The Institute of Chartered Accountants of India has recently notified steep hike in CA Annual Membership Fees & COP Fees. Both Fees, together work out to Rs.7000 p.a. ( For Senior Members above age 60, Rs.6300).
The question is : Is this Fee Revision warranted ? Does the Institute’s Financial Position justify this ? What is the heavenly need for this hike ? There are several New Entrants to the Profession & senior Members & all do not have a roaring practice or lucrative employment. Why they should be burdened like this ? This would also set a bad precedent for future, as they would be hiking the Fees periodically, whether there is a need or not. If they are planning any specific Project, they can collect one-time contributions.. Also, they can always invite Voluntary Contribution from Willing Members. Another method is to approach Corporates for donations for any useful activities, that would be eligible for CSR Contributions.
Before Fee Revision, they could have elicited the Opinion of Members.Without all these, the sudden hike imposed on Members is not justifiable. Is the Institute starved for Funds ?
Secondly, the In- house Seminars, conducted by the SIRC & other Regional Councils & Branches in own premises, should be nominally priced. I have Illustrative Cost workings to substantiate that an In- house one-day seminar can be conducted by charging just Rs.150 to Rs.200 per Participant, instead of Rs.1000 as at present.
Our Institute should attempt to build Intellectual Reserve of our Members at economic Cost & not aim to build huge Cash Reserves & show a fat Balance Sheet. Ours is an Educational institution & not a Fund- mobilising Social or Recreation Club of HNIs’. Our Institute should be a Role Model for others , through our efficient Cost Management techniques. ( The SIRC Seminars of the Institute of Cost accountants of India, is a delight to watch. Their Seminars are very cost effective & many are with No Delegate Fee, even despite providing Food. It seems that they manage it through Budget allocations from The Central Institute & also through Sponsorships.).)
Can we make this message reach the office bearers of the CA Institute & influence their thinking? If they Reverse the hike or offer Low- cost seminars, it would be of immense benefit to our Members. Can you please convey your reactions through this Forum and/or by sending mail to my Mail ID gvmurugat26@gmail. com.
Let a Large number of people be happy. Thanking You & Wishing God’s grace,
CA V. Gopalswamy, B.Com, FCA, ACMA, ACS., ( FCA 19106).Chennai-600033. (M) +91 94444 56924. 26 02 2017
Fees hike is not justifiable.
There should be complementary fee of Re. 1 only, and should put an example among all professional body.
ICAI must focus on increasing opportunities for CAs instead of hiking fees.
There are so many of CA students, who are paying half yearly EMI to ICAI as fees.
Fattening the cash reserves can also attract MoF to takeover the financial and administrative control just like BCCI .
So the institute through CC and RC must reconsider the fee hikes
Yes i agree with you. It is very difficult for new CAs to pay such high amount for seminars to complete the CPA hours.It works as demotivating factors for new members.
This hike is unwarranted. Even steep increase in examination fees is quite burdensome. Institute should review all the fees.
I too agree.
I do not support either the hike in fee.
Our Institute have high cash reserves which are underutilized.
Also, ICAI is not planning to do any major capital investment.
Thus, i personally believe there is no need to increase the fee at this stage.
ICAI as a body has to lay down ideal practices in financial management. ICAI as an apex body for the members has to even safegaurd interest and viability of the practice at large ( incl Small Medium Practitioners). This also in background of increase CPE lecture fees, increase in CPE hours and Membership fees.
This increase looks unrequired and ICAI has to look to reduce the fees rather than increase in fees.
Kudos for your to the point analysis. There is no need for hike in fees. As of today i can not even get one article Assistant when the results were so good in Nov 16 attempt. (Not even a direct entry candidate) Board of studies article placement portal has the worst software for CAs and Articles ! What for such a hike ????
I fully endorse the views of the Admin on the unjustified increase in membership fee announced by the ICAI which is devoid of any rhyme or reasoning. You have rightly pointed out that in the name of CPE, the members are being forced to shell out another huge sum of money every year, which again goes to the coffers of ICAI and its regional councils without any tangible reason to justify huge increases in CPE program fees year after year. It is time that an unbiased view is taken in the matter through a committee to review the justification for burdening the members in all possible ways.
There was no requirement at all for increase in the fees. ICAI should give justified reasons for hike. Also there should be a policy to charge 50% fees to new qualified members upto first 5 years. Further as mentioned by you the fees for seminar are too high and unreasonable. Now that too would cost extra as CPE hours are also increase. in Mumbai they are charging @ 1200 per seminar which I feel should be around 400-500.
Ya.i agree.this hike should be withdrawn
There is no need n no justifications