Chartered Accountancy Qualification Equivalent to Post Graduate Degree
By Prashant Sharma - March 17 2021
Opportunities for CA professionals are increasing and these may be ceremoniously tapped, provided we accept our times and the paradigm shift in the profession as its essential feature. To be future-ready, the CA profession has been re-inventing and upgrading itself in tune with the challenges of the dynamic economy of the country as well as that of the globe. It is a compound learning process-learn, unlearn and then learn again; all professionals should integrate themselves with this process of learning.
The Institute of Chartered Accountants of India (ICAI), being one of the premier accounting bodies, has achieved global recognition over the years for maintaining highest standards in technical, ethical areas and for sustaining stringent examination and complying with International Education Standards issued by the International Federation of Accountants (IFAC). Indian CAs are, therefore, recognized and appreciated worldwide for their knowledge, expertise, acumen and work ethics.
In a major decision, University Grant Commission (UGC) has granted the academic equivalence to Chartered Accountancy qualification with the Post Graduate degree. As a result, the Chartered Accountant members can now pursue Ph.D. in all the Indian universities as against 106 universities, 2 IITs and 7 IIMs which presently recognize the Chartered Accountancy qualification for the specific purpose of registration to Ph.D. Programme.
CA. Nihar N Jambusaria, President, ICAI said “This equivalence to Post Graduate Degree will open up International market for various job avenues for ICAI members, thereby bringing the global acclamation and recognition to India worldwide. Since Chartered Accountancy course will be considered as equivalent to the Post Graduate degree, it will aid CA members, who are aspiring to go overseas for higher studies and/or for seeking professional opportunities abroad.”
The Grant of equivalence of Chartered Accountancy course with the Post Graduate degree will make the Chartered Accountants eligible to appear in National Eligibility Test (NET) conducted by University Grants Commission. It will make the Chartered Accountants eligible for award of Junior Research Fellowship/ Assistant Professor in the Universities across India.
President, ICAI further added “Chartered Accountants equipped with comprehensive practical and technical knowledge can make a notable and significant contribution in academics in accountancy and commerce domain. This will act as a catalyst in the research work being undertaken in the sphere of accountancy and commerce and bestow a boost to the growth of business and industry and commerce across all sectors.”
The ICAI was pursuing this matter for quite some time and taking note of the same, UGC had constituted an Expert Committee last year. ICAI had submitted a 'Concept Paper elaborating the ICAI scheme of education and training & related details’ to the Committee. The UGC considered the recommendation of the Committee and resolved that Chartered Accountancy qualification be considered equivalent to Post Graduate degree.
In the past, UK NARIC (The National Recognition Information Centre for the United Kingdom) a renowned UK national agency responsible for providing information and expert opinion on qualifications and skills worldwide had also evaluated& recognised CA qualification.