|Following is the results of a survey conducted with AIC membership in 2012.|
The salary of a designated appraiser is considerably higher than the average Canadian.
- The average net income of AIC active members, both fee and non-fee, is $79,000.
- Average net income for fee-appraisers after deductions is $75,000.
- Average salary for non-fee appraisers is $86,000.
- According to Statistics Canada, in 2010, the average Canadian working full time, or 30 or more hours per week, makes an average of $44,366.
Becoming a fee-appraiser increases your opportunity to earn a higher salary.
- Over half (60%) of fee appraisers earn a gross income before business deductions of more than $90,000
- 50% of fee appraisers earn a net income of $75,000.
- 11% of fee appraisers earn more than $250,000.
- There is a direct link between income and hours worked.
Obtaining an AACI designation could mean a six-figure income.
- The average gross income of our AACI designated members is $102,000.
- The average net income during AACI designated members during their first five years as an appraiser is just over $52,000.
Many employers – within private and public sectors- hire designated appraisers.
- Real estate consulting
- Valuation firms
- Insurance/lenders/Asset Managers
- Small appraisal firms
- Federal government/agency
- Provincial government/agency
- Municipal government/agency
- Appraisal Management Companies (AMCs)
There is growing opportunity for women within the field of appraisal services.
- 78% of appraisers currently are men.
The appraisal profession requires analytical competencies.
- Over 85% of employers indicate that they are looking for analysis and critical thinking in new appraisers.
- Other skills and areas of practice include greater analytical abilities such as statistical modeling, database analysis, and development of property tax assessment knowledge.
- Development of property tax assessment skills including mass appraisals.
- Ability to understand and interpret legislation.
- Additional database analytics and other IT skills.
There is significant demand for appraisal services within large employers.
- Larger employers will have a much higher rate of turnover due to retirements of almost half (47%) of their Designated Appraisers over the next 5 years.
- Most large employers (81%) will be seeking new employees with appraisal expertise in the next 1-5 years.
- Over 1,110 new designated appraisers will be required over the next 5 years.
To meet employer demand the AIC will need to designate over 220 Appraisers per year; a substantial increase over current numbers.
- An example of large employers that require appraisal experts include: corporate entities such as Altus, Colliers, Sun Life Insurance, TD Bank, RBC; public employers such as each municipality and provincial assessment agencies such as BC Assessment or MPAC; mortgage guarantors such as CMHC and Genworth; utility companies such as Hydro One and Manitoba Hydro; and federal government employers such as PWGSC and CCRA. Smaller employers are primarily specialized real estate appraisal firms.
Most large employers will pay for AIC accreditation and education to enhance their employees’ appraisal skills.
- 68% will pay membership fees.
- 74% will pay for AIC candidate courses.
- 61% will pay for Continuing Professional Development courses and other continuing education courses.
Employers are willing to invest in students to help them become accredited appraisers.
- Over 60% of Employers (68% of Large employers; 61% of small employers) hire students with the intention of having them designated.
- Over one third also said they will have openings for Co-op students over the next 1-5 years.
Students with an AIC designation will increase their chances of employment.
- 81% of large employers said they are “very likely” to hire appraisers with an AACI designation; 50% indicated that they are “very likely” to hire appraisers with a CRA designation; and 54% indicated that they are “very likely” to hire an AIC Candidate.
- 61% of employers, both large and small, place the highest importance on those students already pursuing the AIC designation compared to 25% who indicated a Bachelor of Commerce was all that was important.
About the Survey: The Membership study results are based on an on-line survey of active members conducted from June 20 to the 29th, 2012. A total of 1,054 completed responses were obtained. This represents a 26% response rate and results are considered accurate to within +/- 3%, 19 times out of 20. The employer survey was based on a multiple lines of evidence approach. This included in-depth interviews and an online survey of the 35 of the largest employers of AIC members. This was augmented by results from the membership survey including from those who self-identified as having employment responsibility. The study was conducted by Douglas Meredith and Associates, consultants specializing in business research and strategy.