This is from the “Accounting Makes Cents” podcast episode #47 released on Monday, 28 August 2023.
In today’s episode, we are going to delve into the essential aspect of professional growth for most designated accountants. As most of you probably already know, I am a member of CIMA, the Chartered Institute of Management Accountants. Hence, why this podcast is heavily geared towards helping students pass their CIMA exams. Anyway, today’s topic goes a little beyond the CIMAsphere and likely touches on a topic most accountants are familiar with, and that is Continuing Professional Development, commonly known as CPD. We’ll be looking at its significance in maintaining professional excellence in the field of management accounting.
Jump to show notes.
CPD
First, let’s define what CPD is. Continuing Professional Development is an ongoing process where professionals engage in various learning activities to enhance their skills, knowledge, and abilities. The activities include attending workshops, seminars, and conferences to engage with experts and peers. Online courses and webinars provide flexibility, while self-directed study through reading and research keeps you updated. Mentoring, coaching, and networking facilitate personalised growth. Contributing to publications, volunteering, and reflective practice also contribute to your professional advancement. In the context of CIMA, CPD is a vital part of keeping up with the ever-changing landscape of management accounting.
Importance
Why is CPD so important for CIMA members? Well, in a dynamic world where business practices and financial regulations are in a constant state of evolution, CPD ensures that accountants remain at the forefront of their profession. In a rapidly changing world, industries evolve, technologies advance, and best practices shift. CPD allows individuals to continuously update their skills, stay informed about new developments, and maintain their competence. It enhances career prospects, boosts confidence, and enables professionals to provide valuable insights and contributions to their organisations.
Framework
CIMA has a comprehensive CPD framework that outlines the requirements and expectations for its members. This framework is designed to help members consistently develop their skills and knowledge. Members are encouraged to participate in various CPD activities that align with their career goals and areas of expertise.
CIMA’s CPD framework includes structured and unstructured learning activities like workshops, conferences, self-directed study, and reflective learning. Members typically record their CPD activities and periodically report them. Regular review and alignment of CPD with career goals are essential components to ensure ongoing professional development. For the latest information, please refer to the official CIMA resources.
Recording
Recording your CPD activities is crucial. Generally, accounting designations offer an online platform where members can log their completed CPD hours. This record not only helps you track your progress but also demonstrates your commitment to professional development to employers, clients, and regulatory bodies.
For CIMA, you currently have 2 options to do this: one is through the competency and learning website. I’ll link the website on the show notes for this. The second is through the CIMA development accreditation scheme, where CIMA members employed by organisations that are part of this, can use their appraisal/personal development plan to record their CPD, and you don’t need to submit your records if selected for monitoring because those employers would be able to just show the development plan for you.
Monitoring
So you’re probably asking “we’re recording and we’re looking for these CPD hours and CPD activities, why do we need to do such things? Technically, you don’t really need to submit your CPD record, but if you are selected for monitoring, you will need to submit it then. Your record should cover the last 12 month’s learning activities that you’ve done. And the thing here is, because you need to submit it, you need to show that there is progression from the last 12 months based on what you’ve set out to do, what your goals were, and basically show that you’ve targeted courses in order for you to fulfill those goals and that you have finished them or that you are working towards achieving them.
How much
How much CPD should one really do? Different organisations have different requirements. For CIMA, there is no minimum or maximum number of hours or units. CIMA needs us to do CPD to remain professionally competent and to advance in our career, and this heavily depends on individual circumstances and development needs. To ensure you are within requirements and your knowledge of these requirements are up to date, always check the website of the professional body you are affiliated with so that you find out what those requirements are. And here, I’ll link the CIMA website with regards CPD requirements for you on the show notes.
To stay engaged with CPD, set clear goals for your professional development. Identify areas where you’d like to grow and choose activities that align with those goals. Remember, CPD isn’t a one-time event; it’s an ongoing journey that keeps your skills fresh and relevant.
Resources
So where do we find these CPD courses or activities? In general, your professional bodies should offer a lot of these courses and activities. CIMA provides a wealth of resources to support your CPD journey. Their website offers a range of tools, including webinars, articles, and research papers. The CIMA community is also a valuable platform for networking and sharing insights with fellow professionals. You’ll also find some of your training providers offer post-designation courses that could earn you these CPD hours and units. There are many available online resources for this and you shouldn’t really find it difficult.
Conclusion
In conclusion, Continuing Professional Development is the cornerstone of maintaining excellence in the field of management accounting, especially within CIMA. By engaging in CPD activities, you’re investing in your future growth and ensuring that you remain a valuable asset to any organisation and the industry as a whole.
Show notes simplified
Join MJ the tutor on this episode as she opens the floor up for discussion with regards continuing professional development (CPD), why it is important to any working professional and how can your professional body support your lifelong learning.
Resources and links from this episode:
CIMA competency and learning website
CIMA CPD website
Credits:
“Ding Ding Small Bell” (https://freesound.org/s/173932/) by JohnsonBrandEditing (https://www.youtube.com/channel/UC1RImxnsbfngagfXd_GWCDQ) licensed under CC0 Licence.
MJ THE TUTOR 