Patterns of Learning in the Accountancy Profession Under an Output-Based Continuing Professional Development Scheme

Abstract

Since 2004, professional accountancy bodies in membership of the International Federation of Accountants (IFAC) have been required to adopt mandatory continuing professional development (CPD) schemes. This research explores the learning activities of members of the Institute of Chartered Accountants in England and Wales (ICAEW) which introduced an output-based CPD scheme in 2005. To do so, a survey was carried out among its members. The findings show that the ICAEW's output-based scheme has given responsibility for learning to the individual. With the exception of those not currently in work, both formal and informal learning activities are perceived as being equally relevant. However, accountants are far less likely to describe their informal learning activities as CPD. In an environment where careers are likely to last longer and to involve more transitions, learning activities still primarily focus on competence in the current role rather than on developing skills to support future careers.