Continuing professional development in a financial services organisation: MODELS OF CPD THAT MAY BE ADAPTED

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Promoting an effective CPD culture within the organisation as a strategic approach requires it to be closely linked with the ability to meet business objectives. The choice of CPD model can have a great impact on this, as can other factors that will affect the learning process. Jones and Fear describe a sanctions and benefits model where action may be taken against an individual who has not met a required standard. CPD is, therefore, mandatory, normally with emphasis on the number of hours undertaken. More traditional professions (for example accountants) tend to operate this model. A mandatory policy relies on sanctions for non-compliance and so is effectively the same as the sanctions model. Long argues that all learners are motivated, but this is not necessarily of benefit to the learning process. An example is referred to by Botkin et al. who note the process of undertaking training to obtain a qualification whereby individuals are motivated to gain the ‘certificate’ and have little interest in the anticipatory or peripheral learning that the study can bring. Neither are they interested in how the new knowledge might be applied to develop ‘the capacity to face new, possibly unprecedented situations’. It was reported that soon after the event students were unable to remember a significant percentage of what they had studied in order to obtain the qualification.

Mandatory schemes, however, can instil confidence in the organisation by the public through demonstrating that they ensure that the professionals remain up-to- date, and that records proving this can be inspected for the purpose of audit by an external organisation.

The benefits or voluntary model

The opposite of the sanctions model, this views CPD as directly benefiting the individual and is, therefore, voluntary. Voluntary schemes leave the decision to undertake CPD in the hands of the individual. As with the CIPD scheme, members are supported and guided through the process and it is the benefits offered by CPD that are the ‘selling point’; this model is effectively the same as the benefits model. Rapkins argues that one of the drawbacks of a voluntary scheme is that the individuals who would benefit most by it are the least likely to undertake it. It is difficult for public confidence to be built on this basis without other arrangements being in place.

Obligatory schemes have appeared where those organisations with voluntary policies want to move towards mandatory ones. Tovey describes this approach:

In its avoidance of compulsion the institute aims to perpetuate the notion of the preservation of professional independence. But, this position on CPD, which stops short of any potential challenge to professional integrity, is not seen as fixed. A situation is envisaged in which compulsion could be introduced.

Like voluntary schemes, this approach enables individuals to be self-directed and control their own development. It clarifies the benefits of undertaking CPD rather than relying on sanctions and so is more in line with the benefits model.


Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

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