More than 9,000 Newly Qualified CAs were placed with an average Salary of Rs. 12.5 lac: ICAI President

The newly elected President of the Institute of Chartered Accountants of India (ICAI), CA. Ranjeet Kumar Agarwal shared his vision at a press conference held in New Delhi.

His vision for the year is reflected in the initiative “DRISHTI”, which means “vision,” and will drive the Institute to significant advancements in the disciplines of Digitalization (D), Research (R), Integrity (I), Skills (S), Handholding (H), Transparency (T), and Independence (I). He thought that the CA profession, rooted on ethics, integrity, and independence, would serve as the foundation for India’s transformation into a global economic superpower by 2047.

For the first time, ICAI has established a committee on “AI in ICAI” to investigate how AI might be used to enhance the professional development of students, members, and workers. The institute has also taken measures to benefit students by giving digitized and recorded materials to students around the country.

CA. Ranjeet Kumar Agarwal and CA. Charanjot Singh Nanda was elected as the new President and Vice-President of the Institute of Chartered Accountants of India (ICAI) w.e.f. February 12, 2024.

With over 4 lakh members and 8.5 lakh students, ICAI is the world’s largest accounting body. The Institute advances its agenda of inclusive growth through its 5 Regional Councils, 175 Branches, 50 Overseas Chapters, and 31 Representative Offices, and continues to bring honor to the profession.

While interacting with the media CA. Ranjeet Kumar Agarwal, President of ICAI said, “Since its inception in 1949, the Institute has grown significantly, contributing towards the nation’s economic growth. With ‘Drishti’ we begin a journey to make 2024-2049, the Golden Period of the Profession. The framework not only directs the Institute, but it also serves as the platform for providing green finance and auditing standards and guidelines to the government, as well as promoting environmentally friendly operations and legislation development. With a focus on digitalization and incorporating Artificial Intelligence for the growth of the profession, we aim to integrate digital advancements into the core functionalities of ICAI, aiming to prepare a generation of professionals who are not only technologically adept but also ethically grounded and socially responsible, “DRISHTI” promises a future where ICAI leads with innovation and integrity”.

While delivering an update on the course, he underlined that the CA Course is empowering the country’s youthful population, and the New Scheme of Education and Training, which was implemented last year on July 1st, is attracting an increasing number of students to the profession. ICAI has received a record number of 1,29,120 registrations for the new curriculum.

He gave information about on-campus placements of qualified Chartered Accountants, stating that in the financial year 2023-24, more than 9,000 newly qualified Chartered Accountants were placed with an average salary of Rs. 12.5 lac (per annum). He went on to say that “Ethics and technology domains have been embedded in the curriculum at the final level so that aspiring CAs are equipped with the requisite competencies required in this dynamic global world”.

President ICAI further stated that the ICAI was a pioneer in developing sustainability reporting standards and defining the country’s ESG reporting landscape. This year, too, the ICAI will endeavour to produce recommendations and recommend standards to help and improve green finance.

In order to create opportunities for accounting professionals abroad, the ICAI has provided regular comments and inputs to the government in the area of Accounting, Bookkeeping, and Auditing services (CPC 862) in the ongoing trade negotiations with its FTA partners – the United Kingdom, Canada, and Australia. This year, ICAI wants to increase its global presence, providing a platform for Indian CAs abroad and facilitating foreign investment in India.

ICAI has formed a new committee known as the Committee for Aggregation of CA Firms. The purpose of this group is to bring together smaller businesses and make them globally competitive by combining their resources.

Towards strengthing infrastructure development, Presidents shared that 11 centers of excellence across the country are in the pipeline. As a socially responsible institution, ICAI will implement the ‘Each One Teach One’ project, in which members will mentor students for professional development, CA Agarwal added.