Suggestions to CRET recently set up by ICAI

| Last updated: 26 May 2021

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The Institute of Chartered Accountants of India (ICAI) has established a Committee for Review of Education and Training (CRET) and is seeking input. Key suggestions include bifurcating the Articleship period, incorporating mandatory industrial training, and linking the number of trainees to a firm's revenue. The proposals also advocate for increased use of MCQs and case studies in exams, a greater focus on economics, and practical training assessments with graded marksheets. Furthermore, it's recommended that ITT/GMCS focus on software and government websites, with more frequent sessions.

ICAI has set up Committee for Review of Education and Training (CRET) and members of committee have invited suggestions.

ICAI CRET Suggestions: Improve CA Education and Training

Following are my suggestions

Articleship period should be bifurcated into 2 parts. 2 years of Articleship, then 1 year time for preparation for CA Final and 9 months of mandatory Industrial training Post Qualifying
Institute should conduct placement drive for Industrial training too
Maximum Articles that a CA/CA Firms can train should be linked to it's gross revenue and not experience of a CA
MCQ based assessment should be given weightage and going fwd focus must shift to at least 50% MCQs
Case studies based Q's must be asked in exams
Economics should be given more focus as CAs lack knowledge related to Economics.
Practical Training based assessment should be give at most importance and marksheet must have grades regarding how student performed in these tests.
In ITT/GMCS etc, focus must be towards trainings regarding various softwares, various govt websites and various forms to make it more interesting. These trainings should happen more often and period should be included in training period
Certificate must be awarded to those who have completed CA Inter+2 years of Article ship. This recognition is very important.
CA Foundation papers should be 100% Descriptive (this should not change) and difficulty level should be at par with IIT, IIMs, JEE etc.