ICAI proposes new course for accounting technicians
In a move that could open up an entirely new stream in the accounting profession and create millions of jobs, the Institute of Chartered Accountants of India has proposed a new course for those who could not crack the CA exams. All those who always aspired to make it big in accountancy but failed to break through the exams, reputed for their dismal pass percentage, could try clearing Accounting Technicians course.
For the accounting profession, this would be the equivalent of the ITI's diploma in engineering vis-a-vis the B Tech from the IITs.
ICAI, the apex governing body for Charetered Accountantancy professionals in India, has recommended to the government that all those who could not clear the CA course be enrolled for a new short-term course that would open the doors for their entry into the profession, though not as CAs but as accountancy professionals.
In its representation to the ministry of company affairs, ICAI has advocated introduction of a course for Accounting Technicians course for such candidates. We have submitted our proposal to Ministry and are awaiting its approval, ICAI President Sunil Talati said told FE.
The Accounting Technicians could come in handy at junior levels, he said, adding that details about the course length and its curriculum would be worked out once an approval was received.
"Business and economy in India are developing rapidly. They can be the best products to write, maintain accounts and we have recommended that a course be started to induct them into the profession," Talati said.
He added that there was an "acute shortage" of accountancy professionals in India and induction of professionals, who though could not clear the final hurdle, would help meet the shortage.
Calculating the future For the accounting profession, accounting technicians would be the equivalent of the ITI's diploma in engineering vis-a-vis the B Tech from the IITs Of around 40,000 candidates appearing for the CA final exam, only around 8,000 clear the final hurdle every year
As per estimates, the fast-growing Indian economy faces large shortage of accountants, in lakhs. How do we meet the demand, he questioned.
The pass percentage of CAs has been dismal, though ICAI has recently made changes in its course structure and even reduced its length from over 5 years to just over four years. Of around 40,000 candidates appearing for the CA final exam, only around 8,000 clear the final hurdle every year.