How are College fees set each year?

Our College operates on a calendar year basis. 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 2024?

Like many other organisations, including specialist medical colleges, the RANZCP is seeing the effects of the current high level of inflation and also experiencing increases in many of our business costs.  

At the same time, we are committed to delivering our many strategic priorities, providing a high level of service and value to members, and advocating effectively for our psychiatry workforce and our communities. We have also now well and truly returned to pre-pandemic levels of activity across our many committees, meetings and member events. 

We are investing in our IT infrastructure, security and systems to position the College for the future and are focused on further strengthening our CPD offering for members as we head into 2024. 

There is also significant investment needed to meet Australian Medical Council (AMC) requirements following the College’s reaccreditation and to support the transformation of our program of assessments. 

Despite this, members can be assured that we will be managing our 2024 budget carefully and responsibly, and will be working hard to identify savings and efficiencies wherever possible. 

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 webinars and regular podcasts to support your learning, 
• our many conferences and events that are held throughout the year
• practice resources
• membership of our many Faculties, Sections and Networks
• our Member Extras benefits program 
• 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. 

Earlier this year, we introduced a new, more equitable model for the College’s annual Training subscription fees, and fees for trainees are now more closely 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.  

The College also offers additional financial assistance to Aboriginal, Torres Strait Islander and Māori Trainees. 

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 1.33% 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. 

Other specialist medical colleges are applying similar or higher increases to their fees in 2024. 

Is the College in a strong financial position?

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

As at 30 September 2023, total assets held were $96.24M which includes current assets of $69.85M and non-current assets of $26.39M. Taking into account total liabilities of $50.17M (which includes current liabilities of $49.69M and non-current liabilities of $0.48M), net assets held as at 30 September 2023 were $46.06M. 

As at 30 September 2023, the College had a working capital ratio of 1.41. 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.