As a finance professional, you know that keeping up with industry trends, laws, and regulations is crucial to your career. CPD, or continuous professional development, is an approach to lifelong learning and skill development that helps professionals keep pace with the dynamic nature of their fields.
The Association of Chartered Certified Accountants (ACCA) is widely regarded as the gold standard in accounting certification. This article will explain why continuing professional development (CPD) with ACCA is so crucial to your professional development.
What is ACCA CPD?
ACCA CPD is an ongoing process of learning and development for finance professionals. It is a requirement for all ACCA members and allows them to stay up to date on the latest developments in the finance industry.
The ACCA CPD policy requires members to participate in at least 40 hours of CPD activities each year. Courses, seminars, conferences, and workshops, as well as professional journals and online learning, can all count as examples of this type of activity.
Why is ACCA CPD important?
ACCA CPD is important for several reasons:
- Professional development:
ACCA CPD assists finance professionals in staying current with industry developments. This enables them to enhance their knowledge and abilities and provide superior service to their clients or employers.
- Compliance:
Members of ACCA have to follow the CPD policy to keep their membership. In the event that they fail to comply, there is a possibility that their membership will be suspended or terminated.
- Career growth:
Finance experts can advance their careers by taking advantage of ACCA’s continuous professional development (Employers value employees who are eager to improve their skill sets in the workplace by taking on new challenges.
- Networking:
Finance professionals who attend CPD events have a better chance of making new connections among their peers and with thought leaders in the field. This can assist them in keeping abreast of developments in the market.
How to fulfill the ACCA CPD requirement?
There is a wide range of options available to members for satisfying the ACCA CPD requirement. The ACCA’s competency framework serves as a guide for what kinds of professional development activities are appropriate.
The ACCA competency framework comprises four areas:
- Technical: This pertains to the required accounting and finance-related knowledge and abilities.
- Ethical and professional: This relates to the professional conduct and ethics required of finance professionals.
- Leadership and management: This relates to the skills required to lead and manage teams.
- Personal effectiveness: This relates to the skills required to manage oneself and to work effectively with others.
Members are required to make sure that at least one of these topics is addressed in their CPD activities. Additionally, they must keep track of their CPD activities and submit documentation to the ACCA upon request.
Conclusion
ACCA CPD is an integral part of a finance professional’s career development. It assists them in maintaining a current awareness of the most recent developments in the industry, meeting the requirements for ACCA membership, and improving both their skills and their knowledge. Finance professionals can improve their employability, build their professional networks, and move closer to achieving their career goals if they participate in relevant continuing professional development activities.
Ready to take your accounting career to the next level? Join our ACCA institute today to gain access to world-class resources and knowledgeable instructors. Our program provides you with the tools you need to succeed, whether you’re just starting out or looking to improve your skills. Don’t wait, apply today and take the first step towards achieving your career goals!