After discussing the issues, Council this month gave its blessing for further work to be carried out by director of finances and resources Brian Murkin.
He will to assess the plan's affordability ahead of formal proposals later in the year.
Two options were discussed by Council as possible incentives to attract graduate members. One would be to offer graduates a 50% subs discount in their first year – a plan that Council was reminded would cost the Institution around £150,000 in lost revenue.
The second option would be to offer a 66% subs reduction in year 1 followed by a 33% reduction in year 2.
This option was estimated to cost some £300,000 in lost income and would add to the complexity of subs collection.
Council heard that the options had already been discussed by the ICE executive board which had agreed to further consultation, in particular with GSNet, the ICE's graduate and students group.
In particular the executive had suggested that the lost revenue might be recouped by adding up to £5 to member and fellows subs to make up the shortfall.
The results of the consultation will be brought back to Council for further discussion at its December meeting as part of the integrated business plan. Any changes to subscriptions would then be set out in detail and presented for approval at the March Council meeting.