From the moment you pass your exams and start to work as a practising accountant, you have an ongoing responsibility to keep developing your skills and expanding your knowledge – by engaging in continuous professional development (CPD). For some professional bodies, meeting CPD obligations can be as much a requirement of membership as passing the original examinations! Therefore, FI has entered into a partnership with the CPD specialists at Future Finance Training to offer you the programmes you need.
As Managing Director of Future Finance Training, Helen Kerrigan designs and delivers CPD training courses to delegates worldwide. Helen and the team work with all the major accounting institutes, as well as accounting professionals in industry. Helen has put together her guide to your CPD requirements below. You can also find further information in the links at the end of this article.
What are your CPD requirements?
Each accountancy institute sets different annual CPD requirements for its members.
Most ACCA members follow the Unit route of CPD where each year you need to acquire 40 units of CPD, with each unit equating to one hour of learning. Your 40 hours of CPD have to break down into:
- 21 hours of ‘verifiable’ participation at face-to-face events, webinars or any other conferences or seminars that are relevant to your role (‘verifiable’ means that you need proof of attendance and/or completion); and
- 19 hours of ‘non-verifiable’ activities, which can include things like reading handout materials if you were due to attend an event but did not attend, or simply reading ACCA articles.
It’s essential that the quality of your verifiable learning meets ACCA standards – which is true of all CPD training events delivered for FI by Future Finance Training.
- the part-time or semi-retired unit route where the requirements are reduced; or
- the ACCA Approved Employer or IFAC body route.
As a member of CIMA, you are required to work through the CIMA CPD cycle, at least annually, to work out what steps you need to take to meet your identified needs. Above all, you do not need to keep count of how many courses, events and activities you participate in. Neither do you have to provide proof of attendance. However, you should make sure that your knowledge and skills remain up to date. These must also be of relevance to the particular role you’re in.
From November 2023, you will be required to carry out a minimum number of CPD hours per year including a minimum number of verifiable hours.
It’s all part of ICAEW’s response to the government’s audit reform agenda designed to enhance public trust in the profession.
Some things won’t change. You will still need to consider your own development needs and create an action plan, carry out your plan, evaluate its effectiveness and, at the end of the year, declare that you have complied.
But three things will change:
- There will be greater clarity about how much CPD you need to undertake (it will vary according to your role).
- You won’t just be expected to undertake technical training; there will also be a compulsory element on ethical and behavioural issues, aligned with the ICAEW’s Code of Ethics.
- A certain amount of the CPD you undertake has to be ‘verifiable’ – that is it has to meet certain standards and you have to be able to show evidence of its completion.
Meeting your CPD requirements
Whether your qualification is with ACCA, CIMA or ICAEW, meeting your CPD requirements is about much more than ticking boxes; it is your opportunity to keep yourself ahead of the competition. As well as to fuel your career progression, branch out in new directions, expand your network of contacts, and boost the performance of your organisation.
What’s more, the best CPD provision gives you the benefit of being stimulated, challenged and energised.
At FI, you can choose from a flexible programme of engaging CPD options. You can choose from public and private, tailored and off-the-shelf – delivered digitally via live-online sessions or specially recorded on-demand content, as well as face-to-face at FI or in-house.
Whatever course and whatever form of delivery you choose, you can be sure that it will be:
- accessible, informative and of immediate practical use
- carefully targeted and personalised to suit your needs.
- designed and delivered by specialists with at least fifteen years of experience
- validated with a certificate of participation (meeting ACCA’s verifiable CPD requirements)
- of high quality and good value
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