Charters are awarded by the Privy Council and are granted only after a body has proved it meets an exacting range of professional standards.
The idea was discussed by an IPA steering group this week and will go before the trade body's council at its meeting early next month.
Moray MacLennan, the IPA president, said: "I can confirm that we're considering the possibility of applying for Chartered status, but no final decision has been made."
About 400 professional bodies in the UK have Chartered status. To be successful, a body must prove it is made up of members of a "unique profession" without significant overlap with other bodies.
It must be financially sound, have a membership of at least 5,000, be able to demonstrate a significant track record of achievement over a number of years, and make a convincing case that it would be in the public interest for it to be regulated in such a way.
- Perspective, page 21.