Monday, October 15, 2012

OPPORTUNITIES FOR YOUNG CHARTERED ACCOUNTANTS


In the backdrop of a big shortage of chartered accountants from 2001 on wards, the entry level of CA course was relaxed in 2006. As a result of direct entry after 12th std. examination and Common Proficiency Test (CPT), a large number of bright students joining the profession increased manifold resulting into a significant number of students qualifying CA Final Examination. The increased availability of Chartered Accountants have enabled a larger number of CA firms to employ chartered accountants, whereas arising out of slowdown in the economy, poor state of capital market and
lesser demand from industry, the campus placement from the Institute have not been able to meet the expectations of a large number of young members joining the profession during last about one year.
It is very important for the profession to undertake a macro level study and undertake a fair assessment of chartered accountants needed by the industry, service sector, large businesses and of-course as practicing professionals.

It is our responsibility to ensure that the entry level for chartered accountants at the level of Common Proficiency Test (CA entrance exam) as well as at the level of Integrated Professional Competence Course (CA Intermediate Course) are adequately tough and are of high level.

It is also important for us to ensure that the expectations of the industry and the businesses that the Chartered Accountants have expert level of domain knowledge is met. The skills of applying the domain knowledge is required to be adequately inculcated in all those who qualify CA Final Examination. This will ensure that the chartered accountants are able to get a high level of remuneration and a clear growth path.

The profession can also consider that the practical experience developed by training is periodically assessed by the Institute by written and oral viva process. Also the 30 days GMCS courses (2 slots of 15 days) is also followed by adequate evaluation process so as to ensure development of presentation and applied skills in respect of the profession of at least a high level. The IT training of advanced level ERP i.e. SAP, Oracle, Net-vision as well as advanced MS Excel and data base management skills are also need to be developed within the training period. ICAI has already made advance IT training by ICAI now mandatory for students.

A comprehensive 3 to 4 months residential or day scholar classroom teaching to CA Final students after training and before final examination also need to be mandated to ensure that the professionals of top level are developed by ICAI, which can compete with top MBA Institutes in India and overseas. Efforts are being made for international recognition of Indian CA qualifications for employment as well as for practice in all developed and developing countries. MRAs have been
signed with Australia, Canada, and England and with EU it is being negotiated. It is expected that such recognition in next 3 to 5 years will ensure a very large demand for Indian chartered accountants from various parts of the world. In the long run, CA profession has a very bright future. 

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