Your essential guide to ACCA CPD
If you’re reaching the end of your ACCA studies, have recently qualified, or have been a member for a while, you’ve probably heard about ACCA CPD.
It’s a key part of your career as a professional accountant, and we’re here to break down everything you need to know.
What is ACCA CPD?
CPD, (Continuing Professional Development) is the ongoing learning and development that you undertake throughout your career as an ACCA member.
The world of finance is constantly changing, with new regulations, technologies, and best practices emerging all the time. CPD ensures you stay up-to-date and maintain the high level of skill and knowledge expected of an ACCA-qualified professional.
Think of it as a commitment to lifelong learning. It’s not just about formal courses, it’s about any activity that helps you develop your professional competence.
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Who completes ACCA CPD?
FREE CPD Courses!
|
| Access our 6x free online accounting CPD courses when you create your free Astranti account, and earn 12 hours of verifiable CPD! |
Who completes ACCA CPD?
All active ACCA members are required to complete CPD on an annual basis. There are a few exceptions:
- New Members: You do not need to complete CPD in your first calendar year of membership. Your requirement starts from 1st January of the following year.
- Lifetime Members: If you are on the register of lifetime members, you are exempt from the ACCA CPD requirement.
- Affiliates: While not a mandatory requirement for affiliates, ACCA encourages those who have held affiliate status for 3 or more years to engage in relevant and sufficient CPD if they are not actively working to complete their Practical Experience Requirement (PER).
Even if you’re not working in an accounting or finance role, you still need to complete CPD that is relevant to your current position or future career aspirations.
What counts as ACCA CPD?
The key principle is that the activity should be relevant to your career and help you apply new learning in the workplace. CPD can be broken down into 2 types:
- Verifiable CPD: This is learning where you can provide objective evidence of the activity and how it helped you. Examples include:
- Attending formal training courses, seminars, or webinars.
- Studying for another professional qualification, like an MBA.
- Undertaking an internal training programme at your workplace.
- Working on a new project or taking on new responsibilities that require you to learn new skills.
- Coaching or mentoring a junior colleague.
- Non-Verifiable CPD: This is more informal learning where objective evidence is not required. Examples include:
- Reading professional articles or magazines (like ACCA’s AB magazine).
- Engaging in discussion groups or networking events.
- General reading and research.
Most members follow the ‘unit route’ for CPD. This requires you to complete 40 units of CPD each year, with 1 unit equalling 1 hour of development. Of the 40 units, a minimum of 21 must be verifiable.
What is an ACCA CPD declaration?
Every active ACCA member is required to submit an annual CPD declaration.
This is a simple online statement where you confirm that you have met your CPD requirements for the year.
Even if you’ve been granted a waiver or are following the Approved Employer route, you still need to make a declaration.
The deadline for your CPD declaration is 1st January of the following year.
Haven’t met CPD requirements?
Life happens, and sometimes you may not meet your CPD requirements for the year.
If this is the case, you should still submit your ACCA CPD declaration, confirming the shortfall. ACCA will then contact you to help you make up the missing units and get back on track.
In certain circumstances, such as long-term illness, unemployment, or a career break, you may be eligible for a CPD waiver. You can apply for a waiver through your myACCA account.
Carrying forward ACCA CPD units
If you go above and beyond your CPD requirements in any given year, you can carry forward up to 21 verifiable units to the next CPD year.
This is particularly useful if you’ve been studying for an additional qualification that has a significant time commitment. Non-verifiable units cannot be carried forward.
When should I do ACCA CPD?
Don’t leave your CPD until the last minute! It’s best to see it as an ongoing process throughout the year.
You should plan your CPD activities at the start of the year, perhaps as part of your annual appraisal or personal development plan with your manager. This ensures your learning is relevant and meets your professional needs.
How do ACCA review your CPD?
Each year, ACCA conducts an annual review of a random, statistical sample of members’ CPD records. If you are selected for a review, you will be notified via email and instructed to submit your records via your myACCA account within 28 days.
During the review, ACCA will check that you have met the CPD requirements for your chosen route and that you have kept adequate evidence.
Keeping your CPD evidence
You are required to keep a record of your CPD activities for 3 years. This is so you can provide it if you are selected for a review.
For your verifiable CPD, your records should show:
- Why you chose the activity.
- What you learned from it.
- How you have or will apply the learning.
ACCA provides an online recording tool in your myACCA account, but you can also use your own format or your employer’s, as long as it contains the required information.
Where can I get CPD?
The good news is that there are countless ways to get your CPD.
Here at Astranti, we offer a range of online courses, webinars, and resources that are perfect for your ACCA CPD needs. You can also get CPD from:
- Formal training providers.
- Your employer’s internal training programmes.
- ACCA’s own resources and events.
- Professional bodies (check if they are IFAC compliant).
- Online learning platforms.
The key is to choose activities that are relevant and beneficial to your career!
Key takeaways!
ACCA CPD is a fundamental and essential part of being an ACCA member. It’s not just a box to tick, but a commitment to keeping your skills sharp and your knowledge current in a fast-paced world.
Remember to plan your learning, keep good records of your CPD activities, and make your annual CPD declaration on time. Whether it’s through a formal course or simply reading a relevant article, every hour of learning counts towards your CPD.
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