The Institutes of Chartered Accounts of India, ICAI , popularly termed as the governing body of the country’s premier accounting profession, is once again working out for a revamp in its education pattern.
The decision is also likely to make the course tougher than before. Presently, the students are permitted to commence the course from Std. 12, after clearing an entrance test or join directly after graduation. A student of the commerce stream has to score minimum criteria of 55 per cent and an eligibility criterion of 60 percent is valid for aspirants from other streams.
The ICAI has now formed a committee for restructuring of education and training (CRET). In a recent meeting at Agra, the committee has laid its main focus on raising the entry bar especially through the mode of entrance exam. The norms for changing compulsory practical training was also given due emphasis. More such sessions are expected and the views from different stakeholders will be taken into account.
It is worth mentioning that the pattern for entrance examination has been changed thrice in the past ten years. The old system for a long year foundation course was replaced with a professional efficiency test and a onetime subjective exam test. This was then followed by the objective type common proficiency test, which was introduced in the year 2006 and is existent till today.
Tarun Ghai, a noted member of the CRET commented on the discussion of several new models with an extensive questionnaire to seek the different views of the stakeholders. “There have been views to make the entrance examination tougher so that the right candidates get in. Currently, since the common proficiency test appears to be relatively easier a large number of candidates pass. But for many it is eventually difficult to clear the chartered accountancy course and they end up being frustrated” ,Ghai said.
The committee is also considering allowing the candidates to take up the mandatory 3 year articleship practical training after they entirely clear the first stage of the cours