Tuesday, November 13, 2012

Increased stipends for articleship

The first professional body of accountants was established by Chartered Accountants in 1854 in Great Britain. Three professional bodies, viz., the Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries, and the Aberdeen Society of Accountants were set up. The title and designation of a CA is recognized worldwide.

The profession of Chartered Accountancy is highly regarded in India. A governing body named the Institute of Chartered Accountants of India regulates the profession of Chartered Accountancy in India (ICAI). Established in 1949, ICAI Delhi continues to keep the membership alive through yearly payment of prescribed fees.

Chartered Accountants of India are members of the Institute of Chartered Accountants of India, Delhi. In order to become a member of the same, one has to clear the prescribed examination, complete 3 years of articleship and complete other requirements under the Act and Regulations.
Students, who pursue their articleship and aspire to be Chartered Accountants, need to complete an articleship. They are usually appointed as apprentices under practicing CA. This kind of training provides the students with on-the-job training and they gather variety of experience.

Recently, the president of the ICAI announced that the stipends paid to the associates pursuing their articleship will be increased by almost 3 times. It is said that the stipends depend upon the areas fixed by the ICAI Delhi. For example, the stipends are fixed depending whether the area is an urban one or a semi-urban one.

According to rules and regulations, someone who aspires to be a Chartered Accountant, has to undergo a three-year long articleship and training to become a professional. During this period they are paid a stipend every month. It has been confirmed by the president of ICAI that if an articleship assistant was earlier being paid Rs.1000 now will be paid somewhere between Rs.2500 to Rs.3000. Of late, ICAI has also made large amount of investments over the years for different initiatives. Experts also claim that pursuing a professional course like Chartered Accountancy is far cheaper than pursuing any other professional course in the country.

It is said that this kind of a step will act as a morale booster for candidates who want to pursue a profession like Chartered Accountancy.  It is definitely a welcome step and for many the stipend might also come handy in planning the monthly expenses of some students.

The ICAI also offers certificate courses on Enterprise Risk Management, Corporate Governance, Forensic Accounting and International Taxation. The institute also offers Post Qualification Courses like Diploma in Information Systems Audit, Other aspects of the ICAI includes formulates and issues technical standards that are to be followed by Chartered Accountants and others. If the members fail to comply with the norms disciplinary actions are taken against them.

Though one of the toughest exams to be cleared, the profession of Chartered Accountants are highly regarded all over the world.


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