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CAs way ahead than MBA's!!!

CA Nikita (Chartered Accountant) (4158 Points)

18 September 2007

Dear,

If you think MBA is more than CA, give me reply to following questions.

Why constitution of India has given the power to only Chartered Accountants to attest the finacial statments of all types of Assessees ?

Why constituion of India has given the power to use the word "Chartered" to all the Accountants qualified through our CA institution ? I think you know the importance of word "Chartered"

Do you think Constituion of Inda has done any wrong thing ?

Do not compare the course duaration with MBA course duration.

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126 Replies

(Guest)

Dont think to compare with MBA. MBA is far ahead than CA. 1) The word 'Chartered" has no relevance in India. It is a royal charter granted in UK. it is copied from UK. for your information, ICWAI has recently complained to Ministry of Company affairs for deletion of word "Chartered" from ICAI name. ICWAI proposal for proper name is "Institute of Financial Accountants of India". 2) What is attestion means? If u means only Financial Audit and Income Tax audit us 44ab, then it is apurely CA job. but ICWA is now demanding Income Tax audit. may be in near future, govt can allowed for ICWA also. 3) MBA is a strategic thinker. the role of MBA in Industry is not a maintaing Compliance procedures. In any Industry more value Business / marketing /IT people than Accounts or MIS(Clerical) people.

Shashwat Shekhar (Assistant Manager) (3528 Points)
Replied 19 September 2007

I think you should check your info. 1. The word chartered tells that CA profession is goverened by statute. Power of parliament behind it. Even constitution is replica of UK one, so you are not going to give any relevence to Indian one? 2. Whatever ICWA can demand, butit is not goin to be fulfilled. it was better if ICWA had some attention over poor performance of its own institute. Hardly any work is left for CWAs, everything has been taken over by CAs. It may be the result of frustration. First they should learn to govern and manage their own institute. 3. You can not compare MBAs with CAs on every aspect. Like yo said in management terms they are well trained. But on knowledge aspect we are well ahead. 4. If you compare salary also then Top 10 college passout MBAs get 6+ salary. More than 70% doeant even get 3. CAs are much better placed. 5. If you study the Indian Companies Top mgmt profiles you will find that number of CAs are huge, compared to MBAs/CWAs/CSs 6. Constitution hasnt done any wrong thing as attestation is a expert's job. Every one can not be given the power. So we are here. 7. Mr cost excellence, u forgot that now a days companies spend more time on Finance than on production. Finance means CAs are in picture. you forgot to mention finance. Role of MBA is to solve problems for that he needs knowledge backup,,at present given by accounts and finance deppt....i.e from CAs. 8. If your study the US MBAs curriculum you will find that they devote more time on knowledge aspect less on packaging(unlike Indian MBA colleges)

Sridhar Bhadramraju (M.Com. FCA ACMA DISA L.L.B) (2216 Points)
Replied 19 September 2007

Hi everyone, It’s so funny to compare MBA with CA. I think any post graduate can say about the worthiness of MBA. No MBA (finance) fellow can’t compete with CA in knowledge. CA is not an academic degree, its a membership granted by an organization and MBA is an academic qualification which is provided by n number of so called universities. I came across with so many MBA (finance) students. They even don’t know how a partnership firm can be established. They thought that they are experts in Capital Markets. But, they can't answer a simple question of what is market capitalization? How can we compare this 12th standard degree with a "Chartered Profession"? MBA only sounds well. If you compare MBA (IIM) with CA, it’s ok. They can compete CAs in knowledge aspect and in earnings also. (Starting pay 10-12 lakhs). But how can u compare CA with local MBA? Don’t try to hike the position of MBA. Thanks!

