Institute of Chartered Accountants of India is a professional accounting body headquartered in New Delhi. It was established on 1st July 1949. In terms of membership, ICAI is the second largest accounting professional body in the world. ICAI has many chapters in India and abroad. Among the overseas chapter ICAI-UAE is the largest and one of the active chapters. All the members of the institute are called Chartered Accountants. One can acquire the ICAI membership only after taking prescribed examinations followed by a training of three years. The examination is conducted during the months of June and December.