In India, majority of the students who opt for commerce field has a mission to become CA professional. Though the career path is quite daunting and full of complexities, CA is a very promising and rewarding career. If you are one among the CA aspirant, here is all you need to know about it:
Eligibility: 10+2 examination from a recognized board is the minimum eligibility for pursuing CA course.
Stages involved :
It is a three-level program by the Institute of Chartered Accountants of India (ICAI) which comprises of Foundation, Intermediate, and Final courses.
- After 10+2, Registration for ICAI Foundation (4-month study period)
- Simultaneously pursue B.com
- Enrol for Intermediate (8-month study period)
- Pursue three-year Articleship
- Clear the Final exam
The duration after 10+2 is about 4.5 years.
Note: One can directly enrol for Intermediate after graduation.
Functions of CA
Accountancy and Auditing
Accountancy and auditing are two important functions of CA. The former include maintaining accounts, preparing financial statements, and many more activities which ranges from easy and simple bookkeeping to complex and time demanding financial analysis. The latter deals with reviewing the financial statements of individuals/organizations; determining the accuracy and compliance with the prevailing rules and regulations.
Taxation and Advisor
CAs can prepare returns for tax purposes, assess taxes, give general advice on taxes to clients or businesses either as a consultant or as a practising partner. As a tax accountant, he is responsible to assure that the client’s tax forms are complete and accurate and that the client is paying neither more nor less than required.
According to ICAI, CAs can also determine the costs involved in the production and process of any product/service. CAs can give costing details for directing the management, controlling the cost, guiding the management in price fixation, etc
CA acts as financial accountants also by helping companies make smart and long-term financial decisions such as whether or not overtake another company or enter into a new business relationship. They thoroughly examine the financial statements involved in any business deal to ensure that the deal yields a good profit for the company.
CAs conduct investigations to ascertain the financial position and performance
CAs also conduct investigations to conclude the financial position & performance of a company or firm to help businesses achieve greater efficiency in management/administration, elevate profits, hunt the reasons out for decline in profits, etc. They also undertake investigations for the issue of share capital or purchase/sale/financing of a business.