To meet the demands of India’s growing economy, the Institute of Chartered Accountants of India has set an ambitious goal of producing over 30 lakh new Chartered Accountants (CAs) by the year 2047. The announcement was made by the new President of ICAI, Ranjeet Kumar Agarwal, during a recent press conference.
Currently, there are 8.5 lakh students enrolled in the CA course across India. Under the new syllabus scheme launched on July 1, 2023, there have been significant registration numbers at various levels of the course. Since its launch, there have been 49,000 registrations at the foundational level, 58,900 registrations at the intermediate level, and 21,185 registrations for the final level.
For those who are not related to CA field, I must tell you that, ICAI conducts CA exams twice a year, in May-June and November-December. The upcoming examinations, scheduled for May, which might be rescheduled due to the General Elections of the Lok Sabha, which are expected to take place around the same time.
Sir also highlighted the importance of attracting students to the CA course from the school level, for which ICAI started career counseling sessions by partnering with over 500 colleges and schools across India to offer CA courses. These partnerships involve hiring local faculty to teach CA courses and providing support for school-level career counseling initiatives.
To support CA students, ICAI is launching the “Each one, teach one” initiative, encouraging existing CA members to mentor at least one CA student. Additionally, the institute plans to provide free online lectures by top faculty members to benefit students.
In terms of placements, ICAI has made significant progress in securing opportunities for students. Out of 22,000 newly qualified CAs in 2023, over 9,000 were placed through campus placements with 138 companies making offers. The remaining students chose alternative opportunities outside of campus placements.
To ensure accessibility, ICAI has implemented a fee reduction scheme for students from specific regions, including Jammu and Kashmir, Ladakh, and eight Northeastern states, until March 31, 2025.
Additionally, the institute is focusing on incorporating artificial intelligence (AI) to enhance the capabilities of CAs and keep up with technological advancements.
In conclusion, ICAI’s initiatives aim to address the growing demand for CAs in India’s evolving economic landscape. Through strategic partnerships, mentorship programs, and technological integration, the institute is working towards producing a skilled workforce of CAs to support the nation’s development goals.
