The ICMA takes great pleasure in recognising the Academy of Finance and Management Australia (AFMA) as as Approved Provider. AFMA provides training programs and issues Board Certified credentials to successful candidates worldwide. AFMA has Board Certification professional programs in numerous finance and management fields including, accounting, marketing, information technology, economics, banking, risk management, quantitative analysis, quality control, supply chain management, valuation, portfolio management, applied finance etc., many of which are industry recognised in their specific fields.
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, This feedback has now been received and has been incorporated to the current regulations. The one year orientation period also gave providers and educators an opportunity to submit programs to the institute for ICMA endorsement of specific courses and to attain accredited provider status. Stage two is the formal introduction of the program commencing on 1 July 2012.
The CPD details are as follows:
- CMA status members will be required to earn 30 points averaged over a 3 year period (10 points per annum).
- The following CPD Evidence form would need to be completed.
- AMA status members will be required to earn 24 points averaged over a 3 year period (6 points per annum).
- At this stage, GMA, RBA, RCA & CAT members will not have to maintain the CPD requirements
- Undertaking On-line CPD training will obtain the designated equivalent CPD hours for that program as advertised.
- Attendance at a program held under the auspices of an ICMA accredited provider will earn the attendee two points per hour
- Programs conducted by universities, other professional bodies, in-house corporate programs, seminar organizers and training institution are acceptable, if relevant to the practice of financial management/managerial accounting. Attendance under the auspices of such external providers will earn one point per hour
- For academic members, conducting courses, writing academic and professional journal articles will also be acceptable as CPD hours. A journal article equates to 30 hours of CPD. [Please provide photocopies of content of courses attended/ presented or journal articles written]
- No points are to be allocated for reading
- Members engaged in formal study under the auspices of a recognised tertiary education institution will be able to seek exemption from the points system during their years of study
The design committee decided that requesting members to devote between 6 and 10 hours per annum to their continuing professional development is not onerous and indeed is mandatory for the maintenance of knowledge and professional skills.
