The chartered accountant has been the most effective career option in India. It will prove to be a great career path if you handle that but is not an easier one to manage. It provides you with the most effective career option, builds reputation, and salary. The reason why people see with the eyes of respect to CA is often due to his pay and the designation aura. It is because it is not easier to become that one.
What is Chartered Accountancy?
The chartered accountant or the accountancy is usually similar, the carrier constitutes management of finance for the entity. This consists of seeking the budgets, audits, handling the financial accounts, the strategy of the business and the taxation part.
The difference between an accountant and a CA is that CA takes training in contrast for a longer time and passes with several exams in several contexts to accounting to earn the title of Chartered accountant.
What does a Chartered Accountant do?
CA manages the economy business entity, giving advice, along with assisting the handle of money for various organizations, governments or an individual.
Why Build a Career in Chartered Accountancy?
Due to the high payable income along with the security of future building the career in Chartered accountancy is the effective reason. Every business requires someone to manage their money as the world is running on the money as well as assist in furnishing the tax and do timely audits.
Reliable future of chartered accountancy
As a chartered accountant, the following carrier options are available to you:
- Capital market services
- Financial institutions
- Independent practice
- Businesses and industries
- Chartered accountant firms
- Consultancy firms
In all the above sectors a CA has a higher demand. CA can work for the business, government organization or assists in managing their accounts, taxation, auditing and financial services. Indeed as a CA, one can open his own shop of filing the returns to the business and corporations.
There is much scope of CA as financial institutions always seek for the skilled chartered accountants. It is another method of the carrier as working for the consultancies from which you can use the accounting skills. To assist clients the consultancies choose to hire CA so to help them with their short and long term financial subjects. Thus if one wishes to work for different clients then consultancy firms will be the best option.
Recommended: Why You Need A Chartered Accountant While Setting Up A Business
Eligibility Criteria for Chartered Accountants
For pursuing a career in Chartered accountant an individual must have to go with the procedure of the training courses and exams at three levels foundation, intermediate, and final level. The exam is conducted by the Institute of chartered accountant of India (ICAI).
Below are mentioned eligibility criteria for the course :
#1. For Foundation Level:
the candidates should have to clear the senior secondary exam through a recognised board. The applicant has to enrol for the CA foundation course prior to 6 months to the exam. Post successful enrolment of the applicants they must have to complete 4 months of study before 4 months of the study period for attending the foundation exam.
Read more: CA Foundation 2020: Dates Registration, Eligibility, Syllabus, Exam Pattern
#2. For Intermediate Level:
The appellant who has passed the CA foundation exam or CPT are liable to attend the CA intermediate examination. Also, there is a choice for direct admission to those students who had previously completed graduation in commerce stream with 55% minimum marks or post graduate with 60% marks or the CS executive qualified students and CWA final qualified candidates will also apply directly with CA intermediate level registration.
#3. For Final Level:
The candidates should have to clear the CA intermediate or IPCC level of exam and comes under cutoff marks and within the guidelines of the institute the 4 weeks of advance integrated course on information technology and soft skills (ACCESS) and 2.5 years of the final year training program should be completed by the students according to the norms of the institute beneath the practising CA or under the CA firm along with that, the student should be enrolled within the board of studies.
A Career in Chartered Accountancy: Job Profiles
The most famous career that a Chartered Accountancy opt are listed below:
The work includes financial statements, accounting, taxation, shareholding for the business is then to be managed by the CA. He manages the accounting system, processes, monitors the report, general records, audits, and follows the state income procurement.
The financial examination for the businesses and the accuracy for the accounts as per the Indian accounting standard(IAS) is executed by the auditors. They track the cash flow for the firms so as to make illegal records and manage effectively. They clarify that the financial accounts have been protected and are running according to the prescribed standards.
Chief Financial Officer
The person who takes the charge for the security and success of the organization is Chief financial officer. They are said to be the senior administrator who cares for the financial activities for the business. CFO tracks cash flow and financial planning and determines the financial assets along with providing corrective actions.
The person who maintains the transactions and keeps the financial record up to date is an accounts clerk. Their work is to generate bills and book the upcoming events. They check the accounts for the paying, receiving or other entities.
The function of the financial controller is to handle the team to develop the business efficiently. The procedure of budget and preparation of financial approximations. They are liable to issue timely financial reports.
The several taxation procedures are being managed by the tax accountant. They assist the clients as well as a business within the financial and tax reports under the laws.
A Profession in Chartered Accountancy: Job Opportunities
There are several option posts pursuing the course from ICAI. A qualified chartered accountant can work for various types of a financial firm, institutions and organizations etc. a CA is much responsible for the taxation part and the process of accounting for the business.
Below are the categories for the institutions:
- Public and Private Sector Banks
- Stock Broking Firms
- Finance companies
- Legal firms
- Consultancy Firms: The Consultancy firms
- Investment houses
- Patent Firms
- Portfolio Management Companies
- Auditing firms
- Public Limited Companies
A Profession in Chartered Accountancy: top MNCs
The MNC companies need a chartered accountant who specifically gives his time to maintain their accounts and do the timely taxation part.
Below are some corporate houses and recruiters for the chartered accountant.
- Grant Thornton International
- RSM International
- Coal India Ltd
- S. S. Kothari Mehta & Co.
- ICICI Bank Ltd
- Infosys Technologies Limited
- State Bank of India (SBI)
- Ernst & Young (known as E Y)
- BDO International
- Lodha and co