Chartered Accountant

How To Have A Career In Chartered Accountancy

A Chartered Accountant is the international accounting designation that is granted to accounting professionals in several countries around the globe. Chartered Accountancy is known to be the core of many businesses – whether big or small. The work and responsibilities of a chartered accountant involve financial planning, taxation, accounting, and auditing. A Chartered Accountant’s career is not only challenging but also rewarding. 

Chartered Accountants are designated professionals who deal with the management of finances along with providing financial advice. They are responsible for maintaining records of all financial transactions – which is necessary for every organization to keep a track of by law – and also company audits. 

About the Chartered Accountant

The designation of Chartered Accountant is given to the accounting professional who has been certified from a statutory body that they are qualified in taking care of the matters related to accounting and taxation of a business – such as filing tax returns, auditing financial statements, and business practices, as well as maintaining records of investments, and preparing and reviewing financial documents and reports. 

Eligibility to become a Chartered Accountant

An aspiring candidate needs to have passed class 12 to be able to pursue the ICAI CA course. The candidates who have cleared the class 12 level can choose to take up the CPT course. To start a career in Chartered Accountancy the Common Proficiency Test (CPT) is the initial stage. The second stage is the IPCC (Intermediate) and finally, the last stage is the CA Finals. 

Subject Combination: Students from streams Science, Commerce, and Humanities in class 12 are eligible for registering for CPT.

How to Become a Chartered Accountant

To become a certified Chartered Accountant in India requires the individual to complete three levels of training that have been designed by the Institute of Chartered Accountants of India (ICAI). The ICAI is a statutory body regulating and maintain the profession of CA in India. 

An aspirant can pursue the Chartered Accountancy Course under the Scheme of Education and Training through the Direct Entry Route or Foundation Course Route. Direct Entry is for those candidates who have completed Graduation and the Foundation course is the entry into the course after the completion of class XII.

Top Chartered Accountancy Institutes in India

  • The Institute of Chartered of India, Noida
  • Indian Institute of Finance and Accounts, Pune
  • Shantiniketan Group Of Colleges, Bangalore
  • Shri Ram College of Commerce, Delhi
  • Thakur College of Science and Commerce, Mumbai
  • H.R. College of commerce and economics, Mumbai

Chartered Accountant Entrance Exams

CA CPT – Chartered Accountant Common Proficiency Test 

Career Opportunities in Chartered Accountancy

A Chartered Accountant can choose to pursue a career in any following fields:

  • Tax Auditing
  • Managing Treasury Function
  • Forensic Auditing
  • Internal Auditing
  • A career in Accounting and Finance
  • Taxation Advisory 

Employment Sector/Industry for Chartered Accountant

Chartered Accountants are able to find employment in the following areas on attaining their necessary skills and qualifications: 

  • Private and Public sector banks
  • Investment Houses
  • Auditing Firms
  • Public Limited Companies
  • Stock Broking Firms
  • Patent Firms
  • Finance Companies
  • Portfolio Management Companies

Jobs in Chartered Accountancy

  • Chief Financial Officer (CFO) – This individual is a senior-level executive responsible for the enterprise's financial performance and success. 
  • Auditor – They are external professionals who are sent or invited to companies for examining their finances making sure that the company’s accounts are proper. Maximum companies appoint their internal auditor. 
  • Business Service Accountant – The responsibility of these individuals is to provide tax services and business to their clients. These accountants also have some other duties such as keeping track of the depreciation of assets, generation of financial statements, preparation of tax returns, and guidance and advice on financial strategies.  
  • Accounts Clerk – These individuals are keeping a record of particular types of financial transactions. The chief focus of the accounts clerk can be on the accounts payable, receivable, billing or payroll. 
  • Financial Controller - The financial controller has the major responsibility of working close to the executive management teams and they play a vital role in the running of businesses. 
  • Cost Accountants – Their responsibility is to analyze and monitor the company’s cost of processes, materials, and products. Cost Accountants also advise on the most effective options for streamline and managing costs to the management of the company.
  • Tax Accountant – These individuals specialize in taxation and their responsibility is to handle the audits, tax returns as well as final audits for individuals and corporations. 

Salary of Chartered Accountant

The average salary of a Chartered Accountant in India ranges between 6 - 7 lakhs to 30 lakhs per annum. The salaries offered in international packages are even high up to 75 lakhs. 

Study Material to Become a Chartered Accountant

The following is a list of study materials for becoming a Chartered Accountant

  • Taxation by Singhania
  • Quantitative Aptitude by PN Arora
  • Auditing by VK Agarwal
  • Costing and FM by Padhuka
  • Accounting by PC Tulsian 

Pros & Cons of Becoming a Chartered Accountant

Pros 

  • Chartered Accountants are high in demand and they offered a handsome sum of salary.
  • The industry is growing and they're a number of opportunities for Chartered Accountants.
  • There is always going to stable income for Chartered Accountants and a CA enjoys extreme respect in the society and organizations.

Cons 

  • The process of learning is a long ongoing learning process.
  • Chartered Accountants have long monotonous working hours which also come with a huge amount of responsibilities and stress. 
  • They are faced with difficult deadlines at the end of the financial year.

FAQs about Chartered Accountant