L&D - Professional Development in Brokerage Industry

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Most brokerage firms support their employees in continuous professional development since the CPD programs help to grow employees as individuals and organizations in wider scope. Therefore, HR needs to align CPD with the brokerage firm's goals. 


Continuing professional development (CPD) is defined as learning experiences which help you develop and improve your professional practice. This can include building on your strengths, as well as developing yourself where you have capability gaps. That’s why it’s so important for you, and why we’re committed to providing you with as many opportunities, tools and resources to embed CPD into the flow of your work and life.

(Reference: cipd, N/A)


Watch the video clip below on a case study conducted by CIPD on CPD.


(Reference: YouTube, 17th June 2016)



HR needs to design assessments to identify gaps in fulfilling professional development and design training programs to address these gaps. Most of the time HR uses an e-learning platform to bridge the knowledge gaps to complete CPD. 

Further HR need to evaluate CPD requirements from professional bodies related to Brokerage & financial industry & design the training programes to facilitate these requirements from professional bodies. 


Employees in Brokerage & financial industry are obtained several professional qualifications such as CISI, CIMA, ACCA, CFA, CIPD etc. 


The Chartered Institute for Securities & Investments is one of the most relevant qualification for brokerage & financial industry. Therefore, refer below ways of improving CPD by the CISI institute. 


  • Online training through Professional Refresher modules and Integrity Matters
  • CISI TV webcasts, both live and recorded, with currently over 150 to view online.
  • Industry news available to CISI members online through The Review and Investment Management Review
  • All the CPD which CISI members undertake is automatically added to their CPD records, removing the administrative headache of manually adding CPD.

     (Reference: cisi , 24th Nov 2016)


According to Financial conduct Authority (UK) , it is vital for firms to support on employees CPD as much as the professional bodies. Please refer below statement from FCA. 


How firms can help staff continue their CPD

We expect most individuals will be able to continue completing CPD whilst on furlough or working from home. CPD activities can include e-learning and other content that can be completed at home. We know that firms, Accredited Bodies and professional qualifications providers are helping individuals by providing this material. We also expect firms will support furloughed staff with materials to complete their CPD, as they have done previously.

(Reference: fca, 10th Feb 2023)

When evaluate above mentioned facts, it is noticable that HR need to build learning culture in brokerage firm to establish continuous professional development. 





Reference

“Continuing Professional Development (CPD) and Professional Qualification Exams during Coronavirus.” FCA, 10 Feb. 2023, www.fca.org.uk/firms/training-and-competence/cpd-professional-qualification-exams-coronavirus.

“Continuing Professional Development Case Study - Lucy Morris.” YouTube, 17 June 2016, youtu.be/ntmpuXc77yw?si=mLnRWYFFltCL1-Ca.

“What Is Continuing Professional Development (CPD).” CIPD, www.cipd.org/en/learning/cpd/about/. Accessed 17 Dec. 2023.

Cisi. “Welcome to the Cisi.” CISI Financial Services Professional Body, www.cisi.org/cisiweb2/cisi-website/about-us/press-release/2016/11/24/cisi-mandates-continuing-professional-development-and-integrity-requirements-for-all-global-members#:~:text=The%20CISI%20has%20stipulated%20that%3A%201%20All%20CPD,been%20learnt%20and%20its%20relevance%20to%20the%20role. Accessed 17 Dec. 2023. 




Comments

  1. Supun RupasingheDecember 20, 2023 at 3:41 AM

    The emphasis on continuous professional development (CPD) in brokerage firms, as highlighted in your blog post, underscores the industry's commitment to enhancing employee skills and aligning with organizational goals. The incorporation of e-learning platforms, industry-specific qualifications, and support from regulatory bodies such as FCA reflects a comprehensive approach.Question: Considering the significance of the Chartered Institute for Securities & Investments (CISI) qualifications in the brokerage industry, how do you believe the integration of online training modules, webcasts, and automatic CPD record-keeping from CISI contributes to the overall effectiveness of CPD within brokerage firms? (Reference: cisi, 24th Nov 2016)

    ReplyDelete
    Replies
    1. Hashanka Gunasekara - HR360December 20, 2023 at 5:41 AM

      Thank you for your question Supun. I have noticed from the industry that most of the companies that are in securities and investment companies sponsor for qualification. Further, companies have got into agreement with professional bodies to provide the training required to obtain the qualification. After obtaining the qualification training programs design to address the CPD requirements from the industry as well as requirements of relevant professional bodies.

      Delete
  2. Lakma Lochana SudusingheDecember 20, 2023 at 6:38 AM

    While traditional training programs have their place, I agree with the post's suggestion that the brokerage industry could benefit from exploring more innovative L&D approaches like personalized learning platforms or microlearning modules (Toffoli & Moss, 2018)

    ReplyDelete
    Replies
    1. Hashanka Gunasekara - HR360December 20, 2023 at 8:14 AM

      Thank you Lakma for your comment! Agreed on the emphasized fact. The reason why brokerage firms used personalized learning platforms is due to the on-job training required. Complexity of the financial instrument need much more experiential learning than the theoretical learning. Hope this explanation gives you some insight on it.

      Delete
  3. Zifath LiyalDecember 20, 2023 at 8:57 AM

    Very interesting blog on Professional Development in Brokerage Industry, great work Hashanka

    ReplyDelete

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