Continuous Professional Development
The professional world has become not only dynamic but also very competitive. Significant changes and challenges can be observed in the Financial Markets environment and more specifically in the regulatory background. The Financial Markets environment is highly dynamic with development of new products and services aimed at increasing investment potential of an economy.
ICIFA has a duty to its members and the public at large in ensuring that the highest standards of professionalism are maintained by its members and this is done through the Continuous Professional Development (CPD) Programmes. Every member of the Institute is expected to actively participate in the programmes and functions and attain the minimum CPD credits required. CPD is concerned with systematic maintenance, improvement and broadening of knowledge, skills, personal qualities and professional ethics necessary for execution of professional and technical duties throughout the FA’s working life. The overall aim of CPD is to develop and enhance the value of the FA as a professional.
The CPD Credits are in two categories; structured and unstructured. The unstructured credits are earned from activities of other recognized institutions while the structured credits are earned from activities and functions that are organized by the Institute OR by other independent institutions accredited by ICIFA. The Institute is looking forward to partner with other institutions for purposes of accreditation.
Compliance with CPD requirements is compulsory for all ICIFA members.
Annual CPD Requirements
Every member is required to attain a minimum of twenty (20) structured hours and twenty (20) unstructured hours.
Starting from the year 2019, surplus or deficits in structured CPD units for the previous years (up to a maximum of the preceding 3 years) shall be carried forward to the current year for determination of whether a member is in good standing. Upon written request, the Committee responsible for Training may however exempt a member on any previous years' deficits provided that such member has provided good reasons why they should be exempted and have attached relevant documentary evidence.
Associate members are required to a minimum of ten (10) structured hours and ten (10) unstructured hours.
Members above 65 years
|Still in Active Practice||10 CPD hours per year|
|Not in Active Practice||Exempted from CPD requirement but may attend and participate in AGMs|
Those members who are not in practice are fully exempted from CPD requirements. If a member receives exemption but is still professionally active, he/she has the responsibility to inform the Institute. The request for exemption should be addressed to the Institute Secretary. The exempted members are however encouraged to attend all Institute events including the AGM and other Social Events and share their wisdom with the “young” members.
Members who are out of the country
Members who are out of the country are exempted from the CPD requirements, but if they are working in those foreign countries, they are encouraged to continue participating in Institute affairs in different ways; e.g. Writing Articles; obtaining and sending to Institute literature from such countries on the finance profession and forwarding them to the Institute for bench marking purposes.
However, this exemption is on condition that such members furnish the Institute with adequate evidence to prove that they are out of the country, indicating for how long and for what purpose.
Members below 25 years
Upon written request to the Institute’s Secretary, members who are below 25 years of age shall be entitled to a 50% discount of applicable seminar fees for Institute’s events.
CPD Credits for Activities and Events
|Activity||Number of CPD Hours|
|Seminars and workshops - Presentation||Depends on No. of days|
|Seminars and workshops - Attendance||Depends on No. of days|
|Publishing articles on the Institute journal or in other reputable professional journals||5 per article on condition in the article they declare membership in the Institute|
|Institute Council and Committee meetings||2 Hours per committee meeting attended|
For purposes of CPD allocation, the following definitions shall apply:
- An event is considered as full day if it runs for 7 hours in a day and half day if it runs for 4 hours.
- Evening forums will be held from time to time. They will be 2 hours long and are equivalent to 2 CPD hours.
- Consultancy assignments are considered as those which a facilitator is paid a consultancy fee at or above the market rate. Such assignments shall not attract any CPD awards to the member carrying out the assignment.
- Committee Meetings refer to meetings held by the Institute or its subsidiaries/establishments including the Council, Committees or Taskforces.
Members are encouraged to participate and attend other programs apart from those being run by the Institute, in order to development themselves ‘horizontally’.
Examples of Unstructured CPD activities include:
- Further qualifications related to the investment and finance profession e.g. Masters of Science in Finance, MBA Finance, and Certifications in Finance & Investment etc.
- Facilitating ICIFA CPD programs.
- Reading business sections of newspapers, professional journals.
- Watching technical Videos and DVDs.
- Coaching and mentorship activities such as facilitating finance related events at institutions.
- Self-Study that results in Professional Development.
- Published articles that are not directly related to the profession.
- Social responsibility activities.
Criteria for Awarding of Unstructured CPD points
|CPD Activity||Requirements||CPD Points|
|1||Self Study||Submission of completed questionnaire|
|2||Formal Learning Programme||Proof of registration and progress||1 per annum|
|Proof of relevant whole qualification||3 on completion|
(Applies to practitioners)
|Doctoral thesis: 2|
|- Conference presenter||Written submission||2|
|- Plenary||Written submission||2|
|- Breakaway group||With introductory presentation||2|
|- Guest lecturer at tertiary institution||Without introductory presentation||2|
|- Panel session||Visual presentation||2|
|- Poster||Visual presentation||1|
|- Web-based||Visual presentation||1|
|- Video production||Visual presentation||2|
|- Best practice model publication||Written submission||3|
|6||Short learning programme
Based on level, duration & relevance
|- Short course||Proof of successful completion||2|
|- Skills programme||3|
|- Book [on publication]||Proof of publication||Sole author: 5
|- Scientific Article [on publication]||Proof of publication|
|- Professional/practice||Proof of publication|
|- Training manuals/protocols||Independent peer review or employer’s report|
|- Manuscripts||Invitation and acknowledgment of task completed||2|
|- Research proposals||2|
|- Book reviews||2|
|9||Position paper/legislative and policy analyses||Proof of written submissions||3|
|10||Mentorship programs||Proof of provider, programme and duration||1|