Ongoing Professional Development: Stay Ahead of the Game!
Do you scramble at the end of the year to pull together your ongoing professional development register to renew your industry body membership?
Read our top tips for maximising your professional development and ensuring compliance with industry regulations.
But first, here’s what you need to know?
The National Consumer Credit Protection Act 2009 states that licensees and representatives must maintain the competence to engage in the credit activities.
What does that mean?
Professional development covers all areas of being a business owner. From marketing courses to diversifying your skills and growing your business, enhancing your compliance knowledge, and understanding new management techniques.
Think outside the square beyond lender policies and scenarios and take the time to honestly evaluate the skills you need to drive your business to the next level.
Tip 1: Make a Plan!
- Avoid aimlessly collecting hours with no progress.
- Create a well-thought-out development plan.
- Define the skills you want to develop and chart a path to achieve them.
Tip 2: Learn Anywhere, Anytime
- Don't let a busy schedule hold you back.
- Leverage technology to learn on the go.
- Utilise your lunch breaks or commute time for webinars or podcasts.
Tip 3: Keep Records
- Maintain accurate records of your professional development.
- Avoid last-minute scrambling by recording CPD hours as you complete them.
- Utilise tools like Mercury's register to streamline the process.
- Find out how here: Creating a CPD Report in Mercury Nexus
Tip 4: Supercharge Your Learning
- Connective and the industry bodies have a range of workshops, webinars, and professional development days to help you achieve your CPD hours.
- We have over 190 events per year for you to choose from
It is important you reference your industry body website and the maximum hours you can count towards any one type of professional development. There are limits placed on certain activities so ensure you are up to date on the limits placed on certain types of learning.
- MFAA Requirements: a minimum 30 hours of professional development per year.
- FBAA Requirements: a minimum 25 hours of professional development per year.
- CAFBA: a minimum of 20 hours per year.
We don’t mandate the hours you need to complete across categories or types of learning. However, we are required to monitor completion of hours so make sure you use Mercury Nexus to track your CPD points.