The Economics of Professions
Chartered Accountants
How the ICAI's tough CA exams have low pass rates, why CAs are in demand for audit and tax, and the role of CAs in India's financial system.
Chartered Accountants (CAs) are key finance professionals.
ICAI
The Institute of Chartered Accountants of India, set up in 1949, regulates CAs.
Tough exams
CA exams have low pass rates, making the qualification a strong signal.
Work
- Audit of company accounts.
- Tax advice and filing.
- Finance roles in companies.
Articleship
Students train for years under practising CAs.
Demand
GST and company laws increased demand for compliance.
Audit failures
Scandals raised questions about audit quality, leading to the National Financial Reporting Authority (NFRA) in 2018.
Before tax deadlines, CA firms work long hours auditing clients' accounts.
Pass rates are low.
- ICAI was set up in 1949.
- CA exams have low pass rates.
- CAs audit and advise on tax.
- NFRA oversees audit quality since 2018.
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