In the complex world of pensions management, professional recognition and ongoing development are crucial for both individual careers and the industry as a whole. Recently, the Pensions Management Institute (PMI) launched the Membership by Experience (EPMI) status, sparking debate about its true impact. Is it a valuable recognition that benefits candidates while raising professional standards?
Understanding EPMI Status
The EPMI status is designed for professionals with significant industry experience who may not have pursued formal qualifications. This initiative aims to acknowledge their expertise and contributions, providing a pathway to membership that reflects their professional
journey. According to the PMI, this status is intended to increase inclusivity within the profession, allowing experienced individuals to gain recognition without the need to go through standard qualification routes.
Regarding cost, for the first-year subscription you are looking at £650 for membership and then annual renewal fees at £550.*
Requirements
To apply for EMPI status, you need a minimum of 10 years of experience within the pensions industry! So that raises the questions… Is it worth it? What factors are worth considering? And what benefits would the EMPI membership offer you?
Benefits
1. Recognition of Experience: The EPMI status validates the skills and knowledge gained through years of practical experience. For many professionals, particularly
those entering the industry before stringent qualification requirements were in place, this can be a significant boost to their confidence, CV, and credibility.
2. Increased Opportunities: By achieving EPMI status, professionals can enhance their professional profile. This recognition could lead to greater networking
opportunities, improved job prospects, and potential career advancement. Employers may see EPMI holders as credible professionals who possess practical insights into the industry as it clearly demonstrates extensive experience within the industry.
3. Professional Development: The PMI emphasises that EPMI status is not merely a badge of honour; it comes with the expectation of ongoing professional development. This encourages members to engage in continuous learning and improvement, helping to raise standards within the industry.
Potential Concerns
1. Membership Fees: Gaining EPMI status requires candidates to pay membership fees (costs outlined above*). It is a decision weighing up if the financial cost is worth it for professional recognition. Of course, the answer to this will differ from person to person depending on circumstances and desired outcome. Nonetheless, this is a question that requires some consideration, especially in current economic times.
2. Quality vs. Quantity: Could there be a concern that by opening membership to experienced professionals without requiring formal qualifications, the PMI may dilute the quality of its membership base? Could this affect the overall perception of professionalism within the industry?
3. Limited Value Outside Membership: While EPMI status may open doors within the PMI network, its recognition may not carry the same weight outside the organisation. This could limit the true value of the status for candidates in the broader employment market.
Striking a Balance
The challenge lies in ensuring that the EPMI status truly serves its intended purpose without compromising professional standards, which is almost impossible to predict at this stage.
While it is important to acknowledge the expertise gained through experience, it is equally crucial to maintain a decision that is best for you.
To ensure that EPMI status offers genuine benefits for those applying for it, transparency is important and clear and concise information about the qualification must be researched and measured. It is important to have a clear understanding of the value of the membership and the professional development opportunities that this could present in both the current and future job market.
Conclusion
The introduction of the EPMI status by the PMI has the potential to benefit professionals by recognising their experience and promoting continuous professional development. However, it also raises questions about the motives and circumstances for each individual who is
considering applying.
Balancing the need for inclusivity with the importance of maintaining high professional standards will be crucial in determining whether the EPMI status is a true asset for the majority, or merely an expense that is not beneficial.
The industry will undoubtedly be watching closely to see how this unfolds.
By BranWell Ford.