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Continuing Professional Development (CPD) explained

The ICAEW’s approach to CPD from January 2005 has stipulated that members should, each year, identify their training needs and then ensure that they undertake appropriate action to fulfil them. There is no longer any requirement for a specific number of hours or points to be accumulated, only that each individual takes responsibility to consider and plan the training they need to carry out for their specific role.

Before the current guidelines were introduced, there was a distinction between structured and unstructured CPD, which has now been removed. Training can be in whatever form the member feels is most suited to the objective they have set for themselves, whether that be attending a training event, reading a book or using an online tool or CD-Rom.

If you are an ICAEW member working in business, you will also be subject to the same requirements and may be asked by the ICAEW to demonstrate the training you have undertaken at the end of each year. Like members in practice, there are no rules regarding the form of training you undertake, and you may find that our highly popular event, Update for the accountant in industry and commerce, is appropriate to your training needs.

If you are a member of a different professional body, you will find that most have very similar rules (they are all based on standards produced by the International Federation of Accountants – IFAC). ACCA have retained a unit based system where you must carry out 40 units (hours) of relevant CPD each year, of which 21 must be verifiable (i.e. you can provide evidence that you have done them).

You can find further information on your own body’s rules by looking at their website, some of which are shown below:

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