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The Prognostics and Health Management Society has as one its principles the advancement of PHM as an engineering discipline. A key factor in this advancement would be helping PHM practitioners to be life-long learners and professionals. The following professional organizations are surveyed to compile best practices in the domain of Continuing Professional Development (CPD): Professional Engineers and Geoscientists, Medical Doctors, Lawyers, Vibration Specialists and Aircraft Mechanics. Key aspects of these systems are compiled covering accepted activities, requirements and features relevant to the PHM domain. A proposed PHM CPD Guideline is presented for discussion. The framework includes a PHM CPD Basis for Recognition, Recommended PHM CPD Activity Types, Quantitative Goals, and Guidelines for Use. In addition, several issues are presented that should be addressed if and when such a system is considered. A way forward is proposed to include evaluation by the PHM Society in a workshop at the Annual Conference of the PHM Society.