MFAA Continuous Professional Development -CPD Continuing Professional Development (CPD) is the means by which MFAA members maintain, improve and broaden their knowledge, expertise and competence, and develop the qualities required in their professional lives.
The updating of skills and knowledge is critical in keeping abreast of industry changes, maintaining professional competence and ensuring that qualifications do not become obsolete.
Brokers need to be aware that earning CPD points is a requirement of the industry regulator ASIC and essential to MFAA membership.
There are a variety of methods to maintain, improve and broaden knowledge, expertise and competence – the range of professional development activities selected will vary according to individual career planning, area of expertise, learning style, identified needs, and timing and availability. The important point to remember is that the learning must be relevant to our industry, your current role or career aspirations.
MFAA members currently self-assess their MFAA CPD hours accumulated and can update their CPD activities within the online membership portal.
CPD hours are awarded to appropriate activities on a 1:1 ratio, meaning, 1 hour of learning equates to 1 CPD hour.
MFAA members holding loan writing status are required to maintain a minimum of 30 CPD hours each year.
The MFAA encourages members to engage, participate in and attend activities relevant to their role to increase their knowledge, skills and ability to succeed in the competitive business environment. The CPD must be relevant to our industry, current role, and career aspirations.
MFAA conduct audits throughout the year by randomly selecting members to review their CPD activities. Audits are conducted by MFAA Legal & Compliance.
MFAA recommends you maintain detailed supporting documents or evidence of all of your CPD activities.
You should retain these supporting documents for 3 years after the end of your membership year.
Any false claims made in relation to CPD records and activities may be construed as misconduct under the MFAA Code of Practice and Disciplinary Rules and as such is liable to be referred to the Tribunal for appropriate action, which may include expulsion for serious misconduct.
Click here to update your CPD activities online.
CPD activity allocation
Completion of face-to-face or virtual industry relevant educational content delivered by a trainer, expert or recognised institution
Examples:
Reading and reviewing industry relevant published materials in hard or soft copy and may include trade publications, news articles, journals, white papers, research reports, wikibroker.
Lender, aggregator and/or partner BDM meetings
Meetings covering process, policy, products and pricing.
Formal qualifications which are industry relevant delivered by an Australian Registered Training Organisation (RTO) or higher education provider, eg university.
Includes completion of:
New to industry brokers are required to undergo mentoring by an experienced mentor. Find out more about mentoring.
Delivering a presentation, demonstration or course
Illustrating, informing and/or demonstrating industry relevant practice to colleagues, peers or other stakeholders. For example, presentations for RTOs, at lender or aggregator PD events and forums.
Active participation in representative forums or groups
Being an active participant (presenter or panellist) in industry-based forums, committees, discussion groups, communities of practice, boards and/or panels whose purpose is achieving a common goal to advance the industry and/or profession.
Writing an industry article or paper
Production of an article or paper for a recognised industry publication or forum.
Qualified financial planners can apply for completed formal education and courses.
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