COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS Perspective Planning Committee The Institute of Chartered Accountants of India Origin Box No. 7100, Indraprastha Marg New Delhi - 110002 COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS PERSPECTIVE PLANNING COMMITTEE THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ABOUT THE COMMITTEE
The Perspective Planning Committee has been conceiveed gone-byly to assess the fruits, which entertain been portico settle in the use(s) sector and gone-by considerablely environing to the accountancy sector so as to inauguscold and secure treads which thicken and advance repair the execute-famous role of the chartered accountancy occupation. The law of the Perspective Planning Committee for 2008-2009 is: CA. Shanti Lal Daga, Manager CA. Manoj Fadnis, Vice-Chairman CA. Ved Kumar Jain, President (Ex-Officio) CA. Uttam Prakash Agarwal, Vice President (Ex-Officio) CA. Rajkumar S. Adukia CA.
Jayant P. Gokhale CA. Atul C. Bheda CA. Sanjeev K. Maheshwari CA. Mahesh P. Sarda CA. S. Santhanakrishnan CA. S. Gopalakrishnan CA. Subodh K. Agrawal CA. Harinderjit Singh CA. C M Dixit CA. Dinesh Jain CA. Deepak Goyal CA. Mohinder P Singh Rakesh Sehgal, Subjoined Secretary, Secretary to the Committee Secretariat CA. Monika Jain, Assistant Secretary Kunal Sharma, Treatment Trainee Surabhi Bhan, Treatment Trainee COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS __________________________________________________________ PERSPECTIVE PLANNING COMMITTEE THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
DISCLAIMER The inspections remote in the announce are the inspections of the Committee and superdenote judgments. They do not in any way purposeed the inspections of the Council of ICAI. No allot of this announce may be reproduced or infections in any conceive or by any media, pictorial, electronic, or unimpassioned, including photocopying, recording, taping, or by any counsel storage re-whole method, extraneously the license of the publisher. Published by Shri Rakesh Sehgal, Subjoined Secretary and Secretary, Perspective Planning Committee, The Institute of Chartered Accountants of India, Origin Box No. 100, Indraprastha Marg, New Delhi- 110 002. Email: [email protected] org COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT INDEX 3 7 11 14 45 58 72 82 95 98 Constabulary Summary Introduction Economic Scenario Mark of the Occupation Emerging opportunities Chartered Accountancy sequence curriculum Origin Capacity sequences and Sconsultation Administrative Fruit for CAs CA Profession- Superdenote Inspection Rivalry to the occupation IFRS Convergence- Indian Conversance ? 2 ?
COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Constabulary Summary The extending insist-upon for Chartered Accountants has set the limbs of the occupation thinking on their role in the changing economic matter in the dominion. It is substance increasingly normal that the chartered accountants are no desireer to reposerict themselves scarcely to accounting for gone-by resemblingts, but entertain to expand their horizons in stipulations of new concepts relish treatment accounting. Simply then yield they be endowmented to assist tellingly to the way of economic fruit.
The ICAI is complicated in hopeful and enhancing sulay-out links betwixt ICAI and its limbs serving the interroute in manifold capacities so as to agree for them, a meritiest of esteem in stipulations of acquirements, aptise, aptnesss and abettance in special race fruit thchurlish the fruit of enlightened and intensive huskred follimpuconsultation a suitableness edifices and agencies of the Government, so as to agree the remotest unplain snare to the universe of occupation, intercourse, assiduity and governance, suitableness concertedly pursuing the inspection of providing the remotest of interdirection opportunities.
The graph depicts the extending curve in the statistics of manly and womanly limbs afloat. The year on expandment in the reckon of limbs shows that gone-by and gone-by vulgar are turning into CA occupation. Accounting is an unappropriated occupational spectacle, follimpuconsultation a suitableness very embodied accomplishments to bound and follimpuconsultation a suitableness a gigantic undeveloped. Accountants twain in the exoteric ? 3 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT and secret areas are alloticipants in administration, not scarcely the compiler, checker, statistical accomplice or adviser of those in exemplification.
The floating recessionary stipulations in the US and Europe and the inferior impression on repose of the department has posed rare examples precedently occupationals to devise newer strategies to acceleration sail their mistresss thchurlish the floating churlish economic stipulations. The ongoing structural ramifications in accounting occupation portico settle universeremote would rule the occupation and haply scarcity a deeptained counterdeal-out on on-going premise; such issues substance of constitution which assure due compositioning to be underneathenslaved for the use of the market-outnership at bulky.
We so scarcity to centre on the key contendncies insist-upond of a novel, newly fitted CA and, probingly, to agree trainees follimpuconsultation a suitableness the transporttalented aptnesss to perconceive in an forever-changing duty environment, to supply a giganticer plane of integration follimpuconsultation a suitablenessin the counsel plan and apprehend-again the transport of aptnesss uncongenial during shapeation meritiestd inoculation or in preceding acquirements and to agree a giganticer centre on duty treatment and imembodied estimates.
All these issues substance oppormelody and requiring origin reaction are thus scarcityed to be addressed at a insufficienter mark and herefollimpuconsultation there is a scarcity for the counterdeal-out of market-outnership to such structural truthors. Follimpuconsultation a suitableness this concrete in sentiment, the Perspective Planning Committee of ICAI has afloat the ‘Competency Mapping for Accountancy Professionals’ superdenote which yield acceleration in cunning an insight into the size mapping of the occupational touchs, which are considered to be of controling avail for the limbs of occupation from the inspection purpose of assiduity.
The target auditory legislationscold all the limbs of ICAI throughout the dominion. The superdenote was influenceed thchurlish ICAI website and so by media of brochures which were mailed out to manifold CA stables in India. The aggregate reckon of expressive countercompatforce obtained was 7749 which legislationscold vulgar follimpuconsultation a suitableness marks varying in age, gender, district, sectors, job plane etc. ? 4 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT
The key judgments of the Instant Superdenote can be summed up as underneath: 1) ICAI Sequence curriculum scarcitys to be advance upgraded: 17% of the respondent impresss that the floating ICAI curriculum is not in melody follimpuconsultation a suitableness the assiduity capabilitys and 25% of the respondents stressed that the theme mix in the floating curriculum scarcitys gone-by substance on the counsel technology and taxation instead of centreing simply on accounting and auditing. ) Inclusion of new areas to coincide follimpuconsultation a suitableness the changing economic scenario: 58% of the respondent stressed on the scarcity to execute-known new areas in the ICAI curriculum which apprehends cannonade banking, considercontributive negotiates and IPO way , Exoteric finance treatment , Destroy treatment and arelish . 3) Origin Capacity sequences entertain useed ICAI limbs prominently to the new enrolled limbs Environing 78% of the respondent had authorized origin capacity sequences of the ICAI as specialized plans which has useed them in delivering occupational uses to its stakeholders in a melioscold legislation. ) Advance Increased centre on Soft-skills : The superdenote judgment reveals that there is a vast insist-upon of occupationals accountants follimpuconsultation a suitableness cheerful-tempered-tempered interidentical message. Start and managerial aptnesss entertain been asked for subjoined weightage precedingity suitableness subtle the balanceall Chartered accountancy plan. Respondents entertain very-fur recommended for the amendment in these aptness sets in the occupational accountant. 5) Proud intervallessness of the occupational in the forthherebehind years of their race Follimpuconsultation a suitableness esteem to the allegiance to the floating mistress, 45% of the respondents intimate the truth the medium protestation limit by a newly chartered accountant 5 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT follimpuconsultation a suitableness the floating mistress can be 1-3 years simply. However, the superdenote judgments so mention that it captures gone-by than 3 years to penetscold the mediocre treatments suitableness 10 years for the top treatment. 6) Administrative fruit and mistresss involvement: Environing 50% of the respondents were of the impression that the mistress’s involvement is very considercontributive in their occupational fruit. ) Professionalism on the ocean agenda of the perspective mistress: Environing 85% of the respondent impresss that Professionalism and imembodied estimates are the kernel desired occupational touch of any employee by the perspective mistress. 8) Goodyield of the occupation- one of the motivational truthor of foreignering the occupation: Most of the respondents impresss that job satisfied, proud insist-upon for CAs , agreeing allowance & Challenging job, cheerful-tempered-tempered pay parcel , melioscold job opportunities , insufficient elevated-priced and stigma regrant are the greater truthors motivating them to foreigner the occupation. ) Tardy acquirements and proud occupational standardskey to consummation for any occupational accountant Abundant of the respondents says that a CA occupation store them follimpuconsultation a suitableness tardy acquirements in multitudinous areas, oceantains proud occupational standards and agree adaptfibre to a stroll of opportunities in the emerging scenario. 10) Assemblage follimpuconsultation a suitableness IFRS: An emerging conversance 81% of the respondents impress that they are not amply quainted follimpuconsultation a suitableness IFRS and poor acquirements and follimpuconsultation a occasiondrawal of control are the hindering truthors to assemblage follimpuconsultation a suitableness IFRS. ? 6 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS
JANUARY, 2009 – ICAI REPORT Stipulation –1 Introduction 1. 1: Size Mapping for Accountancy Professionals The economic liberalization, globalization and counsel technology entertain unleashed innumertalented opportunities and the accounting occupation in India is portico completion trial to execute use of this convenience in its aggregate. Steps are underneathway to spread-out that the occupational acquirements the Indian accounting occupation possesses meditate the impression of the new waves of technological reversal and globalization that are sweeping balance the universe.
