The importance of continuing professional development (CPD) in the accountancy profession

Continuing professional development (CPD) is the process of tracking and documenting the skills, knowledge, and experience you gain both formally and informally as you work. Your CPD is crucial for several reasons. Firstly, it ensures that you remain up to date with the latest developments in accountancy and business. In an industry which is highly regulated and rapidly changing, staying on top of new legislation, and working practices is essential. With the Financial Reporting Council (FRC) confirming new regulatory changes earlier this year, Making Tax Digital (MTD) continuing to move at a pace, and with technologies being continually developed and updated, it is crucial to ensure you stay informed and provide the best service to your clients or the business you work in.

Secondly, CPD helps you to maintain and enhance your skill set. This is not only beneficial for your current role, but also for your future career prospects. By continually developing your skills, you can improve your performance, increase your job satisfaction, and enhance your employability. Employers also benefit from having a workforce that is skilled, knowledgeable, and capable of adapting to new challenges.

Methods of CPD

CPD can be achieved through various methods, including formal education, self-directed learning, and practical experience. Formal education might include attending workshops, seminars, webinars, and conferences, or enrolling into courses and training programmes. These structured learning opportunities provide you with the chance to gain new knowledge and skills in a focused environment.

Self-directed learning on the other hand involves you taking the initiative to learn on your own. This might include reading industry journals and participating in online forums. Self-directed learning allows professionals to tailor their learning to their specific needs and interests, making it a highly flexible and personalised approach to CPD.

Practical experience is another important aspect of CPD. This involves learning through doing, such as taking on new responsibilities at work, participating in projects, or mentoring others. Practical experience helps accountants to apply their knowledge in real-world situations, enhancing their skills and confidence. And if you are an employer you play a crucial role in supporting CPD. This might include offering in-house training programmes and supporting attendance at external events and conferences. Employers can also encourage a culture of continuous learning by recognising and rewarding employees who engage in CPD.

Moreover, employers can benefit from investing in CPD. A well-trained and knowledgeable workforce is more productive, innovative, and capable of meeting the challenges of the modern workplace. By supporting CPD, employers can improve employee retention, as staff are more likely to stay with an organisation that invests in their development.

The Institute of Financial Accountants events

The Institute of Financial Accountants (IFA) continues to develop and improve the CPD it offers with a focus on enhancing support for members. Dates for UK regional face-to-face networking meetings in 2025 will be released in the autumn allowing attendance to be planned well in advance. And we continue to hold face-to-face events in Pakistan, Ghana, Sri Lanka and the UAE which also includes social/sporting get togethers.

We’ve also listened to feedback from our recent member survey as a result we will be holding our first software update, Crypto fundamentals for the accountancy sector, on 14 October with others to follow this year. And we’ve added in two on-demand learning products The 6 steps to Success and the IFA Ethics short courses, which allow you to gain your CPD anytime, anyplace, anywhere.

This is just the beginning of our additions to our CPD programme, but let’s take time to remember the great successes we’ve had so far this year. Our annual conference in June was the highest attended on record, we launched our first anti-money laundering online conference which received terrific feedback and our core products such as the Tax Series & Quarterly Reporting Update go from strength to strength. In addition, we have run regular webinars in Pakistan, Ghana, the UAE, Saudi Arabia, Bangladesh, and Sri Lanka and held face –to-face learning and networking events in Pakistan, Ghana, the UAE, and Sri Lanka.

Challenges and solutions

While CPD is highly beneficial, it can also present challenges. One common challenge is finding the time to engage in CPD activities, particularly for accountants with busy schedules. To overcome this, prioritise your learning goals and set aside dedicated time for CPD. Employers can also support this by allowing flexible working arrangements or providing time off for training.

Another challenge is the cost of CPD. Many formal education opportunities can be expensive, which can be a barrier for some accountants. To address this, we are increasing the frequency of our free face-to-face regional networking meetings, partner hosted webinars and insights from IFA staff on topics such as ethics.

Benefits

CPD is a vital component of professional growth and success. By staying current with industry developments, enhancing your skills, and gaining practical experience, accountants can ensure they remain competent and competitive. Employers, too, have a significant role to play in supporting CPD, benefiting from a skilled and motivated workforce. Despite the challenges, the benefits of CPD far outweigh the costs, making it an essential investment for both individuals and their companies.

If you have any ideas, whether it be speakers, venues, becoming a regional ambassador, or anything CPD related, you can reach out to Kyle Baker-Kemp directly at KyleBK@ifa.org.uk