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UK NARIC has recently completed its benchmarking of qualifications offered by the Institute of Cost Accountants of India (ICAI) with the ICAI Intermediate Course considered comparable to RQF Level 6, Bachelor degree standard and the ICAI Final Course and ICAI Cost Accountant (CMA) designation both considered comparable to RQF Level 7, Master’s degree standard.
The study aims to further national and international understanding of the ICAI Cost Accountant (CMA) designation, specifically in the context of the UK education system and with reference to the qualifications framework of the United Arab Emirates (UAE), the QFEmirates.
The ICAI Intermediate and Final courses are self-study programmes delivered in the classroom or via distance learning with a three-year practical work placement and they are assessed through eight examination papers each in ICAI Intermediate and Final course with students who pass the ICAI Final Course eligible to apply for ICAI Associate Membership (ACMA).
During the research process, it was found that ICAI programmes develop subject specialist knowledge, understanding and skills in the field of accounting and finance, with a clear focus on relevant organisational problem-solving and decision-making in both their Intermediate and Final qualifications.
Additionally, it was determined that the content and learning outcomes of the qualifications were comparable to similarly focused Level 6 and Level 7 qualifications respectively. The CMA programme was also found to be a qualification which can be used to progress into the accounting profession.
The research also indicated ICAI have several procedures in place regarding curriculum and assessment development.
ICAI is a statutory body for regulating the profession of Cost and Management Accountancy in India and currently has approximately 85,000 qualified members either in practice or in employment.
This benchmarking project was conducted by UK NARIC's benchmarking team who undertake a wide range of qualification comparison and evaluation work, including reviews of qualifications such as the NCUK International Foundation Year (IFY) and the International Arab Baccalaureate (IAB).