ICAI stablely believes that having a resistant accounting occupation is a key to having a resistant financial inframake in a dominion and it instantly meditates to the fibre of that dominion and of special companies follimpuconsultation a suitablenessin it to construct considercontributive at a competitive absorb. The universe today is of local contendncies, herefollimpuconsultation to unite the challenges and prosper the targets mapping of such contendncies which are quiescent insist-upond by the users of limbs in the rule is star which is kernel to haply creating a re-alignment of CA occupation module.
While, the origin market-outnership programs invigoscold an counsel alresponsive underneathenslaved albeit in local programs which denoteing limbs denote to prosper, it is considercontributive to capture reinspection of the fruits globally and their impression on job negotiate in India. One so sees a equcontributive fruit of the limbs leaner to interdirection and may be rebated to licensed performance; this substance normally gentleman for the new occupational. This could so meditate on the contendncies insist-upond for limbs, vis-a-vis those in performance and those in intercourse. 7 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 1. 2: Inevitableness of the Superdenote The Size mapping for the occupation was incontrovertible due to nervous fluctuates in the rule and gone-by so in the floatingly emerging negotiate settle. The superdenote is influenceed follimpuconsultation a suitableness the basic aim of headtenacious improvisation i. e. Aligning the sequence as per the negotiate fibres for substance the most sought follimpuconsultation occupationals in the negotiate. The driving fibres follimpuconsultation the superdenote are : Changing Negotiate Scenario: The negotiate settle is evolving ontinuously and gone-by acceleratedly consequently of globalization. The regulatory frameformation is changing eternally and the insist-upons from the occupationals are increasing to suppress themselves abreast of fluctuates else apprehension of death. Emergence of Use Sector in the rule: Balance the gone-byst foreigner of years use sector has aged prodigiously introduceing liberal opportunities to the occupationals, but the rivalry has so expandmentd abundant folds and WTO is making the scenario all the gone-by multifold.
Key Administrative Traits: The superdenote is influenceed tto fulfill the desired occupational touchs as desired in the occupation openly-knownly and interpolitically, to execute our limbs and students most sought follimpuconsultation the occupationals. Counsel Technology: The counsel technology has beseem omniintroduce in the duty foe and has modificontributive the legislation 360O duty is influenceed. The superdenote yield accelerations us to fulfill the inevitableness of IT and prominently applications as per the capforce of the limb. Capacity Building: Uprank of Sequence Curriculum to encapsugone-by the expectancys of users of uses of the accounting occupationals.
Identify the Job Environment of the limb: To expand melioscold huskred betwixt the limbs and its stakeholders , it is immanent to ? 8 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT apprehend their expectancys from each other to originate efficient job environment. Restrictive Regulatory Framework: repair truthfulness, fix In this financial contingency abundant frauds and inquiescent charge natant the entertain follimpuconsultation to scanty which has control to gone-by intervalrictive regulatory reforms to honesty stakeholders.
The occupation must fix adherence to best imembodied performances by incorporting the identical gone-by harshly in performances. Rectilineal Administrative Development: Chartered Accountancy Occupation insist-upons continual acquirements and occupational fruit. The Superdenote yield entalented us to evaluate scarcitys of the limbs for Origin Capacity Courses and constabulary counsel and expand customized products as per their scarcitys. IFRS-Global Phenomenon of Emerging Acountancy Profession: Gone the IFRS yield be in fibre from 1 April 2011 , its immanent to apprehend the alacrity of our limbs to IFRS and capture measures to fix roll transition way.
Perspective environing the Occupation natantst limbs: The superdenote yield invent out what the limb thinks environing their occupation its insufficientcomings, explicit purposes. The truthors which motivates them to foreigner the occupation. 1. 3: Decomlie of the Superdenote Responses The doubts in the doubtnaire can be broadly classified into 5 categories. • • Questions 1 - 16 - Open Counsel environing the respondent Questions 17 - 19 - Interdirection immanents & desired touchs of an employee ? 9 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT • • •
Questions 20 - 23 - Objectivity and association of ICAI’s floating curriculum Questions 24 - 25 - Subscription to, and feedback on Origin Capacity sequence Doubt 26 - 33 – Open Questions on CA Occupation ? 10 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Stipulation 2 Economic Scenario 2. 1 Global Economic Scenario The economies globally are grappling follimpuconsultation a suitableness the apprehension of the recession due the floating financial bustle which has control to death of greater urbanes in balance the US and Europe. This impression has tart out to be obscureer and saunter than antecedent anticipated.
The US Federal Govt. , dolled out a surety out parcel of USD 700 billion to origin the irresolute financial institutions, greater banks in UK and other allots of Europe has been capturen balance by the Govt. . Due to the globalization of occupation and arrival of Counsel technology, the economies are trusting on each other, now the ripples of financial bustle are felt balance the department. The impression of the lazydown is felt balance the sectors as most of the companies are using all the absorbcutting measures to deeptain thchurlish the financial contingency.
The Professionals all balance the sector are underneathneath dreadful influence due to lay-off, closing of plants, etc. All the countries are in enigmatic set-forth of sentiment to reinset-forth the liveliness in economies and inquiescent dependence natant the industries. According to the announce by global economic investigation stcontributive Oxford Economics, "The BRIC economies would dcourteous to extend, but there would be a open downturn. China is now prepare to exlean by environing 7 per cent in 2009, its decisive gone 1990, and India is seen lazying to environing 5 per cent. "Despite the distasteful monetary and fiscal easing, the U. S. , the Eurozone, Japan and the U. K. are all now seen abridgeing by environing 2 per cent in 2009," the announce said. Fruit scold of 5-7 per cent beholds expressive natant the introduce scenario when the universe GDP is expected to reocean very watery in 2010, origining fruit of impartial 0-1 per cent follimpuconsultation the disengage of 0. 4 per cent in 2009, Oxford Economics said. ? 11 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT
As per global economic investigation stcontributive Oxford Economics announce, expressive disengage in greater economies balance the universe, would entertain an redundant impression on the emerging negotiates, follimpuconsultation a suitableness resembling China and India indiscomlie advance lazydown as the universe occupation failed to reanimate, the announce said, adding that "all of the greater remote economies would origin fruit of weak melioscold than cipher in 2010". 2. 2: Indian Economic Scenario India’s financial sector has dwelled extensile resembling in the countenance of global financial bustle that is so obscure and pervasive.
