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CPD programmes need overhaul to remain relevant, says ACCA report

ACCA has issued the latest report in its Insight series, which calls for changes to management training and development methods owing to the speed at which business is conducted in the 21st century.

The report, entitled The future of professional development, suggests that if continuous professional development programmes are to be fit for purpose, and they keep up with regulatory change and provide acceptable returns on the hundreds of millions of dollars invested each year, then a radical overhaul is needed.

'The set piece "talk and chalk" lectures cannot survive,' said Tony Osude, ACCA acting director of professional development. 'Business professionals need immediate access to good quality information, and they need to know how to apply it to their work.

'The one-size-fits-all course will need to accommodate the demand for more practical based interactivity between professional peers, and the demands on time. In order to maximise return on investment, and respond to risk and uncertainty, the way people build on their knowledge and skills needs to be transformed.'

Among the key findings of the report are:

• finance professionals require faster access to knowledge and information due the pace and frequency of regulatory, economic and business changes
• greater use of technology is likely to be characterised by the wider adoption of Web 2.0 technologies, enriching the learning experience through increased levels of on-line interaction and collaborative learning with other finance professionals
• employers face a challenge to ensure that development programmes offer enough variety to appeal to all four generations of workers, from Generation Y through to Baby Boomers. CPD needs to be treated more as a value adding, career-supporting process rather than a 'tick box' exercise
• regulation is expected to become less process-driven and more risk based, with employers becoming more involved in the regulation process. Consequently, professional bodies will need to use technology to ensure member compliance processes become seamless
• experience is key, it is the only way to prepare professionals to deal with the new, the unfamiliar and the unexpected
• current economic conditions are putting more pressure on organisations to demonstrate return on investment – in relation to development activities this will mean a greater focus on reviewing the effectiveness of current training programmes.

Download a copy of The future of professional development