ICAI plans to upgrade digital skills of CA professionals
Over the past decade, technology has transformed every aspect of the world and has helped various industries to advance at a rapid pace. As a result, all professional roles are constantly evolving. The President of the Institute of Chartered Accountants of India (ICAI), Prafulla P Chhajed, also believes Chartered Accountancy (CA) professionals must focus on combining digital skills with emotional intelligence to keep up.
Focus on imparting futuristic global knowledge in research and learning
Chhajed says the gap between the expected and acquired professional skills is posing a major challenge to students looking to build a successful career in the CA industry. "Our efforts, initiatives and activities during 2019-20 would focus on imparting futuristic global knowledge in research and learning. ICAI will support, fund, and take up research on issues that have local and global impact," he said.
Lack of updated skill sets, a challenge for CA industry
Chhajed said special attention will be given to sector-specific specialization, ability to adapt to accounting and taxation reforms and digitalization. With technology impacting the CA profession and changing its dynamics, lack of these skills sets is a challenge for the CA job industry in the country. ICAI is determined to use technology and its tool to get the most out of professional opportunities.
AI, Blockchain knowledge essential for new-age accountants, says Chhajed
While talking about the role of technology as a tool for imparting more skills, Chhajed said, "Knowledge of existing and emerging digital technologies such as artificial intelligence, blockchain, robotics, automation, big data is extremely essential for the new-age accountants."
Here are a few suggestions for CAs from ICAI President
Moreover, Chhajed also gave some suggestions for CA professionals: 1- Understand industry trends and work towards them. 2- To match the expectations, CAs are suggested to go beyond the traditional role, upgrade their skill sets. and emerge as the "complete business solution provider". 3- Should have expertise in a second language to adapt to the global market as it has become a major requirement.
Beginners' level language course launched for CA students
Reportedly, a beginners' level course was introduced by ICAI for CA students in Spanish, German, and French. An advanced level course for the same is expected to be developed soon. Chhajed, who hails from Mumbai, was elected as the ICAI's President in February this year.
