Associations - Associated benefits

A report undertaken in December 2008 by independent economic consultancy firm London Economics found that individuals with professional qualifications and membership of professional bodies stand to gain £152,000 in additional earnings over the course of their careers. The study also revealed that individuals with professional qualifications and membership enjoy a 9% increase in the probability of being employed because of the transferable skills on offer.

Many broker managers are members of management associations. Ian Gosden, managing director at Higos, said that joining the Institute of Directors was one of the most important decisions he has made in his career: "The IoD's Diploma of Directorship course has enabled me to grow my business. It formalised so many different things that we were already doing - the thought processes being one of them. We wouldn't be where we are without it."

Liz Foster, managing director at Ingham Hawkins and Nock, has been a member of the IoD for 10 years and is considering joining the Chartered Management Institute. She believes that management associations can hold vital benefits for the professional development of broker managers and more senior staff. Foster has attended seminars through the IoD, including one presented by the Cranfield School of Management and the annual convention at the Royal Albert Hall. When one of her senior staff joined the board, Foster enrolled him on a two-day course for new directors; other members of IHN's staff have also been to networking and training seminars and all speak highly of them.

However, not all broker managers believe that joining a management association is right for them or their companies. Rob Ward, managing director at broker Sennet Professional Indemnity, warned that smaller brokers may find that they do not have access to the full range of benefits.

Ward said: "I have been a member of the IoD but did not renew my subscription about 18 months ago. I had little opportunity to use the meeting facilities; none of the exclusive member discounts was that attractive; I was interested in the director exams though my company is too small for me to be accepted on the course."

- The second PB Leadership Training for Broker Managers will begin on 22 July. Successful delegates will gain a qualification issued by the Institute of Leadership and Management.

Management associations

Institute of Leadership and Management

The Institute of Leadership and Management partners nearly 100,000 individuals and organisations internationally each year to provide qualifications, membership services and specialist learning resources. A spokesperson said: "ILM qualifications and learning materials are designed to encourage people to link generic ideas and practices to their specific context and reflect on how they can apply them effectively."

Institute of Directors

Membership of the IoD is held individually rather than as a company and members receive benefits including information, advice, training, conferences and publications. The IoD also represent members' concerns to government. All members have access to facilities in the heart of London, as well as in Belfast, Birmingham, Cardiff, Edinburgh, Manchester, Reading and Leeds. Locations on continental Europe are also available by special agreement.

Chartered Management Institute

The CMI works across the UK to "bring professional

recognition" and support services to members. Benefits include: access to information services online or with the assistance of researchers; a bi-monthly magazine; free legal helpline; and opportunities to meet other managers and learn new management techniques. As a nationally recognised awarding body, the CMI has a range of professional qualifications that includes National Vocational Qualifications, certificates and diplomas in management. The institute is also able to offer Chartered Manager status, an independent assessment of an individual's ability to make a significant impact at work.

The Chartered Institute of Personnel and Development

The CIPD is a professional body involved in the management and development of people. With more than 130,000 members, the CIPD offers highly regarded professional qualifications and certificate programs or training courses.