One of the hardest decisions for many APC candidates is: which pathway? To many, this will be obvious, and probably based on the experience they are likely to gain in their day job. However, for a significant number of other people, their experience might be quite focused and the conundrum is whether to pursue one of the specialist pathways, for example: corporate real estate (the CRE pathway) or property finance and investment (the PFI pathway) instead of the commercial real estate pathway (CP).
Although this might not seem like a major decision, those specialist pathways can be tricky to navigate and, while there is no official data, anecdotally, they are harder to pass, ie higher referral rates. Why is this, and what factors should be considered before choosing a specialist pathway?
Make it competency-led
Unless your employer is both willing and able to rotate you or you have a job that has real variety, the APC pathway decision must be experience or competency led. Do not pick a pathway and then hope you can somehow meet the competency requirements. Unless there is some specific reason – you want to be a registered valuer, for example – getting your MRICS in the CP is undiscernible from getting MRICS in the CRE pathway.
Given that all pathways have mandatory core competencies, these should be the starting point. If you are unlikely to gain meaningful practical experience (level 2) of valuation or measurement, the CP may not be a viable option. However, the absence of those two competencies to level 2 must be judged in the context of the mandatory competencies of the respective specialist route. Ask yourself: will it be easier for me to arrange that level 2 experience than to achieve three level 3 competencies (and one level 2) from financial modelling; investment management; property finance and funding; and inspection (for the PFI pathway). The specialist pathways will be assessed by chartered surveyors with experience in those areas, and level 3s are harder to achieve than level 2s.
Too often we see candidates who cannot demonstrate level 3 for some of the very specialist competencies. Level 3 is both depth of understanding and provision of reasoned advice. Again, using the PFI pathway as an example, you may have modelled the debt terms (financial modelling level 2) but have you been involved in negotiating term sheets or loan documents? Are you familiar with the soft and hard covenants etc? A similar issue applies to the CRE pathway. You must have either business alignment or strategic real estate consultancy to level 3 and either landlord and tenant or property management to level 2.
If in doubt, refer back to the respective pathway guide(s) to ensure that you are completely aware of what is required at level 3, because that is the benchmark that the panel will use for their assessment. And, level 1 knowledge is the foundation of level 3 advice. Ask yourself: am I declaring a competency in which I truly have level 3 experience?
My advice to both property finance and corporate real estate candidates who are nervous, is to consider the commercial pathway in detail alongside their specialist pathway. The commercial pathway has significant overlap in terms of optional competencies.
While it is obvious that some competencies are not relevant to any given candidate, for example, capital taxation, the full competency list and descriptors are well worth a read. Your professional experience can often be fairly applied in more than one competency.
Strategic real estate consultancy is a very broad competency. While you may find that RICS Requirements and Competencies Guide (August 2018) does not always have examples of likely knowledge, skills and experience, if that competency is core to another pathway, you will find a more detailed summary in the relevant pathway guide. For example, strategic real estate is core to the CRE pathway and is described fully in that pathway guide.
Differences between the levels
Clearly, if you are trying to arrange some work experience to get valuation and measurement, you could also try to nudge your existing role towards the competencies in which you feel weak. At this point, it is worth reiterating the differences between the levels. Using property measurement as an example, level 1 is reading RICS Property Measurement and knowing the Code of Measuring Practice bases of GEA, GIA and NIA and when they are used, together with IPMS 3, etc. You are not expected to have used these in practice.
Level 2 requires you to have undertaken measurement which might, for example, be taking notes of distances while a qualified surveyor is using the Disto. The difference here between level 2 and level 3 is that at level 3 you will be deciding which bases to use and between which points you are measuring. You will have the depth of understanding to be able to identify the internal dominant face, for example.
The specialist pathways have mandatory competencies in which you will be expected to demonstrate the appropriate level. Panels have some latitude in not covering all of the level 1 mandatories but are instructed to start questioning at level 3. Don’t gamble that you might not be asked, because you will. And it will be a probing style of questioning to ascertain whether you have the requisite depth of knowledge and have provided real advice. Plenty of referral reports mark a candidate as having achieved level 2 in a competency that they declared to level 3. The panel could tell what the candidate had been doing but their submission and interview answers were not convincing that they had been understanding and advising.
The key to success
Sit down with your supervisor and have a detailed conversation about the range of available competencies and compare these with your likely experience. Are you going to get the appropriate breadth (range of competencies) and depth (level 2/3) of experience in your training period? Have you fully considered alternative pathways and alternative options for gaining experience in those tricky competencies? Getting started on the right path is critical for APC success.
Resources
- RICS Requirements and Competencies Guide (August 2018)
- DeLever Network; instant APC messaging and the facility to ask a question of APC experts
- Masterclass recordings on rules of conduct and ethics (formal CPD)
- Mock interviews, final assessment and masterclasses
- Commercial Property Quick Start Revision Guide
- DeLever myAPCDiary
Ralph Charlwood FRICS is a DeLever APC expert coach, mock interview assessor and RICS APC assessor and chair
