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Top 10 Reasons To Become An Appraiser

appraiser-img-large Following is the results of a survey conducted with AIC membership in 2012.
 
1

The salary of a designated appraiser is considerably higher than the average Canadian.

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  • 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.
2

Becoming a fee-appraiser increases your opportunity to earn a higher salary.

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  • 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.
3

Obtaining an AACI designation could mean a six-figure income.

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  • 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.
4

Many employers – within private and public sectors- hire designated appraisers.

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  • 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)
5

There is growing opportunity for women within the field of appraisal services.

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  • 78% of appraisers currently are men.
6

The appraisal profession requires analytical competencies.

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  • 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.
7

There is significant demand for appraisal services within large employers.

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  • 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.
8

Most large employers will pay for AIC accreditation and education to enhance their employees’ appraisal skills.

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  • 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.
9

Employers are willing to invest in students to help them become accredited appraisers.

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  • 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.
10

Students with an AIC designation will increase their chances of employment.

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  • 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.