Complete guide for helping you to become a Chartered Accountant. This article includes highly researched information on Job introduction, how to steps, Course Structure, Job opportunities, eligibility and remuneration for helping you to become a good Chartered Accountant.
A chartered accountant is the person who looks after the money matters of a firm/ organisation or company.
The designation or the term chartered accountant is popular in many countries viz. Britain, India, Australia, and Canada. In USA such a professional with equivalent qualification is known as Certified Accountant.
The first professional body of the accounting group was formed in Britain. The term was initially applicable only for those who belonged to British organisation.
A chartered accountant’s job is one of the high profile jobs in the country. The qualified professionals are among the highest salary withdrawing employees in the country.
A chartered accountant has several job responsibilities to look after. Along with managing the accounts department of the company, a chartered accountant also supervises the taxation and auditing matters of the company. He offers financial solutions and taxation advice to provide the maximum benefit to the firm. Chartered accountant works for almost all financial bodies, be it large organisations or small business units.
The chartered accountant’s job is all about dealing with numbers in terms of finances. They prepare the financial spreadsheets, look after the investment records and manage the budget of the company. They play one of the most crucial and strategic roles in the organisation. Their financial advice forms the basis of any company’s overall performance and profitability. They are responsible for creating concise financial reports while comprehensively researching the finance outlook of the company. Their nature of job demands prolonged hours in front of computer screen. Therefore a proficiency in computer skills is also an advantage in the modern IT world.
Instructions (How to steps):
1. Those who are good in numbers and finances and willing to work with sincerity are perfect candidates for this profession. Many youngsters choose this profession just because of the monetary gains it offers. But due to lack of basic commitment and passion, they remain dissatisfied throughout their career for making a wrong choice. Money is a crucial factor but follows the primary motive. If you are passionate about your career you will make money in your profession but one wrong choice can ruin your whole career graph.
2. Once you are clear in your thoughts and decided that this is the best suited profession for you then there should be no looking back. Do maximum research in the financial journals, on internet and meet the professionals. This will give you an insight of the profession.
3. The chartered accountancy course in India has duration of 2 years. It has 3 exams:-
- Entry level Test: Competency Professional Test (CPT)
- First Stage of theoretical education: Professional Competence Course
- Final stage of theoretical education: Final course
4. A student can enrol for CPT after passing 10th grade only. But he can appear in the examination after successfully completing his 12th standard studies. The CPT is the entry level test. The questionnaire is in objective type format and the whole examination is of 4 hours duration divisible into two parts of 2 hours each.
5. After clearing the CPT, the student can get admission to the Professional competence course. The student undergoes a practical training period and works under professionals of the industry. The student has to undergo 100 hours of information technology training after completing the articled training.
6. After clearing the second level, the student has to register with the Board of Studies for final course. General management and communication skills are also developed during this tenure.
7. After clearing the final course examination, the students are eligible to enrol with The Institute of Chartered Accountants of India to work as chartered accountants.
The course structure to become a chartered accountant is one of the most extensive and exhaustive professional courses in the country. The total duration of the course lasts for 2 years.
A student undergoes 3 months of articled training and 100 hours of training in information and technology at the first stage. There are two types of training opportunities available to the student. He can choose to work as an articled clerk or as an audit clerk. The students are eligible for the second stage of the course after working for a minimum period of 15 months as articled clerk or equivalent.
The students can appear for the final course after successfully completing the practical training programs. They can undergo General Management and Communication Skill Course along with or after the course. The degree is granted only after the completion of all courses.
Recognition of the course:
Institute of chartered accountants of India (ICAI) is the only licensing cum regulating body of the financial audit and accountancy profession in India. All the aspiring Chartered accountants have to get registered with this body before joining the profession.
ICAI is the world’s second largest chartered organisation in terms of membership after the American Institute of Certified Public Accountants. The course and all other related functionaries fall under the domain of ICAI only. The course structure of CA is considered to be one of the rigorous courses all over the world. The standard and accountability is maintained by ICAI only.
The profession as chartered accountant is one of the highest paying and rewarding for the qualified candidates. However, the salaries offered in the country are comparatively lesser than what is paid in US and UK.
Even then keeping in view the economic disparity in the nations, CAs are highly paid in India. The ever expanding economy of the country has resulted in generating a huge demand for financial professionals in the country.
Chartered accountants have the liberty to choose their own career path. They can choose to work for a private or public company, can join the government sector or can practice independently.
The CAs are appointed as financial controllers, financial advisors, director (finance) and can rise up to chief finance officer in the organisation. Investment banking and fund management are also one of the lucrative work fields.
The admission into the professional chartered accountant’s course can be taken after 10+2 or graduation level. The candidate should be a citizen of India. There is no age limit for admission into this course.
However, promotion to higher grades is granted only after fulfilling the basic criteria during the course. It has been explained in the course structure which mainly requires practical training etc.
The remuneration is quite high in this profession. The beginners can expect a salary starting around Rs. 30, 000- Rs. 40, 000 on monthly basis. The figures rise up to lakhs with the increasing work experience. Salary is no bar for those who are in highest positions.
One can also earn a handsome amount while practicing independently. Government sector also pays well but comparatively low than the private sector.
In nut shell, the job as a CA is rewarding in terms of monetary benefits. But the nature of job and the responsibility of a CA are equally demanding and crucial. Therefore, if playing with numbers and management of finances are your forte then only you should join this profession.
Top 10 chartered accountants colleges in India:
1. Institute of Chartered Accountants of India
2. Aggrawal P.G. College, Haryana
3. Institute of Cost and Works Accountants of India, Kolkata
4. Allahabad Degree College, UP
5. J.G. College of Commerce, Ahmedabad
6. A.V.S college of arts and commerce, Salem
7. Badruka Institute of professional studies, Kachiguda (A.P.)
8. Ahmednagar Jilha Maratha Vidya Prasark Samaj’s New arts, commerce and science college, Maharashtra
9. Bal Bhavan Public Senior Secondary School, Delhi
10. Aurora’s Degree College, Andhra Pradesh.