Best free CPD opportunities for accountants in Australia in 2024

Nothing stands still for long in the world of accounting. To ensure that accountants’ knowledge and skills are growing in line with the latest developments, trends, and changes, they must dedicate some of their busy schedules to continuous professional development (CPD). 

In this article, we’ll explain what CPD is for accountants, why it’s so important, and how to track it. We’ll also explore some of the best free CPD opportunities for accountants based in Australia — from online courses to live events and more.

What is continuous professional development for accountants?

They say that an accountant’s work is never done. While this is true of day-to-day accounting tasks, it’s also true when it comes to professional growth. Because accounting is such a complex and ever-evolving field, accountants must commit to career-long learning to ensure that they remain knowledgeable and competent in a fast-changing environment. This is where CPD comes in.

CPD formalises the process of continuous learning for accountants, forming a crucial part of their professional journey. For accountants with professional designations, CPD is a mandatory requirement to maintain their licenses and membership to professional accounting bodies. 

Why is CPD important for accountants and CPAs?

Besides being necessary to maintain Chartered Accountant or CPA status, CPD forms a fundamental part of an accountant’s professional life. It instils a culture of professional growth and improvement across the entire profession, ensuring that accountants are encouraged and incentivised to improve their knowledge and skills. 

In this section, we’ll look at some of the key reasons why CPD is beneficial for accountants, CPAs, and the entire accounting industry.

Keeping up to date with the latest industry changes

The accounting industry is constantly evolving, with tax laws, financial reporting standards, and regulatory requirements all subject to change. Failing to keep up with these often complicated updates can be disastrous for accountants and their clients. CPD ensures that accountants dedicate time to keeping up to date with the latest industry changes.

Enhancing professional competence

Dedicating time to CPD helps build and advance accountants’ skills and knowledge. Through CPD activities, accountants can broaden their expertise in niche areas, such as forensic accounting, audit, or financial planning.

Meeting regulatory requirements

Professional accounting bodies require accountants to adhere to CPD requirements to maintain their professional licences and memberships. In Australia, the three professional accounting bodies — CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), and the Institute of Public Accountants (IPA) — all mandate CPD. 

What are the benefits of CPD for accountants?

In addition to the factors we mentioned above, here are some of the key benefits that accountants can enjoy by pursuing CPD. 

1. Better career opportunities

Taking CPD seriously can yield tangible results for accountants, giving them the skills they need to secure promotions, new job opportunities, or more clients. Employers and clients often seek out accountants with CPA or Chartered status, both of which require yearly CPD requirements to be met.

2. Adaptability in the face of change

Besides regulatory changes, the accounting profession is constantly evolving as technological advances change how accountants do their jobs and engage with clients. CPD enables accountants to stay one step ahead of the curve, dedicating time to understanding trends such as AI, automation, and data analytics, and how technology can transform how accountants operate. 

3. Networking and collaboration

CPD activities often include attending live events, such as conferences, seminars, and workshops. These events provide excellent opportunities to network with like-minded peers, industry leaders, and even potential clients or employers. Building a strong professional network is also a great way to share knowledge and expertise.

4. A strong focus on ethical practices

CPD includes training on professional ethics, providing accountants with the knowledge they need to navigate their work with integrity and professionalism. This helps to keep the entire accounting industry in check while maintaining public trust and confidence.

5. Personal satisfaction and growth

Beyond the professional benefits that CPD brings, there are plenty of personal ones too. Learning new skills and expanding your expertise can be highly fulfilling, helping you to stay motivated and focused throughout your accounting career. It also boosts your confidence, giving you the skills you need to serve increasingly demanding clients in a rapidly changing world.

What practices qualify as CPD activities for accountants? 

There is a broad range of activities and events that can qualify as CPD, including both formal and informal learning. In fact, according to CPA Australia, any activity that increases your knowledge, skills, and professional competence can be considered CPD. Here are some key examples:

Formal education and training

There are a range of formal learning opportunities accountants can sign up for to deepen and expand their professional knowledge, including:

• Accredited courses: there are plenty of courses delivered by universities, professional bodies, and other institutions, including diplomas, certifications, or other qualifications relating to the accounting profession.
• Industry events: accountants are well blessed when it comes to industry events, with tons of engaging and informative conferences in Australia and further afield to attend. These are great places to learn about new trends and network with industry leaders.
• Seminars and workshops: accountants can sign up for seminars and workshops that focus on specific accounting topics, spanning everything from tax updates and financial regulation to the latest technology trends.

