The University Grant Commission (UGC) has granted the academic equivalence to Chartered Accountancy qualification with the postgraduate degree. As a result, the Chartered Accountant members can now pursue PhD in all the Indian universities as against 106 universities, two IITs and seven IIMs which presently recognise the Chartered Accountancy qualification for the specific purpose of registration to PhD programme.
CA Nihar N Jambusaria, President, ICAI said “This equivalence to Post Graduate Degree will open up international market for various job avenues for ICAI members, thereby bringing the global acclamation and recognition to India worldwide. Since Chartered Accountancy course will be considered as equivalent to the postgraduate degree, it will aid CA members, who are aspiring to go overseas for higher studies and/or for seeking professional opportunities abroad.”
The Grant of equivalence of Chartered Accountancy course with the postgraduate degree will make the Chartered Accountants eligible to appear in National Eligibility Test (NET) conducted by University Grants Commission. It will make the Chartered Accountants eligible for award of junior research fellowship or assistant professor in the universities across India.
Economic growth
President, ICAI further added “Chartered Accountants equipped with comprehensive practical and technical knowledge can make a notable and significant contribution in academics in accountancy and commerce domain. This will act as a catalyst in the research work being undertaken in the sphere of accountancy and commerce and bestow a boost to the growth of business and industry and commerce across all sectors.”
The ICAI was pursuing this matter for quite some time and taking note of the same, UGC had constituted an Expert Committee last year. ICAI had submitted a 'Concept Paper elaborating the ICAI scheme of education and training and related details’ to the Committee. The UGC considered the recommendation of the committee and resolved that Chartered Accountancy qualification be considered equivalent to postgraduate degree.
In the past, UK NARIC (The National Recognition Information Centre for the United Kingdom) a renowned UK national agency responsible for providing information and expert opinion on qualifications and skills worldwide had also evaluated and recognised CA qualification.