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CAs  (Chartered Accountants) in India Close In On MBAs In Salaries,ICAI Campus Placement Sees Jump In Average Package To Rs 6 Lakh

MBA finance grads watch out, CAs are inching closer in terms of pay packages. In the latest round of placements of CA, held last month, average salaries have shot up to almost Rs 6 lakh per annum. The average salary of CAs reached to a new high of Rs 5.94 lakh compared with Rs 4.79 lakh in February-March, 2007. Of late, Institute of Chartered Accountants of India (ICAI) has been working hard to prepare its members to compete with MBA students. The institute has also introduced changes in its curriculum to groom new students as per the changing scenario. In his recent message to its members, ICAI president Sunil Talati said, “I must say that the new breed of young students are so smart and intelligent that the number of students passing out in final examination and becoming our members is increasing every year. This is a good sign. It is not that the examination papers are easy, or results are liberal; it is in fact a sign that new young intelligent and talented students are joining our profession appreciating the new curriculum.”

The campus placements were not limited to about 100-odd students like typical B-schools. There were as many as 1,151 students recruited out of 1,823 students who participated in the September-October campus placements. There were 101 companies comprising 252 interview panels participated at 19 centres in campus interviews, organised by ICAI. “A number of students could not get the job profile and company of their choice since we do not allow students to appear in more than six interviews. However, they will be able to find the suitable opportunity through our online platform from where headhunters can access to our data base,” said ICAI chairman of committee for members in industry Uttam Prakash Agarwal. Not only banks and financial institutes but a number of IT, energy, telecom, engineering, FMCG and aviation companies also participated.
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The outcome of the review plea will have a bearing on the more than 100 back offices of multinationals

Of foreign companies with India?s income tax (I-T) department filing a review petition earlier in the week in the Supreme Court urging it to revisit its own decision in July.

In that decision, the court had said US investment bank Morgan Stanley would not have to pay tax in India on global income earned by it on account of the firm?s captive back-office here.

The review petition said the July decision ?appears to be an error on the face of the record? as it did not consider the factors that suggest Morgan Stanley?s Indian subsidiary Morgan Stanley Advantage Services Pvt. Ltd?s (MSAS) contributed to profits of the parent firm.
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Mumbai (PTI): The benchmark Sensex recovered a major part of its initial losses, but was still in the negative terrain on selling at higher levels amid weak global cues.

The Bombay Stock Exchange (BSE) 30-share barometer fell to a low of 19,768.98 immediately after resumption of dealings, down by over 160 points over Tuesday’s close of 19,929.06.

However, it recovered partly to 19,870.74 at 10.30 am, still showing a fall of 58.32 points.

The index had surged by a record 893.58 points or 4.69 per cent on Tuesday.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) was quoted at 5,948.20, a rise of 10.30 points over the previous close of 5,937.90.

Besides Nikkei, all other Asian indices were trading in the red on Thursday morning on the back of overnight fall on Wall Street.

Dealers attributed the loss on the Sensex to selling at higher levels and expected consolidation in a range of 18,000 and 21,000 level.

Foreign Institutional Investors (FIIs) bought shares worth Rs 163 crore (provisional) on November 14 and reportedly they were net sellers to the tune of Rs 1,951 crore during this month so far.

Bharti Airtel, Grasim, Hindalco, Maruti, NTPC, ONGC, REL, SBI, Tata Motors and Tata Steel were quoted firm, while RIL, BHEL, HDFC, HDFC Bank, ICICI Bank, Infosys Tech, Satyam Computer, TCS and Wipro showed losses.

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