Becoming a company secretary is one of the most reputed, high-growth and rewarding career options for anyone. A company secretary is also known as a “corporate secretary” in some parts of the world. It is also a highly specialised and coveted career option that one can enter. The Institute of Company Secretaries of India” (ICSI) is a premier National Professional body established by the Act of Parliament to form and regulate the Profession of Company Secretaries.
The Institute of Company Secretaries of India (ICSI) provides training in Company Secretaryship by Distance Learning (by correspondence) which permits the students to qualify as Company secretaries. At the time of registration, the Institute furnishes course material for all the subjects. A provision is there for the optional oral coaching classes. Serving as a Company Secretary is a respected and lucrative profession that also provides a strong sense of job fulfilment.
Who is a Company Secretary Exactly?
A company secretary is one of the key personnel in any company, placed at the top of the organizational hierarchy, i.e., management level and is also responsible for managing the legal, financial and statutory requirements of the company.
Some of the Important Company Secretary duties and Responsibilities Include:
- Creating company policies
- Arranging meetings
- Maintaining company financial records and accounts
- Performing the intermediary role between the company and its Board of Directors
- Keeping statutory record books
- Ensuring proper payment of dividend and interest payments
- Proper drafting and execution of agreements, contracts, and resolutions
- Negotiating with regulators, lawyers and auditors over important company matters
In India, the profession of Company Secretary is governed and managed by The Institute of Company Secretaries of India (ICSI). This prestigious and reputed statuary Institute was established in 1980, under the Company Secretaries Act.
According to the Companies Act, a company secretary is “a person who is a member of the Institute of Company Secretaries of India,” highlighted in section 2(1)(c). A company secretary is appointed to perform the key functions of a company as per the Companies Act, which includes performing ministerial and administrative duties.
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Why Company Secretary as a Career Option
Having a career as a Company Secretary is an extremely rewarding India. As per the Economic Times Report 2019, large corporate firms are ready to pay salary packages up to INR 1.5 million for company secretary profiles.
The demand for CS profiles is exponential in India due to the increasing popularity among large corporate houses, who are willing to pay more to CS personnel to manage important functions of their company.
It is also highly anticipated that companies in India will recruit CS in heavy numbers in future to position themselves as leading corporate entities on the world map.
A Company Secretary is a specialized individual who provides services in the following sectors:
- Corporate Governance and Secretarial Services
- Corporate Laws Advisory and Representation Services
- Financial Market Services
- Management Services
The following areas of Expertise are also Provided by Company Secretaries in Practice:
- Legal, Secretarial and Corporate Governance
- Corporate Restructuring
- Foreign Collaborations and Joint Ventures
- Arbitration and Conciliation
- Financial Management
- Project Planning
- Capital Market and Investor Relations
- Due Diligence
- Corporate Advisory Services
- SEBI Act, SCRA and regulations made there under the Depositories Act, 1996
- Exim Policy etc.
Popular Recruiters of CS in India
India’s Companies Act 2013 lays down the important roles, responsibilities, duties and liability of a company secretary in India. Some of the key entities involved in the hiring of company secretaries in India include:
- Private sector firms having a paid capital up to 5 crores
- Union and state governments
- Banks and public sector firms
- Large corporate houses
- Central government
How to Become a Company Secretary (CS) in India
The aspirants looking to become certified CS in India need to undergo a three-year CS course. If you are looking to make a career in CS, you must enrol under the Institute of Company Secretaries of India (ICSI), the statutory professional body of India regulating the CA/CS profession. Higher Secondary Certificate (10+2) from any recognized board of education or its equivalent from the Central Board of Secondary Examinations (CBSE) or Council for Indian Certificate of Secondary Examination (ICSE) are eligible for higher studies as CS.
A CS aspirant should pass the Higher Secondary Examination (10+2) from any recognized board of education or its equivalent from the Central Board of Secondary Examinations (CBSE) in India. Apart from this, graduates having a Bachelor of Commerce (B.Com) and Master of Commerce (M.Com) degree along with Chartered Accountancy professionals can also become CS in India, considering they clear the exam conducted by ICSI.
Several reputed business schools (B-schools), government-run universities and Indian educational institutes also offer professional courses to clear the CA examination.
Stages of the CS Course Information and Career Path
The student who wishes to join the course after 10+2 would required to undergo 3 phases to seek the company Secretaries Course i.e.
- Foundation Programme
- Executive Programme
- Professional Programme
The student would need to experience Practical Training for about 15 months which a student may choose to start after passing the Executive Programme.
To join the course after graduation, students must go through two levels of the Company Secretaryship.
- Executive Programme
- Professional Programme
Apart from that the students would be needed to undergo practical training for nearly 15 months.
The Foundation Programme, lasting eight months, is available for students who have completed their 10+2 in Arts, Science, or Commerce.
Graduates from all disciplines, excluding Fine Arts, are eligible to pursue the Executive Programme.
