Under the direction of Ranjeet Kumar Agarwal, the ICAI has announced measures to support students, integrate technology, and promote inclusive growth in chartered accountancy with the goal of hiring 30 lakh new CAs by 2047.
Under the direction of its new President, Ranjeet Kumar Agarwal, the Institute of Chartered Accountants of India (ICAI), which is the regulatory body in India for the profession and education of chartered accountancy, is setting out on a revolutionary journey to increase the number of chartered accountants in the nation.
According to Agarwal, there would be a need for one lakh chartered accountants for every trillion dollars that the economy grows. There will likely be a large increase in the number of CAs in India. New initiatives would also be required for improved technology integration and student assistance.
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The new ICAI head announced the institute's future plans on Wednesday
Agarwal sees a time when a large supply of chartered accountants will help India’s expanding economy.
Currently, 8.5 lakh students nationwide are enrolled in the CA programme. The two months that ICAI holds CA exams are May/June and November/December.
Approximately 1.29 lakh students will sit for the intermediate and final exams in the forthcoming May session, using the revised syllabus that was introduced last year. However, given the approaching Lok Sabha elections, the schedule may alter.
According to Ranjeet Kumar Agarwal, India’s expanding economy would require more than 30 lakh more chartered accountants by 2047. But achieving this goal is challenging.
There are about four lakh registered CA members with ICAI. The pass rate for CA exams is still low, ranging from 10% to 20%, despite great expectations. For example, in the November 2023 session, just 3,009 students out of 32,907 who sat the final level exam passed it.
The incoming leadership has a number of upcoming projects planned.
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How will this massive growth target be reached?
With agreements in place with more than 500 colleges and schools around India, ICAI intends to take a varied approach to this ambitious strategy, which involves enticing students to chartered accountancy starting from the school level.
The purpose of these partnerships is to increase access to CA education and enable local teachers to offer CA courses.
In addition, ICAI is launching programs like “each one, teach one” to assist CA students.
Additionally, a new mentoring program is planned. According to Agarwal, the ICAI has been pushing CA members to serve as mentors to one or more CA students.
Additionally, the institute intends to provide free online lectures by eminent faculty members, which will improve the educational prospects for all prospective chartered accountants.
Last but not least, ICAI is considering using artificial intelligence (AI) to improve its support and operational services. The CAs might concentrate on more in-depth analysis and business advice with its assistance.
The mission of ICAI is to establish a vibrant ecosystem for chartered accountancy in India through reaching a wider audience, improving student assistance, and embracing technology.