UK agency Naric evaluates ICAI qualifications
Efforts to have the qualification recognized by UAE Government authorities will bring more pace with this milestone.
With the aim of expanding the opportunities for professionals in foreign jurisdictions, the Institute of Chartered Accountants of India (ICAI) had engaged 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, to conduct an independent benchmarking study, evaluating the comparability of the ICAI Intermediate and Final level in the context of the UK and UAE education systems.
Pursuant to the same, UK NARIC has announced that ICAI qualification is comparable to RQF Level 7, Master's degree standard. The agency has also benchmarked ICAI Intermediate course and final course separately as being comparable to a RQF Level 6, Bachelor degree standard and RQF Level 7, Master's degree standard respectively.
In context of the UAE education system, ICAI's Intermediate course is considered comparable to QFEmirates Level 7, Bachelor degree standard while the Final course demonstrates comparability with QFEmirates Level 9, Master's degree standard.
Speaking on the UK NARIC benchmarking, President ICAI, CA. Prafulla P. Chhajed remarked that the benchmarking of the CA qualification comparable to RQF Level 7, Master's degree standard not only would strengthen the position of ICAI members, but would also help aspiring Chartered Accountants and even corporates gain a better understanding on the standing and relevance of the CA qualification."
He further added that this evaluation would help deciding the stage of a professional qualification for ICAI members because they now know that they not only possess a professional qualification of relevance, but it is also qualification that is comparable to RQF Level 7, Master's degree standard."
ICAI's Vice President, CA. Atul Kumar Gupta, remarked that "as India is increasingly focusing on facilitating export of accountancy services, the promotion of global mobility of accountancy services in digital world is one of the important Champion Sector initiative of the Government of India; this evaluation would increase the professional avenues for our members.
Commenting on this evaluation, CA Anish Mehta, Chairman of Dubai Chapter of ICAI said this is a momentous step for recognition of Indian Chartered Accountants in other countries and thanked the ICAI leadership for this huge success. Efforts to have the qualification recognized by UAE Government authorities will bring more pace with this milestone. ICAI Dubai has currently over 2900 chartered accountants registered with them.
CA Aashish Bhandari, Chairman of Abu Dhabi Chapter of ICAI expressed his pleasure and said that it will be a big boost for Indian Chartered Accountants in UAE and other countries. ICAI Abu Dhabi has currently over 700 chartered accountants registered with them.