New Delhi (India), August 25: A three-month course offered by SkillArbitrage to people who want to become Independent Directors has seen a 100% success rate among learners.
All 26 SkillArbitrage learners who took the Independent Directors Online Proficiency Test so far, which is conducted by the Indian Institute of Corporate Affairs (IICA), have qualified. Several of them have also been appointed Independent Directors in companies that are headed for IPO.
The SkillArbitrage course helps candidates not only to clear this exam for being appointed as independent directors, but also help them to develop a stronger personal brand, network with entrepreneurs and merchant bankers, and study advanced corporate governance subjects. These steps are critical to bridge the gap between merely qualifying to be appointed and actually getting appointed.
There is a huge shortage of Independent Directors (ID) at the moment. As of August 10, there are only 23,375 registered IDs as per a database maintained by the IICA. Of these, only 12,782 have already passed the self-assessment test.
At present, India needs at least 30,000 more qualified Independent Directors, assuming every listed company is required to appoint 3-4 directors. Adding unlisted companies and private companies currently preparing to issue their IPO, the number could be much higher.
Every listed company with a paid-up capital of over Rs 10 crore, a turnover of more than Rs 100 crore, or outstanding loans, debentures and deposits of more than Rs 50 crore must appoint Independent Directors to its Board.
This rule extends to startups planning an IPO as well. Given the shortage of qualified IDs, companies are hard-pressed to find good, upstanding candidates from the IICA database.
The idea of having at least two women directors on the Board has also made things difficult since there are only 6,607 qualified women in the database.
The demand for IDs is extremely high at the moment, and the perks are many, apart from the hefty sitting fees that IDs can charge.
To prepare mid-career and senior professionals to pass the exam, SkillArbitrage launched its course in January 2023. The comprehensive syllabus covers the 2013 Companies Act, Securities Law, basic accountancy and governance and much more.
So far, all the learners who have taken the exam have qualified.
Mr. Pradipta Kumar is one of the learners who qualified for the exam on his first attempt. Kumar’s professional journey spans diverse domains.
He began his career at ONGC Limited, where he held influential positions such as Director of ONGC VIDESH ATLANTIC INC. in Houston, Texas, USA, and General Manager-Geophysics. At present, he is a freelance Coach specialising in stress management and has also published several books.
“SkillArbitrage played a crucial role in my success in the ID Exam. The course provided comprehensive coverage of various topics such as the Companies Act, ID roles and responsibilities, and board functioning. It was well-structured and aligned with the requirements of IICA/MCA, and the mock tests I practised on gave me massive confidence to crack it in a short time,” he says.
“It is incredible to see a 100% success rate of our learners in the test, which is a testimony to the hard work put in by the learners as well as the teachers,” says Ramanuj Mukherjee, CEO of SkillArbitrage. “It is our privilege to shape the careers of the shepherds of capitalism who will protect the interests of public investors in India’s boardrooms.”
SkillArbitrage trains professionals from India and other developing countries to get international remote jobs, remote internships and freelance work from startups & SMEs in the US, UK, Canada, UAE and other advanced economies so that they can earn in dollars no matter where they live.
With more businesses around the world seeking remote workers because they can access a better talent pool at a fraction of the cost, it has become increasingly important to help Indians identify, prepare and pitch for these cross-border career opportunities.
SkillArbitrage courses and placement support have been especially popular with housewives and mothers of young children, professionals looking for side gigs and extra income, digital natives looking to escape office cubicles and those living in smaller cities who cannot move to metros to find jobs.
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