Our financial negotiates dcourteous to character in an equcontributive legislation. India’s fruit trajectory has, thus-far, been impressioned twain by the financial contingency and the prosper-on global economic downturn. The reckons are decomlie of economic air lazying down. Exports registered a privative fruit for the two gone-by arranged months, October-November 2008, for the original determination gone February 2002. The index of industrial shapeation (IIP) registered a privative fruit of 0. per cent during October 2008, follimpuconsultation a suitableness the manufacturing sector registering a privative fruit of 1. 2 per cent, for the original determination gone April 1994. IIP fruit during April-October 2008 at 4. 1 per cent was insufficient than half of 9. 9 per cent during the identical limit of the anterior year. The uses sector, which has been the ocean engine fruit during the gone-byst sundry years, has so been lazying down. Duty dependence has been dented expressively. There are open signs of deceleration in cannonade insist-upon. ? 12 ?
COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Due to resistant device frameformation and proactive measures of the legislation, the rule managed to oppugn the denunciation of global economic lazydown, inquiescent dependence natant the duty milieu and investors environing the legislationscold but equcontributive fruit of the rule. The Indian stables are no hesitate oppositeness stubborn as sky has forceen the belts to sail thchurlish the floating bustle. The stables are pureedigning corposcold treatment to agitate afront suitableness suppressing the fruit of the stcontributive unhurt.
The cheerful-tempered-tempered intelligence is the impression of this lazydown in India has not control to diminution of staff, though in some sectors oceanly manufacturing staff is laid –off but which appears to be death feature. As per the superdenote of Manpower consulting the companies in use sector relish BPO, Insurance, Banking, IT, Consulting, Dispose-of yield be adding their manpower for origining the fruit in the appertaining sectors, follimpuconsultation a suitableness substance on endowment manpower and rationalized parcels. The Universe is alresponsive spectatoring cut-throat rivalry in the negotiate settle, where Darwin’s hypothesis “Survival of the fittest” fits accurately courteous.
In the floating emerging scenario, the despatch to advance enliven the aptnessset of Chartered Accountancy occupation, drill of size mapping was envisaged, as original tread in this control follimpuconsultation a suitableness the aim of transforming the Chartered Accountancy occupation for penetrateing the compendium of occupational rarity. ? 13 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Chapter-3 Mark of the Occupation The disconnection of Occupation has been very dynamic controling to its fruit aid pureed frontiers in to new size. The occupation has spectatored sea fluctuate gone its exercise, ositioning itheadtenacious as one of the most coveted occupation in the negotiate. The Chartered Accountancy occupation balance the years has aged bound and bounds and thus the mark has underneathgone aggregate transmutation. In this Chapter, our purpose is to eliminate the once evolving mark of the occupation on manifold parameters, so that the enlargement could be measured/benchmarked, proudscanty the fluctuates. The pursue is to evaluate and conformably pureedign the treatment of the Institute in secureing the occupation, for endowmented to seize-out gone-by from the new initiatives.
Some of the authorized parameters are as underneath: Mold of Occupation: Self-Employed, CA Stcontributive and Others Location: Metro/Non-Metro , Regional Zones Gender & Age Mold of Organization/Business Formation Routine(hours on weekly premise) Job Plane Size of Edifice Turnbalance of the Edifice Recompense ? 14 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 3. 1 Where do you shapeation? Follimpuconsultation a suitableness the arrival of globalization and corporatization of the assiduity, there was a hasty spurt in insist-upon for CAs balance the dominion. As a product of this, the dominion spectatored a paradigm convey in the role of the occupation.
From afloat as accountants or auditors in CA stables to financial managers in MNCs, the avail and association of this occupation simply magnified in the gone-by years. Suitableness setting up of secret performance has a undishonoroperative comcomlie in the occupation, the changing economic determinations entertain had an impression on this race non-interference. Firstly, the practicing occupation, in constitution, has a lazy fruit in the primal years impuconsultation to low client conversions and unpliant rivalry from courteous-established minute and mid-sized secret stables. The issues of dissimilitude in allowance planes extended betwixt Big and midtier stables so dwells.
Consequently, during 1998-2008 there was a expressive disengage in the interrelationship of limbs interdirection certificate of performance (CoP) athwart those who opted not to performance. The interrelationship of limbs interdirection CoP has once disaffianced balance 19982008 penetrateing 53. 6% in 2008 from as proud as 70. 9% in 1998. 80. 0% 70. 0% 60. 0% 50. 0% 40. 0% 30. 0% 20. 0% 10. 0% 0. 0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Members follimpuconsultation a suitableness CoP Not in Performance Resembling though chartered accountancy was gaining popularity in the 1990s, there were few avenues delayout the unwritten accounting, auditing and taxation areas which CAs 15 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT could path. Starting follimpuconsultation a suitableness 1990s, the unwritten roles of a Chartered Accountant were together experiencing a convey follimpuconsultation a suitableness practicing Chartered Accountants increasingly leaner into hortatory and consulting roles, suitableness new limbs preferred interdirection balance performance. CAs had afloat to exlean a gamut of uses such as cannonade hortatory, financial planning, destroy treatment, etc. Besides, corposcold houses began to inspection the occupation follimpuconsultation a suitableness a new-found attention.
This not simply raked in bulky-scale opportunities for CAs, but so took the acquisitions for the occupationals to new heights. The jobs in the assiduity extended gone-by useful parcels, snare to MNC refinement and liberal job marks. There has been a greater convey in the occupational pesteem of the limbs balance the years gone then. The interrelationship of liberal-determination practicing CAs in the aggregate limb meritiest has been elapsing agreeingly gone forthherebehind 2000s and has penetrateed a low of 47. 4% as at April 1, 2008. Consequently, the interrelationship of non-practicing CAs expandmentd at a CAGR of 10. % during 1998-2008, to penetscold 46. 4% in 2008 from 29. 1% in 1998. However, we don’t see a expressive agitatement in the interrelationship of Part-determination practicing CAs during the identical limit. This curve is set to dcourteous for the herebehind so, as the occupation of Chartered Accountancy carves a new sense in the occasion to occupation and intercourse. 70% 60% 50% 40% 30% 20% 10% 0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 FullTime Performance PartTime Performance Not in Performance Overall Decomlie ? 16 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT
Out of the respondents • • • • 24% were afloat in CA stcontributive 54% in assiduity 18% were headtenacious industrious 4% in other husks of stables Counterdeal-out by Gender Counterdeal-out by Zone ? 17 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Mediate Mold of stcontributive CA stcontributive Assiduity Others, mention Headtenacious industrious gladden 14 222 Zone 115 208 East Zone 187 258 44 130 North Zone 253 642 38 215 South Zone 389 1205 87 219 West Zone 890 1797 95 588 Counterdeal-out by Settle Respondents from Non Metro cities are gone-by relishly to be headtenacious industrious. NonQuestion 1 CA stcontributive Assiduity Others, mention Headtenacious industrious lease 208 592 71 789 Metro 1420 3135 Metro 408 970 3. 2 What mold of duty or edifice do you shapeation in? Overall Decomlie Out of the respondents • • • • • 33% were afloat in Accountancy stables 27% in other molds of duty 9% in exoteric sector 1% were portico race sforever 30% in others ? 18 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT The others apprehend Banking, BPO, Edifice Industry, Consultancy, Equity Research, Insurance, Financial Services, Telecom, Software Firms, Tax Consultancy, Audit Services. Counterdeal-out By Gender ? 19 ?
COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Counterdeal-out By Zone Mediate Mold of Edifice Accountancy Stcontributive Race sever/ not floatingly afloat Other mold of Duty Others, gladden mention Exoteric Sector Counterdeal-out by Settle Non–Type of stcontributive Accountancy Stcontributive Race sever/ not floatingly afloat Other mold of Duty Others, gladden mention Exoteric Sector 23 1530 1599 413 24 414 590 243 Metro 1601 Metro 795 4 86 136 57 108 149 67 12 292 319 127 11 621 587 123 19 839 990 286 Zone 229 East Zone 262 North Zone 344 South Zone 478 West Zone 1083 . 3 How desire ago did you render-capoperative CA? Follimpuconsultation a suitableness the whole of regulatory whole for chartered accountants in 1949, the ICAI, the occupation of chartered accountancy afloat to encircleate in India. The occupation has seen it exlean from a obscure of 1600 odd in 1949 to balance 151000 in 2008. Environing 30 % of ICAI market-outnership has been ascititious follimpuconsultation a suitablenessin gone-byst half and hour decades. However, as the economic and duty environment spectatored fruit in 1980s and 1990s, the avenues for CAs remote calling bulkyr individuality of infantine population to the sequence. 20 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT However, the pureed boost for the occupation came in gone-by 1990s and forthherebehind 2000s follimpuconsultation a suitableness the arrival of globalization and bulky-scale corporatization of dutyes. Of the floating limb meritiest of 145,481 limbs as on April 1, 2008, nforthherebehind 34% are the pass-outs of 2001-2008 follimpuconsultation a suitableness 21% having fitted betwixt 1991 and 2001. Overall Counterdeal-out Years of render-capableing + 20 years 1-4 years 4-6 years 6-9 years 9- 19 years < 1 year Percent 8% 44% 16% 10% 14% 8% ? 21 ?
COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Counterdeal-out By Gender Most of the womanly respondents entertain fitted the CA in gone-byst 1-4 years. This shows that the reckon of womanlys turning into CA occupation is increasing year by year Counterdeal-out by Settle Metro Cities 57% 75% 73% 73% 68% 65% Non-Metro Cities 43% 26% 27% 27% 32% 35% Years of render-capableing + 20 years < 1 year 1-4 years 4-6 years 6-9 years 9- 19 years ? 22 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 3. 4 Your gender ? Overall Response
Graph: Year – Womanly Members ? 23 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Though the reckon of womanlys, turning into CA occupation has been increasing year on year, the reckon of manlys are fur gone-by than the womanlys. 3. 5: In which of these age collections do you decline? Overall Counterdeal-out Counterdeal-out By Gender This graph shows that the reckon of womanlys in CA Occupation was very insufficient in the gone-by years and is increasing year on year. The bulky reckon of womanly respondents in the ? 24 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS
JANUARY, 2009 – ICAI REPORT 25-35 age collection clforthherebehind depicts the vociferate in the reckon of womanly CA’s in the gone-by years which is altogether hopeful. 3. 6 Your Settle of shapeation declines in? Overall Counterdeal-out Counterdeal-out by Settle Zone Mediate Zone East Zone North Zone South Zone West Zone Metro 1% 6% 12% 30% 72% Non-Metro 99% 94% 88% 70% 28% From the balancehead ttalented it is open that most of the respondents from the Western district are from metro cities where as in Mediate and East zone, most of them are from Non Metro cities. ? 25 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS
JANUARY, 2009 – ICAI REPORT 3. 7 Settle of shapeation situated in ? Overall Counterdeal-out Counterdeal-out by Gender The graph shows that the reckon of womanly respondents are gone-by in Metro cities. ? 26 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 3. 8 Do you shapeation in? As the agitatement in favour of interdirection caught momentum balance the gone-byst two decades, the avenues for allot-determination interdirection entertain spectatored a setback. The challenging insist-upons of the jobs avenues in corposcold finance, treatment consulting, banking and prophylactic, cannonade banking, etc. rovided insufficient intention for allot-determination intercourse. In truth, the disconnection of a new shapeation refinement towards gone-by challenging jobs follimpuconsultation a suitableness agreeoperative acquisitions so horrify the curve of allot-determination intercourses which were gone-by dishonoroperative in the days of unwritten accounting jobs for CAs Overall Counterdeal-out Most of the respondents are afloat in liberal determination jobs. Counterdeal-out by Gender Role Liberal determination, in a beaming role On a agricultural vocoperative abridge Others, gladden mention Allot determination Womanly 1556 14 24 45 Manly 5789 49 101 43 ? 27 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT
If we behold that the respondents in Allot determination role, we can see that womanlys manage and suitableness in the repose of the roles manlys do. Counterdeal-out by Years (Since completing CA) Counterdeal-out by Settle Constitution of shapeation Liberal determination, in a beaming role On a agricultural vocoperative abridge Others, gladden mention Allot determination Metro cities 5196 43 49 50 Non-metro cities 2092 15 69 38 ? 28 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 3. 9 In a normal week, how abundant hours do you lay-out afloat in your office-post or elsewhere? Overall Counterdeal-out Key Points • • • Gone-by than 70% of the respondents shapeation for 41-60 hours a week. 8% of them shapeation for 61-80 hours a week 7 % of them shapeation for 21-40 hours a week. Counterdeal-out by Job Plane Afloat Hours Upto hours 21-40 hours 16 181 185 80 33 30 20 3 19 39 14 9 6 Accountant Executive/ Independent/ Mediocre Manager Partner Top Other Treatment Expertness s ? 29 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 41-60 hours 61hours Overhead 80 hours 3 54 72 38 13 13 80 15 550 304 324 110 47 71 2503 819 1397 314 293 Key Points • • • • Most of the respondents in 41-60 Hours and 61-80 Hours condition were Executives/mangers.
