Continuing Professional Development

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1 Continuing Professional Development Introduction We are all aware that standards in the industry are being raised in terms of required qualifications and skills, but how do we maintain these standards once gained? Continuing professional development (CPD) is the method used for most roles within the financial services industry and if approached properly, will assist in the maintenance of the professional s knowledge and skills as well as helping them develop to achieve higher levels of competence if so required. It has become a prerequisite for certain job roles and memberships of industry organisations but in short, anyone working in financial services benefits from undertaking CPD. What is CPD? CPD is a continued process of learning and development. The Financial Services Authority requires individuals carrying out regulated activities to become and remain competent for the roles that they undertake. Therefore, CPD should firstly concentrate on the skills and expertise needed to fulfil the professional s role to the necessary standard on an ongoing basis. By utilising a structured approach towards CPD, an individual will be demonstrating a commitment towards ongoing learning both internally and externally. Secondly CPD should be used to encourage career development. As CPD is a process managed by the individual, he or she should look at it as an opportunity to move towards that aspired career goal, building knowledge, expertise, credibility and confidence along the way. Does CPD have to be structured? Inevitably to gain the maximum results from CPD activities, the individual should plan by setting objectives, record the activities undertaken and assess their effectiveness. It makes sense therefore to create two documents, one to plan what you are going to do and the other to record and assess the CPD activities undertaken. How should a CPD plan be structured? A CPD plan should be structured so that is as flexible as possible to meet the requirements of an individual s role as well as assisting in personal career development. Fundamentally however, there will be three key areas that a CPD plan should concentrate on namely: Developing and updating technical knowledge Developing interpersonal skills, and Acquiring and applying new business knowledge and skills. Under each area, an individual should decide which development needs he or she has, perhaps by completing a personal SWOT (strengths, opportunities, weaknesses and threats) analysis and set reasonable objectives in order to meet them preferably within

2 an appropriate timeframe. This exercise could be undertaken regularly for example, once a year. How should a CPD record be structured? Within the CPD record, space could be made to regularly denote what relevant activities have been carried out that match the needs stated in the individual s CPD plan and how long each activity took. Space can also be set aside to explain how the individual will implement any new knowledge or skills gained. It could also show whether or not their planned objectives have been met and any action or support the individual needs to develop further. What activities are acceptable within the CPD plan/record? The answer to this is anything providing it bears some relevance to the person s situation. Generally speaking, the activity should be one that aims to bring the individual to at least the required standard of knowledge or skill appropriate for their role. Ideally it will help them to achieve something better but not to the extent that it impinges on the needs of their current job. For example, a trainee underwriter would gain little immediate benefit in attending a course on senior management if they don t yet know the basics of their primary role. Not all activities have to revolve around financial services. A particular skill that would be useful in the individual s role could be gained elsewhere for example, developing teamwork or leadership through membership of an external club or society. Activities can be categorised under the following learning headings: Active Reflective Development Self-directed We shall now go on to consider some examples: Active learning - Attending training courses, workshops or conferences - Online learning packages that set clear objectives and include assessment measures - Sitting a relevant examination - On the job training - Attending society or club meetings and events Reflective learning - Accessing web based information - Listening to a relevant pod cast - Viewing a relevant webcast - Attending internal company briefings

3 Development - Chairing events and conferences - Presenting at events, training courses and conferences - Being a member of relevant committee of board Self directed - Reading industry press and briefings - Reading regulatory updates - Studying for formal industry qualifications - Accessing online news services. Some institutions such as the Chartered Insurance Institute operate a points system providing the member with a number of CPD points for each relevant activity carried out. On the following pages we provide some examples of a CPD plan and a CPD record. Wizard Learning Ltd, Assisting finance professionals to pass industry exams and helping meet their CPD requirements. Winner of the Best Online Educational Initiative at the November 2008 Online Finance Awards.

4 CPD Plan Name: Staff Reference Number: CPD Period: Job Role: Development Area Identified development need Objective to be met Success criteria to meet objective By when?

5 CPD Development Record Name: Staff Reference Number: CPD Period: Job Role: Activity undertaken Development need addressed Length of time spent on activity Have planned objectives been met? What further development work is required to meet objectives set? By when? I confirm that this is a true record of CPD undertaken by me: Signed: Date: