An online tool labelled the “first of its kind” has recently been launched in order to help SMSF Professionals’ Association of Australia (SPAA) members with their Continuing Professional Development (CPD).
The tool, called SPAA SMSF CPD Compass, will form a key component of any 2014/15 membership.
It is a purpose-built online questionnaire that is designed to gauge the knowledge level individuals have across all technical areas of SMSF, and upon completion it recommends specific areas of focus for upcoming CPD activities.
SPAA head of education Liz Ward said the tool is the first of its kind, and gives professionals a way to navigate through CPD in a meaningful way.
"We want to see professionals making the most of their CPD requirements by empowering them to pinpoint activities that genuinely improve their knowledge and skills. It's better for the individual, it's better for trustees and it's better for the profession as a whole," she said.
The tool follows the launch of SPAA’s CPD Hub, and online database of accredited CPD activities that filters results based on profession, topic, knowledge level, cost and location and was put into action a few months ago.
Ward said the organisation is heavily focused on innovation in the area of CPD because they recognise practitioners have a range of obligations to satisfy.
“The volume of information practitioners must understand is also growing exponentially, making it challenging to navigate through the CPD noise,” she said.
She believes the CPD Compass tool, alongside the CPD Hub, meet these challenges by allowing members to tailor unique development plans based on their individual needs.