Online learning

In today’s digital world, there are countless opportunities to learn new skills from the comfort of your own home. Here are some examples of online learning that can contribute to your CPD:

• Webinars: you can find a whole host of live or recorded webinars online, spanning a wide range of accounting-related topics.
• Online courses: by taking online courses provided by established educational platforms and professional bodies, you can expand your professional knowledge at your own pace, from technical accounting skills to soft skills such as communication and leadership.

Self-directed learning

Self-directed learning allows you to take your professional education into your own hands. Here are some examples that contribute to your CPD hours:

• Reading professional literature: By reading industry publications, journals, research papers, and technical manuals, you can stay informed about the latest industry developments and best practices.
• Research and study: more experienced accountants may want to consider adding their own research or studies to the body of professional writing. For example, you might want to explore new financial management techniques or other relevant topics.

Practical experience

In addition to the more theoretical side of learning, accountants can engage in practical, hands-on training to expand their skill set. Here are some ways you can do this:

• On-the-job training: accounting firms are great places to learn from more experienced peers or take part in tailored training, including learning to use new software, implementing new accounting procedures, or taking on new responsibilities.
• Secondments: by agreeing to spend a limited period working in a new department, company, or even country, you can gain valuable experience and insights that you can bring back to your regular post.

Teaching and mentoring

Besides expanding your own skills, you can contribute to your CPD hours by passing on your expertise and experience to others. For example:

• Teaching: experienced accountants can help those learning the trade by lecturing or teaching at universities or other educational institutions.
• Presenting at conferences: for those who love the limelight, presenting at industry events is a great way to share expertise, boost self-confidence, and add to your CPD.
• Mentoring: acting as a professional mentor to a less experienced peer is a great way to pass on everything you’ve learned while simultaneously expanding your professional expertise.

Voluntary work

Voluntary work is a great way to help people, contribute to the local community, and add an additional layer of purpose to your role as an accountant. Here are some examples of how you can do it:

• Pro bono work: you can offer your services free of charge to non-profit organisations, local community groups, and other people in need. 
• Voluntary professional services: in your spare time, you could volunteer to manage the books of a local community organisation, such as becoming the treasurer for a local charity. 

Professional involvement

Senior accountants with CPA or Chartered status may want to look at opportunities to contribute to professional accounting bodies and associations. For example:

• Participating on committees: accountants with the right qualifications and experience can serve on committees or working groups within professional bodies, industry associations, or standard-setting organisations.
• Discussion group meetings: you can also participate in discussion groups with fellow accounting professionals to discuss industry-related issues, explore best practices, and discuss solutions to common challenges that accountants face.

Tracking and recording CPD hours

As part of your CPD journey, it’s crucial that you track the activities you’ve participated in and the hours you’ve spent. Not only does this ensure compliance with professional body requirements by providing detailed evidence, but it also helps you reflect on your learning and growth. 

While the exact method for recording CPD hours will differ depending on the professional accounting body you are working with, here are some of the ways you can keep track of your learning journey:

• CPD logs and templates
• Online portals
• Mobile apps

CPA Australia, for example, provides access to a CPD Diary — an online tool where you can log and edit the learning activities you’ve participated in over time. Conveniently, when you complete any CPD-related learning that’s facilitated by CPA Australia, your diary is automatically updated to reflect this.

Each professional body has its own specific requirements around the amount of CPD hours you need to log and the timeframe within which you need to log them to maintain your professional status and membership. For example: 

• CPA Australia requires all members to complete a total of 120 hours of CPD over a three-year period, with a minimum of 20 hours in any year
• The Institute of Public Accountants (IPA) has the same requirements as CPA Australia, but with the stipulation that a maximum of 30 hours can be spent on unstructured learning
• Chartered Accountants Australia and New Zealand (CA ANZ) has different requirements for different professional designations — please see here for more details

Best free CPD opportunities for accountants in Australia

While some accredited courses and diplomas can come with a hefty price tag, there are plenty of free opportunities that accountants in Australia can take advantage of to boost their CPD. In this section, we’ll explore some of the best. 

