Standard I(E) Competence

what is Standard I(E) Competence

Members and Candidates must act with and maintain the competence necessary to fulfill their professional responsibilities.

What Is Competence?

• having and maintaining the knowledge, skills, and abilities needed for your role.

• Requirements vary by profession and responsibilities.

• Competence depends on the specific facts and circumstances.

• negative outcomes do not necessarily imply a lack of competence.

• Education Alone Is Not Enough

what happens when a member gets a new unfamiliar role?

it is the member or candidate's responsibility to develop the abilities, skills, and knowledge that the new role calls for.

what are the components of competence?

• Knowledge = relevant information and its application.

• Skills = ability to perform specific tasks.

• Abilities = capabilities and attitudes that support effective performance

Summary of the 9 things needed in standard 1E

1. Maintain competence: Possess and maintain the knowledge, skills, and abilities necessary for your professional role.

2. Provide high-quality service: Act with competence, diligence, and professionalism in serving clients and employers.

3. Competence is role-specific: Required expertise depends on the individual's responsibilities and area of practice.

4. Competence ≠ guaranteed success: Poor investment outcomes do not necessarily indicate incompetence if proper diligence and analysis were performed.

5. Education alone is insufficient: must be supported by relevant experience and expertise.

6. Know your limitations: Do not undertake work for which you lack the necessary expertise or experience.

7. Adapt to changing responsibilities: As roles evolve, acquire new knowledge and skills needed to perform effectively.

8. Commit to continuous learning: Regularly maintain and improve professional competence throughout your career.

9. No prescribed method: Competence can be developed and maintained through various forms of education, training, and professional development.

what are the recommended procedures for standard I(E)

• Participate in continuing education, professional development, or employer-provided training.

• Acquire professional designations.

• Attend relevant seminars or conferences.

• Participate in professional organizations.

• Engage in informal self-study.