How to comply with the CBV Institute Mandatory Continuing Professional Development (CPD) Requirements

This guide is provided for general information purposes and information has been summarized and paraphrased for ease of use. Responsibility for compliance with the CBV Institute By-laws and Policies remains with the member.

How many CPD hours are required and when do I report?

The Institute makes available a CPD Compliance Report in January of each year. You will be asked to declare you have met the minimum CPD hours as set out below.

Note that starting in 2019, there is a new annual requirement in addition to the triennial requirement.

 

 

 

I am a Registered Student. Am I required to do CPD?

 Only Students who have passed the MQE, but have not yet obtained their CBV designation, are required to complete CPD as per the requirements above. However, CPD becomes mandatory only in the year after you passed the MQE (in other words, the “clock starts” on the annual and triennial CPD requirements in the year after you pass the MQE).

What activities qualify as CPD?

 CPD must be relevant and appropriate to your professional responsibilities. Ongoing CPD enables you to maintain and improve the skills that the public expects from you as a valuator. Activities must be either technical or practice-related in nature, in areas in which you are generally active, and may be related to valuation, litigation, quantifying economic losses, investment advice or investment management, pricing, negotiation or structuring transactions, including M&A. They may also be activities related to the industry in which you or your clients operate. They may also be related to managing a practice, ethics and standards, or personal or soft skills (if they enhance your abilities as a valuator).

I am a member working in industry / not in public practice. What kinds of topics count as CPD for me?

You will need to use your professional judgment to determine what industry-related CPD is appropriate for your professional responsibilities. Some examples may include sessions on economic updates, tax updates, applicable laws and regulations, debt or equity markets, accounting standards, or other finance or business topics related to your industry. The records you maintain should evidence the nature of the CPD activity and its relevance to your responsibilities.

What are verifiable hours?

At least 50% of your CPD hours must be “verifiable” – able to be confirmed with evidence. This means you must have documentation to support your CPD activity. The chart below will help you determine if your CPD activity would count toward the verifiable hours required and help ensure you maintain the documents needed to support your CPD declaration and which are required by the Institute in the event you are audited.

Verifiable CPD Activities Qualifying Number of Hours Acceptable Documentation

Attendee:

  • Courses, seminars or conferences
  • Advanced or post-secondary education courses
  • Self-study programs, where there is evidence of completion and time spent (certificate or transcript)
Hours spent attending the course, webinar, conference or seminar

Any one of the following:

  • Certificate of completion or official transcript
  • Confirmation of participation by provider
  • Course assignment and/or exam results
  • Copy of course payment/invoice

 

Instructor/Speaker:

  • Courses, seminars or conferences
  • Advanced or post-secondary education courses

 

Hours spent delivering the presentation (and a reasonable amount of prep time)
  • Copy of course or presentation material from the session including date and speaker details
  • A log of your prep hours by date
  • Involvement in the CBV Institute education and accreditation programs
  • Serving on professional boards or committees (businesses or professional organizations)
Hours spent attending meetings provided that you are learning

Any one of the following:

  • Email confirming membership
  • Meeting agenda or minutes
  • Letter from organization or employer confirming your role

 

How do I track my CPD hours?

To help record, update and track your hours, you can use our optional CPD Tracking System at https://cbvinstitute.com/cehours/.

Important note: Starting in 2019, the CBV Institute online Tracking System is optional only, and filling in your hours in this system does not constitute CPD reporting. All Members and Students will be required to complete an annual CPD Compliance Report at https://cbvinstitute.com/dashboard/

Do I qualify for a CPD exemption?

You may qualify for an exemption in a given year, including CPD reporting, if:

Status with the Institute Qualifying Conditions Exempt from… Example
Retired Status

A Member who meets all of the following:

  • is at least 55 years of age,
  • does not perform business valuation and related financial services,
  • does not have employment or professional income in excess of $50,000 per year, and
  • no person/entity is reasonably relying on the member’s knowledge or expertise by virtue of their being a CBV.
  • Annual requirement
  • Triennial requirements
  • Reporting

A Member who applies and is granted Retired status by the Institute in 2018 is exempt from CPD in 2018 and all subsequent years.

Disability Status

A Member with a disability who provides to the Institute documentation from an appropriate licensed medical practitioner that confirms the diagnosis of the disability and its impact on the Member’s ability to carry out their employment or professional responsibilities and ability to earn income.
  • Annual requirement
  • Triennial requirements
  • Reporting
A Member who applies and is granted Disability status in 2018 is exempt from CPD in 2018 and all subsequent years while the status is maintained. Once the Member comes back to full status, CPD requirements apply.

Parental/Family Care Status

 

A Member who is not working and not performing business valuation and related financial services and who:

  • is parenting or providing full-time care for a child under the age of 16, or
  • providing full-time care to an elderly or ill family member who is unable to care for themselves.
  • Annual requirement for a maximum of 2 consecutive years while maintaining the status
  • Triennial requirements will be prorated accordingly
A Member begins maternity leave in July 2018, applies for Parental Status in December 2018, and returns to work in a valuation firm in August 2019. The Member will be exempt from CPD for the 2018 annual period. The CPD for any 3-year period containing 2018 will be prorated accordingly, ie: reduced by 1/3. For the 2019 reporting period pertaining to 2016 – 2018, the Member will be required to have 40 hours of CPD in total, of which 20 hours must be verifiable.

 

Note: Exemption from the Mandatory CPD requirements in a given year may, at the discretion of the Institute, be granted for other extenuating circumstances.

Can my CPD declaration be audited?

Yes. Each year, CBV Institute performs CPD audits on randomly selected Members and Students. You may be audited at any time, so it is important to keep records and supporting documents related to your CPD activities.

What if I’m unable to meet the requirements?

If you did not complete the minimum annual and triennial CPD requirements by December 31 you will still need to complete your Compliance Report by March 1.

Following March 1, you will receive a letter via mail and email letting you know that you are not in compliance and you will have 6 months from the date of this letter to make up the CPD shortfall, otherwise your membership may be suspended.

Need more information?

For further information, please contact Judith Roth at judith.roth@cbvinstitute.com or Catalina Miranda at catalina.miranda@cbvinstitute.com.