Wednesday, May 23, 2007

The Accountants' Green Belt

From The Undercover Economist:
Other professionals, like doctors, actuaries, accountants and lawyers manage to maintain high wages through other means than unionisation, erecting virtual 'green belts' to make it harder for potential competitors to set up shop. Typical virtual green belts will include very long qualification periods and professional bodies that give their approval only to a certain number of candidates per year.
Add to this the foiled attempt to restrict their members from acquiring additional qualifications:
The Supreme Court has quashed a notification issued by the Institute of Chartered Accountants of India (ICAI) imposing restrictions on its members on the use of the diploma or designation of `CFA' awarded by the Institute of Chartered Financial Analysts of India (ICFAI).