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10 Things You Should Know About What Type Of Architect Makes The Most Money Uk | If architects want to be paid more, they need to find ways to earn more
- There are signs that things are changing; more practices are experimenting with hybrid fee structures encompassing elements of bonuses linked to financial outcomes. Some architects even reduce fees in exchange for ‘sweat equity’ in deals. Others are entering into joint ventures with developers or even becoming developers themselves. - Source: Internet
- It is also time for architects to be more creative with fee structuring. It may be difficult to charge a fee based on a commercial outcome that has not yet manifested. However, by linking fees to realised commercial upsides, architects can increase fees. For example, if the architect that I spoke of at the beginning of the column had set up a fee structure of a £2,000 fee plus a bonus of 0.25 per cent of increased GDV, well, their fee would have been over £40,000 – a considerable sum of money but one the developer would (I think) happily have paid. - Source: Internet
- If you are considering applying for a RIBA part 1 degree course, bear in mind that most institutions request a combination of arts and science subjects and some require specific subjects, such as maths and art and design. A portfolio is usually required as evidence that you have the potential to learn the technical drawing you need for architecture. An interview is also likely to be part of the selection process. - Source: Internet
- Part 3 involves an assessment of your work experience plus an exam focusing on professional practice and management. When you’ve passed this stage, you can register as an architect with the Architect’s Registration Board (ARB) and call yourself an architect. The job title is protected: only qualified professionals registered with the ARB may use it. - Source: Internet
- According to the Royal Institute of British Architects (RIBA), the median salary for a part 1 architectural assistant is around £20,000. Part 2 architectural assistants earn around £28,000. The Hays UK Salary and Recruiting Trends Survey also puts the typical salaries of part 1 architects between £16,000 and £22,500, depending on location, and part 2 architects between £22,750 and £30,000 in London. - Source: Internet
- Moving forward, it is important that architects try to think outside the box when it comes to fees. This will necessitate developing an appetite for risk. Leaving an element of your fee on the table in return for a share of the upside is a calculated risk that will yield positive outcomes for many. - Source: Internet
- Architects are underpaid, and it could be argued that practices need to pay higher salaries to solve this problem. However, the amount that practices are able to pay in wages is obviously linked to the fees these practices generate. So it stands to reason that, if fees increase, then so will wages. In the example I gave earlier, the architect in question commented that, had they taken time to consider their work’s commercial implications, they would have charged a lot more. However, I don’t think the solution is quite that simple. - Source: Internet
- The architect apprenticeship involves completing parts two and three of the RIBA process while working for a practice or similar employer. This apprenticeship usually lasts four years. However, you must have completed the RIBA part 1 qualification in order to apply. Entry requirements will be set by the employer and the university. - Source: Internet
- A few years ago, I was told a story by a prominent architect which even now seems somewhat unbelievable. The architect in question had been asked to carry out a design review for a sizeable multi-use scheme. It seemed like a couple of days’ work for a senior and junior architect, so a fee of a few thousand pounds was agreed. While reviewing the project, the architects identified a few design inefficiencies relating to the building’s core location and general circulation within the floor plans. - Source: Internet
- If the pay problem is to be solved, the fees generated by practices across the industry must increase. If you want to pay more, first you must earn more. The legal profession doesn’t have this problem, and it is for one simple reason – people expect to pay a lot for good legal service. Why should architecture be any different? - Source: Internet
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