Chartered Accountancy
Chartered Accountancy is a rewarding profession where one can practice his/her own or can do jobs in various public and private sector companies. The areas of work include accounting, auditing, corporate finance, project evaluation, company and other business laws, taxation and corporate governance. The multi-faceted knowledge a chartered accountant enjoys through unique academic programme blended with practical training is what the business and industry need in the advent of liberalisation, privatization and globalisation of Indian economy. Chartered Accountants are better equipped to discharge accounting and audit functions in a computerized business environment.
In recent times, all over the world, accountancy has grown in popularity as a lucrative profession. Wherever there are makers and users of money, (however, small their individual business may be), the services of a CA are required. Moreover, under the Companies Act, only CAs in professional practice are entitled to be appointed as auditors of companies in India.
Courses & Eligibility
A chartered accountant is a person who is accepted as a member of the Institute of Chartered Accountants of India (ICAI) after having passed the final examination for the chartered accountancy course conducted by the institute.
A candidate who desires to become a member of the Institute of Chartered Accountants of India (ICAI) and thereby a practicing chartered accountant must:
(a) Clear the intermediate and final examination of the institute.
(b) Register as an articled or audit clerk with a practicing chartered accountant.
(c) Register with the board of studies of the institute.
In order to be eligible for appearing in the intermediate and final exams of the institute, the aspirant must have successfully completed and passed the foundation course. Most chartered accountants are commerce graduates with good percentage of marks. Registration to the foundation course of one-year duration is open to those who have completed 10+2.
The foundation course can also be taken up simultaneously with graduate or postgraduate studies. Commerce graduates with 50% marks, non-commerce graduates without maths, with 55% marks and non-commerce graduates with maths and an aggregate of 60% marks are exempted from the foundation exam and are permitted to register as articled clerks for practical training.
Career prospects
A career in CA is highly challenging and rewarding. Aspirants should have excellent analytical skill to boost. There is maximum career growth in this field and one will get utmost level of job satisfaction and remuneration in this field.
The training for CAs is a highly elaborate procedure. Aspiring chartered accountants should pass the intermediate exam within ten years of the commencement of their practical training.
After successful completion of the final exam, the aspiring CA can apply for membership of the ICAI. All members are deemed Associate members of the institute. Associate members who have been in practice for a minimum of 5 years and possess the experience prescribed by the council for this purpose are entitled to apply for Fellowship.
Chartered Accountants are sometimes appointed as executors under a will or trust in order to carry out the administration of an estate or settlements. On such assignments, they are often required to work in co-operation with solicitors and lawyers.
CAs also perform functions under special positions such as directorships of companies, arbitrators for settling disputes, handling work related to insolvency, bankruptcy, etc. They are free to go in either for professional practice or to be employed by the industry sector (private companies, public sector undertakings, etc.)
Remuneration
The remuneration of a salaried CA professional in corporate sector is very high. The salary varies between Rs.25, 000 and 1.5 lakhs per annum. Individual with a CA qualification is treated the same with a person having MBA qualification in Finance.
Similarly one who runs his/her own firm can also earn handsome of money. He/she can conduct auditing works in various companies.
Institutes
The CA course is conducted through lectures and postal tuitions by the Institute of Chartered Accountants of India (ICAI), head-quartered in New Delhi.
The ICAI has five regional offices at Mumbai, Calcutta, Chennai, Kanpur, and New Delhi, with 81 branches to these regional centres.
