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
Formal activities (more than 3 hours)
Type | Description | CPD Hours |
Structured course | Delivered by recognised practitioner Contains a comprehensive set of learning objectives Delivers a specific learning outcome | Max. 6 hrs/day |
Seminars | A presentation delivered to an audience on a particular topic or set of topics | Max. 6 hrs/day |
Technical training | The process of learning how to more accurately and thoroughly perform the technical components of your role | Max. 6 hrs/day |
Relevant qualifications | Nationally accredited industry qualification Completion of relevant units/subjects within a qualification | Max. 30 hrs/yr or Max. 4 hrs/unit |
Informal activities (less than 3 hours)
Type | Description | CPD Hours |
On-the-job training | In a normal working situation, using the actual tools, equipment, documents or materials that members will use when fully trained | Max. 3 hrs/day |
Workshops | A brief intensive course emphasizing interaction and exchange of information among a (usually small) number of participants | Max. 3 hrs/day |
Reading | Reviewing relevant papers, such as in a book, magazine, newspaper, whitepaper, or notebook, or of electronic displays, such as computer displays, television or e-readers | Max. 6 hrs/yr |
Audio/video content | Video on demand or audio and video on demand which allow members to select and watch/listen to video or audio content as needed | Max. 3 hrs/day |
Peer and professional interaction
Type | Description | CPD Hours |
Mentoring or being Mentored | For a member identified as a mentor who meets the MFAA mentor guidelines For a new entrant with <2 years experience being mentored by a member identified as a mentor | Max. 18 hrs/yr |
Demonstrating a technical application | A method of teaching by example rather than simple explanation | Max. 6 hrs/yr |
Discussion group | An online forum for individuals to discuss various topics amongst each other An active member of a group of people asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, or solution | Max. 6 hrs/yr |
Structured meetings | Representation as a Broker on the MFAA or an industry board, forum, committee or tribunal panel that has been convened for the purpose of achieving a common goal through verbal interaction, sharing information and reaching agreement Note: CPD hours allocated only to those actions that “advance our profession” | Max.10 hrs/yr |
Contributions to our profession
Type | Description | CPD Hours |
Presenting research | Follows a specific, coherent format for articulation of research study results either oral or written with the purpose to inform, persuade or build good will | Max. 8 hrs/yr |
Design and/or presenting a course | The process used to design a course; analyse, design, develop, implement and evaluate Oral presentation of a structured course | Max. 12 hrs/yr |
Writing industry related articles/papers | Production of an article/paper for a recognised industry publication or forum | Max. 8 hrs/yr |
