What is a Chartered Accountant (CA) and his/her work:
What is a Chartered Accountant : A Chartered Accountant is the person apply for membership either by passing all three levels of examinations prescribed by ICAI and completing three years of practical training or by availing themselves of exemptions under mutual recognition agreements (MRAs). The Chartered Accountant’s profession is very popular among the youth. Seeing the growth, stability and sophistication that the job profile brings, its popularity is well-spoken for.
There is Chartered Accountants work in a wide range of business Companies and sectors and in a broad spectrum of roles, from Chief Executives to Financial Controllers. Below are a few examples of the type of positions that Chartered Accountants occupy.
1. Tax Accountant : Tax Accountant has a major role in aspect of running a business and helps to prepare corporate and personal income tax statements and formulate tax, from day-to-day VAT to share schemes. large corporations are looking for Chartered Accountant persons with the skill of accounting and legal background in tax. While tax issues vary by sector.
2. Management Accountants : Management accountants has a major role in cost analysis, analysis of new contracts and participation in efforts to control expenses efficiently. He participates in decisions about capital budgeting and line of business analysis in companies. His work is an analysis of the structure of organisations.and check spent money in a company at the right level of our organisation.
3. Financial Accountants : Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers and acquisitions, benefits planning and long-term financial projections. This type of work can be really varied – one day you may be running spreadsheets, the next you may be visiting a customer or supplier to set up a new account and discuss business. This work requires a good understanding of both accounting and finance.
4. Budget Analysts : Budget analysts are responsible for developing and managing an organisation’s financial plans. There are plentiful jobs in this area in the government and private industry. Besides quantitative skills, many budget analyst positions require superior people skills because of negotiations involved in the work.
5. Auditor : Auditor checks accounting ledgers and financial statements within corporations and government, and is the basis of much of accountancy practice. Auditing work is becoming increasingly computerised and can rely on sophisticated random sampling methods. This area may involve considerable travel and allows you to work in a wide array of sectors, to get a great understanding of how money is being made and managed.
How to become a Chartered Accountant and what are the ways for being a CA after 12th:
The eligibility requirement to become a Chartered Accountant:
1. A candidate is eligible for enrolment to Accounting Technician Course (ATC) on passing the Common Proficiency Test and Senior Secondary Examination (10+2 examination) conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.
2. A candidate who has already passed Entrance Examination or Foundation Examination or Professional Education (Examination-I) shall be eligible for enrolment to Accounting Technician Course subject to complying with relevant conditions.
3. A candidate who was already registered for erstwhile Intermediate/ Professional Education (Course-II)/ Intermediate (Professional Competence) Course shall be eligible for enrolment to Accounting Technician Course subject to complying with relevant conditions. Students who have registered for the Intermediate (IPC) course without the option of ATC can also opt Accounting Technician Course subsequently.
Procedure to become a Chartered accountant after 12th
Step1 : Start CA Course through CPT Route after passing Class 10th
Register with the Institute of Chartered Accountants of India (ICAI) for the Common Proficiency Test (CPT) after passing the 10th class exams and take the exam after completing High School (Grade 12).For CPT there are four subjects which you have to test for : Accounts, Law, Economics and Quantitative Analysis. A 200 marks exam in which you have to score a 100 to be eligible to proceed means you have to achieve 50%.Also read Article How can Student apply for CPT
Step2 : Registration for Integrated Professional Competence Course (IPCC)
In order to register for the Integrated Professional Competence Course (IPCC), the candidate should pass both CPT and 12th class. Registration for the IPCC should be done nine months prior to the first day of the month in which examination is held. IPCC is a 700 marks subjective exam which has 7 subjects and to clear that you have to score 40 marks in each and get an overall aggregate of 50% or above. IPCC has 2 groups of subjects, group 1 having four papers Accounts, Law, Taxation and Costing&FM and group 2 has three papers which are Audit, IT&SM and Advanced Accountancy. If you get more than 60 in any subject, you get an exemption which means that if you fail, you don’t have to repeat that paper in the next attempt.
Helpful Tips : For pursuing Articleship, passing Group I of IPCC is essential
Step3 : Articleship
After slogging and clearing the IPCC exam came the Articleship. Articleship is a 3-year long internship which you have to complete along with the Final CA exam. In this, you have to work under a qualified CA for 3 years
Step4 : Registration for CA Final Course:
The candidate can appear for the CA final examination during the last 6 months of 3 years of articled training.Enrol as a member of ICAI and designate as “Chartered Accountant”.
So should you do it?:
The course is spread over a minimum of 5 years and hence requires a significant investment of time. During these 5 years, only dedication and hard work can guarantee a fruitful outcome.
And yes all the hard work is absolutely worth it. The moment you become a CA, your professional life is guaranteed to be a success.
The wide vast world opens up to you with innumerable opportunities from diverse sectors Banking, Accounting, Taxation, Audit, Management Consultancy, Cost Accounting, etc. all over the world.
The Indian Chartered Accountant is reputed throughout the world as a force to be reckoned with, hence global opportunities await.
Yes, you should do it. It is not an easy path, but neither is anything worth achieving.
Institutes offering Chartered Accountants course:
The Institute of Chartered Accountants of India (ICAI) is both an examining and a licensing body. It is the responsibility of the institute to conduct the Chartered accountancy (CA) Courses throughout the country. A CA programme is of two years apart from the training period. It has three sections, Competency Professional Test (CPT) that was earlier known as Professional Education exam PE1, Professional Competency Examination (PCE) and Final examination