Coaching classes to hire CAs

At Ahmedabad-based Fountainhead, a little-known coaching
academy for chartered accountants, February 20 was a day of celebration. The
two-year-old chartered accountants’ training institute was playing host to a
recruiting team from global consulting firm Ernst & Young (E&Y), rated among the
world’s top four. It got 11 of its students placed with the consulting firm.

Corporates, including international audit and consulting
firms like E&Y, KPMG and PWC, are looking beyond placement through apex
professional body Institute of Chartered Accountants of India (ICAI) and
directly approaching training institutes in smaller cities to save on costs and
meet the growing requirement for CAs in a recovering economy.

E&Y and PWC have been visiting coaching classes in Jaipur,
Indore and Chandigarh for the past two years. Ahmedabad is the latest addition
in their hiring itinerary. Jaipur, India’s largest centre for CA training,
contributes 10-12% of the total number of chartered accountants every year.

Costs play a huge role in companies going directly to
training academies. ICAI, which plays a facilitator in recruitments, invites
companies and charges them around Rs.1.5 lakh.

With economic growth slated to reach 8%-plus levels this
year, the demand for chartered accountants is expected to see a 50% rise. ICAI
hopes to place 3,000 CAs, up from 2,000 graduates last year.