Frequently asked questions about fees

How are College fees set each year?

Our College operates on a calendar year basis, and our membership subscriptions and training fees cover the period 1 January – 31 December each year.

Fees are set at the same time as the College’s budgeting cycle for the following calendar year. Extensive consideration of the budget is given by both the College Finance Committee and the Board prior to approval. 

A key objective is to always limit the level of fee increases for members, whilst remaining fiscally responsible and ensuring that the College’s activities can be funded sustainably for the year ahead. 

Why do fees have to increase in 2025?

Over the last five financial years, the actual increase in fees and charges approved by the Board has averaged 2.53% per annum in comparison to the CPI average of 3.88% over that time. In 2021 and 2022, fees were frozen and remained at 2020 levels due to the impact of COVID-19 on the membership. Meanwhile, many of our costs have increased by more than CPI, and in 2023 the College reported an overall operating deficit of $1.2 million. 

For the 2024 calendar year, the Board planned for a deficit budget recognising the need to deliver on agreed strategic priorities and invest in key areas of the College over the coming 2-3 years.

This has included investing in our policy and advocacy work for the profession, at both national and state/territory levels; enhancing our CPD offering and providing new benefits and services for members; and improving the training experience through educational innovation and reform. Additionally, the College is undertaking new work to embed cultural safety and lived and living experience, in part to meet the expectations of governments and regulators (e.g. the Australian Medical Council, and the Medical Council of New Zealand) and to maintain our position as the principal governing body for specialist training in psychiatry. 

We are also experiencing increased compliance-related costs, and are having to plan for some large expenditures in upgrading our IT and finance systems to improve business efficiency and effectiveness, enhance security and address the increasing risks of cyber threats.

The decision to increase fees was not taken lightly, and we greatly appreciate members’ understanding and continued support while we balance our financial responsibilities and work to ensure the future and continued growth of our College.

What is being done to manage costs and return to a balanced budget?

Responsible stewardship of the College’s finances and resources is a primary consideration for the Board, and the College applies a high degree of discipline and rigour with members’ fees and other income, as well as our expenses. Members can be assured that we will be managing our 2025 budget carefully and responsibly, and will be working hard to identify savings and efficiencies wherever possible.

As standard practice, all College expenditure is reviewed to ensure it is within approved budget and properly authorised in accordance with the delegations of authority. Business cases are required for unbudgeted requests, and a quarterly forecasting process is also in place to enable regular reviews of expenditure and adjustment as required to meet budget expectations.

What do I get for my College fees?

All Fellows, Affiliate Members and Trainees have access to a wide range of member benefits and services, and we encourage you to take full advantage of these as part of your membership of the RANZCP. 

To name just a few things, these include our Continuing Professional Development Program, hundreds of interactive e-learning modules available through our LearnIT platform, full-text access to a catalogue of world-class scientific journals through our Journal Library, free access to Dynamed, regular webinars and podcasts to support your learning, our many conferences and events that are held throughout the year, membership of Faculties, Sections and Networks, our Member Extras benefits program and the College’s policy and advocacy work which directly contributes to improved mental health outcomes and access to services for the communities we serve.

Importantly, for Fellows and Affiliate Members the College also serves as your CPD Home, offering access to exclusive resources and support, and fostering a career of lifelong learning as part of your annual fee at no additional cost.

What supports or fee relief options are available?

The College offers payments by instalments, as well as other support including fee relief provisions for members who:

• have, or are caring for someone with, a serious medical condition
• are working one day a week or less
• are on parental leave
• are experiencing severe financial hardship.

For Trainees, different bands are applied to the College’s annual Training subscription fees, and fees are aligned with the months of training that are accrued over the year. This model better assists part-time trainees, those taking breaks that don’t neatly cover a full training year, as well as those starting or finishing training mid-year. 

How do the RANZCP’s fees compare to other medical colleges?

The RANZCP’s fees are in the low- to mid-range relative to other specialist medical colleges, and have increased by an average of 2.53% annually over the last five years which is significantly less than the Consumer Price Index (CPI) increases over the same period. The College also froze fees in 2021 and 2022 in response to the COVID-19 pandemic.

When will I receive my subscription notice, and when are fees due?

Fellows and Affiliates will receive their 2025 subscription notice in the second half of January, while Trainees will receive their annual training subscription notice in April.

Affiliate membership fees are due by 31 March 2025, and Fellowship fees and Training subscription fees are due by 30 June 2025.

Is the College in a robust financial position?

Yes. The College has a strong underlying financial position, which ensures the future of our organisation for the benefit of the profession and the community.

The Board planned for a deficit budget in both 2023 and 2024, recognising the need to deliver on our agreed strategic priorities without excessively impacting members, and we are now working our way back to a balanced budget position.

As at 30 September 2024 total assets held were $109.75M which includes current assets of $83.27M and non-current assets of $26.48M. Taking into account total liabilities of $61.31M (which includes current liabilities of $60.81M and non-current liabilities of $0.50M), net assets held as at 30 September 2024 were $48.44M.

As at 30 September 2024, the College had a working capital ratio of 1.37. A working capital ratio of more than 1 indicates the College is able to meet its current obligations with its current cash and investments held.

For more information, please see our latest Financial Report.