The Professional Programme can only be undertaken after completing the Executive Programme of the CS Course.
Training- The student needs to perform a 15-month management training in companies sponsored by the Institute post passing the Executive or Professional Programme or under the direction of a Company Secretary in Practice.
Upon passing the Professional Examination and successfully finishing their training, a candidate becomes an Associate Member of the ICSI and is permitted to use the designation ACS, which stands for Associate Company Secretary.
Throughout the year admission to the CS Course is open. Examinations are held twice a year in June & December.
#1. Foundation Course
CS beginners in India should register for the Foundation Course. Applicants who have cleared HSC or its equivalent are required to register for the Foundation Course of ICSI under its three-year program.
Point to Remember
- Graduates and professionals having B.Com, M.Com and Chartered Accountant (CA) certifications are not required to enrol for Foundation
- Students cleaning CAT, XAT, GMAT, SNAT, MH-CET, NMAT and ATMA can also skip the Foundation Course, subject to approval from ICSI
There are 4 papers in the CS Foundation Programme
- English and Business Communication
- Economics and Statistics
- Financial Accounting
- Elements of Business Laws and Management
#2. Executive Program
Upon successful completion of the Foundation Course, ICSI selects a limited number of students to take admission in the Executive Program. Admissions are not based solely upon the candidate’s performance in the written exam.
Points to Remember:
- Candidates cleaning the Foundation Exam are required to appear for a personal interview round at the ICSI head office in New Delhi or one of the regional offices in Mumbai, Chennai and Kolkata or its chapters located at 38 different locations in India.
- Group discussions for students clearing the Foundation Course are held at ICSI and its chapters.
- Analytical and problem-solving skills are also checked via tests.
There are 6 papers divided into 2 Modules in the CS Executive Programme
Module I
- General and Commercial Laws
- Company Accounts, Cost and Management Accounting
- Tax Laws
Module II
- Company Law
- Economic and Labour Laws
- Securities Laws and Compliances
#3. Professional Program
Students, who pass the Executive Program move ahead into the final stage of the Company Secretary three-year professional exam. Professional Program is the toughest among all three stages as it has a very complex syllabus, which is broadly divided into three modules.
Each module has three distinct subjects. Although, the third subject needs to be chosen from a list of electives offered by ICSI.
Points to Remember:
- Passing the CS Professional Program is the most difficult for any student.
- It is also highly recommended for CS aspirants to study for the Executive Program and Professional Program through any ICSI-recognised university, offering CS courses.
- Incumbents cleaning all three stages of the CS program get membership in ICSI to become certified Company Secretaries.
There are 8 papers divided into 4 Modules in CS Professional Programme
Module I
- Company Secretarial Practice
- Drafting, Appearances and Pleadings
Module II
- Financial, Treasury and Forex Management
- Corporate Restructuring & Insolvency
Module III
- Strategic Management, Alliances and International Trade
- Advanced Tax Laws and Practice
Module IV
- Due Diligence and Corporate Compliance Management
- Governance, Business Ethics and Sustainability
Syllabus for Company Secretary Executive Program
As per ICSI’s guidelines 2017, the CS Executive program has a total of seven subjects. All these subjects are categorised into two broad modules -Module 1 (four subjects) and Module 2 (three subjects).
Exams for the Executive Program are generally held in the months of November and January. For accurate details about the Executive Program exam, visit the official ICSI website at https://www.icsi.edu/home/
Cut-off Dates for Admission to the CS Course:
| For Foundation Programme | 31st March for appearing in the December Examination in the same year |
| 30th September for the June Examination next year | |
| For Executive Programme | 28th February for December Exams in the same year |
| 31st August for the June Exam next year |
The CS application is available at any of the Institute’s offices in cities across India.
Cost of Prospectus for Foundation Programme | Rs. 250/- by Post or courier |
| Rs. 200/- by cash payment while | |
| Cost of Prospectus for the Executive Programme | Rs. 300/- by cash payment while |
| Rs.350/- by Post or courier |
Payment Option: The payment can be sent to the Headquarters through the demand draft drawn in favour of The Institute of Company Secretaries of India payable at New Delhi OR via cash across the counter from the Headquarters, Regional Offices & a few of the Chapters.
Understanding Fee Structure for CS Course
| CS Foundation Programme | Rs.4500/- |
| CS Executive Programme | Rs.9000/- for Commerce Graduates |
| Rs 12,500/- for CPT passed of ICAI / Foundation passed of ICAI-CMA | |
| Rs 10,000/- for Non Commerce Students | |
| Rs 8,500/- for CS Foundation passed students | |
| CS Professional Programme | Rs.12,000/- |
The total cost of doing a Company Secretary or CS course from a recognized university in India is somewhere between INR 100,000 and INR 400,000. It also includes fees paid to ICSI and classroom training.
