Salaries in the Debt Advice Sector

Salaries in the Debt Advice Sector Report

It’s been a long-held objective of the Institute to achieve wide recognition of money advice as a skilled profession. Our specialist qualification, the Certificate in Money Advice Practice (delivered in partnership with Staffordshire University) is now required by many employers recruiting to money advice roles in their organisations.

The adoption by MAS of a tailored version of the IMA’s Continuing Professional Development scheme in 2018 provided further recognition of money adviser’s professional status and the need to maintain ongoing learning and development in order to deliver high quality advice.

At a recent IMA conference, advisers discussed the implications of mandatory accreditation and we reflected their concerns in our response to the Independent Review of Debt Advice Funding by Peter Wyman, as follows:

‘we are aware that many employers pay significantly below the average national weekly wage. If a qualification is to become a formal requirement for working as a skilled professional debt adviser, there should be a commensurate increase in salary levels in the sector…

To better understand the remuneration of our members and whether salaries reflect professional expectations, we invited IMA members to complete a detailed survey about their roles and salaries. Data was gathered between May and September 2018 and we are now pleased to publish findings from the report.