What's wrong (and right) about professional development for accountants

IMAGINE four accountants, each starting their careers with the same designation and a standardized set of knowledge and skills. Over time, their careers diverge: one becomes an entrepreneur, opening a high-end furniture company; another rises to partner at a large public accounting firm; a third serves as controller at an auto parts manufacturer; and the last pursues a passion for stage acting, supplementing his income by preparing T1 tax returns during the winter (true story).

Twenty years later, despite their vastly different career paths, they all still hold their accounting designations. They have rich and diverse sets of experiences to bring to bear, but this raises an important question: Are they all maintaining the same level of professional competence as when they started out, that which is expected of their designation by the public? 

The Challenge: Diverse Career Paths, Evolving Competence Requirements 

Accountants begin their careers after rigorous training and examinations, certifying their expertise in core accounting subjects. As their careers advance, they may specialize or shift into roles that require different skill sets. While it's natural for professionals to evolve, there's a public expectation that all designated accountants maintain a baseline of up-to-date knowledge in key areas of the profession like taxation, accounting technology, financial reporting, business planning, and ethical standards. The same types of knowledge they had when they entered the profession. 

Continuing Professional Development (CPD) is intended to ensure that accountants develop and maintain the professional competence necessary to perform their roles effectively and uphold public trust over time. 

The CPD Norm: Elective Learning, Variable Content and Credit-For-Attendance 

CPD programs are designed to help accountants stay current and continue building their skills. They offer a wide array of resources, from updates on tax law to new financial reporting standards, and beyond. The CPD industry to its credit produces excellent content to help accountants meet the challenge of keeping their skills sharp.  There are incredible learning opportunities where talented and intelligent professionals share their expertise and insight across the full range of subject matter.  However, the effectiveness of CPD in maintaining professional competence can be hindered by its structure. 

Many CPD programs allow accountants to self-select courses based on their interests or immediate career needs. While this flexibility acknowledges the diverse roles accountants play, it can lead to significant variability in the topics professionals focus on. This elective approach may not guarantee that all accountants maintain competence in fundamental areas essential to the profession and the public interest. Moreover, even when courses provide "verifiable hours"—indicating that accountants attended a course—this does not necessarily prove their understanding or ability to apply the material. In addition, some CPD offerings may be superficial, offering high level product information or minimal depth on their subject matter, but still counting toward CPD requirements with equal weighting to even the most relevant and high value courses, which can further contribute to inconsistencies in professional development. 

The Consequence: Potential Gaps in Competence 

The lack of standardized requirements and assessments in CPD can lead to uneven maintenance of professional competence. While many accountants diligently keep up with essential knowledge and skills, others may not cover key areas unless required. This situation can create a gap between the public's expectations and the actual competencies maintained by professionals. 

Without a reliable mechanism to ensure that all accountants uphold a baseline level of competence in critical areas, the profession risks eroding public trust.  

A New Approach:  RPA’s Evolving CPD Program 

Recognizing these challenges and understanding the pace of change in the field has accelerated, the Registered Professional Accountants (RPA) are evolving their CPD program. Historically, like many accounting bodies, RPA's CPD allowed for significant flexibility in course selection. Now, they are shifting toward a more balanced approach that combines standardized requirements with elective components. 

The RPA’s new CPD program for members in professional practice includes twenty hours in total, with ten offered as standardized courses that include testing to verify understanding.  These cover core competencies and rapidly changing subjects like taxation and technology, while also putting a strong emphasis on business ethics. 

The remaining ten continue to be flexible more along the lines of traditional CPD, allowing members to select courses or certain listed professional activities relevant to their specific roles and interests, and encouraging them to engage in more than just the minimum twenty hours per year. 

For members working in industry more generally, the same standardized program is offered. Or they may opt to craft their own program from traditional CPD resources and certain listed professional activities, but in self-crafted programs they must perform double the CPD hours (forty instead of twenty), and course selections must still cover the prescribed core subject matter. 

Conclusion: Strengthening CPD as a Pillar of Professionalism 

RPA’s revamped CPD program is a proactive step toward ensuring standardization in core competencies, while maintaining the flexibility that allows members to engage in personalized learning. By moving to a more robust CPD framework, RPA aims to equip its members to consistently deliver high levels of competence, integrity, and value, no matter where life takes them. This evolution strengthens public trust in our accounting practitioners and enhances confidence among industry leaders when employing RPA-designated accountants.

James (Jim) Green, RPA is owner and general manager of Green & Company, Registered Professional Accountants in Cambridge, Ontario, and secretary of the Society of Professional Accountants of Canada. Title image: Gerd Altmann, Pixabay.