Level 5 Diploma and only 3 years of experience in a management role, a CMI Level 5 Diploma costs around £2195.
How long does it take to achieve chartered management status?
Depending on which route you choose, it can take around 3-5 years of experience in a management or leadership position, to gain enough experience to pursue chartered management status.
If you are choosing the route of pursuing a degree in the business, leadership or management field first,this is an additional 3 years.
However, if you don’t have a degree and you already have 2 years of management of experience under your belt, you can pursue a CMI Level 5 Diploma while you work. This takes around a year to complete, so upon completion you will have the correct CMI Level 5 qualification and 3 years of experience to pursue chartered manager status.
The CMI chartered manager course can take as little as a few weeks to complete!
How much do chartered managers make?
Although there is no required minimum salary for chartered managers, due to their skills, expertise and qualifications, chartered managers tend to make significantly more than their unqualified counterparts. According to research by CMI, chartered managers tend to get a pay rise of around £13,000.
Because achieving a CMI Level 5 diploma and taking the fast-track route is cheaper than taking the degree and full assessment route, you will get a larger return on your investment.
Ultimately, due to the average pay rise and salary potential, it is definitely worth becoming a chartered manager.
Should I become a chartered manager?
If you are wanting to pursue personal and professional development in the management and leadership industry, achieving chartered management status is a great way to gain an industry recognised qualification. If you have years of experience in the management industry in your repertoire, it is worth solidifying your skills with a qualification that can provide you with more professional opportunities and a higher salary.
If you want a CMI recognised qualification, find out more about our online courses and kickstart your management career today.
