Should I Become a Chartered Manager & Is It Worth It?

When you are working in a leadership or management position, you might have heard the term ‘Chartered Manager’. 

It is a very prestigious title in leadership & management, but what does it mean? 

Should you become a Chartered Manager, and if so, why? 

In this article, we break down the benefits of becoming chartered, what it means for your professional life and how to become a chartered manager.  

What is a Chartered Manager? 

The title of Chartered Manager holds a lot of weight in leadership & management. 

In fact, it is the highest title one can achieve in this field. 

It is internationally recognised and it demonstrates that the holder has the ability to make significant change for a company, take charge to lead with professional and ethical behaviour, and overall quality leadership abilities. 

The title is especially helpful in turning so-called “accidental managers” into educated, inclusive and thoughtful leaders. 

What does a Chartered Manager do? 

A Chartered Manager plays a key role in any company they are working for. 

Their skillset is crucial in driving the long-term success of a business through strategic management and leadership techniques. 

Chartered Managers evaluate and develop the performance of the people, projects and operations they are involved with. With this knowledge, they then identify opportunities for growth, after which they implement necessary changes. 

‘Chartered Manager’ is not a job title in itself; however, you can expect to find chartered managers in high-level management roles such as Head of Department, Senior Manager, Director and Chief Executive.  

If you’re looking to progress into a role where you’ll be responsible for driving significant areas of the business forward, it’s worth exploring chartered manager status.  

How much do chartered managers earn? 

As with any role, the salaries can vary depending on the company and industry a Chartered Manager is active in.  

We have found that those with chartered management status earn between £31,000 and £86,000 annually.  

Job site Indeed mentions that the average salary for a management accountant is £40,739 per year, but they make a note that Chartered Managers have the capability to earn twice as much once they have obtained the qualifications. 

According to CMI research, those who become chartered gain an average pay rise of £13,000.  

What does CMI mean? 

The Chartered Management Institute (CMI) is a professional institution for management based in the United Kingdom. 

They are the only organisation in the world that can grant the title of Chartered Manager and have more than 75 years of experience in business leadership. 

How many Chartered Managers are there in the UK? 

The CMI reports that there are over 17,000 chartered managers in the UK, which are contributing a total of £66 million to the annual GDP. 

How do I become a Chartered Manager? 

CMI is the only professional body able to award Chartered Manager status and offers 2 routes: Fast Track and Full Assessment.  

If you have a CMI Level 5 Diploma and a few years’ experience in a management role, you can take the Fast Track route to achieve Chartered status. This route considers your previous studies with CMI and requires a written submission demonstrating your capabilities as a management professional.  

If you don’t have a CMI Level 5 qualification, you can still become a chartered manager through the Full Assessment route. To be eligible you’ll need a relevant degree-level qualification and at least 3 years’ experience. Alternatively, 5 years’ experience without a degree in a management role. This route includes a written submission or group discussion, CMI advisor discussion and a face-to-face interview.  

Benefits of becoming a Chartered Manager 

Being a Chartered Manager has many benefits to help you in your current role, as well as any future jobs you might take: 

• Adds credibility to your qualification, experience and skills 

• Opportunity for a higher salary or pay rise 

• Demonstrates your management skills 

• Improves employability and career prospects 

• Allows you to reflect on work challenges and experiences 

• Prepares you for more challenging management roles 

• Improves your management skills 

• Benefits of chartered managers in a business 

• Boost business revenue by an average of £62,000 per year and £310,000 over 5 years 

• Improved managerial expertise within the organisation 

• Positive impact on business productivity and culture. 

How MOL can help you become a Chartered Manager 

Becoming a chartered manager has numerous benefits for both you and your employer. If you’re interested in driving long-term business growth and being recognised worldwide as an excellent manager, it’s the best option for you and your career.  

Visit our CMI Level 5 Diploma to get yourself on the Fast Track route to becoming a chartered manager. For more information, reach out to our team of experts or call our qualified experts at 0345 203 2103.