All accountants are required to complete CPD training. CPD, or continuing professional development, is designed to ensure professionals remain informed and trained on the necessary skills in the required field, which in this case, is accounting. If you are enrolled in a professional accounting organisation, such as the Chartered Accountants (CA ANZ), you must complete the minimum number of CPD hours every three years. This includes partners, owners, full-time or part-time employees, those employees living overseas or even working in a non-accounting role.
The benefits of CPD
Maintaining CPD hours ensures that you are able to continually grow your professional knowledge and skills to compete in a business environment. Having a CPD membership is a high recognition that can assist you in achieving your development goals in your career. It also helps to excel your performance in your role and increase your professional value for your organisation and clients.
Most memberships will require you to complete a set number of hours per year and per triennium (three year time period). These requirements typically include:
- a minimum of 20 hours of activities per year
- a total of 120 hours per triennium
Different levels of memberships require a different number of hours and dedication. Once you decide on a membership, make sure to check the requirements and compliance.
But, who needs to complete CPD?
Associate members, members, fellows, retired members who provide accounting services and specialist service providers are all required to complete CPD. If you are working reduced hours or not working at all, some memberships allow for reduced hours for CPD.
Failure to complete CPD hours can cause the membership status to be downgraded or suspended.
What is considered a CPD activity
CPD activities are wide-ranging, which can include the following:
- An organised activity
- Interactive activities
- Learning with a definite plan and clear learning objectives
- An assessment
Other CPD-accepted activities can include webinars and different accounting events. Training from other providers can also be included in the training, as well as university courses.
Keep a record
Keeping a record of CPD hours in a single place makes it much easier for professionals to remain compliant and informed. Utilising a system, such as PowerHouse CPD, helps regulate your organisational memberships and helps professionals progress in the industry. To find out more about PowerHouse CPD, visit our website.
- CA ANZ. (2017). CPD Requirements. Chartered Accountants Australia New Zealand. Retrieved from https://www.charteredaccountantsanz.com/learning-and-events/managing-your-cpd/cpd-requirements
- CPA Australia. (2017). Continuing Professional Development. Retrieved from https://www.cpaaustralia.com.au/member-services/continuing-professional-development