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. A study published today also 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 per cent increase in the probability of being employed because of the transferable skills on offer, according to the study. This figure, coupled with the 37 per cent wage premium received by professionally qualified staff demonstrates the high value employers place on the skills developed by professional bodies