AACE vs RICS: A Comparative

Study
Welcome to our comprehensive analysis of the Association for the
Advancement of Cost Engineering (AACE) and the Royal Institution of
Chartered Surveyors (RICS). This presentation will explore the similarities,
differences, and unique aspects of these two influential organisations in the
fields of cost engineering, project management, and quantity surveying.

Our objective comparison will provide valuable insights for professionals in the
construction and project management industries, helping you understand the
strengths and specialities of each organisation.

by Dr.Ahmed Al-Musfer
Historical Background
1 AACE Founding
Established in 1956 in the United States, AACE International
(formerly the American Association of Cost Engineers) was
formed to serve the needs of cost estimation and scheduling
professionals.

2 RICS Origins
Founded in 1868 in the United Kingdom, RICS has a long
history rooted in land surveying and property valuation,
evolving to encompass various aspects of the built and natural
environment.

3 Global Expansion
Both organisations have grown significantly over the decades,
expanding their reach and influence across the globe,
adapting to changing industry needs and technological
advancements.
Geographical Reach
AACE International RICS
AACE has a strong presence in North America, with growing RICS has a more extensive global footprint, with a significant
influence in other regions. It has members in over 100 countries, presence in the UK, Europe, and Commonwealth countries. It
with a particular focus on the United States, Canada, and the operates in over 140 countries, with a strong influence in Africa,
Middle East. Asia, and Oceania.
Membership Structure
AACE Membership RICS Membership
AACE offers various RICS has a structured pathway
membership levels, including with designations such as
Student, Associate, Member, and Student, Associate (AssocRICS),
Fellow. Advancement is based Member (MRICS), and Fellow
on experience and professional (FRICS). Progression is tied to
accomplishments in cost qualifications, experience, and a
engineering and related fields. rigorous assessment process.

Continuing Education
Both organisations require members to engage in continuing professional
development (CPD) to maintain their status and stay current with industry
developments.
Core Focus Areas

Cost Engineering
AACE specialises in cost engineering, estimation, and project controls,
providing extensive resources and certifications in these areas.

Built Environment
RICS covers a broader spectrum of the built environment, including valuation,
facility management, and construction project management.

Professional Standards
Both organisations are committed to upholding high professional standards
and ethics in their respective fields.
Certification Programs
AACE Certifications
1 AACE offers specialized certifications such as Certified Cost Professional (CCP), Certified Estimating Professional
(CEP), and Planning & Scheduling Professional (PSP).

RICS Qualifications
2 RICS provides chartered status (MRICS) across various pathways, including Quantity Surveying, Project Management,
and Building Surveying.

Industry Recognition
3 Both AACE and RICS certifications are highly regarded in their respective fields, often required or preferred for senior
positions in construction and project management.

Continuous Assessment
4 Certification holders from both organisations must maintain their credentials through ongoing professional development
and periodic reassessment.
Educational Resources

Both AACE and RICS provide extensive educational resources to support their members' professional development. These include
online courses, webinars, publications, and in-person events. AACE's resources tend to be more focused on technical aspects of cost
engineering, while RICS offers a broader range of topics covering various aspects of the built environment.
Professional Practice Frameworks
Ethical Standards
1 Both prioritise integrity and professionalism

Technical Competence
2
Emphasis on up-to-date skills and knowledge

Industry Best Practices

3
Guidelines for consistent, high-quality work

Continuous Improvement
4
Commitment to ongoing learning and development

AACE and RICS have developed comprehensive frameworks to guide professional practice in their respective fields. These
frameworks ensure that members adhere to high standards of ethical conduct, technical competence, and industry best practices. Both
organisations regularly update their guidelines to reflect changes in technology, regulations, and market conditions.
Industry Publications

AACE: Cost Engineering Journal RICS: Construction Journal Industry Impact

AACE's flagship publication focuses on RICS publishes several journals, including Both publications are highly regarded in
technical articles related to cost the Construction Journal, which covers a their respective fields, contributing to the
estimation, project controls, and risk wide range of topics in the built body of knowledge and influencing
management. It provides in-depth analysis environment. It offers insights into market industry practices. They serve as valuable
of current trends and innovative trends, best practices, and regulatory resources for professionals seeking to
techniques in cost engineering. changes affecting the construction stay informed about the latest
industry. developments in their areas of expertise.
Professional Networks
Local Chapters and Sections Special Interest Groups
Both AACE and RICS have extensive networks of local Members can join specialised groups focused on specific
chapters or sections, providing opportunities for members to aspects of the profession, fostering knowledge exchange
connect with peers in their geographic area. and collaboration.

