The design for the institute’s CPD program was approved by council and was introduced in two stages. Stage one was a 12 month orientation commencing 1 July 2011. During this period the proposed model was tested allowing for comment and some re-engineering. Stage two was the formal introduction of the program which commenced on 1 July 2012.
- All FCMA, CMA and AMA members must maintain a CPD diary, commencing on July 1 in the financial year (July-June) following their first year of membership (e.g., if a member joins on Dec 2021, then the CPD requirements will commence from July 1, 2022).
- Those undertaking face-to-face and online CPD training will obtain the designated equivalent CPD hours for that program as advertised by the provider of the training/education. [The training need not be with an ICMA accredited CPD provider, but the institute will audit non-accredited trainer websites to ensure that they are providing bona-fide training]
- Attendance at a program held under the auspices of an ICMA accredited provider will earn the attendee double hours.
- Programs conducted by universities, other professional bodies, in-house corporate programs, seminar organisers and training institution are acceptable as CPD, if relevant to the practice of financial management/managerial accounting. Attendance under the auspices of such external providers will earn equivalent CPD hours (one-for-one) for that program as advertised.
- For academic members, conducting courses, writing academic and professional journal articles will also be acceptable as CPD hours. A journal article equates to 60 hours of CPD. [Please maintain scanned pdf’s of content of courses attended/ presented or journal articles written, for 3-years]
- Members engaged in formal study under the auspices of a recognised tertiary education institution will be able to seek exemption from the CPD system during their years of study.
- Members is large companies/government bodies are not exempt from CPD requirements, although in-house training programs conducted by these organisations are recognised.
- No hours are to be allocated for reading.
CPD Requirements – CMA Status Members
- CMA status members will be required to accumulate 60 hours of CPD averaged over a 3-year period (20 hours per annum).
- CMA status members residing in countries that have established branches (e.g., Hong Kong, Sri Lanka, Philippines, Nepal etc.) may require additional CPD hours due to the dynamic nature of the commerce in those countries.
- Members residing in such regions should contact the Regional Provider Institution for specific CPD requirements in the region.
CPD Requirements – AMA Status Members
- AMA status members will be required to earn 45 hours of CPD averaged over a 3-year period (15 hours per annum).
CPD Requirements – GMA, RBA, RCA & CAT Status Members
- At this stage, GMA, RBA, RCA & CAT members will not have to maintain the CPD requirements
CPD Committee (CPDC)
The education committee has appointed one of its members to take responsibility for the program together with an experienced practitioner to be nominated by the ICMA council, thus ensuring that oversight for the CPD program is approached from both an academic and a practical perspective. The two persons responsible for CPD oversight will constitute the CPD committee (CPDC)
A core requirement for success will be the availability of ICMA accredited courses accessible to all members either through education partners or the central website. In all locations where education partners have been appointed, access to accredited programs will be through the partner network. In other locations, access will be via the CMA website.
A process has been developed to allow CMA partners and any other suitably qualified education providers to submit program outlines for CPD courses for which they are seeking approval. Please contact the Executive Director ([email protected]) to obtain information about this process, which includes profit sharing methodologies. If the course is given an ICMA approval stamp, the provider will then be granted “accredited provider” status for that particular program. Accredited providers and the courses for which accreditation has been granted will be published on the ICMA website.
An ICMA Accredited Provider’s CPD course will attract 2 hours of CPD for every hour of activity undertaken.
Any member with an idea for a CPD program and the knowledge and educational skills to prepare a course should submit an outline to the ICMA Chief Executive Officer in Melbourne who will forward the outline to the CPDC for consideration to be an ‘Accredited Provider’. The CPDC will then initiate further contact with the author.
Courses accepted by the CPDC and released for access to the membership will attract a royalty or a fee, the ultimate choice being dependent on the nature of the program, how it is to be distributed, the fee it may attract, and how it is delivered and administered. Please contact the CEO for a fee schedule.
The institute has implemented a number of processes so that the system functions effectively.
A number of other ICMA Accredited CPD programs are now offered via the Academy of Finance and Management Australia (AFMA).
MBA and DBA
The ICMA has also negotiated for CMA members to get Recognised Prior Learning credit (8 courses out of 12) for the MBA offered through Calwest University in Northridge, California, USA.
CPD Education via other Professional Bodies
Members should also note that ICMA will accredit the hours attended at programs delivered under the auspices of other bodies. CPD hours will be granted of 1 hour CPD for every hour of activity undertaken. Credit will be given provided the required disclosure is made on the CPD compliance record which members must maintain and submit at the end of each 12-month cycle.