Measuring the value of CPD

Defined as learning experiences that help to develop and improve your professional career as an accountant, CPD helps you to provide a better service to your clients or the business you work for. 

Historically, CPD has been an afterthought or last-minute compliance issue at the end of the year but, in recent years, in large part down to regulatory updates, CPD has gained priority. In the recent IFA Group Membership Survey 2024, April/May 2024, 47.2% of respondents indicated that they had attended a CPD event in the last 12 months, compared with 36.4% last year. 

Members are also interested in learning a broad range of CPD topics, with the most commonly identified being tax (63.5%), AI and emerging technologies (56.5%), accounting software updates (53.5%), compliance updates (51.7%) and IFRS and IAS (50.1%). 

CPD can help you to build on your strengths and address any capability or knowledge gaps, equipping you with the skills to do your role more effectively and preparing you for any challenges you may face. CPD is about more than going on a course: it requires dedication and professional curiosity about the role that accounting plays in benefiting both business and society as a whole.  

As your career progresses, CPD will help you to go further and achieve more, and your institute will be there to support you. CPD is an essential part of being a member of a professional body. It is an extension of the fundamental principles in the IFA’s code of ethics for professional accountants, which aims to ensure that clients and employers receive a competent and professional service from members. CPD requirements, however, differ across membership organisations.  

The IFA CPD regulations state that all members and affiliates must complete 40 hours of CPD in any year, of which 20 hours should be verifiable. There are exemptions to these CPD requirements, such as if you do not work full time, are a new member having joined within the last 12 months, or have been on a career break, in which case you can reduce the required number of CPD hours for the year accordingly.

There are a wide range of activities that contribute towards CPD. You may find that you have already completed your hours organically whilst working and keeping up to date with developments in the profession.  

Verifiable CPD must be relevant to your roles, responsibilities and career. The content must also be related to the specific learning outcomes and be supported by evidence. Examples of verifiable CPD can include attending your professional body’s events and conferences or joining one of its webinars.  

Non-verifiable CPD is crucial for the growth of accounting professionals. For instance, if you take on a significant project that introduces you to a new area, it can greatly enhance your skills and knowledge. Examples of unverifiable CPD include listening to a podcast, reading a relevant article in a magazine or watching a webinar.  

Examples of CPD events that are verifiable include a copy of documentation, a certificate as proof of your participation at an event, records of employer training programmes and notes on specific training outcomes from videos and podcasts. 

The main objective of CPD is to give you the skills to maintain proficiency in your role and carry out your responsibilities. Check with your professional membership body, but to help you achieve this, the IFA for instance offers over 20 hours of free verifiable CPD every year through regional networking events and webinars.  

Working in a fast-changing profession like accountancy means it is vital to be flexible and to have the ability to adapt. CPD offers plenty of opportunity to enhance what you know and explore new areas that are relevant to your role. 

There is never a better time than the present to reflect on and plan what specific learning you need to undertake. At the end of each year, you will be expected to assess whether you have met your CPD requirements as part of the CPD declaration. With a bit of preparation, achieving this is a straightforward process and, as you make progress on your CPD journey, your professional membership body should be there to support you throughout the process.