As of the end of July 2023, approximately 3.93 lakh professionals were registered as chartered accountants (CAs) in India, all members of the Institute of Chartered Accountants of India (ICAI). Presently, the CA course provided by the ICAI holds approximately 8.32 lakh active students.
The forecast suggests that India will have over 10 lakh Chartered Accountants within the next decade due to the escalating rate of enrollment and accomplishment in the CA course.
Number of CAs in India (Members of ICAI) as of 31/07/2023:
|Occupational Status||Number of Associate Members (ACAs)||Number of Fellow Members (FCAs)|
|In practice and holding full-time Certificate of Practice (COP)||57,139||94,132|
|In practice and holding part-time Certificate of Practice (COP) holders||5,189||2,125|
|Not in practice (i.e. doing Business or Job or looking for an employment)||217,459||17,358|
Understanding the trajectory of India’s Chartered Accountancy (CA) profession necessitates an exploration of its present scenario, progression pace, and career outlook, coupled with affecting elements like technology integration, tax law modifications, alterations in the ICAI/NFRA/MCA regulatory framework, and India’s economic growth.
As India’s economy briskly enlarges, the necessity for proficient professionals rises. Chartered Accountancy ranks among the country’s top coveted qualifications, given the widespread demand for CAs across various businesses and organisations.
This uptrend results from expanding needs for prime financial services and a well-refined workforce. Intensifying competition within the industry mandates Chartered Accountancy aspirants to possess relevant credentials and expertise to differentiate themselves. Equipped with the correct resources and advice, Chartered Accountancy can prove to be a fruitful and financially rewarding career path.