Online Communities Mentorship Programs

Both organisations offer digital platforms for members to AACE and RICS provide mentorship opportunities, allowing
network, share resources, and discuss industry topics, experienced professionals to guide and support those
facilitating global connections. earlier in their careers.
International Collaboration
Global Standards Development
1
Joint efforts in creating universal industry standards

Cross-Recognition of Qualifications
2
Mutual acknowledgment of professional credentials

Shared Research Initiatives

3
Collaborative studies on global industry trends

International Conferences
4
Co-hosted events bringing together global experts

While AACE and RICS have distinct focuses, they often collaborate on international initiatives to advance the construction and project
management professions globally. These collaborations help harmonise practices across different regions and promote the exchange
of knowledge and expertise.
Technology Adoption
AACE's Approach RICS's Initiative
AACE has been at the forefront of integrating cost engineering RICS has been promoting the adoption of PropTech and
software and digital project control tools. They provide guidance ConTech solutions across the built environment. They have
on implementing technologies like Building Information developed standards for the use of drones in surveying and
Modelling (BIM) for cost estimation and 4D/5D planning. AACE valuation, and provide training on digital twins and smart
also offers certifications related to digital skills in cost building technologies. RICS also emphasises the importance of
engineering. data ethics in the digital transformation of the industry.
Global Events and Conferences

Annual Conferences Regional Symposiums Virtual Events

Both AACE and RICS host large-scale Smaller, focused events are organised In response to global trends, both
annual conferences, bringing together throughout the year to address region- organisations have expanded their
industry leaders, researchers, and specific challenges and opportunities in offerings of online conferences and
practitioners from around the world. the construction and surveying sectors. webinars, increasing accessibility for
members worldwide.
Research and Innovation
Funding Initiatives
1 Both AACE and RICS provide grants and funding for research
projects that advance knowledge in their respective fields.

Academic Partnerships
2 Collaborations with universities and research institutions to
bridge the gap between academia and industry practice.

Innovation Hubs
Establishment of innovation centres to explore emerging
3
technologies and their applications in construction and
surveying.

Industry Reports
Regular publication of comprehensive reports on market
4
trends, technological advancements, and future projections for
the industry.
Sustainability Focus
AACE's Green Cost RICS's Sustainable
Engineering Development Goals
AACE has developed guidelines RICS has aligned its practices
for incorporating sustainability with the UN's Sustainable
considerations into cost Development Goals, promoting
engineering practices, including sustainable land use,
life cycle costing for green responsible construction, and
buildings and infrastructure. green building certifications.

Joint Initiatives
Both organisations collaborate on developing standards for measuring
and reporting the environmental impact of construction projects and built
assets.
Industry Influence and
Advocacy
1 Government Consultations
Both AACE and RICS are frequently consulted by
governments on policy matters related to construction,
infrastructure, and property.

2 Standard Setting
The organisations play crucial roles in developing and
updating industry standards that are adopted globally.

3 Public Awareness
Initiatives to educate the public and stakeholders about the
importance of professional standards in construction and
surveying.

4 Industry Partnerships
Collaborations with other professional bodies and industry
associations to address common challenges and
opportunities.
Career Development Pathways
Entry-Level Positions
1 Graduate schemes and junior roles

Professional Qualifications
2
Certifications and chartered status

Specialisation
3
Expert roles in specific domains

Leadership Positions
4
Senior management and executive roles

Both AACE and RICS provide clear career progression paths for professionals in their respective fields. They offer guidance,
resources, and recognition at each stage of a member's career, from entry-level positions to senior leadership roles. The organisations'
qualifications and certifications serve as important milestones in these career journeys.
Global Market Presence

100+
AACE Countries
AACE has members in over 100 countries, with a strong presence in North
America and growing influence in other regions.

140+
RICS Countries
RICS operates in over 140 countries, with significant representation in the UK,
Europe, and Commonwealth nations.

210K+
Combined Members
Together, AACE and RICS represent over 210,000 professionals worldwide,
forming a vast global network of expertise in construction and surveying.
Future Outlook
1 Digital Transformation 2 Sustainable Practices
Both AACE and RICS are Emphasis on integrating
focusing on helping members sustainability and resilience
navigate the increasing into all aspects of cost
digitisation of the construction engineering, project
and surveying industries, management, and surveying
including AI, machine learning, practices to address climate
and IoT applications. change challenges.

3 Global 4 Interdisciplinary
Standardisation Approach
Continued efforts to Encouraging members to
harmonise practices and develop cross-disciplinary
standards across different skills to address the
regions, facilitating increasing complexity of
international collaboration and modern construction and
mobility for professionals. infrastructure projects.
Conclusion: Choosing Your Path
AACE Strengths RICS Strengths
Specialised focus on cost engineering and project controls Broad coverage of the built environment professions
Strong presence in North America and growing global Extensive global network, especially in Commonwealth
influence countries
Detailed technical certifications in cost estimation and Chartered status recognised across various industry sectors
scheduling

Both AACE and RICS offer valuable pathways for professionals in the construction and project management industries. Your choice
between them may depend on your specific career goals, geographical location, and area of specialisation. Many professionals find
value in engaging with both organisations to broaden their expertise and network.