The ICAI or Institute of Chartered Accountants of India is in Kanpur, Uttar Pradesh. ICAI is the professional finance and accounting body in India. This institute was created in the year 1949. Under the Chartered Accountants Act, 1949 enacted by the Parliament, ICAI was created as a statutory body to regulate the profession of Chartered Accountancy in the country. The Institute of Chartered Accountants of India is known to be the second-largest professional Accounting and Finance entity in the world. ICAI is the only institute that not only regulates the financial audit and accountancy but also licenses the financial audit and profession in India. The headquarters of ICAI is in New Delhi. There are some 2,82,193 odd memberships in ICAI.
Any person who wants to become a member of ICAI requires passing the prescribed examination followed up by three years of practical training, called the article-ship, and also meeting other requisites mentioned under the Act. A member who has passed all the criteria can use the title C.A. as a prefix to their name. The member could either be a Fellow Chartered Accountant or an Associate Chartered Accountant, but that depends on his experience. Furthermore, the members also can be classified as practicing or non-practicing Chartered Accountants based on Certificate of Practice which the member may or may not possess. ICAI also formulates and issues technical standards which are to be followed by Chartered Accountants and others. Non-compliance to the technical standards by the members leads to disciplinary action against them.
The member or students from the ICAI are very well known for their knowledge as well as academic excellence. The institute uses and maintains a placement portal for its students with excellent academic scores. This portal is later supplemented with campus placement events and it is also advertised through professional journals and websites. In 2010, it was marked that ICAI placed three freshly qualified Associates with interesting academic records at a Singapore-based major agriculture supply chain organization known as Olam International with a record-breaking starting annual salary of USD260,000 each.
Some of the alumni of the Institute of chartered accountants of India are as follows:
- Naina Lal Kidwai, the first Indian woman to pursue an MBA from Harvard University, former General Manager and Country Head of HSBC India
- SrikanthBalachandran, Global CHRO, Bharti Airtel
- Kumar Mangalam Birla, Billionaire Industrialist, Chairman, Aditya Birla Group
- S Lodha, former Chairman of Birla Corporation
- K Kurien, CEO of Wipro
- Keki Mistry, former CEO and Vice Chairman of HDFC Bank
- VinayMaloo, Founder, and Chairman of Enso Group
- PiyushGoyal, the incumbent Minister of Commerce & Industry, Minister of railways, Former Minister of Coal, Former Minister of Finance and Corporate Affairs with the Government of India
- Krish Iyer, CEO of Walmart India
- Shekar Kapur, the renowned Indian film writer, and director
- V. Mohandas Pai, Padma Shri Awardee, Chairman of Manipal Global Education, and former CEO of Infosys
- George Alexander Muthoot, CEO of Muthoot group
- G. Narayanan, Professor of Accounting & Management at Harvard Business School in the United States of America