In India, Shri Kalyan Subramani Aiyar (1859-1940) earned recognition as the father of the CA accounting profession. Kalyan Subramani Aiyar founded the firm that bears his name and began practicing professionally in Calicut in 1897. In 1900, he and the firm moved to Bombay, where its headquarters remain to this day.
K. S. AIYAR: FATHER OF THE ACCOUNTANCY PROFESSION IN INDIA
- The Institute of Chartered Accountants of India (ICAI) considers Mr. Kalyan Subramani Aiyar, born on June 6, 1859, as the father of accounting, acknowledging him as the founder.
- He joined the Society of Corporate Accountants and Auditors (SIAA) of Great Britain in 1890 and initiated his public practice. In 1900, he founded his own firm, probably the very first accounting firm in India founded by an Indian.
- In 1912, Shri Aiyar established the first Bachelor of Commerce degree at the University of Bombay. In 1913 he founded an important commercial educational center, Sydenham Trade College, Bombay, and was also its first honorary director.
- Mr. K. S. Aiyar was a pioneer in the field of Indian accounting and the accounting profession, but he was an educator at heart.
- Although the firm grew under his leadership, he saw it as a means of further developing commercial education. He was instrumental in obtaining permission from the Society of Chartered Accountants in the UK to train students in India for the London exam.
- K. S. Aiyar spent the evening of his life in Banglore until his end came on January 2, 1940. Even in the sunset year, he gathers many friends and fans.
Why CA is the best course?
The Chartered Accountant (CA) course covers more subjects than any other course, making it an ideal choice for students who want a well-rounded education. The course is also incredibly versatile, allowing students to choose from a wide range of careers after graduation.
What are the reasons to pursue the CA profession?
- The work of the CA is flexible. He has extensive knowledge, so certification centers can change their job profile. They can work in various firms like finance, consulting, etc. They can work in taxation, auditing, accounting, etc. They can also become entrepreneurs.
- Indian CAs can take the CA course in other countries too by simply submitting a few additional documents. This will provide them with an international career.
- CAs enjoy job security as every company, big or small, requires their expertise.
- Compared to other commercial professionals, CAs receive a higher salary package. Initially, they get a decent salary of around 8–10 lakhs. The package increases with experience. Initially, the highest package was priced at Rs. 30 lakh. If CAs are hired by international companies, they can even get a package of Rs 75 lakh.
- Compared to other commercial professional courses, CA is less expensive and also provides higher returns. Even if one chooses private tuition for preparation, the total cost will be around Rs. 3–4 lakhs.
- The Government of India views CAs as partners in nation building. CA is a profession in which students get the opportunity to contribute to the development of the country by checking accounts correctly and helping the authorities track erroneous transactions.
Also Read: Why CA Is Respected In India?
Conclusion
K. S. Aiyar always saw his company as a means of furthering the development of commercial education. To him, his firm was, above all, an institution dedicated to molding young minds for the rewarding profession of accounting. His vision, based on the principle of serving stakeholders with integrity, should serve as a model for young chartered accountants.
Shri Kapadia writes in his acclaimed documented History of the Accountancy Profession in India, “is acknowledged on all hands to be a pioneer of Commercial Education in India and his contribution in his field has been significant.” Being a dedicated educator, Shri Aiyar perhaps deserves to be called the father of accounting in India.
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Frequently Asked Questions
Q1: Why is CA so rich?
- CAs often effectively manage financial portfolios to promote personal well-being.
- Networking within the business community opens doors to high-paying clients and collaborations.
- The global demand for financial knowledge makes CAs successful all over the world.
Q2: Why is CA respected in India?
CAs are respected professionals. They are the ones who manage the financial affairs of organizations and ensure their smooth running. CA is respected in India for its strategic financial skills and significant contributions to economic management.
Q3: Who is the more powerful CA or CEO?
The power dynamic between the CA and the CEO differs. While the CEO has executive power, the CA has significant financial influence, making both factors critical to the success of the organization.
