Question

'To become a Chartered Accountant in India, a candidate has to clear a specified examination conducted by the Institute of Chartered Accountants of India' Which characteristic of management as a profession is highlighted in the above statement?

• A. Ethical code of conduct
• B. Professional Association
• C. Well defined body of knowledge
• D. Restricted entry

Hint:

In management, entry is not restricted (you can be a CEO with any degree), but in true professions like CA, Law, or Medicine, entry is strictly restricted by law and examinations.

Answer 1

The Correct Option is D

Step 1: Understanding the Concept:
A profession is an occupation backed by specialized knowledge and training. It typically has features like restricted entry, professional associations, and ethical codes.
Management is often compared to established professions like Law, Medicine, or Accountancy.
Step 2: Detailed Explanation:
The statement says that to become a CA, one {must} clear a specific exam.
- Restricted Entry: This means that entry into a profession is not open to everyone. It is restricted through an examination or by acquiring a specific educational degree. This is exactly what the prompt describes.
- Professional Association: While the ICAI is an association (Option B), the statement's focus is on the exam as a requirement for entry, which is the definition of restricted entry.
- Ethical Code of Conduct: This refers to the rules that members of a profession must follow.
- Well-defined body of knowledge: This refers to the systematic study required for the profession.
In management, entry is currently not restricted; anyone can be a manager regardless of their degree. However, the example of CA illustrates how a "true" profession operates with restricted entry.
Step 3: Final Answer:
The mandatory exam requirement represents "Restricted Entry." Therefore, (D) is the correct answer.