It is essential for the finance professional to be up to date with current developments in the financial industry since he operates in a world of a continuous change; failing to do so will create uncertainty about his future development and prospects.
Furthermore the global accountancy body IFAC (International Federation of Accountants) has set up a standard of best practice on CPD for all its member bodies (most of the national accounting bodies i.e. ACCA, ICAEW, CIMA, ICPAC, etc. are members of IFAC).
IFAC requires its members to undertake some form of continuing professional development throughout their careers but also gives flexibility to the member bodies to create the scheme best suited to their members.
Meeting the CPD requirements of your professional body will help you to further enhance your skills, knowledge and career prospects.