ICAI betters record; certificate holder gets Rs 16 lakh offer

ICAI betters record; certificate holder gets Rs 16 lakh offer

The Institute of Chartered Accountants of India (ICAI) has bettered its own record in placing its certificate holders, one of whom has been hired at an annual salary of Rs 16 lakh. Last year, the highest package offered to a certificate holder was around 15.7 lakh a year.

Jagadish Kumar, assistant secretary, ICAI, Bengaluru, said that both the certificate holders were recruited by ITC Limited.

On Sunday, the ICAI held its convocation. As many as 276 candidates had appeared for the placement process in November last year and 19 companies, including ITC, BEL, Hindustan Petroleum, Wipro, Honeywell, Amazon, Flipkart, TCS, made the recruitment.

The average salary offered was around Rs six lakh a year.
Placements are held at 20 centers across India in February every year. With Bengaluru developing as a hub of start-ups, chartered accountants are set to get more and more jobs in the City in the years to come, according to K Raghu, president, ICAI.

“A chartered accountant has to be involved in all aspects of a start-up, be it supporting it to raise funds to making sure the company complies with tax rules to helping in arranging for support services,” Raghu said.

“These start-ups cannot afford to hire full-time employees and a CFO (chief financial officer) at a fat salary.

Hence, chartered accountants can prove invaluable to them.”
According to the ICAI president, Bengaluru is set to become the biggest hub of accounting professionals given the tremendous growth of these start-ups.

A growing trend is the enormous job opportunities for chartered accountants in the burgeoning Information Technology (IT) and Knowledge Process Outsourcing (KPO) sectors.

“Just as Mumbai is known mainly as a hub of finance and banking and employs a lot of chartered accountants, Bengaluru has become a magnet for IT and KPO companies. Many CAs are moving to Bengaluru from other cities to work in this particular sector,” Raghu added.

Currently, there are 13,000 chartered accountants in Karnataka; 10,000 in Bengaluru alone. The rest are in cities like Mysuru, Hubballi, Belagavi, Udupi, Mangaluru and Ballari.
DH News Service