Should Chartered Accountants enter into Practice?
Current ICAI philosophy: Over the years the ICAI has quite literally liberalized the passing out percentage to such an extent that today more than 30% students pass out every six months as qualified chartered accountants! It is good that so many CA’s are passing out, but, I repeat but – is the Institute ensuring that each freshly qualified CA is competent and based on that competency does it ensure that the fresh CA gets gainful employment?? I am a relatively small practicing CA, and I get almost 600 mails a month for article-ship and for jobs for freshly qualified CA’s. Where has this sudden flood of applications come from? Is the ICAI following a sane education policy? Does the industry have the capability to absorb so many CA’s? or are we devaluing the profession by just pushing in numbers without taking care of quality? I do not deny that there will be brilliant students – but at the same time we are also stuck with mediocre students who proudly prefix their name with ‘CA’! ...