1. CA Curriculum- CAs are known for Accounting, Audit, Taxation. But, These Subjects vary country to country. Unlike Finance, Finance is one subject which will bridge CA's for Global Employ-ability. MBA's from top 20 colleges and CFA's are getting hired by TOP MNC's, Investment Banks (Goldman Sach,JP Morgan,Morgan Stanley etc), Global Banks, Credit Rating companies such as CARE, CRISIL etc. IT Sectors because of their strong background in Finance. Whereas, bitter truth for CA's, they are largely restricted to BIG 4 due to lack of Finance Knowledge, I agree exceptions are there but mostly CA's are employed in Taxation and Audit Profile, which is lesser paid compared to Finance, and not globally accepted as Tax, Audit norms differ.I suggest CA course should have equal importance to Finance papers as Accounts and Taxation. 5/6 papers of hardcore full fledged 100 marks of Finance,Quants,Investment Banking, if possible more of Economics not general in CPT level only, but Micro and Macro at Inter Level.
2. INTERNSHIP should be made MANDATORY- Within the scope of 3 yrs Articleship, at least 1 year of INTERNSHIP at TOP MNC's should be made Mandatory to be Industry Ready.Other than BIG 4 Firms, many don't get enough scope to learn the requirements of the industry in their articleship tenure.This would help ICAI to employ CA's in those companies after internship and CA.
3. Placements- ICAI should waive off PARTICIPATING FEES from Recruiting Companies in the Campus. It will ensure maximum number of Companies who recruit CA's off-campus due to hefty Fees at Campus, will participate at Campus..Figures will improve a lot.
DEDICATED PROFESSIONAL FULL TIME PLACEMENT CELL/HR COMPANY should be appointed for screening, contracting, tie ups, negotiation with the Industry. CA's who are in practice can't help this cause, they might help but ICAI needs full time allotment only for the PLACEMENTS, that's why separate body should be appointed, they will only work towards placements.
Training- Training Agency should be appointed for Freshers for the Industry needs, if required with a FEE from the Freshers. This Training agency will train them according to their domain areas like Taxation- International Taxation. Transfer Pricing, US Taxation, UK Taxation (It's been seen that BIG 4 are largely working with US Tax and UK Tax), Accounting-IFRS,XBRL etc, Audit- SOX Audit and similar needs, Finance-Investment Banking, Research Analysis etc, IT-SAP Training.
100 % PLACEMENTS should be the TARGET, if not SHOW CAUSE should be asked for.
International Placements- CPA in US, CANADA, ACCA in UK, CPA in Australia are earning over 1 Crore Package if converted to INR. Whereas Indian CA's are struggling to get placed in those countries because of LACK OF TRAINING in US GAAP, US Taxation and same applies for respective countries.
CFA's and MBA's are getting placed to those top tier countries with FINANCE, CA's don't have that level of expertise either that they can replace them for Finance.
Thus, to be Globally accepted CA's need to have More Finance Papers to be at par with CFA's and MBA's. and, International Taxation, US GAAP etc to be at par with CPA's and ACCA's.
ICAI has 26 chapters worldwide, except few Middle East Chapters like Dubai, activities of other chapters are questionable in order to build employ-ability in those respective countries.
ICAI Foreign Chapters should come up and help CA's in those countries for employment in the Industry. in making tie-ups, negotiations, conducting Interviews through Video Conference Platform showcasing Indian CA's at par with CPA's or UK CA's so that Indian CA's could be employed in Numbers in those countries, Training for US Gaap, US Taxations, UK Taxations and requirements for respective countries should be arranged there. There are so many Indian Banks and IT Companies there in US, why can't ICAI Indian CA's be employed in those companies in US? Indian B.Schools are doing it. Tech Colleges are doing it, ICAI please do something for International Placements for Indian CA's.Sir, If CA's can be placed in countries like US,UK,Australia,Canada,Singapore n others INR 1 Crore salary is possible. In Canada Avg. is $ 198,000
It's been seen that many are working in Global Banks Finance Companies, Credit Companies even being from Technology Oriented Background in US,UK and various other countries. If they can, CA's also can, but, their Institute/College has done a lot for their placements in those countries in making tie-ups, negotiations, pitching/showcasing their products etc.
ICAI with the help of its Foreign Chapters should SHOWCASE Indian CA's each and every possible MNC's in those countries where CPA's, CFA's and MBA's are placed, that Indian CA's can do the same job there. 4/5 years back, few CA's were offered $ 160,000 which is over a Crore if we take 63/dollar now, in International Placements, thereafter it's come down INR 20-30 lacs. Salaries in National Placement is also not increasing due to lack of ICAI push up/Initiatives. Min.Price for hiring CA's should be fixed Higher.
Entrepreneurship CELL- ICAI should launch ''Entrepreneurship CELL'' to guide CA's who want to join Entrepreneurship, E-Commerce etc. IIT's and IIM's have been so successful in implementing E-CELL, and if we look at the results so many STARTUPS are from Them. CA's are lacking Guidance, Alumni Help in Networking, whereas, They have proper NETWORK. Successful Entrepreneurs will also ENRICH ICAI ALUMNI and will provide Job Opportunities to the Society.
ALUMNI NETWORK OF SUCCESSFUL CA's to HELP Freshers in their respective fields such as Industry, Practice, Business.
Advisory Committee- Ratan Tata has been appointed by MIT, US. Likewise heavyweights like Ratan Tata, Azim Premji, KM Birla (CA), N.Murthy,Nandan Nilekani,Rakesh Jhunjhunwala (CA) ,Naina Lal Kidwai (HSBC) (CA), Chitra Ramakrishna, CEO of NSE, (CA). Deepak Parekh (HDFC) (CA), TV Raghunath (KOTAK Investment Bank Head, who's a (CA,IIM-B,IITian) and other similar successful personalities should be appointed to get their views on industry requirements from CA's.
MEDIA FRIENDLY- Few days back, it was a result day of UPSC Exams, and whole media, news papers, news channels, facebook pages, twitter went gaga over the UPSC Results, each and every channel,paper,news page on Facebook have covered UPSC Exams Toppers.
Same thing happens when it comes to JEE Main, JEE Advanced, CAT, and their HIGH PLACEMENT PACKAGES. BUT, unfortunately not in CA Exams. CA, being one of the toughest exams should be promoted in the Media more and more so that People, Society at large have RESPECT on CA Exams and CA's and ICAI.
ICAI should be more and more MEDIA Friendly, so that Media covers broadly of CA Exams Toppers and ICAI, this in turn reaches to the society.
BRAND NAME- Many suggest on Social networking sites that
Institute should change it's name from ICAI to IIC (Indian Institute of Chartered Accountants) to be in the same lines like IIT and IIM. Also, Cost Institute is now ICAI, it's very confusing. IIC from ICAI for the betterment in terms of world wide recognition like IIT and IIM.
Sir, still students are asked where from/from which college/university you are doing CA? it's unfortunate that even though CA Course is known but our Institute is not known by it's BRAND NAME to general public, society. Institute should promote it's BRAND NAME through Media so that people get to know about the Institute. Industry is dependent on Engineers, CAs, and MBAs. many believe IIC would make it possible to enter in IIT-IIC-IIM trio.
It's time to promote our CA institute with the names like IIT and IIM only, not ICAI (Cost) or ICSI.
Few months back one Ex-PWCman, SREI Chairman said about IIM's,ICAI, and IIT's (these 3 top Institutes) for setting higher standards of professionalism .
Thanks and Regards