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Finance Sector

A wide range of professionals across the finance sector are required to complete Continuing Professional Development. CPD is a mandatory obligation to many professional bodies and associations, which includes accountants, tax and financial advisers, investments specialists and insurance professionals.

CPD in the Finance Sector

Finance and Accountancy professionals should identify what additional skills are required to carry out their role effectively as well as build a CPD framework towards future career ambitions. CPD obligations vary within the finance & accountancy sector from 12 hours for a qualifying Institute of Financial Services student up to 35+ hours for fully qualified financial advisers, tax specialists, professional auditors, certified accountants and investments specialists. CPD is not restricted to solely technical advancement, but should also embrace training such as essential management, business and people skills.

CPD for Accountants

  • Accountancy CPD requirements can vary from 20 hours per annum up to 45 hours depending on both the accountancy specialism and the specific requirements of the institutional body concerned. The main Accountancy professional bodies requiring CPD include the Association of Chartered Certified Accountants (ACCA), Association of International Accountants (AIA), Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants in England & Wales (ICAEW).

CPD for Tax Specialists

  • Professionals working within the tax area of the finance sector have mandatory CPD requirements to complete every year, of which 15 hours must be obtained from a structured training environment for members of the Association of Tax Technicians, and 20 hours for members of the Chartered Institute of Taxation.

CPD for Finance & Investment Advisers

  • The Financial Conduct Authority (FCA) has prescribed a minimum amount of CPD per year for finance and investment professionals. For example, the Institute of Financial Services (IFS) expects finance professionals to complete a minimum of 35 hours CPD learning every 12 months, of which 21 hours should be obtained from a structured training environment.

CPD for Auditors & Actuarial Professionals

  • Both auditors and actuarial professionals are required to complete regular CPD in order to maintain competencies

CPD for Insurance Specialists

  • All qualified members of the Chartered Insurance Institute (CII) are required to comply with the CII CPD scheme. Finance professionals working within the Insurance sector are typically expected to complete a minimum 35 hours of CPD (21 hours must be structured CPD) every year matching the annual requirements set by the Financial Conduct Authority.

Professional Bodies

  • Association of Chartered Certified Accountants (ACCA)
  • Association of International Accountants (AIA)
  • Association of Tax Technicians (ATT)
  • Chartered Institute of Management Accountants (CIMA)
  • Chartered Institute of Taxation (CIOT)
  • Chartered Institute of Public Finance & Accountancy (CIPFA)
  • Institute of Financial Accountants (IFA)
  • Institute of Accounting Technicians (IAT)
  • Association of Accounting Technicians (AAT)
  • Institute of Financial Services (IFS)
  • Institute of Financial Planning (IFP)
  • Chartered Insurance Institute (CII)
  • Institute of Chartered Accountants in England & Wales (ICAEW)
  • Institute of Chartered Accountants of Scotland (ICAS)

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