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Institute of Chartered Financial Analysts of India

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Icfai University
ICFAI University Logo
TypePrivate
Established1984
ChancellorSubhash Sarnikar
Location
Hyderabad
,
Andra Pradesh
,
IN
CampusUrban, 100 acres (0.40 km2)]
WebsiteICFAI University

Icfai refers to the Institute of Chartered Financial Analysts of India and a number of Universities, Engineering Colleges, Business Schools and other educational institutes sponsored by it. The universities promoted by Icfai have been set up at Uttarakhand, Tripura, Sikkim, Meghalaya, Mizoram, Nagaland and Jharkhand under respective state legislations.[1] Icfai maintains that each University is a separate and independent legal entity and confers degrees at Bachelor’s, Master’s and Doctoral levels on eligible students subject to the respective University Regulations.

The University Grants Commission has included the Institute of Chartered Financial Analysts of India University at Dehradun (Uttarakhand)[2] and at Agartala (Tripura)[3] in the list of Universities maintained by the University Grants Commission under Section 2(f) of the UGC Act, 1956.[4]

History

The Institute was established in 1984 at Hyderabad, India as 'Institute of Certified Financial Analysts' to look after training and certification needs of candidates interested in becoming qualified financial analysts and the name was subsequently changed to The Institute of Chartered Financial Analysts of India'.[5] [6] Icfai is registered as a non-profit educational society with the objective of imparting training in finance and management to students, working executives and professionals in India.[7] In 1985, Icfai launched the Chartered Financial Analyst (CFA) Program in association with CFA Institute and the then President of CFA Institute Alfred Morley was part of Icfai Board of Governors as an invitee till 1991.[8][9] But afterwards, Icfai and CFA Institute parted ways and Icfai began to offer the CFA program independently. Icfai also went on to build a network of Universities, Engineering colleges (IcfaiTech), Business Schools (IBS) and through the universities started offering Distance Education Program in various fields of study. In order to cater to the students enrolled in Distance Education Programs, Icfai has eventually built a network of branch offices across more than 250 locations in India.[10] Icfai also has a presence in Sri Lanka through "Icfai Education Lanka" (IEL) which has been set up at Colombo.[11] Recently Icfai has entered in to an agreement with the state of South Australia to set up it's campus at Adelaide.[12] This MoU will also enable Icfai to offer dual degrees in collaboration with State Universities in South Australia.[13]

Constituents of Icfai

Apart from the Universities, Icfai also has a network of Business Schools, Engineering Colleges and Institutes offering specialised courses in different fields of study. It also has its own publishing label Icfai University Press.

Icfai Universities

Icfai has promoted and sponsored seven Universities spread over different states in India. Out of these, only two universities, namely; Icfai University, Uttarakhand and Icfai University, Tripura have been recognised by the University Grants Commission, India as self-financed, private universities. Icfai offers management, science and technology, law, and education related programmes like B.Ed and M.Ed. through these universities.[14]

Icfai Business School (IBS)

Icfai offers 2 years, full-time MBA Program through the 19 IBS campuses setup by it. The MBA Program is conducted under the Icfai University, Uttarakhand. IBS also offers Full-time Ph.D. Program and Post Doctoral Fellowship in Management.[15] In addition, Icfai also offers a one year full-time, campus-based residential Executive PG Program for working executives, at IBS, Hyderabad Campus.[16]

The Icfai Institute of Science and Technology (IcfaiTech)

Icfai offers 4-year full-time campus-based B.Tech. program with 8 semesters through it's 5 IcfaiTech Campuses namely; Bangalore, Bhubaneswar, Dehradun, Hyderabad and Jaipur. The branches covered are Biotechnology, Computer Science & Engineering, Electronics & Communications Engineering, Electrical & Electronics Engineering and Mechanical Engineering.[17]

Icfai National College (INC)

INC, which is a constituent of Icfai Academy, offers full-time Under Graduate, Post Graduate and Integrated programs in Business Management, Finance and Insurance.[18]

Icfai University Press

Icfai University Press is the publishing arm of Icfai through which it publishes Magazines & Research Journals in the areas of management, finance, economics and law. The press also publishes all the Icfai text and reference books.[19]

Icfai Center for Management Research (ICMR)

ICMR Case Studies and Management Resources is involved in business research, management consulting, and development of case studies and courseware in management. It also provides knowledge process outsourcing services to clients.[20]

Icfai Business School Case Development Centre (IBSCDC)

IBSCDC was set up in 2003 to promote research in the field of Business Management. It develops case studies related to Business Management with a primary focus on teaching objectives.[21]

Icfai Center for Entrepreneurship Development (ICED)

ICED acts as an incubation center for start-up businesses and also runs courses on Entrepreneurship Development.[22]

Icfai Flexible Education

Icfai University, Dehradun, Uttarakhand and Icfai University, Tripura have obtained provisional recognition from The Distance Education Council, India to offer Distance Lerning Programs.[23] [24] Accordingly, Icfai offers Distance Learning Programs under the aegis of Icfai University, Tripura.[25] Icfai offers about 130 different under graduate, post graduate and certificate programs through Distance Learning Mode covering the areas of Management, Accountancy, Finance, Information Technology, Science, Arts, Commerce, Law and Education etc.

