ICAI’s massive expansion plan: 30 lakh new chartered accountants by 2047
The Institute of Chartered Accountants of India (ICAI), the regulatory body in India for chartered accountancy education and profession, under the leadership of its new President, Ranjeet Kumar Agarwal, is embarking on a transformative journey aimed at bolstering the ranks of chartered accountants in the country.
Agarwal noted that for every one trillion dollar growth in the economy, there would be an expected requirement of 1 lakh chartered accountants. A significant rise in the number of CAs in India is on the cards. Along with it, new initiatives would be needed for better student support and technological integration.
The new ICAI head announced the institute’s future plans on Wednesday.
AMBITIOUS GROWTH TARGETS
Agarwal envisions a future where India’s growing economy is supported by a robust pool of chartered accountants.
There are 8.5 lakh students pursuing the CA course across India at the moment. ICAI conducts CA exams biannually, in May-June and November-December.
The upcoming May session will see a total of around 1.29 lakh students appear for the intermediate and final examinations under the new syllabus launched last year. However, the schedule might change due to the impending Lok Sabha elections.
Ranjeet Kumar Agarwal noted that by 2047, India would need more than 30 lakh new CAs for the growing economy. But this is a difficult target to achieve.
Currently, ICAI boasts four lakh registered CA members. Despite high expectations, the pass percentage in CA exams remains low, ranging from 10% to 20%. For instance, in the November 2023 session, out of 32,907 students who took the final level exam, only 3,009 successfully cleared it.
The new leadership has several initiatives planned going ahead.
HOW WILL THIS MASSIVE GROWTH TARGET BE REACHED?
ICAI is planning to adopt a multifaceted approach for this ambitious plan involving attracting students to chartered accountancy right from the school level, with agreements in place with over 500 colleges and schools across India.
These agreements aim to empower the local faculty to teach CA courses and expand access to CA education.
ICAI is also rolling out initiatives to support CA students, including the “each one, teach one” programme.
A new mentoring initiative is also on the cards. Agarwal noted that ICAI has been encouraging CA members to mentor at least one CA student.
Moreover, the institute also plans to offer free online content which would include lectures by top faculty that can enhance the learning opportunities for all aspiring CAs.
Lastly, ICAI is looking at artificial intelligence (AI) to enhance its operations and support services. It would be a helping hand for the CAs, enabling them to focus on deeper analysis and business advisories.
By expanding its reach, enhancing student support, and embracing technology, ICAI aims to create a thriving ecosystem for chartered accountancy in India.
