Chartered Accountancy ; The Best rewarding Career Option
What is the Chartered accountancy? Chartered accountancy is the core of all business, whether it is big or small. The work of a chartered accountant includes auditing, taxation, accounting and financial planning. This can be a very challenging and rewarding job.
After chartered accountancy, career prospects are exciting. Chartered accountancy may be the first step of other rewarding careers in finance, investment consulting and fund management.
The chartered accountancy course is conducted by the Institute of Chartered Accountants of India, whose headquarters is in New Delhi, 5 Regional Offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and there are 81 branches under these regional centers.
How to become a C.A.?
Step by step Guide
The ability to become CA has changed in the past few years. Initially – and it was decades ago – someone could only consider becoming a CA after getting a bachelor’s degree, and a candidate had to undergo five years of academic training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations for the CA Foundation Foundation course. In October 2001, ICAI introduced the PE-1 and PE-2 examination system instead of the foundation and intermediate examinations. However, in 2006, ICAI gave the system a new look and launched CPT, IPCC and FC.
The unique feature of Chartered Accountancy is its curriculum, which is theoretical education with complementary practical training. A student will have to go through theoretical education and practical training from the beginning. This balanced approach helps students appreciate the underlying practical applications of the theoretical education plan.
General proficiency test (CPT)
CPT is an entry level test of four subjects i.e. Accounting, Mercantile Lodge, General Economics and Quantitative Aptitude.
Integrated Professional Qualification Course (IPCC)
This is the first phase of the CA curriculum, which involves the knowledge of the work of main and allied subjects for accountancy profession only. The topics of IPCC are classified into two groups, which a student can study and display in group-wise or both groups simultaneously. The IPCC is designed to improve the knowledge of accounting related to accounting standards to create a strong foundation for the development of the knowledge of financial reporting in the final stage. Students update their knowledge of business communication, business strategies, taxes, information technology and auditing.
The CA final comprises advanced application knowledge of key topics such as financial reporting, strategic financial management, advanced management accounting, advanced auditing and professional ethics and information system control and audit. In addition, the principles of e-governance, corporate and allied law, international taxation and VAT are important features of updated content.
After passing the IPCC Group I, the students will be registered with an experienced CA for an articleship for a period of three years. Some rules apply – With 16 years of experience, CAs and above can take about 8 articles, people with fewer experience can train short articles and these teachers or ‘principals’ as they are called, training Can be changed during There is a need to execute a training agreement before it starts. During the training period, articles learn technical details of work, and as time passes, they are given large assignments with less supervision. All artistic clerks are given stipend on the basis of their city population.
How to start?
In today’s cut throat competitive world, it is advisable that students start planning after school 10. For chartered accountancy, the student can register with the study board and pursue the 10 + 2 and prepare for the entrance test. It is better to take mathematics at this level. Growing up this career, the students of the Commerce stream are definitely an advantage. CA’s latest scheme is designed to encourage young talented students to have the pre-admission in the profession to keep the qualifications for accounting education.
Is this the right career option for me?
It is generally believed that only the students of the commerce should do the CA course. However, CA is a very practical course, students of science and art can benefit equally and can make a successful career. Students of science and art stream have to make extra efforts to understand some complex accounting nuances and have to acquire basic knowledge of various management disciplines. But it can easily be concluded that students of science and art streams can be successful CAs, if they are ready for toilets.
What would it cost?
Unlike other business courses, the cost of building a CA is very small, which covers the cost of study material. You will have to pay 9000 rupees for registration in IPPC whereas the charge for CPT is 6700 rupees.
Grant / scholarship
Growing Chartered Accountancy does not have much scope for any scholarship.
Upon completion of training, candidates need to get a membership in ICAI before starting the practice as a CA. Members interested in practicing in India or abroad need to get a certificate of practice from ICAI, whose annual fee is Rs. 400. After subscribing, without any permission from the council, the person who does not practice, can not work in any other business or business; They are allowed to work only in specified areas in the CA Rules. More information about nominations or examinations can be sought from the offices of the institute or the study board of Indraprastha, New Delhi or Headquarters, C1 – Sector 1, Noida – 201301.
For CA Intermediate: Candidates with CA Inter-qualification are usually paid between Rs. 7,500 and Rs. 15,000 based on the type of firm. Payment may be higher for candidates with other qualifications such as MCOM or MBA. On the other hand, salaries in some small cities of the country can start from Rs 4,500 to Rs 5,000.
For CA Final (FCA): The initial salary is between 12,000 to 30,000 rupees on the basis of the firm’s economy and nature type.
A full firm can be expected to pay between 30,000 and 75,000 rupees after serving more than 5 years in a top firm.
Demand and supply
It can easily be concluded that considering the country’s growth of Indian economy in the last 5 years, about 7,500 to 10,000 fresh CAs are required every year.
Inspecting the market
Chartered accountants are one of the most sought after professionals in India. The very reputation of CA is due to the fact that their harsh training (both theoretical and practical) makes them practically the jack of all trades, as far as the field of finance is concerned. In spite of sea change in global business systems and practices, the requirement of CA has remained steady.
In the last 3-4 years, the demand for CA is growing between 10% and 15%. However, the demand depends on the situation of the economy and when the economy is downstream, there is a direct impact on the demand of CA. But for the compulsory appointment of CA, the statutory clause provides substantial pillow support to the CA community in comparison to other comparative peers.
CA’s qualification is globally recognized, so the industry’s perspective for CA is really bright. Great recognition for the CA degree is due to the fact that the CA course is able to keep pace with the changes in the industry scenario. Many new modules and subjects have been included not only in the CA curriculum, but also have been implemented very effectively to provide greater degree of CA degree. Despite the fact that many top-not-so-B-schools (including IIMs) have produced some of the most fabulous B-school tombs, it is worth noting that CAs are capable of maintaining their prominence in the current world order.
Top Companies / Vertical
The following are the areas where CA opportunities find:
Bank (both private and public)
Public limited companies (mandatory for the purpose of law)
Auditing firms (like KPMG, Price Waterhouse etc.)
Finance companies, mutual funds, portfolio management companies, investment houses, stock broking firms
Legal firm, legal home, patent firm, lawyer, trade mark and copyright register
Tips for hiring
Accounting is a precise oriented task. Note how you wear clothes, speak and operate your own company. They also add a personal charisma that helps in maintaining good relations with peers and customers.
You need to understand the world of business. It is also important that you demonstrate this understanding. Start looking at the big picture in terms of company number This business skill is a condition for a CA.
Leadership and analytical skills are important for a chartered accountant. Apart from this, work on your communication skills, both verbally and in writing.
Be prepared to work long and hard especially in the months of taxation.
Maintain high moral standards.
The job is highly paid.
CAs respect tremendous respect for organizations and society.
This can be a stressful task because the responsibilities are very large and there is no scope for any errors.
It is necessary to update knowledge regularly, otherwise it may stop the career.
Different roles, different names
The working area of a chartered accountant has become so elaborate and it involves many activities, which are sometimes considered to be a CA as a puzzle. A CA can start a career with auditing activities, which is the core work area of a CA. From here the more complete careers in finance can be purified after the substantial performance of the complexities of finance. As an investment adviser and as a fund manager, a CA can play the role of a top decision maker.
CAs also work in project management and consulting services.