It is to be noted however, that B.Ed & M.Ed. degrees offered by ICFAI under distance learning mode are not recognised by the National Council for Teachers Education.[26] Similarly, the holders of Bachelors of General Law (BGL) degree, under Distance Learning program, are not entitled to practice law in India and are prohibited from Bar Council Membership.[27]

Controversies Related to CFA

ICFAI and CFA Institute, USA have been embroiled in a legal battle both in India and USA over the right to use the designation Chartered Financial Analyst (CFA). It all started when ICFAI launched its CFA program suitable for Indian financial sector and Indian capital markets along with AIMR (erstwhile name of CFA Institute).It has no working relationship with the present CFA Institute or AIMR whatsoever and functions independently as a Society registered under Indian Socites ACT and has established private universities in several Indian states. One of such universities under ICFAI umbrella, ICFAI University Tripura confers Masters of Financial Analysis (MFA) degree and CFA Charter to its students. This degree and CFA Charter are valid under the Indian law and the degree is recognised by UGC. On the other hand AICTE barred CFA Institute from conducting its examinations in India[28] and the matter is still sub-judice.

Criticism of Icfai

Icfai's Flexible Education Program has been severely criticised by many of its students due to the fact that Icfai does not refund the fees paid to it even if the students choose to withdraw from the course. The Icfai University, Tripura site notes that,

"The amount once paid is not refundable under any circumstances, except in the case of rejected applications"[29]

Moreover, the students who enroll availing the Equated Monthly Installment (EMI) Scheme, have to clear all their dues before opting out of the course. The Icfai site, on its Admission Policy page, states that,[30]

"The liability of the student to pay the balance of dues continues until the last instalment is cleared even if the student, for any reason, withdraws from/discontinues the pursuit of the program."

On the same page Icfai also issues a veiled warning that they might prosecute a student for dishonouring the Post Dated Cheques submitted for availing the EMI scheme. Under "Arbitration" clause, it is written, "...The arbitration clause shall however not apply if the University and/or the authorized agent decides to prosecute any student for any criminal offences, including but not limited to dishonor of postdated cheques..."

Noted Economist Bibek Debroy has criticised Icfai for trying to block CFA Institute from offering its education in India with the help of AICTE.[31] It is, however, ironical that many of the institutes set up by Icfai feature on the "List of Unapproved Institutions Running Technical Programmes without AICTE Approval".[32]

References

  1. ^ http://www.icfaiuniversity.org/
  2. ^ http://www.iuuttarakhand.edu.in/ugcapproval.asp
  3. ^ http://www.iutripura.edu.in/ugcapproval.asp
  4. ^ http://www.ugc.ac.in
  5. ^ http://www.legalservicesindia.com/judgments/may/case_16b_5_07.htm
  6. ^ http://www.asaf.org.au/members/india/india.htm
  7. ^ http://www.iuuttarakhand.edu.in/icfaiuniversity.asp
  8. ^ http://www.indiaeducation.net/distanceeducation/icfai/
  9. ^ http://www.rediff.com/money/2004/nov/29spec1.htm
  10. ^ http://education.indiatimes.com/educationTimes/getArticleDetail.do?sectionid=5&articleid=2008041920080417170329843290297b7&type=B&key=BOX2&sectionname=Distance%20Learning
  11. ^ http://www.fat.lk/SriLankanTeacherADinfo.asp?addID=275&Mid=28
  12. ^ http://www.business-standard.com/common/news_article.php?leftnm=lmnu7&subLeft=8&autono=317077&tab=r
  13. ^ http://www.thehindubusinessline.com/manager/2008/03/24/stories/2008032450601000.htm
  14. ^ http://www.rediff.com/money/2004/nov/29spec1.htm
  15. ^ http://www.ibsindia.org/mbaprogram.asp
  16. ^ http://www.iimtindia.org/ibs.asp
  17. ^ http://www.icfaitech.org/btechprogram.asp
  18. ^ http://www.incindia.org/default.aspx
  19. ^ http://www.iupindia.org/About_ICFAI.asp
  20. ^ http://www.icmrindia.org/
  21. ^ http://www.ibscdc.org/aboutus.asp
  22. ^ http://www.icedindia.org/aboutus.asp
  23. ^ http://www.dec.ac.in/provisional_recognition.htm
  24. ^ http://www.iutripura.edu.in/mba/AdmissionPolicies.asp
  25. ^ http://www.iutripura.edu.in/flexibleprograms.asp
  26. ^ http://www.ncte-in.org/theintro.htm
  27. ^ http://barcouncilofindia.nic.in/
  28. ^ http://www.cfainstitute.org/aboutus/worldwide/asiapac/india.html
  29. ^ http://www.iutripura.edu.in/mba/AdmissionPolicies.asp
  30. ^ http://www.iutripura.edu.in/mba/AdmissionPolicies.asp
  31. ^ http://www.indianexpress.com/story/32036.html
  32. ^ http://www.aicte.ernet.in/download/list-gen.doc

External links

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