India suffers a shortage of junior accountants | SupportBiz

Human Resources

India suffers a shortage of junior accountants

Small and medium-sized companies in India, Asia's third biggest economy, will need one-million junior accountants over the next three to four years, according to the country’s apex cost accounting body.

To grow the pool of cost accountants, the Institute of Cost Accountants of India (ICAI) plans to equip 1,000 cost management accounting (CMA) support centers with collateral, about its courses, and study material targeting potential students in the process, said L Gurunath, director of CAT, training and placement at ICAI.

ICAI’s initiative will go after youth hailing from semi-urban and rural areas primarily. The institute plans to roll out support centers within campuses of government-accredited colleges nationwide. “We would like to open more centers outside big cities,” Gurunath said.

More details on the same will be available on the ICAI website soon, Gurunath said. The accouting body has over 50,000 members as on date and is headquartered in Kolkata, in the eastern West Bengal state.

The latest initiative by the body comes in the wake of a demand-supply mismatch as far as cost accountants are concerned, president M Gopalakrishnan was quoted as saying in a Hindu Business Line report.

Cost accountants have no trouble finding jobs in India and are well paid, with salaries averaging around INR6 lakh per annum, Gopalakrishnan said.