ICAEW's CPD Requirements for License Renewal In 2024

Change is not always easy, especially with the implementation of the new CPD regulations for CA-ICAWE in November 2023. With the new guide, it becomes easier to know your CPD and correctly apply for it. These requirements ensure you possess the latest up-to-date knowledge and skills to master your field.

ICAEW CPD Requirements

If you are affected by the new regulation from 1 November 2023 and not exempted from the CPD Regulations, the very first thing you need to do is identify your CPD category out of three categories that apply to you depending on your work type.

The board has categorized CPD into three types, each with minimum CPD hours, verified hours, and ethics courses. Category selection depends on whether you are a work in practice, or not work in practice.

A flow chart will help you better understand the categories.

But still, the question is, what is the category, and which do you fall into? 

What are the Categories?

With the introduction of new regulation on 1st November 2023, CPD categories are made way simpler.

Depending on the type of accounting work and Level of seniority, CPD requirement and verifiable CPD requirements are segregated into 3 different categories for Practicing members and Working outside practice.

How many CPD hours do CA-ICAEW professionals need to complete according to the categorization of their accounting work? Check the Category List you fall into.

Which Category do I fall into?

If you are confused you can check your CPD obligation through the ICAEW CPD self-assessment tool. Know how much CPD you will need to fulfill each year. What you have to do is just answer the Yes or No questions.

So, whichever category you fall into you can opt for the package course and complete your CPD hassle-free.

Complete your ICAEW CPD Requirement in one go

So far, identifying your CPD category has been easy. Now, it's time to make your CPD learning easy. When the deadline is near,  don't get stuck into the last-minute Rush. 

So, what you can do?

Stop wasting your precious time searching for approved courses on multiple platforms. Get a curated Package Course dedicated to CA-ICAEW professionals to complete their annual CPD requirement in one go.

You can select the Package according to your CPD needs. The package contains verified CPD courses. Complete your course and get the certificate upon completion.

Still confused about whether you are exempt? Not sure what verified CPD is or the difference between working in Practice and working outside Practice? No worries—we've got you covered!

Who is Exempt from CPD?

Exemption from the CPD Regulations depends on one's circumstances, and individuals should regularly assess whether they still qualify for exemption, especially if their circumstances change.

• ICAEW members, not working in finance, accounting, or law, and who haven't worked in a year are exempt.

• Reciprocal members who completed CPD with your home professional body are exempt.

• If you hold Business and Finance Professional designation you are not within the scope of CPD.

• If you volunteer as a trustee or in a senior financial or executive role for a charity, are not required to complete CPD.

• If you are completely retired, no CPD is needed. View More

What Counts as CPD?

Various regular activities beyond classes and webinars also count and contribute to CPD. Activities include listening to podcasts, reading articles, solving problems, Joining discussions, Receiving coaching, and Learning from colleagues.

It's not only about having technical knowledge in finance and accounting but also focuses on exploring futuristic knowledge, soft skills, and interpersonal skill development.

So fundamentally the activities must be related to your role and contribute to meeting learning goals.

What is Verifiable CPD?

As discussed above, Verified CPD is not limited to structured courses but also to independent activities. Your day-to-day work, attending peer discussions, consulting, and on-the-job research with verifiable evidence are also counted as verified CPD. For every activity, only one piece of evidence is required, and it must be fact-based, accurate, and able to be documented and stored.

What is a Practice member ?

If you actively work in an accountancy firm (partnership, LLP, Limited Company, or unincorporated business) as a member of staff providing accountancy services, you will be considered to be working in practice.

Even if you are employed by the public sector performing audit work or working in an Audit regulatory role in an accountancy professional body, a training organization, or an oversight body, you would be considered to be Working in Practice.

Who is not working in practice?

If you do not fall under any of the criteria mentioned above, you are likely to be considered as not working in practice. Business employees in finance or non-finance departments, self-employed consultants, company directors, partners, trustees or employees of a charity/ pension fund, Lecturers, etc.

How to Document your learning?

Similar to learning, recording and documentation are also important and must be given equal priority. So, you must schedule a monthly or quarterly CPD documentation activity to simplify the process.

Forget the manual effort, with the MY-CPE live tracker tool, you can easily record and track your completed and Pending CPD credits. Store and document your credit certificates easily with the credit vault.

FAQs

How do I check my CPD requirements?

If you are confused about the CPD requirement per your designation, you can check it directly through the ICAEW CPD self-assessment tool.

What if the role changes in the middle of the CPD year?

If your role changes mid-year and your CPD category moves due to the job role, you must complete the CPD for the role you started the year with.

What if you hold multiple roles with different obligations?

If you hold multiple roles, please complete the assessment for each one. If your roles have different obligations, you must meet the higher requirements for CPD hours that will compensate for the other one.

Jason Dinesen

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at myCPE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.