Continuing Professional Development is defined as the systematic maintenance, enhancement and continuous improvement of the knowledge, skills and ability, often termed 'competence', that one needs to work as a professionally qualified management accountant. There are two strands to CPD:

In any one year, you could be undertaking one or both strands. The term 'professional' is deemed to include both personal and technical competences. So what are the benefits of CPD? Effective CPD can provide many benefits for individuals, employers, and society in general. Essentially, it is a means of maintaining and enhancing competitive edge and profitability through:

Our policy on CPD states that:

Requirements of CPD
How much CPD you do is dependant on the needs of you and your employer and your personal development plan. Charles Handy, in The Age of Unreason (Hutchinson 1989, p.152), sets times for the different aspects of his life, as 'a professional man in his Third Age':

Fee work (that for which he will be paid): 150 days

Gift work (that for charities, friends, the community): 50 days

Study: 75 days

Home and leisure: 90 days

The study days, or CPD, reflect his needs (researching material for new books) and are part of his development plan put together with his employer (his publisher/agent).

Any learning activity relevant to the work you undertake may count as structured CPD, provided it is undertaken in a planned way based upon your assessment of your CPD needs. It can take many forms, depending on your skills and aspirations, your job role and the nature of your industry. Some examples are:

Four days per annum for four decades of value to yourself, your family, your community and the profession - what a bargain!

For more on CIMA's CPD arrangements go to www.cimaglobal.com/me mbers/professional/cpd/