UK approves ICAI qualification

With the aim of expanding the opportunities for professionals in foreign jurisdictions, the Institute of Chartered Accountants of India (ICAI) 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, will conduct an independent benchmarking study, to evaluate the comparability of the ICAI intermediate and final level in the context of the UK education systems.
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.
Speaking on the UK NARIC benchmarking, President of ICAI, 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 “ICAI members abroad are facing difficulty in settling abroad. This evaluation would help them in 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 Vice-President Atul Kumar Gupta, said, “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 by facilitating recognition of Indian accountancy qualification.”
Ashwini Sawrikar, Chairperson of Muscat Chapter of ICAI, said, “This is a very important step for recognition and professional opportunities for chartered accountants in Oman. Efforts to have the qualification recognised by local government authorities in Oman will get more impetus with this announcement.” ICAI and College of Banking and Financial Studies (CBFS) have signed an MoU to sponsor
ICAI Muscat Chapter and it has the objective of providing professional education and development of accountants and finance professionals in Oman. The chapter was established in 2008 and has over 300 members.