Nearly half of employees in assessment industry to retire or leave
in next nine years, according to new IAAO compensation survey
March 20, 2017
Kansas City, MO – Nearly half of employees in the assessment industry may retire or leave the industry within 10 years, with nearly a quarter planning to leave within five years, according to a new compensation report by the International Association of Assessment Officers.
The IAAO 2016 Assessment Industry Compensation Survey, performed by Readex Research, was recently released and is available through the IAAO website (www.iaao.org/store) as an eBook or a printed copy. Pricing for the eBook is $199 for IAAO members and $399 for nonmembers. Printed copies are $249 for members and $499 for nonmembers.
Among the major findings from the 2016 survey are:
Nearly half, or 48%, of employed respondents plan to retire or leave the assessment industry within nine years, including 23% who plan to do so in less than five years.
The average (mean) full-time assessment professional reported an annual base salary of $66,800.
12% reported annual base salaries of $100,000 or more while 13% reported salaries below $40,000.
IAAO members reported median annual base salary of $66,000, versus non-members at $56,800.
Among those who currently hold an IAAO designation the median salary is $63,000; $2,400 higher than the median salary among those who don’t have a designation.
Those who are self-employed or work for multiple jurisdictions reported the highest median salaries; those who work for a state or county/county equivalent reported the lowest.
Approximately half (48%) have completed a bachelor’s degree or higher
Approximately 50% of respondents were 50 years of age or older.
“The number of people looking to retire is similar to what other industries are facing and one of the reasons IAAO has been working to establish and encourage the IAAO U40 Leadership Lab,” said IAAO President Randy Ripperger. “The U40 Leadership Lab exists to prompt those under 40 to become more involved in IAAO and the industry to prepare them for future leadership positions.”
The survey provides information from approximately 3,000 respondents on compensation and provides an in-depth analysis on compensation by job descriptions, experience, education level, and size of jurisdiction.
The compensation survey is the only survey in the assessment profession gathered at a national level in the United States that includes a standardization of hundreds of job descriptions. The last completed IAAO Salary Survey was in 1996, preceded by an almost identical survey in 1990.
About the IAAO
IAAO is the leading nonprofit, educational and research association for individuals in the assessment profession and others with an interest in property valuation and taxation. IAAO’s mission is to promote innovation and excellence in property appraisal, assessment administration and property tax policy through professional development, education, research, and technical assistance. IAAO currently serves more than 7,000 members worldwide. For information on IAAO, visit www.iaao.org
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