CAREER OPTION : Chartered Accountant
If you want a profession that every company demands and if you like commerce, then chartered accountancy (CA) is the right career option for you. Companies no matter the size, need chartered accountants. As a chartered accountant, you will be a member of the Institute of Chartered Accountants of India (ICAI) after passing the exam conducted by this institute. As a professional your responsibilities will include making sure that the financial transactions of a company are as per the law, managing a company’s tax matters and keeping a track of the organisation’s cost management systems.
Since businesses and trade is increasing rapidly, the profession of a chartered accountant has had a boost over the past few years. The profession is not a glamorous one, but more of a relevant occupation to carry the economy forward around the globe. To complete your CA, you need to have a training of almost three and a half years in order to acquire enough knowledge in the field. It is a recession-proof profession with less risks associated to its stability. Apart from being a secure career, you can also make a good income after your CA.
- Qualifying grades in your H.S.C. (10+2) exams under a recognised board of education. You can belong to any stream in your H.S.C.
- Commerce graduates with 50% marks are qualified to attend the CA course.
- For non-commerce graduates, mathematics should be a core subject and their grades should not be less than 60%.
- There are no age restrictions to the age by which you can complete your CA.
- If you are an aspiring CA candidate, you have to be prepared for a strenuous time. You have to be dedicated and hardworking.
- You must possess an interest in subjects like taxation, accounting, auditing or financial analysis.
- You should have the capacity to work hard with commitment and honesty. The study as well as the job requires a lot of hard work, alertness of mind and the adaptability to follow different work time schedules.
How to become a Chartered Accountant
STEP 1: You have to register for the Chartered Accountant – Common Proficiency Test (CA-CPT). Please note that the students who have passed the final exams of the Institute of Cost and Work Accounts of India (ICWAI) or Institute of Company Secretaries of India (ICSI) are exempted from attending these exams.
STEP 2: CA-CPT consists of two sections; Section A - fundamentals of accounting and mercantile law. Section B – general economics and quantitative aptitude.
STEP 3: After clearing your CA-CPT exam, you have to register for Integrated Professional Competency Course (IPCC) commonly known as CA. To register, forward your application through DD in favour of the Secretary of ICAI. The IPCC exam occurs in two different groups. Group A consists of papers like accounting, business law, ethics and communication, cost accounting and financial management and taxation. Group B consists of papers like advanced accounting, auditing and assurance, information technology and statistic management.
STEP 5: After clearing IPCC, you are appointed as articled clerk for practical training which is necessary to complete your final year CA. You also undergo a 25 days training in information technology from ICAI.
STEP 6: After completing your information technology training of 100 hours, you have to attend your final CA examination paper which will cover subjects like financial reporting, financial management, professional ethics, advanced auditing, corporate & allied laws, information systems control and tax laws. After clearing the papers, you are eligible to work as a professional chartered accountant.
- The Institute of Chartered Accountant of India –
- Yeshas Academy – Bangalore
- Academy of Commerce – New Delhi
You will have enough opportunities in both private and public sector. You can take up designations like finance managers, finance controller, financial advisor, director of finance etc. in private sector companies. If you’re looking for a government job, you can take up posts like finance director, chief executive of the head of accounts department, information technology etc. You can also find jobs in capital markets, business houses and other industries. You can also have your own consultancy or private practice if you wish to do so.
The starting salary of a chartered accountant can vary between Rs.25, 000 to Rs.35, 000 which can get as high as Rs.1.5 lakhs per month with performance and experience. If you wish to practice privately, there is no upper limit for the amount you can earn.