The Importance of Continual Professional Development in Accounting

Continual professional development, or CPD, is an essential part of life in the accounting world. With the constant evolution of technology, it is detrimental to not become an outdated accountant. If you are unfamiliar with CPD, it is a term used to describe further learning to develop, maintain, and improve your skills. CPD shows that you are committed to your career, and it is one thing employers want to see on your CV. Participating in CPD is a sure way to feel confident in your role and ascertain your desired position. accounting jobs abroad. 

What exactly are the benefits?

The primary benefits are keeping up to date with what is new and what is yet to arrive in the world of finance and accounting. There are benefits for both the employer and employee when taking part in CPD. These are some of the reasons why CPD is important for accountants.
For the employee, CPD allows you to keep your skills up to date and maintain the qualifications that you already have. It will give you the confidence and dependability you need to succeed. CPD also comes with worldwide recognised qualifications, which will help further your career and help you positively manage any changes you will face in the industry.
For the employer, CPD ensures all the necessary requirements are set for a company to keep up to date and maintain professionalism. In addition, offering CPD will give your company high standards and recognition in the market and guarantee you have an efficient workforce.

Different types of CPD for accountants

There are many types of CPD available, and it all depends on where you feel you need to improve in your professional development. You can pick and choose the finite skills that you feel are important to your career, and these days, there are many different ways to gain CPD hours and qualifications, so you can choose a way of learning that suits your lifestyle and learning style.

Popular subjects of CPD in accounting

  • Leadership skills
  • Accounting Standards
  • Payroll
  • Taxation
  • Analytics
  • Auditing
  • Fraud risks
  • VAT
  • Finance
  • Report writing

Different ways to gain CPD qualifications

As we said before, there are an increasing number of ways to ascertain these essential qualifications that will fit into your life and the way that you learn. Here are some of the most popular types of courses.

  • Online courses
  • In-person training courses
  • Seminars and conferences 
  • Webinars 

How much do I need CPD?

In the ever-developing world of finance, CPD is essential if you want to maintain your career. The purpose of this professional development is that it is continued throughout your career, meaning that you never stop learning and developing the skills and knowledge that you need. Without Continual professional development, you will fall behind in your career and be less desirable for employment. Therefore, in the world of finance and accountancy, it is best to keep up to date with as much CPD as possible. 

It is expected for a full-time accountant to complete 40 hours of CPD per year. Twenty hours of structured CPD, which includes the types of courses we mentioned above, and 20 hours of unstructured, which can be self-driven studies, whichever way you find best to undertake them.

Choosing the right CPD for you

Figuring out what CPD is best for you can be tricky. We recommend that you take some time over this decision and don’t jump into the first course or conference you find online. The best way to figure out what you actually need is to do a self-assessment. Evaluate your skills and compare them to the criteria you need to fulfil to be an up-to-date accountant. This is the best way to find out if anything is lacking in your skill set. This also shows that you are self-driven and always find ways to improve what you do.  

How can we help?

In conclusion, we can see why CPD is important for accountants. It is something that everyone in the finance world must undergo, but it shouldn’t be seen as an arduous task. Instead, see it as something you can use as a tool to prepare for the future and work your way up in your career. If you want to take your accounting career overseas, we recommend being up to date with your CPD and putting some extra effort into areas where you might be lacking. 

Future employers are far more likely to take you on if they see your dedication and enthusiasm for your career. If you are unsure where you need to improve and find it difficult to self-assess, Think Global Recruitment will give you sound advice on how to improve your career. We have helped hundreds of people find accounting jobs overseas, so we know precisely what companies are looking for in their new employees.