April 15th 2021 announcement from UGC states that it approved the request of CA/CS and ICWA institute about M.com degree. So, M.com and CA/CS and CMA are treated as equivalent qualification from now on. There is a difference between the professional course and post-graduation. To understand the benefits of adopting post-graduation and professional qualification let me shed light on post-graduation and professional qualification.
International Equivalence with certificates
The educational system around the world is accepted based on value. So, the equivalent degree recognition helps for continuing studies in foreign universities. Around the world, the process of recognition examines skills and values. To check the equivalent degrees foreign universities students tend to make use of app or website guidance like DAAD from Germany. Association of Indian universities {AIU} is the evaluation division that provides value to the foreign qualification. This division created the information brochure to give details about the equivalence of educational qualifications. Graduate certificate and transcript, transferred hours transcript, high school certificate, genuine certificate, legal translation of certificate or transcript, and attendance in the country of study are essential to get a certificate of equivalence. The question that cracks the mind is why there is equivalence required among Indian qualifications? This blog brings out the reason behind the equivalence guidelines of UGC.
Promotion of student mobility
Chartered accountants are accepted globally since there is MOU with other foreign universities. Additionally, this guideline increases the mobility of chartered accountants to other job roles or other qualifications. For increasing the labour market CER, EU, GATS, and FTAs are different forms of agreements that are used globally. The different systems of the economy such as social security, wages, health, and taxation reflect the cultural heritage and history. These systems need to be incorporated with transparency and compatibility. Intra mobility is possible only by bringing competency and equality among the qualifications. The new education policy supports two-way student’s mobility. This increases employment opportunities and attracts foreign universities. Previously, the one year masters degree from Cambridge University Masters degree and Degree from London School of economics was not accepted with the job market in India. By bridging the gap between educations the opportunity to do joint research increases. As post-graduation has been done with the job the UGC had announced multiple entry points and exit points for post-graduation. It had introduced the new system of academic credit bank system. Post-graduation degree is now admired as equivalent with the degrees from European countries.
PhD opportunities to students
Academic profession and research about finance is the dream of postgraduates and professionals from CA/CMA and ACS. Now the recognition of UGC promotes the applied research over finance subject and law subjects. The president of ICAI further declares that this recognition opens multiple opportunities for the students. They can appear for the NET or SET examination to join as lecturers. They have wide research opportunities with IIT, IIM, Indian universities and foreign universities. The opportunities in government jobs also demand post-graduation. So, in case of job vacancy contraction, they can apply for Public Sector Undertakings, UPSC, and state public commissions. Positions such as Indian trade services, Indian Audit and accounts service, and Indian corporate law service are suitable for Chartered accountants.
The admission to the PhD differs from country to country. Some countries look for academic record and some demand post-graduation. Working knowledge or application knowledge is essential for a research student. As per the words of Dario Toncich the research is not related to the invention but is about the investigation of the subject. The meaning of the word doctorate is teaching skills in the Latin language. So, admission to the PhD department is for enhancing the teaching capabilities and to do an investigation on the challenges of the job.
Conclusion
It is believed that post-graduation is theory-based and it is not a hundred per cent practical based subjects. CA/CMA and ACS are practical subjects with theory and practical training. In some foreign universities like Germany and nether lands, there is a distinction in higher studies as research-based and applied science-based. The difference is the theoretical knowledge and the practical knowledge. The mix of methodologies of theory and practice adds value to the course. Recognition of M.com as equivalent to CA/CMA and ACS improves the value of theoretical knowledge and practical knowledge.