Kolkata is soon going to add another feather to its cap of career options. The India Australia Institute of Management or IAIM has plans to set up a center of excellence, which will begin classes as early as from Feb next. The institute will initially offer bachelors degree in commerce and business management, to be followed with degree in hotel management 6 months later. See this story.
IAIM’s director Robin Jagessar says, “Australia is facing an acute shortage of skilled accounting professionals.” That indicates students passing from the institute will be offered jobs in that country. That may as well be, for the course fee is so steep (Rs.10 lakh to 14 lakh) that wannabe students may not otherwise feel it attractive.
The story is nearly similar in India. Transparency being the buzzword in the Internet era, where news travels faster than one thinks, more and more companies are embracing good accounting practices. Indian companies wishing to enlist on NYSE or NASDAQ have to perforce conform to US’ GAAP (Generally Accepted Accounting Principles). Which means there is a lot of premium on knowing the latest nuances of accounting in vogue in order to stay in reckoning.
IAIM says accountancy that is taught in universities in Bengal follow archaic syllabi. That surely is a concern if the recent trends in evolution of cutting-edge knowledge are any indication.