CPD in the Accountancy Industry
All about CPD requirements in the Accountacy Industry
In the fast-paced and ever-changing landscape of the accountancy industry, Continuing Professional Development (CPD) is not just a choice, but a necessity. Accountants must constantly adapt to evolving financial regulations, taxation laws, and technological advancements. Engaging in CPD ensures that professionals remain up-to-date with industry trends, refine their skills, and maintain a comprehensive understanding of financial best practices.
CPD accreditation in the accountancy industry has thus become a significant marker of excellence. CPD activities in the accountancy sector encompass a wide range of learning opportunities, including attending seminars on changing tax codes, mastering new software for efficient financial management, and staying informed about shifting global economic dynamics. Beyond the practical benefits, CPD also instills a sense of professional confidence and credibility, reassuring clients and employers that their financial matters are in capable hands.
Switching focus to the accountancy industry, the significance of CPD remains unwavering. Whether it involves understanding intricate changes in tax regulations or mastering the utilisation of advanced accounting software, CPD serves as a catalyst for career advancement and achievement. It fosters a culture of ongoing education and perpetual enhancement, vital elements for a thriving career within this dynamic and ever-evolving sector.
CPD is indispensable in the accountancy sector, equipping professionals with the knowledge and skills to navigate complex financial landscapes.
It builds confidence, credibility, and ensures adeptness in an ever-evolving field.
The CPD Requirements
From The Professional Bodies, Associations, and Institutes for Practitioners in the Accountancy Industry
ASSOCATION OF CERTIFIED CHARTERED ACCOUNTANTS (ACCA)
All ACCA members active in the workplace should complete CPD on an annual basis. ACCA asks that each year, all members identify areas for development and CPD that helps to meet these needs. Most members will follow the CPD unit route and need to complete 40 units of CPD annually made up of: 21 units of verifiable CPD and 19 units of non-verifiable CPD.
CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS (CIMA)
CIMA is the largest body of management accountants. All members are required to undertake CPD and keep a record of their development activities. CIMA doesn’t prescribe numbers of hours or units, they only ask that accountants do as much as they need to remain professionally competent and meet career goals.
INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES (ICAEW)
ICAEW members must apply their own professional judgement to organise their CPD requirements.
ICAEW does not dictate centrally how much CPD members must do, and no specific set hours or
points to gain. But 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. Members are required to complete as much development activities that they judge is required to remain efficient in their role.
ASSOCIATION OF ACCOUNTING TECHNICIANS (AAT)
AAT's CPD policy is not based on a set number of hours or credits. Instead it is measured by the
outcomes and benefits that members derive from doing CPD - it is about the quality, rather than the
quantity of the CPD. All members are personally responsible for their learning and development and
must undertake relevant CPD at an appropriate level, while maintaining records of these CPD
activities and the insight gained from and practical applications of these activities.
INSTITUTE OF CERTIFIED BOOKKEEPERS (ICB)
Bookkeeping is a regulated profession and ICB members need to be committed to the
continuing development of their professional skills. ICB recommends that members
complete a minimum of 30 points of CPD per year of which at least 15 should be
structured and a maximum of 15 should be unstructured. Each hour of structured CPD
equates to one CPD point, whilst an hour of unstructured CPD equates to half a CPD
point.
The Institute of CPD
As a pan-industry organisation, The Institute of CPD is open to professionals across all fields, and a home to those dedicated to demonstrating professional excellence. Depending on their membership level, a member of the Institute will commit to 10 or 30 hours of CPD per year.
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