Mandatory continuing professional education (CPE) for accountants in Malta : a necessary burden?

Abstract

PURPOSE: The objectives of this study revolve around the aim of understanding the perceptions of accountants towards different aspects of Continuing Professional Education (CPE). In light of this understanding, the CPE requirement can be improved in ways which reflect the practitioners’ views, while still acting for the common good. DESIGN: In meeting these objectives, a mixed research methodology was adopted. Initially, a questionnaire was distributed to accountants. Once the quantitative data was collected and analysed, an interview schedule was developed for the conduct of thirteen semi-structured interviews with accountants. FINDINGS: The study showed how the challenge of maintaining professional competence among accountants led to the development of CPE for accountants. In fact, most practitioners define CPE as a means of keeping up-to-date with changes happening within their profession. In fulfilling this mandatory requirement, accountants prefer class-based activities for structured CPE and reading about technical topics for unstructured CPE. Considering the mandatory characteristic of this requirement, practitioners felt that they are mainly deterred from engaging in CPE due to lack of time available, cost of courses and even relevance of course content. Additionally, this research has shown that employers play a vital role in the way a practitioner perceives CPE. These deterrents impact the effectiveness of CPE, and as a remedy, CPE service providers are resorting to online CPE which seems to be the new trend of CPE delivery. CONCLUSIONS: This study concludes that accountants understand the ulterior objective of CPE, that of aiding them in maintaining professional competence, but fail to reap its benefits to the full due to external factors. For the perceptions towards CPE to improve, employers need to foster a culture of continuous learning, thus diminishing the effects of the prevalent compliance mentality. All stakeholders of the accountancy profession have to understand the true benefits that CPE can provide through the quality of its final product, resulting in a better service to the public. Finally, for most practitioners CPE is a necessary burden, one that helps them in battling the challenge of professional competence which in certain instances results in an extra load. VALUE: This study sheds light on different aspects of CPE which can be improved, with the objective of making this requirement a fruitful obligation, rather than another compliance activity.