Accounting technicians to meet CA crisis

NEW DELHI: The Institute of Chartered Accountants of India (ICAI) is planning to create a new breed of professionals — accounting technicians — to meet the fast-growing demand for qualified accountants in the country. Any student who has passed secondary examination could enrol for the course. It will also be open to those students who could not sit through the CA final exam.

“We have submitted our proposal to the ministry of company affairs and are awaiting their approval,” ICAI president Sunil Talati told reporters after signing an academic collaboration with the Indira Gandhi National Open University (IGNOU).

Accounting technicians would be equipped with the basic idea about finance and accounting so that they can be of help to corporates at the junior level, Mr Talati added. This would help in bridging the shortage of skilled accounting professionals in the country. The course would also benefit those who are not able to complete the CA course.

The demand for accountants is growing fast thanks to a bullish economy, even as just 27% to 30% of the candidates who appear for the final exams are able to pass through. All the successful candidates get campus placements.

The institute expects the same for the proposed technicians as well.Meanwhile, the apex accounting body signed an MoU with IGNOU on Monday for launching specialised B Com and M Com courses with exemption to the students of the ICAI for subjects such as taxation, accountancy and cost accountancy, which they are already studying.

CAs usually pursue commerce studies simultaneously for greater confidence and as a safety net to address the possibility of not getting through the final CA exam.

Modalities are being worked out with regards to the fee structure and the subjects that would be exempted for the CA students, Mr Talati added. Currently, 77 universities and four IIMs recognise the CA course for direct admission to Phd or to fellow programme.