Now anyone can dream of becoming a Chartered Accountant. The Institute of Chartered Accountants of India (ICAI) is planning to allow students who have studied vocational courses or completed 12 years of basic education to appear in the Common Proficiency Test (CPT), an entrance exam to pursue Chartered Accountancy. Currently only those students who have passed Class 12 with regular academic programmes are eligible to appear in the test.
"We want to expand and give an opportunity to students from various backgrounds. The council decided to let students who have completed Class 12 in vocational subjects or some other disciplines take the entrance exam. It will also broaden our base," said ICAI president G Ramaswamy.
The council is also planning to exempt graduates and postgraduates from the Commerce stream who have cleared all exams with 55% aggregate and have studied any three full papers such as accounting, auditing and business laws from having to appear in the CPT.
"They will be allowed to commence article training straightaway since they will have an understanding of the theory," said Ramaswamy.
He added that the objective of the institute is to introduce international rules and make CAs from India at par with the rest of the world.
Once ICAI receives a nod from the Ministry of Commerce and Industry, which directs the council, the decisions will be implemented and amendments in the CA regulations incorporated.
The ministry has also assigned the institute with the task of investor education and protection fund. The motive is to create awareness amongst the masses towards investment in the corporate sector.