ICFAI

Infobox_University
name = Icfai University


motto =
established = 1984
type = Private
Chairman = chancellor
chancellor = Subhash Sarnikar
city = Hyderabad
state = Andra Pradesh
country = IN
campus = Urban, convert|100|acre|km2]
website= [http://www.icfaiuniversity.org/ ICFAI 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. [ [http://www.icfaiuniversity.org/ Welcome to the ICFAI University ] ] 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) [ [http://www.iuuttarakhand.edu.in/ugcapproval.asp Welcome to the ICFAI University, Dehradun ] ] and at Agartala (Tripura) [ [http://www.iutripura.edu.in/ugcapproval.asp Welcome to the Institute of Chartered Financial Analysts of India University, Tripura ] ] in the list of Universities maintained by the University Grants Commission under Section 2(f) of the UGC Act, 1956. [ [http://www.ugc.ac.in :::Welcome to UGC ::: ] ]

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'. [ [http://www.legalservicesindia.com/judgments/may/case_16b_5_07.htm Institute of Chartered Financial Analysts of India & Others v Council of The Institute of Chartered Accountants of India & Others - Date Of Judgment: 16/05/2007 - Case No.: Appeal (civil) 6835 of 2000 - Bench: S.B. Sinha ] ] [ [http://www.asaf.org.au/members/india/india.htm ICFAI ] ] 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. [ [http://www.iuuttarakhand.edu.in/icfaiuniversity.asp Welcome to the ICFAI University, Dehradun ] ] 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. [ [http://www.indiaeducation.net/distanceeducation/icfai/ Distance Education > Institute Of Chartered Financial Analysts Of India (ICFAI) ] ] [http://www.rediff.com/money/2004/nov/29spec1.htm India's fastest growing university network ] ] 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) Law School (ILS) 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. [ [http://education.indiatimes.com/educationTimes/getArticleDetail.do?sectionid=5&articleid=2008041920080417170329843290297b7&type=B&key=BOX2&sectionname=Distance%20Learning Distance Learning-The Institute of Chartered Financial Analysts of India (ICFAI) ] ] Icfai also has a presence in Sri Lanka through "Icfai Education Lanka" (IEL) which has been set up at Colombo. [ [http://www.fat.lk/SriLankanTeacherADinfo.asp?addID=275&Mid=28 ICFAI Education Lanka Colombo 04 Sri Lanka ] ] Recently Icfai has entered in to an agreement with the state of South Australia to set up its campus at Adelaide. [ [http://www.business-standard.com/common/news_article.php?leftnm=lmnu7&subLeft=8&autono=317077&tab=r Icfai to set up campus in South Australia ] ] This MoU will also enable Icfai to offer dual degrees in collaboration with State Universities in South Australia. [ [http://www.thehindubusinessline.com/manager/2008/03/24/stories/2008032450601000.htm The Hindu Business Line : Icfai University signs MoU to set up Adelaide campus ] ]

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.

Icfai Law School

Icfai Law School, a constituent of The Icfai University, Dehradun was established by The ICFAI University Act, 2003. It offers an integrated 5 years course on BBA, LLB (Hons) and is recognised by the Bar Council of India.. [ [http://barcouncilofindia.nic.in/ Bar Council of India] ]

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. [http://www.ibsindia.org/mbaprogram.asp Welcome to the IBS® ] ] In addition, Icfai also offers a one year full-time, campus-based residential Executive PG Program for working executives, at IBS, Hyderabad Campus. [http://www.iimtindia.org/ibs.asp Welcome to the full-time Ph.D. Program ] ]

Icfai School of Financial Studies (ISFS)

The Icfai School of Financial Studies (ISFS) was established in 2004 to offer high quality full-time campus-based programs in the area of finance. ISFS has successfully trained two batches of students, who earned MS (Finance) degrees from the ICFAI University and got excellent placements. Now, ISFS provides academic support and placement assistance to students who wish to pursue the one year CFA Program on full-time basis at Bangalore, Chennai, Gurgaon, Hyderabad, Kolkata and Mumbai.

ISFS maintains a reputation for quality teaching, assignments, case-based learning, with internships and final placements in reputed organizations.

Icfai offers 2 years, full-time MS Finance & MBA Finance Program through the 6 ISFS campuses setup by it. The Program is conducted under the Icfai University, Dehradun. ISFS also offers Full-time Ph.D. Program and Post Doctoral Fellowship in Management.In addition, Icfai also offers a one year full-time, campus-based residential Executive PG Program for working executives, at ISFS, Hyderabad Campus.

The Icfai Institute of Science and Technology (IcfaiTech)

Icfai offers 4-year full-time campus-based B.Tech. program with 8 semesters through its 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. [ [http://www.icfaitech.org/btechprogram.asp Welcome to IcfaiTech ] ]

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. [ [http://www.incindia.org/default.aspx Welcome to INC ] ]

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. [ [http://www.iupindia.org/About_ICFAI.asp About Icfai University Press ] ]

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. [ [http://www.icmrindia.org/ Case Studies, Case Study in Business, Management | Case Study ] ]

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. [ [http://www.ibscdc.org/aboutus.asp About Icfai Business School Case Development Centre, Organizational Behavior Case Studies Corporate Social Responsibility ] ]

Icfai Center for Entrepreneurship Development (ICED)

ICED acts as an incubation center for start-up businesses and also runs courses on Entrepreneurship Development. [ [http://www.icedindia.org/aboutus.asp Welcome to the ICED ] ]

Icfai Flexible Education

Icfai University, Dehradun, Uttarakhand and Icfai University, Tripura have obtained provisional recognition from The Distance Education Council, India to offer Distance Learning Programs. [ [http://www.dec.ac.in/provisional_recognition.htm List of Universities given recognition by the Distance Education Council ] ] [ [http://www.iutripura.edu.in/mba/AdmissionPolicies.asp Welcome to the MBA Program offered by the Institute of Chartered Financial Analysts of India University, Tripura ] ] Accordingly, Icfai offers Distance Learning Programs under the aegis of Icfai University, Tripura. [ [http://www.iutripura.edu.in/flexibleprograms.asp Welcome to the Institute of Chartered Financial Analysts of India University, Tripura ] ] Icfai offers about 145 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. [http://www.ncte-in.org/theintro.htm] 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. [ [http://barcouncilofindia.nic.in/ New Page 2 ] ]

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 [ [http://www.cfainstitute.org/aboutus/worldwide/asiapac/india.html CFA Institute in India ] ] 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" [http://www.iutripura.edu.in/mba/AdmissionPolicies.asp Welcome to the MBA Program offered by the Institute of Chartered Financial Analysts of India University, Tripura] ]

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,:""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. [ [http://www.indianexpress.com/story/32036.html IndianExpress.com :: Let a million schools bloom ] ] 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". [http://www.aicte.ernet.in/download/list-gen.doc List of Unapproved Institutions Running Technical Programmes without AICTE Approval]

References

External links

* [http://www.icfai.org/ ICFAI Institute]
* [http://www.iutripura.edu.in/ ICFAI University, Tripura]
* [http://www.cfainstitute.org/aboutus/worldwide/asiapac/india.html CFA Institute India]
* [http://www.iuuttarakhand.edu.in/ ICFAI University, Dehradun Official Site]
* [http://www.iutripura.edu.in/ ICFAI University, Tripura Official Site]
* [http://www.iusikkim.edu.in/ ICFAI University, Sikkim Official Site]
* [http://www.iumeghalaya.edu.in/ ICFAI University, Meghalaya Official Site]
* [http://www.iumizoram.edu.in/ ICFAI University, Mizoram Official Site]