On an medium a CA occupational lay-outs 41-60 hours / week in the office-post. It is very open that the respondents follimpuconsultation a suitableness job plane of Independent/Partner yield entertain to shapeation for gone-by hours than the repose. This is verified by the counterpart. From the ttalented abandoned underneath, it is open that the occupationals afloat in metro cities shapeation for desireer hours than the ones in the non metro cities. Afloat Hours 21-40 hours 41-60 hours 61- 80 hours Overhead 80 hours Upto 20 hours Metro Cities 64% 73% 66% 69% 56% Non-Metro Cities 36% 27% 34% 31% 44% ? 30 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS
JANUARY, 2009 – ICAI REPORT 3. 10: What is your floating job plane? Overall Counterdeal-out No of years in the floating stcontributive Job Plane Accountant Executive/ Manager Independent/ Partner Mediocre Treatment Top Treatment Others Insufficient 1 year 46 998 117 419 75 143 than 1-3 year 52 1846 330 915 106 172 47 352 286 301 91 24 6 72 63 154 105 55 6 10 Gone-by than 10 years 5 49 480 108 150 33 years years ? 31 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Counterdeal-out by Settle Floating Plane Accountant Executive/ Manager Independent/ Partner Mediocre Treatment Job Metro 77% 79% 42% 77% 68% 74%
NonMetro 23% 21% • The ttalented balancehead shows that CAs follimpuconsultation a suitableness insufficient than 3 years in the identical stcontributive are normally managers and it captures gone-by than 3 years to penetscold mediocre treatment and barly 10 years to penetscold top treatment • 44% of the respondents were at the Executives/Managers Plane 58% of the Independent/Partners were from the Non-Metro cities 50% of the womanly respondents were at the Executive//Manager plane 25% of the manlys were intrusting 58% • 23% 32% 26% Top Treatment Others, if any • • allotners to 14% of the womanlys. Counterdeal-out by Gender ? 32 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS
JANUARY, 2009 – ICAI REPORT Counterdeal-out by Age Collection From the balancehead graph it is open that most of the respondents follimpuconsultation a suitableness age insufficient than 35 are Executives/Managers Independent/Partners. origins this inspection. 3. 11: How abundant employees shapeation in your edifice? Overall Counterdeal-out when-in-fact As the the ones follimpuconsultation a suitableness exlean age balancehead they 35 are to oceanly shapeation occupationals older denote stubbornly or beseem allotners follimpuconsultation a suitableness other occupationals. The superdenote counterdeal-out ? 33 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Counterdeal-out by Stcontributive Mold Others, gladden mention 36 15 16 36 25 61 88 No. of
Employees 1-20 21-50 50-100 101-500 501-1000 1001-5000 Gone-by 5000 than CA stcontributive 388 131 99 286 191 555 191 Assiduity 53 78 158 536 417 988 1906 Headtenacious industrious 1177 102 30 14 3 5 14 It is open from the ttalented that most of the stables follimpuconsultation a suitableness 1-20 employees are either Headtenacious Industrious or CA stables and Most of the stables follimpuconsultation a suitableness gone-by than 1000 employees are in intercourse. Counterdeal-out by Zone Reckon employees 1-20 21-50 50-100 101-500 501-1000 1001-5000 Gone-by 5000 than 86 167 351 619 963 of Mediate Zone 294 29 12 37 29 64 East Zone 165 38 21 47 52 123 North Zone 266 48 51 124 92 209 South Zone 262 69 71 263 172 424 West Zone 655 133 143 377 293 758 34 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Key Points • • • From the chart abandoned underneath, it is open that most of the accountancy stables entertain insufficient than 20 employees The ttalented shows that stables follimpuconsultation a suitableness bulky reckon of employees are musterd in western and southern zones. The mediate zone has gone-by of stables follimpuconsultation a suitableness insufficient reckon of employees 3. 12: What is the annual turnbalance of your edifice? Overall Counterdeal-out ? 35 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Counterdeal-out by Stcontributive Type
Annual Turnbalance Insufficient than 50 crores 50-500 crores 500 crores Gone-by crore than 1000 crores-1000 CA stcontributive 708 624 246 144 Assiduity 305 860 474 2412 Headtenacious industrious 1255 12 4 15 Others 75 52 38 97 Key Points • • Most of the CA stables and headtenacious industrious vulgar entertain turnbalance of insufficient than 50 crores Eldership of the industries entertain a turnbalance of gone-by than 1000 crores. Counterdeal-out by Sector Use Sector 1511 1046 538 1604 Annual Turnbalance Insufficient crores 50-500 crores 500 crores Gone-by crore than 1000 crores-1000 than 50 Manufacturing 190 275 121 688 Trading 250 45 14 68 Others 275 171 78 269 ? 36 ?
COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 3. 13: What is the your annual acquisition? The Institute is affianced in providing alienate race platforms and fruit opportunities to twain renewed CAs (thchurlish Campus Importation Programmes) as courteous as CAs alresponsive serving industries thchurlish the whole and fruit of enlightened and intensive huskreds follimpuconsultation a suitableness edifices and agencies of the Government. Campus settlement programs are arranged twice a year, in February- March and August – September for the settlement of the limbs fitted in November and May attempts appertainingly.
In the Feb-Mar 2008 program, 109 companies alloticipated during the program of which 26 were new recruiting entities. The medium atonement extended to the newly fitted CAs was environing Rs. 6 lacs p. a, up a expressive 20% balance Rs. 4. 8 lacs p. a a year ago. The proudest atonement extended expandmentd to Rs 12 lacs p. a from 10 lacs p. a in the anterior year. In the gone-byst five settlement cycles, a greater interrelationship of the candidates entertain got pay parcels in the stroll of Rs. 3. 5-7. 5 lakh, and this interrelationship has aged from 77. 1% in the Aug-Sept 2006 cycle to 83. 0% a year gone-byr and a advance 88. 0% in the gone-byst AugSept 2008 cycle.
However, a explicit complicatedion is that follimpuconsultation a suitablenessin the Rs. 3. 5-7. 5 lakh, the interrelationship of the candidates getting parcels in the stroll of Rs. 5-7. 5 lakh has aged dreadfully, from simply 24. 1% in the Aug-Sept 2006 cycle to 54. 0% a year gone-byr and a advance 61. 6% in the gone-byst Aug-Sept 2008 cycle. This mentions that the medium new fitted CA atonement planes entertain expandmentd. This expandment is so incontrovertible by the expandment in the reckon of candidates getting pay parcels balancehead Rs. 9 lakh which has aged from a absolute 0. 3% in the Aug-Sept 2006 cycle to 2. 6% in the instant year and advance to 6. % in the gone-byst Aug-Sept 2008 cycle. ? 37 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Overall Counterdeal-out Counterdeal-out by Age Annual Emoluments Insufficient than 3 lakh 3- 5 lakh 5-10 lakh 10-20 lakh Overhead 20 lakhs Underneath 25 49 142 411 31 7 Balance 65 26 9 5 3 25-35 389 1014 2771 907 194 36-45 156 183 229 226 149 46-55 81 104 112 73 71 56-65 37 27 27 20 7 Key Points • • • Most of the respondents entertain an annual acquisition of 5-10lakhs 20% of them entertain acquisition betwixt 3-5lakhs The ttalented abandoned balancehead shows that the atonement is proudest for the vulgar follimpuconsultation a suitableness age betwixt 25 and 45.
The anterior decomlie has shown that most of the vulgar in this age collection are constabularys/managers which influence be the conclude for this. ? 38 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT • Deep paid occupationals are afloat in use sector. Annual Emoluments Insufficient than 3 lakh 3- 5 lakh 5-10 lakh 10-20 lakh Overhead 20 lakhs Use Sector 448 847 2429 823 260 Manufacturing Others 44 281 631 250 76 99 178 344 143 61 Trading 110 120 86 31 20 3. 14: Is the duty allowance/atonement prouder or inferior than gone-byst year?
Salary expandments in India bulkyly dwelled insulated from the floating economic lazydown. As per a con-aggravate influenceed by Hewitt Associates (Hewitt Atonement Bud Dipstick Con-aggravate 2008) balance 150 controling corposcold in India to underneathstand the impression of economic lazydown on atonement and atonement curves in India, 63% of the edifices superintended said that inflation and prominence input absorbs were discussed and considered in the matter of atonement expandment budgets for 2009. However, the year 2008 has quiescent seen a resistant medium atonement expandment of 14. 8%.
The global economic lazydown, US sub-prime contingency and prominence inflation entertain caused Indian companies to reinvestigate budgets for 2009; and the medium atonement designions for the herebehind year are inferior by a percentage purpose at 13. 9%. Retaining its top composition, Inframake sector is controling follimpuconsultation a suitableness 24. 1 percent atonement expandment in 2008, prospered by Banking, Financial Services & Prophylactic (16. 5 percent), and Manufacturing (15. 4 percent) suitableness ITES, and IT showed a descend athwart 2007 reckons at 12. 6 percent and 12. 5 percent appertainingly. ? 39 ?
COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 2007 Employee collection Top Treatment Greater Treatment Mediocre Treatment Younger Manager/Supervisor/ Professional/ Open Staff Manual Workfibre 15. 9 13. 8 11. 3 Bud % 13. 9 14. 9 15. 7 2008 Projection % 13. 6 14. 5 15. 2 15. 5 13. 6 11. 2 Source: 12th Annual Atonement Bud Survey, Hewitt Associates Assiduity 2007 Bud % Developed Eset-forth Enthusiasm Dispose-of Telecommunications Banking/Finance 25. 2 19. 0 17. 6 17. 2 16. 4 25 17. 5 16. 2 17. 6 16. 9 16. 1 2008 Projection % Accounting/Consulting/Legal 16. 2
Source: 12th Annual Atonement Bud Survey, Hewitt Associates Atonement planes for CAs are courteous prominence gone the insist-upon for them is forforever increasing. The fruit in their insist-upon impuconsultation to the extending BPO and KPO industries and their expanding role should fix atonement fruit for the CAs. ? 40 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Overall Counterdeal-out The counterdeal-out shows that the atonement of the 84% of the respondents are prouder than the anterior years. The ttalented abandoned underneath shows that atonement is increasing for respondents follimpuconsultation a suitableness proud as courteous as low atonement.
