ICAI hikes scholarship after 5 Years
In a major decision aimed at empowering economically weaker section (EWS) students, the Institute of Chartered Accountants of India (ICAI) has raised its scholarship corpus to ₹500 crore. This landmark move, announced after five years, will provide crucial financial support to thousands of aspirants pursuing the prestigious Chartered Accountancy course. With this step, ICAI has reaffirmed its commitment to inclusivity and meritocracy, ensuring that no talented student is forced to drop out due to financial hardship.
1. Introduction
Chartered Accountancy is considered one of the most challenging professional courses in India. The journey involves multiple levels of exams, long study hours, coaching, and repeated attempts. For students from underprivileged families, the financial burden can often overshadow academic potential. By expanding the scholarship fund, ICAI is bridging the gap and giving a fair chance to EWS candidates to pursue their dream career in accountancy.
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2. ICAI’s Legacy in Supporting Students
The ICAI, established under an Act of Parliament in 1949, has a long history of supporting aspiring CAs. Through study materials, affordable exam fees, regional chapters, and scholarships, it has consistently tried to reach students from diverse backgrounds. Scholarships have been one of its key initiatives to ensure that financial constraints do not stop bright minds from achieving their goals. The current enhancement to ₹500 crore takes this legacy to the next level.
3. Key Features of the New Scholarship Corpus
- Corpus Increase: The scholarship corpus has been raised from earlier levels to ₹500 crore, ensuring long-term financial stability for the program.
- Wider Coverage: Scholarships now cover Foundation, Intermediate, and Final-level students, as well as those from merit-cum-means and specially-abled categories.
- Financial Aid: Monthly stipends ranging from ₹1,500 to ₹3,000 will be provided, along with one-time disbursements to meet educational expenses.
- Transparent Selection: Applications will be processed online with clear eligibility criteria and verification processes.
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4. Growth in Beneficiaries
ICAI’s scholarships have already seen tremendous growth in beneficiaries:
- 8,191 students benefited in 2022–23
- 13,000+ students benefited in 2023–24
- 16,919 students expected to benefit in 2024–25
Disbursements have also increased steadily from ₹813 lakh in 2022–23 to ₹1,486 lakh in 2024–25, reflecting ICAI’s seriousness in scaling support.
5. Eligibility and Categories Covered
Scholarships are targeted towards students who need them the most. The categories include:
- Economically Weaker Sections (EWS)
- Merit-cum-Means students
- Foundation, Intermediate, and Final level aspirants
- Specially-abled candidates
- First-generation learners from rural areas
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6. Application Process
Students can apply online through the ICAI scholarship portal. The steps include:
- Checking eligibility criteria on ICAI’s website
- Preparing necessary documents (income certificate, mark sheets, ID proof, bank details, etc.)
- Filling the online application form within the deadline
- Submitting scanned copies of all documents
- Tracking the application status on the portal
7. Impact on Students
Scholarships will help reduce the high dropout rates among CA students. Many students are unable to continue after the first or second attempt due to the costs of re-registration, coaching, and living expenses. With financial backing from ICAI, such students will be able to persist in their studies and complete the course successfully. This will also result in greater diversity in the profession and more representation from rural and economically weaker families.
8. Awareness and Outreach
ICAI is working to ensure that maximum eligible students are aware of these scholarships. Initiatives include:
- Awareness campaigns on social media
- Information drives at ICAI branches and regional councils
- Mentorship programs to guide applicants
- Dedicated support for queries and application-related issues
9. Broader Impact on India’s Education Ecosystem
The decision aligns with India’s National Education Policy (NEP 2020), which emphasizes inclusivity and equal access. By supporting EWS aspirants in CA, ICAI is helping create a more diverse pool of financial professionals who will contribute to nation-building. It also sets a benchmark for other professional institutes to follow.
10. The Road Ahead
Going forward, ICAI may consider collaborations with corporates, foreign universities, and government programs to further expand scholarships. A mix of financial support, mentorship, and career guidance can make the CA profession more inclusive and globally competitive.
Conclusion
The ₹500 crore scholarship corpus is more than just financial aid—it is an opportunity for thousands of students from weaker backgrounds to dream big. ICAI has shown vision and leadership by ensuring that talent, not financial status, determines who can become a Chartered Accountant. With sustained implementation and transparency, this initiative can transform the CA profession and contribute to India’s economic growth story.
Disclaimer
The information in this blog has been compiled for educational and informational purposes, based on ICAI’s latest announcements and reliable media sources. While every effort has been made to ensure accuracy, readers are advised to verify details such as eligibility criteria, deadlines, and disbursement procedures directly from the official ICAI website. MeriJobs (www.merijobs.in) does not take responsibility for any decisions made solely on the basis of this blog. Scholarships are granted at ICAI’s discretion, subject to verification and availability of funds. This blog is not financial or legal advice. Students are encouraged to contact ICAI offices or the scholarship helpdesk for the most updated and accurate information.
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