What are the continuing professional development requirements of: 1.Accounting p

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 What are the continuing professional development requirements of: 1.Accounting profession 2.Property profession 3.Finance profession 4.Economic profession 5.Financial advice profession What are the continuing professional development requirements of: 1.Accounting profession 2.Property profession 3.Finance profession 4.Economic profession 5.Financial advice profession

Explanation / Answer

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:

-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:

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:

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.

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