In this rapidly evolving world of revolutionary technology, changing tax laws and financial regulations and innovative business strategies, staying up to date is essential to your career, the success of the organisation you work for and the accuracy and efficiency of your work.

Continuing professional development (CPD) plays an essential role in ensuring you are keeping up with industry trends and building a diverse skill set in high-demand areas. 

But how can you ensure you’re meeting your CPD requirements, deriving the most benefit from your learning and successfully spreading it out over the CPD triennium?

Valerie Swalwell, general manager of CPD at CA ANZ, advises members to be intentional about the areas they’re wanting to upskill in each year. 

“Planning your CPD at the beginning of each year, alongside your capability and career plans, is critical,” she says. “By forward planning, members can earmark any live and in-person CPD activities they don’t want to miss and then use digital, self-paced learning for the rest, as on-demand learning provides members with flexibility.”

You can identify relevant CPD opportunities by undertaking a self-assessment to identify skill and capability gaps. Swalwell says using a diagnostic tool such as CA Capability+ will help you identify the areas you should focus on.

Trending CPD topics

Swalwell says CA ANZ is seeing increasing member interest in CPD involving AI, data, sustainability and ethics.

“AI and data are in high demand as these skills enhance decision making and automate processes, currently revolutionising business operations,” she says. “Sustainability [CPD] is sought after due to evolving regulatory requirements and the focus on environmental responsibility.

“Both areas offer opportunities for members to excel in their current roles, as well as progress in their careers.”

Ethics is a mandatory CPD obligation for CA ANZ members and essential for maintaining professional standards, Swalwell adds.

“All of these content areas are crucial for all sectors, including public practice, corporate, public sector and not-for-profit.” 

Budgets, timing and record keeping

CPD budgets vary depending on the specific areas you want to focus on and the importance you place on developing your skills and advancing your career. 

“While it’s certainly possible to meet CPD requirements through complimentary or low-cost options, these may not lead to significant improvements in capability or career progression,” says Swalwell. “Investing in engaging and expert-led learning in high-demand areas that align with your future goals can greatly enhance your career trajectory.” 

From a timing perspective, she says members can encounter problems when they leave their learning to just a few weeks prior to compliance deadlines. 

“Also, lack of planning, not keeping accurate CPD records and not being sufficiently familiar with CPD requirements can lead to non-compliance.”

Swalwell recommends taking a balanced approach to CPD, covering a mix of high-demand areas for future career growth, and compliance-based and legislative-focused training to excel in your current role.

“Professional skills development for leadership, stakeholder interactions and interpersonal skills would be our recommended approach to ensure members are well equipped for both immediate job requirements and long-term career advancement,” she says.

Plan for the future

Michael Edelstein is a Sydney-based accounting recruitment specialist and founder of Recruitment Expert. He says it is essential CAs stay ahead of the learning curve to remain employable long term.

“But equally important is being a lifelong learner, which not only helps you stay up to date with the latest developments in the industry but demonstrates you are striving to improve yourself and the outcomes for employers or clients. More importantly, it gives you a sense of fulfilment because you’re growing and progressing in your career,” he says.

Edelstein says the trending CPD topics he is seeing right now include AI, automation, cybersecurity and environmental, social and governance (ESG).

“If you are in public practice, then the obvious topics to upskill in are technical, such as tax legislation, auditing and accounting standards,” he suggests. “If you are in business analysis or management accounting, then focus on data analytics, AI and automation tools.” 

The expectation of technical expertise is a given, Edelstein adds, so accounting professionals also need to focus on strategic thinking, problem solving, leadership and communication skills. “Without these, you’ll be stuck in your role for a long time,” he advises.

To best align your career goals with CPD, Edelstein recommends telling mentors and managers what you want to achieve, and check their suggestions are the right track for you.

“Also, talk to people who are progressing quickly and ask them which courses, events and webinars were interesting, useful and fun, because then you’ll naturally want to do more of it.”

And remember the old adage “your network is your net worth”, he says. 

“Going to a course or conference will be invaluable to developing your networking skills, allowing you to meet people that might just super-boost your career to unimaginable heights.”