``We are drawing up vision blue-prints for the profession as well as for members, both practising and others. A vision statement is being drawn up for the Institute as well,'' Athreya said.

``In this era of fierce global competition, chartered accountants need to hone up their management skills. There is already fierce competition from management graduates, and we are working on means to improve skills of those in the profession,'' he added.

In a bid to rope in the best available talent, the committee on vision and restructuring isalso drawing up a long-term vision for CA students, Athreya added.

The measures follow in the wake of a growing concern within the ICAI, that management graduates, with a specialisation in finance, are slowly elbowing out young chartered accountants at the workplace. The committee is thus working on ways to improve the management capabilities of chartered accountants.

According to ICAI president SP Chhajed: ``Although the new lot of chartered accountants possess strong knowledge in the fields of accountancy, finance and law, they often lack in effective communication skills.'' He adds, however: ``I do not quite agree that MBAs are being preferred over chartered accountants. During the campus interviews, we have found that corporates are as keen as ever to rope in chartered accountants because of their specialised skills.''

In a bid to sharpen the skills of CAs, the Institute has made it mandatory for members to undergo continuous professional education. Eminent chartered accountant VB Haribhakti, a pastpresident of the Institute, said at the 200th council meeting in Mumbai that the Institute should organise training facilities and rope in the best talent as CAs are losing out to management graduates.

``Fresh CAs are losing out to management graduates due to the lack of effective communication and inter-personal skills. This has to change and CAs should be the most sought after in the field of finance.''

Agrees past president MM Chitale: ``There has been a significant decline in the quality of fresh CAs seeking jobs. There is a need to attract talent in the profession as MBAs are increasingly becoming the first choice.'' Adds noted chartered accountant YH Malegam: ``There is growing competition, both from within as well as from outside the profession.''

According to Malegam, the Big Five, with their mega technological base, have have access to very large resources. ``It is impossible for individual firms to create such an infrastructure. The Institute should create a research foundation, with afull-time independent faculty, to provide the technical inputs for training of members and articled clerks in individual firms,'' Malegam said.

ICAI president Chhajed says that the Institute is gearing up to the needs and has decided to set up an ace research foundation, for which land has already been acquired. ``We allocated Rs 2 crore for construction of the building, and have entered into a memorandum of understanding with IIM-Bangalore for research,'' he adds.