Free courses from professional accounting bodies

Professional accounting bodies often provide free CPD resources, including free training courses and webinars. CPA Australia, for example, provides a whole range of self-paced online CPD courses that are free to members, spanning everything from preparing for leadership roles and succeeding as a mentor to cybersecurity, tax updates, and professional ethics.

Chartered Accountants Australia and New Zealand (CA ANZ) also offers several complimentary accounting webinars for members, covering a range of useful topics, all of which count towards your CPD hours.

Members of the Institute of Public Accountants (IPA) can also find free CPD courses. For example, they offer an Annual Ethics Refresher short course that comes with a digital certificate and two hours’ worth of CPD.

Free courses from universities and other institutions

Besides courses from professional accounting bodies, you can find plenty of free online courses from local or global universities and other high-education institutions, covering a whole host of relevant topics. 

Both the University of Adelaide and the Queensland University of Technology offer free online courses on big data analytics, for example, which could be useful for accountants looking to harness the power of data and drive smarter decision-making across their firms.

This is just one example. There are tons of free opportunities out there that will add new skills to your skill set and provide enjoyable CPD opportunities, covering a range of hard and soft skills such as:

• Small-business management
• Digital marketing and search engine optimisation (SEO)
• Effective communication
• Blockchain and cryptocurrencies
• Leadership skills

You can also look for free learning opportunities on sites such as LinkedIn Learning, which offers online training courses designed to help you build the skills needed to thrive in the modern world of work.

Software-specific learning content

Software plays a central role in modern accounting, and there’s a lot to learn to maximise the potential of accounting tech. Accountants can often go straight to their software providers for free courses designed to get them up to speed with the latest tools, processes, and best practices. 

For example, accounting platforms such as QuickBooks Online offer a range of training courses and certifications that can contribute to your CPD, including:

• QuickBooks Core Certification, which represents 4 CPD hours
• QuickBooks Payroll Fundamentals, which represents 1.5 CPD hours

QuickBooks Online also offers a range of courses designed to help you master specific aspects and features of its software, as you can see in the examples below:

You’ll find similar courses from accounting platforms such as Xero, Sage, and FreshBooks, as well as practice management software providers. TaxDome, for example, offers a range of resources and events designed to help you master the platform’s core features — from workflow automation and reporting to client relationship management (CRM). Here’s what TaxDome offers: 

• TaxDome Academy courses and certification
• Live product webinars and feature walk-throughs
• Hands-on workshops and boot camp events
• A library of regularly updated Help articles

Beyond software aimed specifically at accountants, you’ll find that plenty of other software providers offer education materials that could help you run a more efficient and profitable accounting practice. HubSpot, for example, offers a range of free courses that can help you take your sales and marketing efforts to the next level. Likewise, Microsoft Power BI offers training modules that will help you get started with data analytics. 

Conferences and events

While most accounting conferences and industry events charge attendance fees, some offer free registration, especially to those tuning in remotely. Conferences and events are a great way to learn about the latest industry trends, technologies, and changes, while also meeting experts from across the accounting and finance professions. 

Free online content

Today, we are well-blessed with free content on virtually any subject you can think of, making self-guided learning easier than ever. By finding value-packed online content, you can keep up with the latest happenings in the accounting world and learn core skills at a pace that suits you. Here are some ways you can do this: 

• Read accounting blogs and news
• Watch YouTube videos from accounting influencers
• Review the latest industry reports and academic papers
• Tune in to accounting podcasts

Tax Yak — a popular tax-related podcast for accounting professionals.

To sum up

Continuous professional development is a crucial part of an accountant’s professional journey. Not only does it ensure that accountants can maintain their professional designations and memberships, but it also equips them with the skills and knowledge they need to grow and adapt in a fast-changing environment. From a broader perspective, CPD ensures that the accounting industry remains forward-thinking, helping to nurture trust between clients and firms. 

There are countless opportunities out there to rack up your CPD hours, from formal courses and events to self-guided learning. Many such opportunities are free, meaning CPD needn’t be an expensive pursuit. 

We hope you’ve found this article a useful guide on your CPD journey. As you continue your path to professional growth, leveraging an accounting practice management platform such as TaxDome will give you all the tools you need to work smarter, faster, and more accurately. But don’t just take our word for it — request a demo today and see for yourself!