The National Occupational Standards for Fundraising describe the skills needed to carry out the job and define good practice in the profession.
Work on updating the standards began last week, headed by Adrian Sargeant, former professor of non-profit marketing at Bristol Business School and now professor of philanthropy at Indiana University in the United States.
"Fundraising has evolved since the current standards were written in 2003," said Sargeant. "We want the new ones to be as relevant as possible and to be strongly underpinned by a body of acknowledged experts."
Carrick Allison, director of professional development at the institute, said: "We have an open-minded approach. We have worked with the Workforce Hub for two years to identify gaps in the current standards, and we want to make their structure and content meet real need."
A steering group chaired by Tim Hunter, deputy director of fundraising at the NSPCC, has been set up. Linda Laurance, a governance consultant, is deputy chair. Hunter and Sargeant will unveil the group's preliminary findings at the institute's national convention in July.