Infollimpuconsultation in the Insufficient than 3Current Year Preferoperative Inferior Identical 3 lakh 513 56 150 lakh 1089 52 277 5 5-10 lakh 2978 80 429 10-20 lakh 1103 25 123 Overhead 20 lakhs 365 10 48 3. 15: How desire entertain you been afloat follimpuconsultation a suitableness your floating mistress? In India, the medium pursuit of employees has steadily disengaged. The concept of substance associated follimpuconsultation a suitableness a corporation for desire is legislationrate. Currently, the medium pursuit of an employee stands at environing 3 years. The key drivers for this curve are the extending job opportunities availtalented in the negotiate and the increasing adjacentness of MNCs which are yieldingly responsive to pay cheerful-tempered-tempered pay parcels.
These measures align courteous follimpuconsultation a suitableness the very-fur ambitious infantineer progeny who assigns a weighty weightage to atonement parcels. ? 41 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Overall Counterdeal-out 45% of the respondents entertain been afloat in the floating stcontributive simply for 1-3 years. From the ttalented abandoned underneath it is open that the occupationals in the non metro cities lean to alight desireer in the identical stcontributive than the ones in metro. Counterdeal-out by Settle Years follimpuconsultation a suitableness the Floating Non-Metro Cities 20% 40% 17% 6% 18% Mistress Insufficient then 1 year 1-3 year 4- 6 years 7- 10 years Gone-by than 10 years
Metro Cities 26% 48% 13% 5% 8% 3. 16: Gladden mention the ocean sector in which your edifice is complicated: As of today, CAs entertain a dominant role in finance character of barly all husk of edifices - from manufacturing to dispose-of to uses. However, beholding at the curve in the gone-byst few years, the transitive fruit spectatored by uses sector (KPO/BPOs/Banks/Financial Services companies) in India compared to other sectors has ? 42 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT settled prodigious opportunities for fitted CAs.
According to a gone-by superintend, the use sector grew at 10. 7% suitableness manufacturing and agrirefinement lagged follimpuconsultation at 8. 8% and 4. 5% appertainingly in 2007. Gone-by curves in ICAI settlements mention that ICICI bank, Infosys Technologies Ltd and Tata Consultancy Services were the top recruiters during 2006-08. Overall, the banking and IT peelware companies entertain managed the settlement spectacle during the identical limit. A gone-by variegated mistress meritiest is expected in the adjacent vocoperative follimpuconsultation a suitableness banking quiescent recruiting bulky reckon of CAs. Not resembling to 100% 2008* 14. 0% 11. 3% . 9% 8. 3% 5. 7% Banking IT Software 2007 31. 8% 8. 8% 6. 3% 7. 0% 3. 8% Oil & Gas Financial Services Mining 2006 14. 3% 13. 2% 4. 9% 9. 0% 3. 8% * prepare April 1, 2008 ? 43 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Overall Counterdeal-out Counterdeal-out by Settle Eldership of the respondents are afloat in use sector. Moreover, from the ttalented abandoned underneath its open that job opportunities in use sector are gone-by in metro cities than in non metro cities. Sector Manufacturing Others Use Sector Trading Metro Cities 57% 69% 77% 48%
Non-Metro Cities 43% 31% 23% 52% ? 44 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Stipulation – 4 Emerging Opportunities As the rule is entering into a very precarious legislation, evaluation of job environment is of remotest discernment. It is benefit of the Institute to fix that the limbs are courteous equipped to contend in the negotiate and endowmented to creep-up ladders of consummation. In this stipulation the substance is on having a minute behold in the emerging opportunities for Chartered Accountants in the pureed negotiate settle.
The identification of driving truthors in choosing the prospective mistress yield acceleration ICAI to concentscold settlement trials on the desired mistresss. Also, its considercontributive to apprehend the expectancy of limbs from the assiduity so that the identical could be communicated to these industries in accelerationing them to restrain the endowment. Driving Fibre for Selection and Protestation of an Mistress 4. 1: Abandoned the opportunities in the negotiate what according to you are the driving truthors for a dwelld protestation in the negotiate?
The job negotiate for CAs is nforever too bad; they are scarcityed balance edifices irappertaining of sector adjacentness and size. The negotiate is so immune to the macro economic cycles gone CAs posses the requisite acquirements and aptise for basic as courteous as multifold financial transactions. In the extending station of the Indian rule, when M&As and IPOs were the prominent activities, CAs delineateed a pivotal role. For exemplification, in the year 2007, corposcold India attested 661 markets estimated at $52 billion, nforthherebehind three-fold expandment balance the anterior year.
Though 2008 influence spectator a sscanty lazydown in these activities impuconsultation to the floating contingency, other characters aprominence from the downturn such as destroy treatment, obsoleteness, financial reposeructuring, etc. are in centre floatingly, which again scarcity specialized finance occupationals such as CAs. The accelerated fruit of the Indian rule is expected to originate opportunities for delineateers balance manifold spectacles, prominently for CAs. ? 45 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Historically, CAs were chargeable on largely for unwritten accounting, recordmaintenance and auditing.
However, due to increasing globalization, their roles p from occupational uses (verification and audits, interior and treatment audits, duty and corposcold hortatory, openly-known and intergenerally-known taxation, etc); and Finance and accounts constabularys (Chief Financial Officers or Directors-finance); to Cannonade banking and boarding treatment (trafficker banking, supply broking, duty valuations, boarding treatment, etc); and Financial and duty way outsourcing Fruit prospects of the balancehead constitution are the key driving fibre for CAs in today’s universe.
Consequentially, stables specializing in the accounting and auditing uses agree the requisite intention disquisition to its employees which acts as a greater protestation truthor. They exlean uses such as proud metaphysical job satisfied, variation and sconsultation acquirements. On the other operative, big MNCs easy in India are extending cheerful-tempered-tempered pay parcels to allurement CAs, which is another key driving fibre prominently for the newer progeny CAs. Renewed graduates, who invent it stubborn to set up their own performance, are increasingly attracted towards the parcels and cognate stigma equity follimpuconsultation a suitableness MNCs.
In August-October 2007 settlements at ICAI, medium atonement of CAs penetrateed Rs 5. 94 lakh compared follimpuconsultation a suitableness Rs 4. 79 lakh in February-March 2007. This is attributtalented to the expandmentd adjacentness of MNCs in the dominion. However, this has so led to a occupational gap betwixt the greater and boyisher occupationals where greater CAs impress that though their atonement parcels are though prouder than those of boyisher CAs, the dissent is not commensuscold follimpuconsultation a suitableness the dissent in their conversance viza-viz those of the boyisher occupationals. Brands so delineate an considercontributive role in calling the infantine CA occupationals who lack cheerful-tempered-tempered compositions at stigmaed urbanes. 46 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Overall Counterdeal-out Balance 60% of the superdenote respondents impress that the key driving fibre are either of the three – cheerful-tempered-tempered pay parcel, fruit prospects, and stigma equity. Fruit prospects capture the control prospered by cheerful-tempered-tempered pay parcel indicating the discernments of the infantine CAs from the opportunities in the assiduity. Some corporation local truthors such as contributive afloat environment, colony of the edifice and flexibility in afloat hours so act as protestation drivers, which holds gentleman largely for all husk of occupations.
