The Institute of Chartered Accountants of India (ICAI) is gearing up to match industry expectation in every possible manner.
Harinderjit Singh, central council member, ICAI said, "Around 90 per cent of fresh CA pass outs are opting for jobs in the industry and remaining are coming into professional practice. The picture is exactly opposite of what used to be a decade ago."
Keeping the new demand in mind, ICAI is in the process of revamping its entire syllabus.
"We will be including several new papers of study in our syllabus keeping the emerging areas in mind. ICAI will include Generally Accepted Accounting Principles in the United States (US GAAP), International Financial Reporting Standards and International Accountings Standards (IAS) amongst others in the new syllabus that it is likely to be disclosed in next fortnight," he added.
He was speaking on the sidelines of the all India conference on 'Professional Enrichment & Excellence-Widening Horizon'.
Singh noted that there is huge demand of CAs in business process outsourcing (BPO) firms. The average salary received by successful CA pass outs this year at the institute's campus recruitment was Rs 6 lakh per annum with the highest touching Rs 15 lakh pa, he noted.
"CA students are required to do compulsory articleship in a practicing CA firm. They rarely develop industry experience and get 'practice' orientation. The institute is trying to address this issue keeping the requirement of time," Singh added.
Meanwhile, the institute has taken initiative to come up with 'white paper' with detailed note on industry requirement.
"We are in the process of distributing questionnaire at various seminars to industry representative and our members asking for their expectation and requirement. We are expecting the white paper to be ready within this year end," added Singh.