ICAI-Memorandum of Understanding (MoU) between ICAI and University of Madras
December, 05th 2011
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. During its more than six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for maintaining highest standards in technical, ethical areas and for sustaining stringent examination and education standards. ICAI is now the second largest accounting body in the world. Currently, over 9,90,000 students are pursuing the Chartered Accountancy course at various levels and the total membership of ICAI is about 1,75,000.
University of Madras (UNOM), a University established by an Act of legislative Council of India on 5th September 1857 is recognized by the University Grants Commission (UGC) and accredited at the A Grade level by National Assessment and Accreditation Council (NAAC).
For furtherance of Commerce and Management Education and to provide an opportunity for those who have registered for the Chartered Accountancy course to acquire Under Graduate Degree/Post Graduate Degree, both ICAI and the University have decided to enter into a MoU.
The MoU was signed by CA. G. Ramaswamy, President, ICAI and Dr. T. Leo Alexander, Registrar, University of Madras in the presence of Dr. R. Kannan, IAS, Principal Secretary to the Government of Tamil Nadu, Higher Education Department and Col. Dr. G. Thiruvasagam, Vice-Chancellor, University of Madras.
Dr. R. Kannan, Chief Guest at the signing ceremony lauded the initiative of ICAI and University of Madras and also formally launched the programmes. CA. Jaydeep N. Shah, Vice-President, ICAI also deliberated on the ICAI initiative in the field of higher education. Col. Dr. G. Thiruvasagam delivered the Presidential Address. CA. V. Murali, Chairman, Board of Studies briefed the gathering about the various aspects of the Memorandum of Understanding and also explained the role of the Board of Studies of ICAI in promoting excellence in accountancy education. A vote of thanks was presented by Dr. T. Leo Alexander.
The Memorandum of Understanding (MoU) aims at providing an opportunity to the Members/Students of ICAI to enhance their knowledge and skills by offering Graduation and Post-graduation Courses in Commerce and Management. Recognising the subjects studied at the entry stage (CPT), Intermediate stage (PCE/IPCE) and Final stage of Chartered Accountancy Course, the University of Madras is launching special professional integrated courses in Bachelor of Commerce(B.Com)/ Masters in Commerce(M.Com)/ Bachelor in Business Administration(BBA)/ Masters in Business Administration (MBA) for students/members.
The ICAI and the University of Madras (UNOM) have also agreed to carry out research, leading to award of M.Phil and Ph.D. degrees. They have also decided to organise various Joint Seminars on contemporary issues relevant for Commerce and Management and other related subjects.
Any student who has passed the entry level examination of Chartered Accountancy course can take admission either in B.Com or in BBA course. A student who has passed the Intermediate level of (PCE/IPCE) shall be eligible for exemption in 7 papers in B.Com and 5 papers of BBA Course. Similarly, any student of ICAI who has passed the Intermediate level of Chartered Accountancy Course shall be eligible for admission to M.Com/MBA courses of the University of Madras. The Final pass student of Chartered Accountancy Course/a Member of the Institute shall get exemption in four papers of M.Com and six papers of MBA. Final pass student/member of ICAI shall also be eligible for getting exemption in two of the finance specialisation subjects of MBA. They can also pursue MBA course in the specialised field of Marketing/Systems/Human Resources.
The degrees offered under the Memorandum of Understanding (MoU) on one hand will add value to the Members/Students of ICAI to enhance their knowledge and skills. On the other hand, the University of Madras will be enriched by enrolling highly technical and motivated students of ICAI.
For the first time in India, two pioneers of Commerce and Accountancy education are joining hands to promote education to the highest level and to contribute towards nation building.