As the winds of globalisation and reform spread, India seems to be slowly moving from the License Raj days pre-1991 towards a true integration with the global economy.But alas, the same cannot be said of the dismal scene of higher education in India.
The All India Council of Technical Education’s (AICTE) decision stopping all operations of the US-based CFA smacks of heavy-handedness and is quite clearly an abuse of authority.
I myself had plans of giving at least the CFA level 1 in december 2007 before pursuing my MBA to add some value to my profile and simultaneously grasp some basic concepts of finance. As always my best-laid plans tend to end up in smoke !! At present, like the other aspirants, I am armed with books, CDs, question papers but with no exam to aim for !!!!
"Bin taale ki chaavi lekar phirte maare maare "........
So here are my quite passionate "2 cents" on the issue:
1)This is a simple Trademark violation issue as both the partners to the debate offer the CFA certification to candidates. Now ,while the CFA is a 60-year-old body with a presence in 134 countries, the ICFAI was the first to launch a programme in the country, in 1985, to train and certify financial analysts in a time when this course was unaffordable for many Indians.
So, accordingly, in August last year, the Delhi High Court directed that the ICFAI would have to drop the letters CFA from its name by the end of the academic year, that is by May 2007 . A fair judgement, in my opinion.
2)The ICFAI then filed a case with the Guwahati High Court, alleging that the CFA institute was running its course without the approval of AICTE, which then asked AICTE to look into the matter.The AICTE decided to wield the axe , and hence the ban. This has jeopardised the prospects of 7,000 students in the country who are registered with the CFA.
The ISB,Hyderabad too operates without the approval of the AICTE.Based on the same flawed logic , it should be asked to suspend its program as well.
3)The CFA is not a technical program and hence does not fall under the jurisdiction of the AICTE.Case closed in my opinion.
4)If the ban on CFA is sustained, then those rich enough to travel to neighboring countries to take the exam can alone have a shot at the much-coveted certification.Hardly the concept of social justice that the UPA government so chest thumpingly propounds......
5)Such actions will discourage foreign universities form setting up base in India. What is the guarantee that a similar fate wont befall on a Harvard or a Stanford if they come here? Already the proposed Foreign Education Providers Bill before the parliament envisions that the UGC should determine fees and supervise admission procedures, including setting aside caste quotas, for foreign educators setting up in India. Not the sort of conditions that the big guns will want to adhere to . So mediocrity will prevail.
The solution of course lies in giving a free reign to the foreign institutions for setting up courses/certifications in India, especially in the field of higher education. The AICTE and the UGC can act as watch dogs by all means. They can rank such universities/courses, say,based on their record in India, post-5 years of initiation. Such ranking will then acquire prestige, which will fuel competition and in turn improve the quality of higher education. They can also make it mandatory for the universities to publish certain information regarding finances,placements etc. which will discourage 'fly-by-night operators' and ensure that only genuine contenders emerge.
Politicians per-se are not bothered about higher education. Why should they be? A dumbed-down populace makes an excellent vote bank. Its ultimately corporate India which is going to benefit from such initiatives. So they must pressurize the government to act in this regard.The question is whether the corporate sector has a long enough vision to fill the breach created by the government and its agents.by all means,leave the government to deal with school education , but the private sector must come forward to take over the reigns of higher education in India. Rather than just cribbing about the waning quality of graduates emerging from our universities.
Enough said.Lets see what the courts have to say now in this matter.... The world is watching with bated breath........
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