Question

What are the continuing professional development requirements of:

1.Accounting profession

2.Property profession

3.Finance profession

4.Economic profession

5.Financial advice profession

Answer 1

It is necessary to continuously update the knowledge of professionals so that the purpose and objectives of that profession can be addressed effectively.

The continuing professional development requirement of various professions is as under:

1. Accounting Profession: - The continuous professional development of accountants promotes the formation of high-quality corporate reporting. Compliance with continuing professional educational requirements by the auditors and accountants can enhance the accuracy and reliability of corporate financial and management reporting. The most important areas of need in terms of workforce development are:

-The training of accounting personnel

-The improvement of training programs for accountants and auditors

-The updating of the training process for regulatory bodies involved in corporate reporting.

For CA’s and CPA’s across the world certain hours of CPD or CPE are required to be completed by members every year as per their respective countries’ accounting body.

2.Property Profession:- GPP (Government Property Profession) in line with professional bodies such as Royal Institute of Chartered Surveyers and the British Institute of Facilities Management will be making it compulsory for all members to take certain hours of CPD(Continuing Professional Development) per year.

CPD requirements for members of property Profession is as under:

1. All members must undertake a minimum of 20 hours CPD each calendar year (January to December)
2. Of the 20 hours at least 10 hours must be formal CPD. The remainder can be informal CPD. (For guidance, see below and download examples.)
3. All members must maintain a relevant and current understanding of our professional and ethical standards during a rolling three-year period. Any learning undertaken in order to meet this requirement may count as formal CPD.
4. Members must record their CPD activity online by 31 January

3. Finance Profession:- Continuing Professional Development (CPD) is integral as industry practitioners need to acquire new skills and keep their knowledge current with industry and regulatory developments. It enables practitioners to evolve with the changing industry landscape and enhances the professionalism and value of the practitioners in the industry.

Financial practitioners will need to meet their industry segment’s CPD requirements. Details on IBF-administered CPD schemes are set out in the table below:

1. CACS CPD (Client Advisor Competency Standards CPD) –This is applicable to private banking covered persons. They are required to complete 15 CPD Hours of which 4 hours must be of Ethics,Rules & Regulations, Compliance.
2. FA CPD (CPD Requirements for appointed representatives of Financial Advisors): - 4 and 8 Core CPD hours required in Ethics and Rules & Regulations respectively.
3. IBF Certification CPD: - This is applicable to all IBF – Certified Individuals. 15 CPD hours are required to be completed.

All the above CPD hours requirement is per year.

4. Economic Profession: - Association of Certified Chartered Economists (ACCE) is the global Association of Economics and Finance professionals.

ACCE recognizes the fact that certifications and designations are competitive differentiator and one of the best ways to prove that employees have the necessary knowledge, skills and experience to perform their job.

ACCE has suggested 15 hours of annual CPD for its members.

5. Financial Advice Profession: - The Financial Conduct Authority (FCA) covers a range of technical and ethical issues relating to professional development for financial planners. A key area of professional standards compliance is continuing professional development (CPD).

As per FCA Financial Advisers will need to complete a minimum of 35 hours of continuing professional development (CPD) each year for retail investment activities, of which 21 hours should be structured.

If any adviser carries out other retail activities, such as mortgage advice or managing funds, he/she will need to carry out CPD for that activity as well.” FCA lists examples of structured CPD activities as including participation in “courses, seminars, lectures, conferences, workshops, web-based seminars or e-learning.