Chartered Accountancy

12/12/2014 Career

Introduction

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.





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