It is a well known fact that qualification of CA, CS & CMA are not recognized as equivalent to graduate/post graduate degree of a recognized university under Sec 22 of UGC Act. Moreover, there is no provision of recognition under AICTE Act as well. However Membership of the ICAI, ICSI & ICAI (Cost) are recognized as professional qualification under Companies Act, Income Tax Act and some other financial & revenue laws. Therefore, on one hand CA, CS, CMA is not even equal to ordinary graduate, while on other hand, it is one of top most recognized & respected educational qualifications.
Therefore a lot of confusion takes place in the minds of business men particularly the small & medium business owners that a CA, CS, CMA can verify n certify all kinds of financial statements n certificates required by any govt authority or business associates in context and reference of business activities by them. Moreover, CA, CS, CMAs can engage in practice as well as in employment simultaneously.
Therefore to upgrade the position of three professions, I suggest that all 3 institutes should join hands to recognize one another qualifications, extend paper wise exemptions, foster partnership & LLP firms among the members of 3 institutes.
All 3 institutes must press upon the central govt to amend 3 Acts n UGC Act, AICTE Act to provide for recognition of qualification of CA,CS, CMA as equal to M. Com or B.Tech. courses.
Moreover, the Practice Certificate should be given by a separate authority constituted jointly by 3 institutes & all rules n regulations of professional practice, ethics, misconduct etc must be handled by a separate authority having members of 3 institutes like BCI.
Advocates Act should be amended to include CA, CS, CMA in practice as Authorized Representative of the plaintiff & respondent in the area of financial, economic, revenue n business laws where they are currently authorized to practice.
These changes will bring about recognition n respect to the profession as educational qualification as well as profession. Professional in the employment will also get a new status and will be able to serve the society professionally.