The other truthors apprehend Job satisfied, Independence, Agreeing Income, Rectilineal Acquirements up rank, Expertise in Taxation & Financial complicatedions, Dynamism complicated, Fibre to expand duty insights & useful similarity to a example etc. ? 47 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Counterdeal-out by Gender Factors Contributive Environment Good-tempered Pay Parcel Fruit Prospects Colony Flexi afloat Hours Stigma Equity Others gladden mention Womanly 49% 61% 83% 28% 38% 29% 2% Manly 44% 55% 81% 25% 23% 31% 3%
The balancehead ttalented shows the percentage of womanly and manly respondents who entertain restricted the alloticular truthor as the driving truthor for dwelld protestation. It shows that womanlys are gone-by attentioned in Flexi afloat hours and colony than the manlys where as Stigma Equity is considercontributive for womanlys as courteous as manlys. Counterdeal-out by Job Plane The counterdeal-out by Job plane has been depicted in the ttalented abandoned underneath. Flexi Colony 34 964 239 527 111 111 afloat Hours 37 870 331 519 119 103 Others gladden mention 1 66 29 65 15 12
Job Plane Accountant Executive/ Manager Independent/ Partner Mediocre Treatment Others, if any Top Treatment Contributive Environment 58 1606 439 909 172 246 Good-tempered Pay Parcel 60 2140 453 1196 221 235 Fruit Prospects 84 2919 1000 1572 319 361 Stigma Equity 32 1222 232 589 153 112 ? 48 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT Counterdeal-out by Settle Good-tempered Pay Parcel 3277 1017 Flexi Colony afloat Hours 1470 513 1516 470 Others gladden mention 136 49 Doubt 7 Metro Non-Metro Contributive Environment 2617 808 Fruit Prospects 4537 1708
Brand Equity 1828 511 Counterdeal-out by Years (After CA Completion) + 20 < year 243 340 541 151 135 235 14 1 1-4 years 1488 2067 2935 899 880 1120 75 4-6 years 598 767 1045 365 381 410 41 6-9 years 378 457 615 202 239 239 18 919 Satisfied Contributive Environment Good-tempered Pay Parcel Fruit Prospects Colony Flexi Hours Stigma Equity Others mention Key Administrative Traits gladden afloat years 264 223 386 131 107 112 21 years 498 498 810 258 258 251 18 The dominion’s rule has aged for gone-byst foreigner of years calling abundant Multigenerally-known Firms into the dominion.
The fruit of use sector acted as a catalyst to economic fruit controling to wild-paced fruit in completion department, and catapulting India on global scenario. For any edifice, CAs lay down the financial make and meditate a corporation’s considercontributive and high issue treatment and herefollimpuconsultation financial force. Not simply this, in the ? 49 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT floating globalised scenario, any kernel team driving key characters such as treatment, planning, reposeructuring, estimate myth or fruit cannot opescold extraneously a CA as allot of the team.
Since CAs conceive an considercontributive allot of such kernel characters of an edifice, the most basic and probing expectancy out of any CA occupational is occupational and imembodied deportment and to deeptain that, manifold imembodied and occupational influence codes are laid down by ICAI. The intervalrictive evaluation criteria of sequence insist-upons the prospective occupationals to be very stubborn afloat and dedicated. And this touch from a CA occupational is expected at all determinations by all - an mistress or by the interroute in open. The CA occupational does it follimpuconsultation a suitablenessin the regulatory framework/code of ethics prescribed by ICAI.
The harsh inoculation which a CA underneathgoes fixs that the occupationals are not simply very-fur metaphysical and careful, but so posses resistant financing boardingamentals. Follimpuconsultation acquiring a stubborn capacity such as CA, a peculiar would entertain alresponsive gained a resistant origin and uncongenial the fibre to employ a thochurlish and analytical acumen. Hence, cheerful-tempered-tempered academic augmentment is an intrinsic touch for any CA. The proportionately inferior skernel of this touch in the superdenote products mentions the mandatory and abandoned condition of this touch rather than its subordinate avail.
Owing to the increasing adjacentness of CAs in industries, message and other peel aptnesss raise proportionately prouder beaks in the superdenote counterparts. There is so a open discernment that CAs are on the accounting interest, giving their apt impression on issues bulkyly cognate to financial matters, suitableness MBAs are on the treatment interest, meant to direct the embodied as courteous as cosmical instrument towards the cheerful-forstrain of edificeal inspections. The dissent in the two occupations’ sequence curriculum has led to this discernment. Prepare bound, the CA sequence curriculum did not apprehend fur of useful inoculations on message or introduceation aptnesss.
However, ICAI has been afloat towards narrimpuconsultation this gap. In May 2007, the Institute announced to lay-out Rs. 300 crore to set up 17 centres of rarity (CoE) balance India in the instant ten years. These ? 50 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT CoEs yield exlean a PG capacity exclusively for CAs follimpuconsultation a suitableness donation from premier treatment institutes such as ISB and IIMs. This sequence yield centre on beseeming message and negotiateing aptnesss of CAs and acceleration them found peculiarality touchs that are insist-upond to beseem a team controler.
CoE yield so centre on beseeming introduceation aptnesss, including direct balance English and whole discourse. The Institute so organizes insufficient vocoperative sequences such as the gone-byly arranged three months residential program in April 2008. This program accelerationed students swallow occupational aptnesss insist-upond for telling charactering in duty edifices and occupation. It centreed on fruit of message aptnesss, peculiaral qualities, interidentical and teamformation aptnesss, afloat follimpuconsultation a suitablenessin multifold and churlish environment, example solving aptnesss and controlership aptnesss.
It had six modules covering Corposcold Communications, Developing Identical Traits, Strategic Management, Performance Fruit and Management, Administrative Duty Environment, Multi-Disciplinary Case Studies in the areas of association to the occupation, and so legislationscold spectacle investigate and interaction follimpuconsultation a suitableness dignified peculiaralities. Follimpuconsultation a suitableness the fruit in use sector, job opportunities follimpuconsultation a suitableness useful pay parcels are easily availtalented to occupationals. As incontrovertible from antecedent decomlie in gone-byst foreigner of years Chartered Accountants are preferring uses balance performance consequently of the cheerful-tempered-tempered recompense and fruit pportunities. The use sector has its own aptnessset capabilitys and a mix of technical acquirements follimpuconsultation a suitableness the peel aptnesss are the immanent capabilitys to yield in the use assiduity. In the adjacent doubt our pursue is to fulfill key occupational touchs insist-uponed in the use assiduity, so that the identical could be weldd in the limbs and CA students thchurlish CA curriculum and specially deattested modules. The countercompatforce yield acceleration us to evaluate the tellingness of ICAI’s initiatives and to incorposcold any left out areas. ? 51 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS
JANUARY, 2009 – ICAI REPORT 4. 2: What according to you are the most desirtalented touchs of any employee from the mistresss perspective and gone-by considerablely from an employee follimpuconsultation a suitableness CA as occupational augmentment (Kindly tabulate %) Overall Counterdeal-out Key Points Professionalism, Message aptnesss and imembodied estimates are the most desirtalented touchs for any employee. o The other desirtalented touchs apprehend Analytical Mind, Numerical Ability, Integrity, Insight etc. There has been a belief in the assiduity that CAs do not follimpuconsultation up follimpuconsultation a suitableness the insist-upond message and introduceation aptnesss. It is believed that substance in the CA ? 52 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT curriculum has been gone-by on academics and insufficienter on balanceall fruit of a peculiar as an all-round occupational. Suitableness CA are positively technically gone-by resistanter than other occupationals relish MBA (who are considered openists rather than specialists), they decline follimpuconsultation MBAs and others on introduceation and duty treatment aptnesss. Expectations from the Industry- Rectilineal Administrative Fruit 4. 3: How considercontributive is it to you entertain your mistresss involvement in your occupational fruit?
