With the rapid growth in the economy, career opportunities in finance sector have got a lot of attention and a career in chartered accountancy is one of the most prestigious and lucrative options. It is a challenging as well as a rewarding career.
All the countries have their own Accountancy Association which regulates the quality and quantity of the professionals in this field. Chartered Accountancy Course is a professional course in Accounting introduced in our country in 1949, with the enactment of the Chartered Accountants Act. The Institute of Chartered Accountants of India (ICAI) was formed the same year. This Institute is both an examining and a licensing body.
The course involves a blend of theoretical education and practical training which run concurrently for a period of three years and equips a student with knowledge, ability, skills and other qualities required of a professional accountant. A CA specializes in accounting, audition and taxation.
Eligibility for Chartered Accountancy
A Candidate who has passed the 10th examination conducted by an examining body constituted by law in India (or an examination recognized by the Central Government as equivalent thereto) can register for the Common Proficiency Test (CPT) of the CA program. But they can write the examination only after passing the Senior Secondary Examination (10+2) or waiting for the 10+2 exam results. There are no restrictions with regard to the age of the candidate or marks secured in Senior Secondary Examination.
Commerce graduates with 50% marks, non-commerce graduates with subjects other than Mathematics with an aggregate of 55% marks and non-commerce graduates with Maths with an aggregate of 60% marks are exempted from the Common Proficiency Test (CPT) and are permitted to register for Integrated Professional Competence Course (IPCC).
Candidates who have passed the Final Examination conducted by the Institute of Cost & Works Accountants of India (ICWAI) or the Institute of Company Secretaries of India (ICSI) can register for Professional Competency Course.
After passing Integrated Professional Competence Course, the candidates can register as Articled clerks for practical training and for admission to the Final course of the Chartered Accountant. Every graduate above18 years of age is eligible to register as an articled clerk/ Audit Clerks for Chartered Accountancy. Computer Training Program is compulsory for the candidates who wish to register themselves as auditor clerk. They should undergo 100 hours training in Information Technology along with IPCC.
Candidates aspiring for this career should have a pleasing personality, practical approach and a natural instinct to deal with figures to do well in this profession.
Job Prospects in Chartered Accountancy
The enormous growth in the trade and service sector has created a great demand for chartered accountants to manage the capital and money. Also, all the companies registered under the Companies Act are required to get their accounts audited by a chartered accountant.
Any qualified chartered accountant can work for the private as well public sector. The duty of Chartered accountant is to ensure that the financial transactions of an organization are
maintained according to the law; they also keep track of cost of management of the company and manage tax matters.
Chartered accountants work as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance) and watch over the finances in the day to day management of companies. Their main areas of work include Accountancy, Auditing, Cost accountancy, Taxation, Investigation and Consultancy.
Chartered accountant is a very well paid profession, be it in private or public sector or own private firm. Some of the average monthly earnings range between Pre Qualification Rs. 2,500 - Rs.3,000, Fresh CA's Rs. 5,000 - Rs. 6,500, Accounts Managers Rs. 6,500 - Rs.8,500, Financial Controllers Rs. 8,500 - Rs. 15,000, Directors Rs. 10,000 - Rs. 25,000 and an experienced CA's may get monthly earnings more than Rs. 50,000 in India and 5,00000 in abroad, according to the company they work for or depending upon the cities they are working in. This depends up on the involvement, commitment, hard work and dedication to the job.