Chartered Accountancy: A career roadmap!
This article will elaborate how to become a Chartered Accountant (CA), its nature of work, its study route, personal skills & aptitude required to become a Chartered Accountant and employement opportunities for them.
The rapid growth in the Indian economy and the resultant increase in business volumes have made managing accounts and finances of a company a very important job. The Companies Act has made it mandatory that only appointed Chartered Accountants (CA) in professional practice be employed as the auditors of companies in India. As a result, Chartered Accountancy as a profession has gained immense popularity and is now a much sought- after profession.
Nature of Work
- A Chartered Accountant compiles, analyzes, verifies and reports the financial affairs of businesses and individuals
- A Chartered Accountant also provides a wide range of advice on financial control, planning and performance to the companies, public bodies and individuals
- A Chartered Accountant often specializes in a particular aspect of financial management and is an expert on all matters concerning the preparation and verification of financial reports and systems
Students are required to pursue the following scheme of education and training to become a Chartered Aaccountant-
- Students are first required to enroll with the Institute of Chartered Accountants of India (ICAI) for the Common Proficiency Test (CPT) after passing class X.
- Students can appear for the CPT after appearing for their 10+2 exams i.e. the senior secondary examination. The ICAI conducts CPT twice a year, in the months of June & December.
- After successfully clearing their 10+2 exams and CPT, students are then eligible to enroll for Group I or Group II or both Group I & II of Integrated Professional Competence Course (IPCC) by ICAI.
- After enrolling for IPCC, students are required to successfully complete a 9-month study course.
- After completing a one week orientation course of 35 hours & a 100 hour Information Technology Training (ITT) and clearing IPCC, students are then required to register and practise as an articled assistant for 3 years.
- During their training, students also need to register and simultaneously prepare for the Final Course.
- During their last 12 months of the training, students have to undergo a General Management and Communication Skills (GMCS) – a 15 day compulsory course.
- During the last 6 months of their training, students become eligible to appear for the final examination.
- After successfully completing GMCS and clearing CA Final exams, students can enroll as a member of ICAI and be designated as Chartered Accountants.
Personal skills & aptitude required to become a Chartered Accountant
- Aptitude for Mathematics
- Analyzing ability
- Ability to quickly compare and interpret fact and figure
- Good communication skills to deal with client and employers
- Numerical proficiency
Employment opportunities for Chartered Accountants
Chartered Accountants have the option to either be self-employed or take up a regular employment in almost all types of businesses. Remuneration for Chartered Accountants often depends upon the type of employer and their personal and professional skills. Chartered Accountants are much sought after by-
- Corporate houses
- Consulting firms
- Audit firms
- Commercial banks
- Regulatory bodies such as the Reserve Bank and the Securities and Exchange Board of India
List of Institutes for pursuing CA course
- Institute of Chartered Accountants of India (ICAI) - www.icai.org