"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 a profession is highlighted here?
"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 a profession is highlighted here?
Solution
Option 1 -> Ethical code of conduct refers to professional standards and moral principles that members must follow, not about examination requirements.
Option 2 -> Service motive emphasizes serving clients and society over profit maximization, which is not related to examination prerequisites.
Option 3 -> Restricted entry means not everyone can freely enter the profession; specific qualifications, examinations, or licensing requirements must be met to gain entry.
Option 4 -> Professional association refers to the organized body (like ICAI) that governs the profession, but the focus here is on the examination requirement, not the association itself.
Hence, Option 3: Restricted entry -> The requirement to clear a specified examination conducted by ICAI creates a barrier to entry, ensuring only qualified candidates who meet the standards can enter the profession. This exemplifies restricted entry, as not everyone can freely become a chartered accountant without fulfilling these stringent requirements -> correct
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