Shashwat Shekhar (Assistant Manager) (3528 Points)
Replied 19 September 2007

Just look at it from this aspect.ICAI dont have any such entrance test as CAT,MAT to test your English n comm. skills. MBA colleges have. They alreadt ensure that students who are best in these aspects enter IIM etc. So what they teaches you? We could be in a situation to compare these 2 professions and ICAI vs IIM when IIms have to organise no test and then raise your candidate upto a CA level! The kind of progress we make during CA course is out of the world. IIM cant get it

(Guest)

The members of ICAI should do an of introspection instead of writing emails that ICWAI has taken steps to gain any mileage out of it. List of Specialised institutions as per GOI directory https://goidirectory.nic.in/specinst.htm .None of the institutions have word "Chartered" in the name. Majority have institutions name "National Institute of.... or Indian Institute of...." So why ICAI has word "Chartered" ICAI's website : Read History The change to "Chartered Accountant" happened in year 1949. And India become republic in year 1950. Although name change was made, ICAI was not body given any status as per "Royal Charter". Did ICAI do it to enhance the brand image then ? The meaning of word "Chartered". Read https://www.reference.com/browse/wiki/Royal_Charter As you read the link above, "A Royal Charter is a charter given by a monarch to legitimize an incorporated body, such as a city, company, university or such." India is a republic. We do not have Royal Indian Airforce nor Royal Indian Navy. How a body becomes a "Chartered" body in UK - Read here ACCA - In 1984 it became the Chartered Association of Certified Accountants to reflect the fact that, a decade earlier, it had been granted a Royal Charter of Incorporation. In 1996 ACCA became the Association of Chartered Certified Accountants (ACCA). Read More CIMA : 1976 The Institute was granted the Royal Charter.* *The Royal Charter recognises CIMA as being among the top professional bodies in the UK, and allows us to qualify people as members. As a chartered body, we are responsible for observing UK government standards. Read More The word "Chartered" is only used in British context. You will note American/Hongkgong/Singapore Accounting bodies do not use the word "Chartered". The question is not why ICWAI has requested the name change for deleting the word "Chartered" from ICAI. But the question that needs to explained by ICAI is why ICAI should continue to use the word "Chartered" when it is no way connected with Royal Charter, UK but is a elite accounting body formed by Act of Parliament in Republic of India.

madhusudan (Professional) (267 Points)
Replied 19 September 2007

I am very much proud of the answers given by the eminent members of the C.A. fratenity. I am equally surprised by the attitude of Mr. costexcellence that how can he be so bitter to our institute. Everyone should respect his institute but should not form an adverse view on the others institute. BEING A CHARTERED ACCOUNTANT, I AM PROUD TO BE A CHARTERED ACCOUNTANT.

Prakash Popat (3134 Points)
Replied 19 September 2007

Very Very Important and relevance issues at the most appropriate time.

"I think you know the importance of word "Chartered" as stated by "NIKITA,but unfortunately most of us do not know.

It's our collective duties to dignified and glorified the "Chartered" word attached to our degree.
as such I strongly disagree for the work review committee by ICAI,If ICAI has to do better for accomodating members they can better focus on works allotments to the newcomers,and scrap monopoly of few firms.

Even I do not like to compare my degree with other Institute,"chartered" is FINAL itself,and nothing can be add further not even CISA.All other only for little additional knowledge in different fields.

Shashwat Shekhar (Assistant Manager) (3528 Points)
Replied 19 September 2007

Mr costexcellence i think u r wasting ur and our valuable time by making irrelevent quotes. Chartered word is given by the parliament,if thats ur problem then we cant help it out. I think u should enroll for the course,u will urself know that WHY CHARTERED WORD IS THERE.

(Guest)

Tax audit report can be available by Rs 500/. CAs are ready for conduct audit by such lower fees.

Shashwat Shekhar (Assistant Manager) (3528 Points)
Replied 19 September 2007

Even 500 is not in ur fate. Pity.

(Guest)

We are more interested and doing following work with High fees. Formulation of strategy „X Planning and controlling activities „X Optimization of resource use „X Strategic decision making „X Asset Management „X Project Management „X Valuation of Business / Assets „X Business Analysis „X Cost Management etc „X Strategic decision making in business operations „X Resource planning and control „X Project Management „X Valuation of Enterprises „X Cost Management „X Management Audit for different functional areas „X Cost Audit in specified industries „X Special Audit under various statutes „X Financial planning & services „X Stock Audit and Assets verification for Banks etc VAT Audit under 17 states

Shashwat Shekhar (Assistant Manager) (3528 Points)
Replied 19 September 2007

Lucky man is able to list the work details in one paragraph. If i list CAs work details then i would have to attach 2 MB file.

(Guest)

I donno where this debate is aheading towards .. anyway its a interesting to listen points from both sides.. carry on ..

In my opinion : -
Whatever is the truth .. both will exist side by side and neither can overtake the other...