For any occupation, rectilineal occupational fruit is a pre requisite, which so acts as one of the protestation truthors. A occupational would normally relish to repair its aptness set and aptise thchurlish rectilineal acquirements, on-the-job or offthe-job. An on-the-job inoculation delineates a key role in the fruit of a occupational, wherein mistresss are the prominent trainers. An employee follimpuconsultation a suitableness an accountancy stcontributive would entertain the proudest scarcity for rectilineal occupational fruit, gone he / she has the snare to multitudinous mold of transactions balance industries.
Since occupationals affianced follimpuconsultation a suitableness accountancy stables market in specialized transactions environing to M&As, IPOs, boardingraising, financial due heed, secret equity hortatory, financial reposeructuring, transport pricing, consent, etc. and use industries pning from banking and financial uses to aviation, automotive, messages and from enthusiasm, utilities and engineering edifice to entertainment, pharmaceuticals, manufacturing and dispose-of, they scarcity normal occupational fruit programs. ? 53 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS
JANUARY, 2009 – ICAI REPORT On the other operative, a CA affianced follimpuconsultation a suitableness exoteric sector underneathportico or any other husk of stcontributive such as manufacturing or dispose-of influence not entertain such proud scarcitys of occupational fruit gone their role in these edifices would be largely poor to unwritten book-keeping, auditing, and openly-known and intergenerally-known taxation. Also, a CA follimpuconsultation a suitableness the desire-vocoperative prospect of substance an entrepreneur influence not be beholding for that fur occupational fruit as a CA follimpuconsultation a suitableness the concrete of serving the industries all thchurlish his / her race. Overall Response
Around 50% of the respondents were of the impression that the mistresss involvement was very considercontributive in their occupational fruit. ? 54 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 4. 4: Are the characters asattested to you commensuscold follimpuconsultation a suitableness your occupational aptise? The role of a CA in an edifice is changing from unwritten auditing to beherebehind a key stakeholder in the edifice. The role of a CA, today does not necessarily reocean as originive, but gone-by conceptional in the conceive of a limb of the treatment team.
He has aged to beseem an indispenstalented allot of the immovableness making way in key characteral areas of the edifice. At the identical determination, countenanced follimpuconsultation a suitableness stubborn rivalry from other occupationals, alloticularly MBAs, abundant CAs end up portico up compositions which do not contest their contendncies suitably. The product is a expressive miscontest betwixt occupational contendncies of a CA and his asattested characters. Managerial jobs, which are increasingly gaining favour follimpuconsultation a suitableness the infantine CAs, are gone-by insist-uponing and challenging as these insist-upon giganticer representation in the charactering of an edifice.
ICAI is gearing its curriculum and imparting manifold insufficient vocoperative sequences to inquiescent new aptness sets in CAs, a lot dwells to be done to fix that CAs fit into treatment roles gone-by dynamically. From the global perspective, intergenerally-known bodies relish IFAC entertain been sagacious in fulfilling the miscontest betwixt characteral roles and occupational aptise and hence afloat investigationing on the role of occupational accountants in duty.
Accounting occupationals balance the universe entertain graduated from afloat in unwritten auditing and taxation roles to afloat in spectacles extending saunter horizons, as prominent financial office-postrs (CFO), finance controllers, financial controllers, financial analysts, treasurers, prominent counsel office-postrs, investor relations office-postrs, planning managers, treatment analysts, prominent accountants, treatment accountants, absorb accountants , consent office-postrs, design managers, and program managers.
Many entertain so agitated on to entertain gone-by open treatment responsibilities such as operations controller, prominent constabulary office-postr (CEO), manager, non–constabulary controller. In India, follimpuconsultation a suitableness the liberalization of established sectors in the financial uses assiduity, CAs are defenseless to gone-by opportunities in areas of strategic origin to ? 55 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT usinesses relish prophylactic, banking, boarding treatment and cannonade banking. Suitableness the role of CAs in these sectors dwells sulay-out to their contendncies, there are characters and roles follimpuconsultation a suitablenessin these that may suitably achievement the occupational contendncies of a CA and thus may not be as pleasurable occupationally as the occupational capacity insist-upons. Overall Counterdeal-out 85% of the respondents impress that the characters asattested to them are commensuscold follimpuconsultation a suitableness their occupational aptise.
Response by Job plane Job Plane Accountant Executive/ Manager Independent/ Partner Mediocre Treatment Others, if any Top Treatment No 24% 16% 11% 16% 15% 12% Yes 76% 84% 89% 84% 85% 88% ? 56 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT From the ttalented it is open that natant the manifold job planes gone-by Accountants impress that the characters asattested to them are not commensuscold follimpuconsultation a suitableness their occupational aptise. Mold of Job CA stcontributive Assiduity Others, mention Headtenacious industrious gladden
No 8% 19% 21% 12% Yes 92% 81% 79% 88% Eldership of the respondents who are headtenacious industrious and who are afloat in CA stcontributive impress that the characters asattested to them are commensuscold follimpuconsultation a suitableness their occupational aptise. Few expressive comments that came up during the superdenote are • • • • Withdrawal of convenience is the ocean conclude In established cases/ scenarios it does, but not normally Simply to an size (eldership impression) Varies follimpuconsultation a suitableness edifices ? 57 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT
Chapter- 5 Chartered Accountancy Sequence Curriculum 5. 1: Do you invent the floating CA curriculum in melody follimpuconsultation a suitableness the industrial/consultancy job capability? Balance the years, ICAI has gained letter of churning out tendency train of chartered accountants. The harsh inoculation a chartered accountant goes thchurlish and the profoundness and exhaustiveness of the sequence satisfied acceleration originate occupationals follimpuconsultation a suitableness specialization in several set of area relish accounting and auditing, taxation, corposcold laws, financial and destroy treatment, corposcold finance, etc.
In conjunction, the CA exams assess the gone-by tardy and interrupted techniques that a occupational scarcitys in regulate to specialize in local areas at shapeation, or to prosper as a race track in an hortatory or consultancy role. The wild increasing insist-upon of occupational balance all planes in an edifice and balance remote stroll of industries is a confirmation of association of the floating CA curriculum to the industrial and consultancy jobs. Suitableness CAs entertain had normally enjoyed the control in finance roles in the industrial sector, their hazard into the consultancy role has been merit noticing.
They are substance increasingly sought by companies into consultancy roles relish treatment consultancy, financial hortatory, financial and considercontributive reposeructuring, tax consultancy and corposcold hortatory. The disconnection of their role for absolute accountant and bookkeeper to treatment advisor and planner has been a product of manifold truthors: 1. Efforts by ICAI bodies to revamp CA sequence in melody follimpuconsultation a suitableness floating duty environment balance the gone-by few years 2.
Recognition of avail of useful inoculation by industrial collections and the use assiduity 3. Specialization that CA sequence brings in stipulations of profoundness and exhaustiveness of contrariant performance areas ? 58 ? COMPETENCY MAPPING FOR ACCOUNTANCY PROFESSIONALS JANUARY, 2009 – ICAI REPORT 4. Fibre to meditate an “All-rounder” regrant of a CA captalented of operativeling several set of tasks compared to other occupationals relish Corporation Secretaries, MBAs, absorb accountants, etc 5. Expertise and thochurlish acquirements n all finance cognate responsibilities The ICAI has been centreing on the capacity of ‘Chartered Accountant’, which is accorded follimpuconsultation a harsh curriculum involving speculative counsel and useful inoculation for a limit of 3 ? years. Considering the increasing reckon of Students opting for the Chartered Accountancy sequence as a product of its remote intention and acceptfibre , the Institute is committed to exlean estimate ascititious occupational inputs to its limbs in open and students in alloticular, from determination to determination.
While fluctuates in the CA curriculum balance the gone-by foreigner of years hav