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Young qualified chartered accountants are rather keen to join the industry than take to private practice, ICAI President, Mr G. Ramaswamy, said.
Calling this a ‘trend reversal' as compared with the earlier decade, he said, “in the past, 80 per cent of the young professionals opted to be on their own, start a practice, grow and establish themselves in the society. But now, only 20 per cent are opting to practice and the remaining 80 per cent – lured by the package the industry is prepared to offer to hire these young professionals. There is a huge demand for CAs,” he added. (Around 15000 candidates qualify every year).
Mr Ramaswamy said, “Singapore-based Olam International has hired a young professional this year for a starting salary of Rs 67 lakh a year. One can expect such good package for international posting. Even in the domestic space, the package has been quite good. Last year, the highest salary package offered at smaller centres was Rs 7.4 lakh. It has crossed the Rs 9 lakh mark this year. The best offer for domestic posting was Rs 15 lakh/annum this year.”
On placement, he said, “the placement committee organises campus placement programmes twice every year for newly qualified chartered accountants. More than 1,710 candidates were short-listed in the programme held in the first phase of campus interviews this year.
"The banking sector was very active in hiring CA professionals.”
“The biggest issue before the institute today is ‘globalisation of Indian accountants,” he added.
“The institute has tied up with many accounting institutes globally. We recently inked an MoU with the Canadian Institute of Chartered Accountants and are working on a similar agreement with the New Zealand Institute of Chartered Accountants.
“We will have strategic collaborations with at least 10-15 international accounting bodies to provide a global outlook to our members, in say, five years.”
To make Indian chartered accountants globally competitive, the curriculum at the school and college level would have to be revamped, updated, he added.
“The institute has made a presentation to the Department of Secondary and Higher Education, Ministry of HRD on the role ICAI can play to enhance transparency and accountability by increasing the role of CA professionals by involving them in teaching subjects such as IFRS, taxation, auditing etc,” he added.
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