CPD Explained: Points, Hours, Credits & Tips for Accountants

In the accounting profession, sustaining one’s edge is not meant as an encouragement; it is a necessity. This is to say, CPD ensures the accountant is abreast of requisite industry knowledge, standards, and expertise. Yet, with all these questions about what CPD means to accountants, such as CPD points, CPD hours, and CPD credits, coupled with fitting it within your daily schedule, it may become a tad difficult to take in. This blog attempts to break it all down, thus easing your navigation through CPD requirements with ease, especially if you belong to ACCA, CIMA, or AAT.

What Is CPD?

Continuing Professional Development entails the learning activities professionals take to retain and enhance their capability. The CPD is a requirement that accountants have to undertake on account of CIMA, ACCA, and AAT. This is to enable accountants to deal with the demands of the changing financial world while still observing their ethics and professional conduct.

What Are CPD Points?

CPD points are the equivalent numerical value of your learning activities. These points are meant to measure the value or weight of a particular CPD activity, such as attending a workshop, completing that course, or participating in a webinar. 

Examples:

• 1 CPD point for a one-hour webinar.
• 8 CPD points for a full-day seminar.

The number of CPD points you are required to earn each year may differ from one profession to another. For instance, members of ACCA are usually required to earn CPD points annually to maintain their membership, whereas CIMA and AAT members also have varying CPD specific to their job challenges and requirements. 

CPD Hours: A Time-Based Measure

Whereas CPD credits reflect the contribution/effectiveness of the activity, CPD hours take account of the actual time engaged in learning. This is of particular importance for professionals who need to log their Continuing Professional Development hours to satisfy their regulatory requirements. Many professional bodies require a minimum number of CPD hours each year. The AAT, for example, might require 20 hours, inclusive of a combination of verifiable and non-verifiable activities.

When deciding on CPD activities, ensure that these meet your career goals while satisfying the specific CPD hours requirement set forth by your professional regulatory body-Whether they are ACCA, CIMA, or AAT.

CPD Credits: Sizing and shape

CPD credits operate similarly to CPD points but are mostly used in the academic or structured learning environment. These may sometimes be awarded by a school or organization based on depth and duration of the course. As a simple example, successful completion of a certified accounting course could earn you 3 CPD credits. Though the terms points, hours, and credits may be interchangeable, always check back with your professional body’s guidelines for clarity.

Daily CPD: Getting CPD Into Your Normal Routine

There is nothing scary about CPD that you cannot control; it should not result in last-minute charging at the end of the year. One can thus steadily build up CPD credits taking a consistent approach. Some ideas for a CPD-daily practice might include:

• 10 minute rule: spend at least 10 minutes a day on CPD-related activities; reading industry updates or listening to a short podcast.
• Set goals: Have targets of CPD points or hours that you aim to achieve each month and write them down.
• Utilize technology: Use some CPD apps/platforms for tracking your CPD progress and getting relevant materials.
• Stay flexible: When really short on time, choose microlearning opportunities like a few minutes viewing a chosen webinar or reading a short article.

By fitting CPD into your daily life, one can keep on adding CPD points and CPD hours without falling prey to a panic. 

Types of CPD Activities

Learning is a multi-path process, and CPD refers to all these types of learning methods: The various activities include the kinds of attendance. Where professional or academic conferences are involved.

Structured Learning – Involves the conferring of appropriate types of accredited courses or even various workshops.

Self-Study – It involves reading of various kinds of publications on a development area, or even podcasts in the area of accounting and self-reflection upon the experience or work experience one has in an area of development.

Online Learning – Completing e-learning modules, watching educational videos, attending live webinars.

Learnsignal is one such course provider that offers online CPD courses to ACCA, CIMA, and AAT professionals, making satisfying CPD easier.

Ensure that all activities are documented to ensure that these activities are considered as CPD points or CPD credits.

Verifiable vs. Non-Verifiable CPD

It is important to know the difference between verifiable and non-verifiable CPD:

Verifiable CPD- fortified professional development is the kind of activities that allow you to prove your attendance through courses, certificates of courses, and so forth, and are measured in CPD points or CPD hours.

Non-verifiable CPD- These informal activities allow for multiple purposes: but, reading or reflection on business blog articles and reflective learning could be other ways of learning. In such a case, they may not have a different weight in terms of credits for CPD, although the learner might believe they have gained something.

How to Track Your CPD

• Keep record of CPD activities: Successful records will ensure the meeting of CPD requirements without much hassle, and these are the various ways to do so:
• Keep a CPD Log: A vast majority of the professional bodies provide log templates for recording CPD points, hours, or credits.
• Use Technology: Apps like MyCPD or online platforms available through professional organizations such as ACCA, CIMA, or AAT will help you with documenting and tracking activities easily.
• Keep Certificates: Always keep proof of participation through certifications of varying responsibilities or even bets/confirmation email, especially in verifiable CPD.

With Learnsignal, you can sign up and attend courses as well as track your CPD progress. 

Common CPD Myths for Accountants

There are differing CPD policies among different accounting bodies. Here is an outline of a few general requirements:

• ACCA: It requires that a member does 40 units of CPD in a year, with both verifiable and non-verifiable activities.
• CIMA: There are no definite points or hours prescribed, but there should be relevant CPD through its members to get aligned with their career objectives.
• AAT: The association encourages its members to participate in CPD for a minimum of 20 hours per year, ensuring relevance to their roles.

Learnsignal offers CPD courses for ACCA, CIMA, and AAT professionals to enable you to fulfill such requirements conveniently.

Why CPD Matters

The CPD is not just about checking off a box for compliance; it’s an investment in yourself and your career. Here are some of the reasons CPD is important:

• Stay in Touch With Changes: The practice of accounting seems to be evolving rapidly. CPD keeps you in touch with the changes in standards, technology, and best-practice.
• Enhancing Employment Opportunities: Completing CPD points and values shows the employer’s seriousness to pursue ongoing professional development, giving CPD members a high competitive edge.
• Building Confidence Better Abilities: Learning new skills increases your confidence in handling tough jobs or challenges.

Overcoming CPD Challenges

A lot of professionals feel that CPD can be tough for them on grounds of either time constraints or clarity. Here is help in overcoming some common hindrances:

Challenge: Time-poverty

Solution: Try breaking CPD into manageable daily tasks. Attempting daily CPD set milestones accumulates points or hours over time.

Challenge: Unclear requirements

Solution: Always refer to the CPD guideline set forth by the professional body in order to comprehend how points, hours, and credits are computed.

Challenge: Very Low Resources

Solution: Free webinars, podcasts, and articles free of charge can still yield high returns. Platforms such as Learnsignal are among many that cover a variety of CPD courses and will surely provide remarkable material at all times. 

Some Closing Words on Successful CPD Practice

• Plan Ahead – Schedule your CPD throughout the year to avoid deadline crises.
• Diversify Learning – Combine structured and unstructured learning methods to stimulate and earn CPD credits efficiently.
• Keep Everything in Order – Update your CPD log with credits, hours, or points so that you will not lose track.

Conclusion

The concepts of CPD points, CPD hours, CPD credits, and integrating Continuing Professional Development into your day-to-day life should not be complicated. By understanding these concepts and taking control, you should complete your CPD requirements easily. Whether it is continuous CPD exercises or engaging in structured activities for hours, regularity is the key.

Learnsignal’s CPD courses provide ACCA, CIMA, and AAT professionals with an all-inclusive, flexible solution to meeting their CPD goals. Embrace CPD as a key to professional development-you will not only fulfill your requirements but also advance your career.