If the mere mention of continuing professional development (CPD) conjures up images of hours spent in a classroom and a last-minute scramble to hit the requisite number of mandatory CPD hours, it’s time to go back to school on its benefits.

In today’s fast-moving accountancy world and against a backdrop of growing competition for the best jobs, ongoing learning is the most powerful tool in your armoury for keeping up with the latest developments and staying ahead of the curve. 

Lorraine Twist, Director at recruiter Hays specialising in accountancy and finance, says: “While it’s easy to look upon CPD as a box to be ticked, it’s a valuable opportunity to learn, develop and grow your skillset, including both soft and technical skills. Ultimately, the many hours you spend dedicated to CPD are worthwhile for investing in yourself and your career.” 

The key to remaining relevant

Andrea Cook, ICAEW’s Director, Specialised and Lifelong Learning, says CPD is how you as a member invest in yourself and remain relevant. And because it’s self-directed, the content that you choose to focus on is up to you. “People will get left behind if they don't keep up to date,” Cook warns. 

Gareth John, Policy Director at training provider First Intuition, agrees: “The skills of accountants and finance professionals have transformed in the past decade or so. Yes, we still need core technical skills in bookkeeping, financial reporting, tax, business planning and strategy, for example, but what we learned in our qualification was only a starting point for what will build and sustain a successful career.”

Technology is a case in point: regardless of your role, use of IT across the profession is ramping up. Making sure that you’re aware of the different technologies out there and the opportunities and risks they present is essential, Cook says. ICAEW's Academy of Professional Development offers a range of tech-themed courses including data visualisation, the practical applications of AI, and courses to arm you in the fight against cybercrime. 

Meanwhile, ICAEW’s data analytics and excel communities are free to members and offer access to a wealth of varied learning resources – including webinars, factsheets and newsletters - for people at all levels of knowledge.

Professional skills to thrive

And the evolution of technology, automation and AI means accountants will increasingly need professional skills beyond the technical to thrive; CPD courses across areas including communication, finance business partnering and influencing skills are designed to give you the edge. 

Meanwhile, ICAEW offers a range of courses and training focused on the development of leadership skills, including mentoring and networking programmes, many of which will count towards your CPD and which can be delivered to your team as well as via public programmes. Catherine Hardinge, Partner at Price Bailey, says: “We are in a people industry so leadership skills are vital as well as understanding the technical aspects of the job.”

And with ethics now a mandatory component of ICAEW’s CPD now, members have access to an evolving choice of learning modules to help them navigate an ever-increasing array of challenging ethical issues.

ICAEW’s Cook says: “We’re always going to be adding new content to the ethics offering for members and this year we’ve added a course on artificial intelligence and ethics to encourage members to think about some of the ethical issues they might face.”

Lifelong learning

Using CPD to address immediate and more pressing gaps in knowledge is inevitable. However, a more proactive approach to CPD allows you to chart a path in new specialisms or areas of interest. John says areas such as sustainability offer huge potential as new revenue streams to compensate for other areas that are increasingly being automated.

Reframing CPD as ongoing growth rather than an annual quota of learning hours to hit is not only motivating, it can also be incredibly empowering and shows a commitment to learning, which can strengthen your chances of promotion or new opportunities.

Cook advocates planning and setting career and skills objectives and using CPD to plug skills gaps. “It’s about having a mindset of periodically setting aside a bit of time for yourself to think, ‘what do I really want to focus on? Where can I see my skill set going? What do I need to know to stay at the cutting edge?’”

Twist agrees: “Let’s face it – we’re in a highly competitive job market, meaning only the best prepared applicants will secure the most in-demand roles. With this in mind, ensure you map out how you will use your CPD hours as a crucial chance to develop personally and professionally to give you a winning edge in today’s tough employment landscape.”

A tool for self-awareness

Mental health advocate Nick Elston says making reflection a part of the process can turn CPD into a tool for self-awareness, helping people hold up a mirror to where they are personally and professionally, and where they want to go next. “Instead of ticking a box, what if CPD included guided reflection questions? ‘What did this session shift in me? What will I try differently now?’ Build in reflection and it stops being transactional and becomes transformational.”

“There’s often a false divide between the personal and professional. But how we manage our wellbeing, resilience and emotional leadership directly impacts how we show up at work. It is CPD — we just need to name it,” Elston adds. 

To avoid the last-minute stress of hitting your CPD towards the end of the year, it’s important to take a moment to review your CPD plans sooner rather than later, Twist says. “That way, you have time to consider the most interesting and appealing approach you can take that works for you to facilitate your own development.

Horses for courses

Just as the different CPD options available to members are broader than ever before, so too are the ways to complete CPD. “One size doesn’t fit all. Sitting in a classroom and listening to someone talk to you for eight hours might work for some people, but for others there are better ways to learn,” Cook says.

Twist adds: “CPD can include learning tools you may not be aware of, such as listening to relevant podcasts, reading articles, watching webinars and attending events, all of which count towards your CPD, as long as you can justify how the activity applies to your role and how it supports your learning needs.”

Bear in mind, too, that workshops, seminars and in-person courses will provide opportunities to meet peers and experts face-to-face. This not only leads to valuable exchanges of ideas and experiences, but is also an excellent platform for networking and collaboration. 

Always have CPD in the back of your mind if you’re learning something new – no matter which format it may be presented, Hardinge says. Check whether it could count towards your CPD quota and don’t forget to document it, she urges.

“If you go into accountancy, you’re probably the kind of person who loves to learn,” Hardinge says. “If you have the right CPD mindset and you see that personal benefit, carrying on that learning journey becomes something that you can really enjoy.”