Institute of Chartered Accountants of India expands UAE operations
September, 03rd 2012
Institute of Chartered Accountants of India (ICAI), the world's second largest body of accounting professionals, has expanded its teaching facilities in the UAE, due to a higher demand for such facilities among chartered accountant hopefuls.
The expanded campus of the ICAI was inaugurated at the Knowledge Village on Tuesday (August 28, 2012) by Jaydeep Narain Shah, President of ICAI, in the presence of Subodh Kumar Agarwal, Vice-President of ICAI and senior members of the UAE Chapter of the ICAI.
ICAI has registered membership of 189,140 of which more than 82,000 work in private companies while 83,000 practices independently. They are part of a 2.5 million accountant community that are growing worldwide.
"Our expansion of the training institute reflects a growing demand for the accounting professionals in the region," Jaydeep Narain Shah, President of ICAI, said.
"Accounting professionals who play a key role in helping companies manage balance sheet, are have increasingly played a greater role in restructuring troubled companies and help bring them back to business and save jobs, worldwide. That's why, this profession has become more significant during the economic recession," said Shah.
"The expansion of ICAI in the UAE also reflects that a growing number of young men and women are taking greater interest in this important profession," he added.
ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi. It presently has 128 branches spread all over the country. In addition, it has also set up 21 chapters outside India and an overseas office in Dubai. Currently, over 9,50,000 students are pursuing the Chartered Accountancy course.
The UAE Chapter is the largest foreign branch of ICAI representing more than 5,000 professionals, many of whom are playing a leadership role in the UAE's private sector as Chief Executive Officers (CEOs), Chief Operating Officers (COOs) and Chief Financial Officers (CFOs).
"Indian Chartered Accountants have been contributing to the UAE's and region's economies for a long time," S. Venkatesh, Chairman of Dubai chapter of ICAI.
"However, the expansion of ICAI facilities at the Knowledge Village is part of our continuous efforts to extend our contribution. The expanded facilities will help us to develop more local talents," he said.
ICAI has chalked up ambitious plans for expansion and aims to increase the number of UAE students sitting for ICAI exams from current 150 to over 1,000 in next 5 years time.
Venkatesh said, "Students can secure a Chartered Accountancy course. It is one of the most cost effective way in developing a career in accounting as students could start earning within a year after completing schooling."
"Articleship training can be done here and all the other requirements like coaching classes, ITT training, Orientation courses and Exam center are available here," he added.