Even if you see the notification issued recently by ICAI it is for sure that Professionalism will go down if they allow degree holders to directly register for IPCC because students who cleared CPT and then if they clear IPCC they will know how much sweat it is gonna cost for them to learn and will have the attitude of doing things in a professional way
Chartered Accountants are also hit by recent Budget ammendment that their loss of revenue to the extent of fees on 40 and 10 Lakhs.
In my opinion its gud that if they start doing work as per statutory requirements rather than to work back as per clients requirement . So that clients will have the fear of regulatory/revenue authorities and GOI can do a better administration from the revenue generated from the above...