All mortgage brokers are required to complete Continuous Professional Development requirements annually. The MFAA and FBAA like all professional industry associations require members to undertake Continuous Professional Development (CPD) activities to maintain and improve their skills and knowledge.
MFAA members are required to do a minimum of 30 hours CPD each year to maintain their membership. ASIC requirements are 20 hours.
There are many ways to earn CPD hours as a mortgage broker and most mortgage brokers have no difficulty in fulfilling this obligation. MFAA, FBAA, Aggregators, Lenders, and Mortgage Broking Groups continuously offer a variety of training and development options.
This training and development qualifying as CPD could involve one on one meetings, formal mentoring programs, industry media organisations providing updates, webinars, Professional Development days, and multi-day national conferences.
As a guide to Mortgage Broker CPD activities, below is a list of MFAA CPD activities that would qualify:
MFAA CPD Activity Allocation
|Structured course||Delivered by recognised practitioners. Contains a comprehensive set of learning objectives. Delivers a specific learning outcome|
|Seminars||A presentation delivered to an audience on a particular topic or set of topics|
|Technical training||The process of learning how to more accurately and thoroughly perform the technical components of your role|
|Certificate IV or Diploma of Mortgage Broking||Completion of these courses will provide 18 hours of CPD for the Certificate IV of Mortgage Broking and 30 hours for the Diploma of Mortgage Broking|
|Other relevant qualifications||Nationally accredited industry qualification. Completion of relevant units/subjects within a qualification. Such as a degree or MBA.|
|Financial planning||Qualified financial planners can have a maximum of 12 hours of financial planning CPD also contribute to their MFAA CPD hour requirements.|
|On-the-job training||In a normal working situation, using the actual tools, equipment, documents, or materials that members will use when fully trained|
|Workshops||A brief intensive course emphasizing interaction and exchange of information among a (usually small) number of participants|
|Reading||Reviewing relevant papers, such as in a book, magazine, newspaper, whitepaper, or notebook, or of electronic displays, such as computer displays, television or e-readers. A maximum of 6 hours per year can be credited for reading.|
|Audio/video content||Video-on-demand or audio and video on demand which allow members to select and watch/listen to video or audio content as needed|
Peer and professional interaction
|Mentoring or being Mentored||For a member identified as a mentor who meets the MFAA mentor guidelines. For a new entrant with <2 years experience being mentored by a member identified as a mentorMentors and mentees are allowed 18 hours of CPD per year|
|Demonstrating a technical application||A method of teaching by example rather than a simple explanation|
|Discussion group||An online forum for individuals to discuss various topics amongst each other. An active member of a group of people asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, or solution|
|Structured meetings||Representation as a Broker on the MFAA or an industry board, forum, committee, or tribunal panel that has been convened for the purpose of achieving a common goal through verbal interaction, sharing information, and reaching an agreement. Note: CPD hours allocated only to those actions that “advance our profession”|
Contributions to our profession
|Presenting research||Follows a specific, coherent format for the articulation of research study results either oral or written with the purpose to inform, persuade or build goodwill|
|Design and/or presenting a course||The process used to design a course; analyse, design, develop, implement and evaluate. Oral presentation of a structured course.|
|Writing industry-related articles/papers||Production of an article/paper for a recognised industry publication or forum.|
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