Chartered Accountants’ apex body the Institute of Charted Accountants of India (ICAI) has officially written to the Ministry of Corporate Affairs seeking a Post Graduate (PG) degree status for the CA qualification. The ICAI also wants the CA intermediate programme accorded the graduation (UG) degree status.
ICAI has taken the step of seeking the Ministry’s intervention in accordance with the above-mentioned status for CA and CA-Intermediate courses as per University education system. ICAI informed this in a press release.
As reported by PTI, the release said that the institute has sought the ministry’s intervention in designating Chartered Accountancy qualification as equivalent to post graduation degree status and CA-Intermediate to be treated equivalently to graduate degree in the university education system.
As per the official statement released by ICAI, the Association of Indian Universities, i.e. the AIU, back in 1984, had already recognized Chartered Accountancy along with a graduation to be equivalent to a post-graduation degree. Also, CA qualification was approved as valid academic eligibility criteria for seeking admission to Ph.D. programme in Commerce and allied disciplines.
“In India, two Indian Institutes of Technology (IITs), 6 Indian Institutes of Management (IIMs) and 101 Indian universities recognized chartered accountancy qualification for the specific purpose of registration and admission to the Ph.D. programme,” added in the release.
CA Final exam is considered to be one of the toughest examination to clear in the country, which is a hard nut to crack in the first attempt, majorly because of its difficulty level. As per statistics and data received, this year for the year 2017 a total of 1,32,007 students appeared in the CA final examination and only 19879 candidates cleared the exam which roughly is a 15% pass percentage.
On July 31, 2017, ICAI launched the revised syllabus of CA course. It had been more than a decade since ICAI had upgraded the syllabus. The new syllabus has a variety of contemporary topics like Goods and Service Tax (GST), Islamic Finance, Small and Medium Enterprise (SME), Start-Up Finance and Corporate Social Responsibility (CSR) etc. Apart from the new additions, ICAI has also removed Value Added Tax (VAT), services tax and exercise duty from the syllabus. The syllabus has been revised after holding consultations and discussions with the experts in the field.
(With Inputs from PTI)