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Institutions for Chartered Accountancy
There is no shortage of Chartered Accountants in the country to meet the Global challenges.
As on 1st May, 2012, 1,93,500 Chartered Accountants (CAs) were registered with the Institute of Chartered Accountants of India (ICAI).
The ICAI, a statutory body established by an Act of Parliament with its headquarters at New Delhi is the only institution involved in the education system of CAs in the country.
This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh in the Rajya Sabha today in reply to a written question.
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I personally of the opinion, that today, mainly because of few foreign practicing firms (no need to mention names) local CAs are really strugulling directly and indirectly. People who passed CA and taking a job (in the greed of earing in 5/6 digit pay p.m.) in these MNC consultancy firms and loses the interest and sight of the overall or other subject knowledge after some point (in just a year or so)whereas, that is the time one should focus on building the relation and start his or her own consultancy… Reminding you all that ICAI produces CAs only for rendering professional independent service and not to opt for jobs and become slaves.
There are 8 lacs doctors in India (As per satya mev jayte data) in practice against which only 2 lacs must get fair opportuinity to represent the nation in the field of accounting, auding and financial consultancy.
I think ICAI must take measure to curb or limit the scope of these big 4 from rendering certain services so that small and potential firm gets fair chances to show its caliber.
True; this is a fact that there is no shortage of Chartered Accountants in India. In fact, the CAs are far excess in supply than demand. Just see the figures that about 90% of the Chartered Accountants who passed in January, 2012 could not get the job in Campus Placement Programme. Those CAs who could secure job through references got much lower pay than what is expected. Because of the high availability of CAs, they are now being looked down upon. They are now not respected as they used to be earlier. The Chartered Accountants who are in practice are also not getting the clients who can keep their kitchen running. This malaise needs to be addressed to and some proper remedy is needed in this regard.