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ICAI President Aims for Over 30 Lakh New CAs by 2047

Last updated: 23 February 2024


The Institute of Chartered Accountants of India (ICAI) has announced a staggering registration figure of 1.29 lakh students for the upcoming May-June session of the Chartered Accountancy qualification exam under the new syllabus scheme. CA Ranjeet Kumar Agarwal, the newly appointed president of ICAI, revealed these numbers during a press conference, underscoring the growing interest in the profession and the need for a robust pipeline of qualified professionals to support India's expanding economy.

Registration Statistics

Since the inception of the new syllabus scheme on July 1, 2023, the breakdown of registrations is as follows:

  • Foundational Level: 49,000 registrations
  • Intermediate Level: 58,900 registrations
  • Final Level: 21,185 registrations
ICAI President Aims for Over 30 Lakh New CAs by 2047

These numbers highlight the significant uptake of the new scheme among aspiring Chartered Accountants, signaling a shift in the profession's landscape.

Exam Schedule and Potential Rescheduling

The institute is gearing up to conduct the intermediate and final examinations based on the new syllabus in May. However, there's a possibility of rescheduling due to the impending Lok Sabha elections, which might overlap with the exam dates. An official notice stated that the Examination Committee remains vigilant and may adjust the schedule accordingly.

Future Projections

CA Ranjeet Agarwal set forth an ambitious vision, projecting that India would require over 30 lakh new Chartered Accountants by 2047 to support the nation's economic growth. He emphasized the critical role CAs play in driving economic prosperity and highlighted the need for strategic planning to meet future demands.

Initiatives to Attract and Support Students

ICAI is actively engaging with educational institutions across India to attract students to the CA profession from an early stage. CA Ranjeet Agarwal outlined agreements with over 500 colleges and schools to introduce CA courses, supplemented by robust support mechanisms such as career counseling and online resources. The "each one, teach one" initiative aims to foster mentorship among existing CA members, while free online content will enhance accessibility to CA education.

Campus Placements and Employment Opportunities

CA Ranjeet Agarwal provided insights into campus placements, revealing that over 9,000 newly qualified CAs secured placements out of 22,000 graduates in 2023. He highlighted the diverse opportunities available to CAs, both domestically and internationally, with impressive salary packages and assured employment prospects.

Fee Concessions and Inclusivity 

ICAI's efforts towards inclusivity are evident through fee concessions offered to students from specific regions, including Jammu and Kashmir, Ladakh and the northeastern states. The ICAI President noted that 7,000 students have already availed of these concessions, facilitating access to CA education for aspiring professionals across diverse socio-economic backgrounds.

Adoption of Artificial Intelligence (AI)

Recognizing the importance of technological advancements, CA Ranjeet Agarwal announced the formation of a committee to integrate artificial intelligence into the institute's operations. The implementation of AI aims to enhance efficiency, empower CAs with analytical capabilities, and adapt to the evolving demands of the profession in a rapidly digitizing world.

Conclusion 

ICAI, under the leadership of President Ranjeet Kumar Agarwal, is poised to navigate the evolving landscape of chartered accountancy education and profession in India. With record-breaking registrations, ambitious projections, and innovative initiatives, the institute is laying the groundwork for a robust ecosystem that fosters talent, promotes inclusivity, and embraces technological advancements to shape the future of the profession.



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