Generally, the fee is paid online by candidates for the CS course. In some cases, ICSI also accepts fees in the form of bank receipts in a nationalized bank. Concessions and exemptions are available to those students who come under specific categories.
ICSI offices across India
The ICSI’s main office is situated at ICSI House, 22 Institutional Area, Lodi Road, New Delhi, with regional offices in Mumbai, Kolkata, Chennai, and New Delhi, along with 69 chapters located across different cities in India. ICSI operates 66 examination centres throughout India and one international centre in Dubai.
Possibilities for Employment
- A qualified company secretary has openings in Employment and as a Practising Independent Professional
- The companies that have a paid-up share capital of Rs 2 crores or more are obligated to appoint a whole-time company secretary who is a member of ICSI.
- All companies pursuing listing on the Stock Exchange are directed to appoint a whole-time company secretary.
- Membership of the Institute is identified for appointment to superior posts and services under the Central Government.
Company secretaries in Self-employment or Practising
- After receiving a certificate of practice from the institute the members of the institute could proceed for the independent practice.
- Every company that has a paid-up share capital of Rs. 10 Lakhs or more but less than Rs. 5 Crores is directed to engage the services of a Secretary in Whole-Time Practice for issue of Compliance Certificate.
- Under Clause 49 of the Listing Agreement, Practising Company Secretaries have been permitted to issue Certificates concerning compliance with conditions of Corporate Governance as stipulated in the Clause.
The CS Course is :
- Acknowledged by various Universities for admission to PhD Courses
- Appointment of Lecturers in Commerce & Management
ICSI Journals
ICSI draws Chartered Secretary Journal for Corporate Professionals & Student Company Secretary & Foundation Programme Bulletin for students. The Chartered Secretary Journal could be subscribed through the students at a concessional rate of Rs 300, other bulletins are sent to the enrolled students free of cost.
Placement
The institute and its offices maintain the database of the members/students
The Institute also helps the members and students with Placement.
To assist the students in getting employment, company drives are also conducted on campus.
Vacancies for the post of Company Secretaries obtained by the Institute are placed on the ICSI Website for reference.
Role of Company Secretary
Behind Great Corporate Progress there’s a strong backbone:
The Company Secretary – From the integrated learning of numerous disciplines of law, management, finance, and corporate governance, a Company Secretary is the critical junction between the company, its:
- Board of Directors
- Shareholders
- Government and other Agencies
The Company Secretary is:
- An in-house legal expert; and a compliance officer of the Company.
- An expert in corporate laws, securities laws & capital markets, and corporate governance
- Chief advisor to the board of directors on best practices in corporate governance
- Responsible for all companies’ regulatory compliances.
- Corporate planner and strategic manager
Admission To Company Secretary Course
Only online registrations for the Company Secretary course are accepted by ICSI through its web portal. For successful registration, you will need soft-copies or scanned images of the following documents:
- Latest photograph
- Signature
- Secondary School Certificate or its equivalent from CBSE/ ICSE highlighting your date of birth
- Consolidated mark sheet of Higher Secondary Examination or its CBSE/ ICSE equivalent
- Attested copies of passing certificates and mark sheets for B.Com, M.Com and CA students
- Caste certificate if belongs to Scheduled Caste/ Scheduled Tribe/ Other Backward Castes categories
- Medical certificate from any government hospital, in case of specially-abled applicants
- Valid ID Proof, i.e., Aadhar card, PAN card, driving license or passport
- Valid address proof such as an Aadhar card, driving license or passport or any legal document indicating the geographic location of the candidate
CS Course in Hindi
Most of the universities along with the Institute of Company Secretaries of India (ICSI) in India have chosen the English language as a preferred mode of instruction for offering the Company Secretary courses.
Although with increased demand for qualified Company Secretaries from the state and central government bodies, universities in India now do offer coaching in Hindi and selected regional languages.
ICSI Universities Recognized for CA/CS Course
As of writing this article, there are around 55 ICSI-recognised and government-owned universities that offer Company Secretary courses to students in India.
Thousands of private coaching classes are also running in India to deliver coaching for CS courses. You must enrol at these coaching centres at your sole discretion and knowledge.
ICAI also provide online coaching through classroom studies at select locations in India for students.
Company Secretary Salary
According to the Payscale report, a company secretary in India gets an average of INR 3,00,000 per year as salary with a small and medium-scale enterprise, With larger organisations, this salary goes up to INR 5,00,000 per annum.
However, when it comes to large corporate houses and multinational firms, company secretaries easily get around a salary between INR 8,00,000 to INR 1.5 million per annum.
Vision of ICSI
To become a global leader in the development of professionals specializing in corporate governance.
Mission of ICSI
The mission of ICSI is to create skilled professionals to ensure effective corporate governance and stable management and to perform proactive research and development activities for the protection of the interests of all stakeholders, contributing to the public good.
For more information go to our website www.icsi.edu and email your queries to: info@icsi.edu or
https://www.icsi.edu/aboutus/courses/CS_Course
