All those who have done courses in chartered accountancy, company secretaryship and cost and works accountancy will now be able to pursue PhD degrees and apply for teaching jobs in colleges.

The University Grants Commission (UGC), the higher education regulator, has approved a proposal in this regard, fulfilling a demand from the Institute of Chartered Accountants of India (ICAI) that functions under the ministry of corporate affairs.

The UGC took the decision in February and ratified it in July. The minutes of a commission meeting on July 26 says CAs, CSs and ICWAs can appear in the National Eligibility Test (NET) or the State Level Eligibility Test (SLET) through which assistant professors, the entry-level post, are recruited in colleges.

However, such students will need to have an undergraduate degree too. Now, many students get admitted to the four-year CA, CS and ICWA courses directly after clearing Class XII while many others come after completing under-graduation.

ICAI president Nihar Jambusaria said the decision would help the thousands of students who undertake CA, CS or ICWA courses every year to pursue higher studies.

“Earlier, those with CA, CS or ICWA qualifications were not able to register for PhD (in most cases) since they did not have a master’s degree. Now these qualifications will be treated as equivalent to a postgraduate degree. They will be able to pursue PhD and also take up teaching jobs in colleges,” Jambusaria said.

He, however, pointed out that the requirement of 55 per cent marks in post-graduation to appear for NET or SLET would still be a hurdle for CAs, CSs and ICWAs as these were low-scoring courses.

“The pass mark in these courses is 50 per cent. Insisting on 55 per cent marks in PG courses for appearing in NET or SLET will be a hurdle. We will propose to the UGC to allow all those clearing CA, CS or ICWA courses to take NET and SLET,” he said.

Former ICAI president Atul Gupta said nearly 30,000 students complete these three courses every year and many of them face problems while trying to pursue higher education abroad.

“When they try to pursue any course abroad, they face difficulties in convincing the institutions about their CA, CS or ICWA qualifications. It was not clear whether those who undertake these courses would be considered degree or diploma holders. Now there is clarity,” he said.

Students with Class XII certificates are eligible to pursue these courses. Academics pointed out that it was only fair that the four-year duration of these courses would make them the equivalent of postgraduate courses.

The Association of Indian Universities (AIU), which grants equivalence to certificates obtained from foreign institutions to their corresponding Indian degrees, has in the past granted equivalence to the CA course with MCom in individual cases.

Also, 106 universities recognise CA, CS and ICWA qualifications as the equivalent of MCom, thus allowing certificate holders of these three courses to pursue PhD and then apply for teaching jobs in colleges.

Now, all 1,000 universities of the country will recognise and accept these certificate holders.