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Introduction

Chartered Accountancy is a dynamic, challenging and rewarding profession and is growing progressively to include various value added services in the wide panorama of services offered. The Chartered Accountants (CA) play a crucial role in society promoting reliable information both in public and private domains. It is perhaps the only professional degree in the commerce stream which is recognised worldwide.

The Indian Chartered Accountancy is a rare combination of knowledge, perseverance and integrity coupled with the acumen of analytical skill and the ability to perform and deliver under pressure. Comprehensive and rigorous job training and high standard examination ensures that those who possess high level of knowledge, intelligence, experience and command on the subjects covered by Chartered Accountancy Course shall qualify as Chartered Accountants. The making of a CA ensures a deep-rooted knowledge, coupled with a commitment to work hard.

Current position of the profession

The ICAI is one amongst very few organisations in the world, which performs the entire core of accounting activities i.e. education, licensing, technical standard and continuing professional development, peer review and disciplining its members in addition to the capacity building of governmental authorities, regulators of capital markets, banking industry, insurance industry and other stakeholders.

Chartered Accountancy is an indispensable supportive profession for modern business. Development of this profession is indeed the yardstick for evaluating the development of a nation’s business and economy. The institute has made an important contribution in strengthening the professionalism in India. The ICAI role has become even more critical in the era of liberalisation and globalisation.

Years of hard work, dedication and prudent approach of our visionaries, collective wisdom of the council supported by about three lakh CA members, eight lakh students and selfless contribution of hundreds of employees have placed ICAI as India’s premier and amongst world’s largest accounting bodies.

Today, Indian Chartered Accountants are holding eminent positions and have an impressive presence throughout the globe. Many multinational companies (MNC) as well as knowledge process outsourcings prefer Indian CAs for their expertise in international financial reporting standards (IFRS), international taxation, international trade laws and accounting in information technology (IT) oriented environment. Interestingly, the members of the Institute of Chartered Accountants of India (ICAI) members are also joining non-core areas and excelling in them. This is possible on account of holistic training that complements the theoretical education.

ICAI’s recent Key Initiatives

The role of a Chartered Accountant is evolving to assume newer responsibilities in a dynamic global environment, therefore, the need of the hour is to innovate as per the requisites of the contemporary business environment and accordingly upgrade the curriculum and education system of chartered accountancy course.

Keeping the future global business competencies in mind, the ICAI formulated the new scheme of education and training which was upgraded, revised and refined keeping in mind the global requirements and this aligned with international education standards. Today, the focus is on specialisation. New age professionals are the ones delivering qualitative services in one specific area along with additional knowledge about the other related areas. Electives in the emerging areas like Risk Management, International Taxation, Financial and Capital Markets, Global Financial Reporting Standards have been introduced in the curriculum to prepare the coming generation of CAs as experts, specialising in their chosen respective areas. 

Leveraging technology and the education delivery systems of ICAI have also been revamped with the initiation of e-Pathshala, live virtual classes. The interactive system provides quality learning experience to the students through delivery of live or recorded lectures on anytime anywhere basis.

ICAI footprints globally

In the international arena as well, ICAI is playing a proactive role to position brand Indian CA. ICAI has 34 overseas Chapters who are working as an extended arm of the institute to mark its presence at the global platform.  It is a matter of great pride that the union government has identified the accountancy and finance services as one of the 12 Champion Sectorswherein ICAI is taking all possible efforts for mutual recognition agreements with maximum foreign accounting institutes which is the first step for promotion of export of accountancy services in the overseas market.

In order to provide global professional opportunities to its members, ICAI has signed a number of qualification reciprocity agreements with the leading accountancy institutes of the world covering countries like Canada, United Kingdom, Ireland, Australia, New Zealand, South Africa and is in dialogue with other leading Institutes globally.

This arrangement allows ICAI members to gain the member-ship of foreign Institutes by fulfilling a bridging mechanism.

As partners in progress, the ICAI offers its wholehearted support in the endeavours of least developed / developing countries in the direction of institutionalisation of accountancy profession. ICAI has worked with a number of jurisdictions to establish accounting institutes in those economies where the same did not exist and in further strengthening the accounting infrastructures in those countries where the same exists.

Opportunities for chartered accountants

After completion of CA course, professional opportunities are available in various fields such as internal audits, financial reporting, advisory services, insolvency professionals, forensic auditing, registered valuers and more. Some of the new areas wherein chartered accountants are providing their services are financial and investment advisers, risk management specialists, management and organisation analysts, information technology services, training and development specialists and alike.

CAs are technically equipped to act as management consultants and play a vital role in assisting business and industry in the use of their resources, increase their efficiency and achieve the objectives. Management advisory services such as financial management, planning, financial policy determination and business policy rendered by CAs reflect their expertise in diverse areas.

Emerging trends and opportunities for chartered accountants

The future of CA profession depends on being flexible and open to innovation. The world today is focused on automation therefore professional accountants need to combine digital skills with intelligence. Knowledge of existing and emerging digital technologies such as artificial intelligence, blockchain, robotics, automation, and big data is extremely essential for the new-age accountants.

The dynamic changing global business environment continuously keeps throwing up challenges for accounting professionals. Therefore new emerging areas of interest for CA professionals now include crypto currency, blockchain, forensic audit, data analytics, cyber security, artificial intelligence and insolvency. Qualified chartered accountants are well versed with a thorough knowledge of both business and accountancy, effectively opening the doors to a career in any sector of the economy.

Working towards ICAI Vision 2030 to become the world’s leading accounting, regulator and developer of trusted and independent professionals, ICAI will endeavour to further elevate the image of CA profession to a higher pedestal and to create newer opportunities for chartered accountants by taking up initiatives of public interest and national growth and support the government as a true partner-in-nation building.