ICAI has many overseas centres to spread the value of Indian finance education. The 2023 year ends with a beautiful beginning in the USA. ICAI launched the New Philadelphia chapter on 28, October 2023. The heads of different chapters in the USA are as follows: CA Miloni Dhruv from Washington DC, CA. Yash Parmar from Philadelphia, CA. Vish Arunachalam from San Francisco, and CA Sanjay Vatsa from the New York chapter. The story of the butterfly and caterpillar says that every transformation takes time. The process shows the determination and struggle of the caterpillar. The butterfly gets publicity because of the hard work of the caterpillar. The nature explains the transformation and the time of change. As a professional Institute, ICAI is adapting to the changes and transforming its operations. The blog highlights the USA chapter, the difference in the Indian and international education system, scholarships and job opportunities in the USA.
In the USA, ICAI has opened nine offices. Arizona, New York, Seattle, Chicago, Houston, Dallas, Washington DC, New England, and San Francisco. The authorities with the network for finance education in association with ICAI are Scott Hanson from IFAC and David Powell from the chartered accountants worldwide network, USA.
Differences in the Indian and international education systems:
Indian education promotes subject knowledge and practical skills. The concern most people have about Indian education is that it lacks in terms of practical knowledge. ICAI had recently changed the syllabus with modern approaches. International universities believe in research, innovation, interaction and working skills. The model of education should focus on knowledge, application and analysis. The analysis is the third step in professional education. The habit of researching the subject comes after a vast knowledge. The following points explain the difference between the Indian and international education systems.
The international universities offer resources, facilities and projects for robust research activities. Medical, technical, finance, law and economics require research. Students get topics and funding for the research work. Indian universities lack research facilities and projects. The recent changes try to bridge the gap. Still, in the field of medicine and technology, students prefer foreign universities for the research option.
Indian universities are controlled by the state or central government. Academic autonomy and freedom are less in Indian universities. Foreign universities have more freedom and autonomy. The courses offered by the foreign universities are as per the industry trends and needs. Students prefer foreign universities for learning advanced-level subjects.
Indian universities offer fewer choices to the students. The students do not have the freedom to change the course after joining. The flexibility is less in Indian universities. Foreign universities give more respect to the interests of the students. If the student wants to change the course in the middle period, it is possible. The faculties check the mark of the student and offer the change in the course. The students get multiple choices and freedom in foreign universities. This flexibility makes them studious and bold.
Indian universities emphasise obsolete marks. Foreign universities emphasise on relative grading. The relative grading takes into account the sports activity, research activities, projects, non-classroom activities and marks. The assessment model encourages the students with high and low performance.
Top Indian universities arrange for the placement of the students. International universities offer internships and job offers after completing the course.
Different types of scholarships in the USA:
Medical, technical and finance students wish to study in the USA. The names of the scholarships offered to Indian students are as follows: Stanford Reliance Dhirubhai Fellowship for Indian students, Rotary Foundation ambassadorial scholarship, the Indian Trust fellowship, and Akhtar Alih. Tobaccowala fellowship, Inlaks Shivdasani Foundation scholarship, American University Emerging Global Leader scholarship and Cornell University Tata Scholarship. The different types of scholarships for Indian students in USA are as follows:
- The students with good academic performance receive government-funded scholarships. Hubert Humphrey’s fellowship program is exclusively for Indian students with academic records. Students with a desire to join in doctoral or Ph.D. program can avail of this scholarship. In Fulbright – Nehru fellowship program the eligibility is a degree from an Indian university or college, fifty-five per cent of marks, three years of experience and a certificate of community service.
- The second type of scholarship is from private organisations. An example of such a scholarship is the AAUW international fellowship program. The AAUW international fellowship is exclusively for women students. The scholarship is for five years. Students with academic performance can apply for this scholarship.
- Examples of university-funded scholarships are as follows: the University of Minnesota fellowship and the New Haven scholarship.
- The merit-based scholarships are for the students with high marks. The names of such scholarships are the Berea College Scholarship for international students and the Fairleigh Dickinson Scholarship.
Job opportunities in the USA:
US companies prefer CPA professionals as they understand the US GAAP reporting and the Sarbanes-Oxley Act. The Eligibility for CPA is four years of degree and 150 hours of course. The degree should have accountancy and business as subjects. The CPA examination has four parts. The students should have one to two years of job experience with verification from the US. Indian chartered accountants must apply for a license before starting a job. Equivalent qualification is mandatory to work in the US.
The overseas centres spread Indian education to international students. Indian education has answers to complex problems. CA, ACCA, CPA, MBA, CFA and CMA are the top courses in the finance sector. The futuristic view shows that chartered accountancy is the best course to understand the accountancy subject. The other courses are for understanding the dynamic aspect of the finance sector. Chartered accountancy trains the students to understand the finance and tax system. Other courses train the students to understand business fluctuations. International exposure enhances innovative ideas and domestic growth. Indian students working in foreign countries add value to the CA course in India.