T’S GOOD to see that the Institute of Chartered Accountants of India (ICAI) has been taking various proactive steps to raise the standards of education in accounting and financial reporting from time to time, in keeping with global trends.
The shifting of focus in modern accounting from national to international accounting standards, the ICAI’s recent launch of an Accounting Technician course, and the ICAI’s plan to slowly and gradually make residential classes mandatory for students, as and when proper infrastructure comes up, are a few of the major recent developments that have kept the accounting world quite awake. This, even at this point of time, when opinions of experts on the short to mid-term economic performance of the nation are a bag of mixed thoughts.
The demand for accountants and finance executives for both tier 1 and tier 2 levels does not seem to have decreased, in the context of the recent economic developments. Every organization requires a helping hand, be it a Chartered Accountant or a MBA (Finance) professional or any other finance professional, in the form of the accounting/auditing/finance related work carried out by them on a day to day basis.
This has also necessitated an adequate inflow of tier 2 accounting professionals in the corporate world at all phases of a country’s economy. Hence, be it a B Com graduate, a semi Qualified CA / CS / CWA or a Qualified CA / CS / CWA or any other commerce Professional, everyone’s role is gaining importance in making efficient and optimum use of resources within an organisation.
Various timely attempts are being made by all relevant governing bodies to monitor the courses of the accounting/finance world, so as to regularly update the course curricula, syllabi etc, and ensure that students are exposed to the latest technical knowledge. This will help them easily perform at their best in the real life working conditions for which they have been trained during the course.
It has been understood that in line with its efforts to enhance the efficiency in conduct of examinations, the ICAI, for the first time, successfully conducted an online Common Proficiency Test (CPT) on December 7, 2008, in 11 major cities.
It has also been understood that the demand for chartered accountants is also on the rise. This is evident from the number of students who enrolled for the CA entrance exam i.e., the CPT, held on December 14, 2008.
These initiatives that are being taken by governing bodies across the country to help the country get better accountants and finance professionals have made it quite necessary for the entire student community to honor such steps by giving their best in the examinations. This would ultimately help them build a promising career ahead.
Also the increasing enrollments for the CA exams/ CS exams/ CWA exams etc and peer pressure have not only led students to be very sincere in their preparation for the exams but also necessitates sincerity from the mentors, who act as useful guides for the students, as well as keeping themselves updated with the latest developments and students’ requirements.
Be it coaching centers, private tuition or other mentors (like Eduex) organizing mock exam for the students of CA/CS/CWA courses, everyone needs to respond to the changing course dynamics, so as to make the best curriculum structure, as they too play a important role in helping the examinees be confident of their preparation right from the beginning. This would help achieve better results for students and would at least help complacent students, who are satisfied with their performance levels and expect easier performance ahead, to be ready for any kind of surprise.