Rs 250 cr proj to help CAs brush up on soft skills

Kochi, May 23: Faced with increasing competition from MBAs, the Institute of Chartered Accountants of India (ICAI) is embarking on a Rs 250 crore initiative to impart soft skills and management training to its members.

Addressing a press conference here, ICAI president Sunil Talati said the project envisaged establishment of 17 'centres of excellence' over the next eight years in different parts of the country to impart training in ''soft skills'' to its members.

The first centre would be opened in Hyderabad in November this year. The centres would conduct courses ranging from three to six months, he added.

Stating that the ICAI was recognised the world over for its high standards of training, Mr Talati said the Institute had embarked on a brand image build-up exercise that includes a dress code and an official logo for its members.

The dress code, which was not compulsory, included a tie with the ICAI logo and a blue jacket with self-woven lines. The ICAI logo would be released on July one, which is observed as ''Chartered Accountants Day', he said.

Mr Talati said there was an increasing demand for CAs from the banking, finance and information technology industries. While no industry estimate existed on the gap between demand and supply, some media reports had spoken of a shortfall of about 50,000 CAs over the next five years, he said.

There was a demand for Indian CAs in other countries, including the US and Australia, he said.

At present, about 9,000 fresh CAs pass out of the institute every year, he added.

In order to increase the number of CAs, the ICAI had modified its syllabus so that the course could be finished in four years instead of the earlier five-and-a-half years.

With the motto of 'catch them young', the ICAI had allowed students to take the 'common proficiency test' after passing out from school. After an articleship period of three-and-a-half years, entailing 35 hours a week, the students could take their final exams, he said.

Speaking of the rising salaries in the industry, he said the highest entry level salary for a CA student passing out this year was Rs 38 lakh per annum.

To maintain its high standards, the ICAI had made it mandatory for its members to undergo 20 hours of 'compulsory professional education' per year. This would be increased to 30 or 40 hours after two years, he said.

Peer review certification of company balancesheets and published financial reports had also been introduced in the past three years as a self-regulatory mechanism so that the Indian industry did not have to face a collapse like Aruther Anderssen following the Enron embroglio in the US.

UNI