ICAI’s new president Ranjeet Agarwal said in a recent statement that the demand of CAs may go up to 30 lac by 2047. Earlier President of India, Droupadi Murmu also said that by 2047 the number of women chartered accountants would be half of the total number of chartered accountants. She said this statement during the 75th Chartered Accountants Day. She said that the number of female candidates is increasing in the chartered accountancy profession. President says that by 2047 the nation celebrates the 100 years of independence. The completion of 100 years is the right to measure the growth and strategies that support the growth. By this time, India requires over 30 lakh chartered accountants. The new president of ICAI said that the 2024 CA examination may have been rescheduled of exam time table due to the Lok Sabha elections.
ICAI president Ranjeet Kumar Agarwal also said that the institute is taking to the government for the approval of chartered accountants from the UK and Canada to work in India. He said that the opportunity is based on a reciprocal system. The Indian chartered accountants will have the recognition to work overseas. The agreement is part of the conditions of free trade agreements with Canada and the UK. The blog highlights the demand for chartered accountants and reciprocal arrangement-related opportunities for chartered accountants.
The demand for chartered accountants in India:
The new president of ICAI encapsulated the vision in his presidency. He said the institute is working for the advancement of research, digitalization, handholding, skills, integrity, independence and transparency. The honourable president of ICAI said in a recent statement that the growth of one trillion dollars in industries requires the skills of one lakh chartered accountants. The growth and the professional’s contribution go hand in hand. Since the introduction of the new scheme, the total number of registrations for the foundation level is 58,900. The number of registrations for the Intermediate level is 58,900. The number of registrations for the CA final as of July 1 2023 is 21,185. The number of registrations may change according to the pass percentage. The number of registered and passed chartered accountants shows the interest and demand of the professionals. ICAI has 8.5 lakh members and four lakh students. The members and students share a fifty-fifty ratio. Chartered accountancy is a profession that throws light on the positives and negatives of economic development. The negatives help the regulatory bodies to implement the stringent rules that contribute to the growth of the economy.
The demand for chartered accountants overseas:
ICAI has mutual agreement in the form of MOU with foreign countries. This agreement helps Indian students to work in foreign countries. Indian chartered accountants are the most demanded in the United Kingdom and Canada. ICAI had entered into a mutual agreement in the written form of an MOU with New Zealand and Australia. The students from ICAI can apply for the courses in CAANZ with two conditions. The first condition says that the students must have a post-membership experience of five years. The second condition says that the members with a seniority role get admission with three years of experience. Clause three of MOU explains the eligibility criteria for Indian students. The CAANZ and ICAI agreement happened in the year 2021. ICAI had also entered an agreement with chartered accountants in Nepal, Ireland, Malaysia, Canada, South Africa, England and Wales. Indian chartered accountants work as IT auditors, tax auditors, legal experts, and financial advisors. These international jobs require the skills of Indian students to work in different departments. The demand for the following skills is high in international jobs in finance: IT knowledge, auditing, taxation, international taxation, legal compliance, and financial reporting.
The advantages of reciprocal arrangements:
With a reciprocal agreement between the two countries, ICAI is planning to allow professionals from the UK and Canada to practice as an auditor in India. The president of ICAI said that the arrangement is strictly based on the reciprocal system. The mutual understanding of opportunities and business development opens the door for foreign professionals to work in India. The proposal is to support the conditions of free trade agreements. The countries dealing with free trade agreements will look for negotiations. The negotiations are in the form of fewer government tariffs, subsidies, trade restrictions, and job opportunities. FTA influences tax, import, export and employment opportunities. The president of ICAI said that similar agreements are expected from Australia also.
The FTA allow professionals from foreign countries to work after the registration from ICAI. The president explained that the reciprocal system helps gain knowledge on a mutual basis. UK, Canada and Australia are developed countries. India is a developing country. The reciprocal arrangement of ICAI will help to understand the positives and negatives of Indian and international legal processes. The ICAI president says that the Indian chartered accountants working overseas are around 42,000. The working population work hard to bring positive changes in the legal, and tax system of India. The professionals from foreign countries register with ICAI and practice in India.
Final Thoughts:
The job opportunities in a country are based on demand and growth. The developed countries follow a tax process that pays way to equality in the distribution of income and tax burden. Developing countries like India suffer from unequal distribution of income. Equality takes its valuable form from equal job opportunities, fair distribution of income and development of weaker sections. India stands out as an unequal country. In a country, the chartered accountants bridge the gap and promote economic development. The news of allowing chartered accountants from other countries to work in India promotes friendship, mutual understanding, job opportunities and a competitive environment.