"THE SIGNATURE OF A CHARTERED ACCOUNTANT IS MORE IMPORTANT THAN THE SIGNATURE OF A PRIME MINISTER."
As addressed by our honorable Prime Minister Mr. Narendra Modi on CA Foundation day and this clearly gives an idea about the significance, roles, and importance of a Chartered Accountant.
"A dream for many,
Aspiration of thousands of students,
Chartered Accountancy is the one thing that thousands of students thrive to become."
Chartered Accountant is a designation given to an accounting professional who has received certification from a statutory body that he/she is qualified to take care of the matters related accounting and taxation of a business, like a file tax return, audit financial statements, and business practices, maintaining records of investments, preparing and reviewing financial reports and documents. A Chartered Accountant is also qualified to offer advisory services to clients which include companies and individuals.
Why do we need Chartered Accountants?
The answer is very simple and basic. Chartered Accountants are professionals who work in various sectors of the economy, managing the finances of an entity, providing financial advice and helping out with money management. This can be for a business, individual or government. Chartered Accountant is responsible for all the financial and audit-related works done in a country.
"So here we will talk about all the future prospects, opportunities and career growth one will get after becoming a Chartered Accountant."
Let's draft the eligibility process and put it in simple headings-
1. ELIGIBILITY OR QUALIFICATIONS-
To become a CA a candidate has to undergo lots of tests and examinations at various levels. So there are two ways to appear for CA examinations. The first one is that a candidate has to pass Xth or an equivalent degree and then give next level exams and the second way is passing XIIth or an equivalent degree. After that one has to clear the foundation, IPCC, 3-year Articleship under a CA Firm and then the Finals.
Let's look at the process in elaboration-
STEP 1- FOUNDATION
STEP 2- IPCC COURSE
STEP 3- 3 YEAR ARTICLESHIP OR TRAINING UNDER A CA
STEP 4- CA FINALS
Now let’s talk about the eligibility-
- Any student who has passed 10th or any course equivalent to that can apply for the Common Proficiency Course.
- Post qualifying for the 10+2 exam, a student has to then qualify the Foundation course. The earlier name of the foundation course for CA was the Common Proficiency Test (CPT).
- After foundation comes IPCC, successful articleship and then you are eligible for the CA Finals.
PAPERS OF FOUNDATION COURSE-
- Principles and Practices of Accounting.
- Business Laws
- Business Correspondence And Reporting
- Business Mathematics And Logical Reasoning
- Business Economics
- Business And Commercial Knowledge
PAPERS OF IPCC COURSE-
- Business Laws, Ethics and Communication
- Cost Accounting and Financial Management
- Advanced Accounting
- Auditing And Assurance
- Information Technology And Strategic Management
PAPERS OF CA FINALS-
- Financial Reporting
- Strategic Financial Management
- Advanced Auditing And Professional Ethics
- Corporate And Economic Laws
- Strategic Cost Management And Performance Evaluation
- Paper 6 has subparts-
- Risk Management
- Financial Services and Capital Markets
- International Taxation
- Economic Laws
- Global Financial Reporting Standards
- Multidisciplinary Case Studies
7. Direct Tax Laws and International Taxation
8. Indirect Tax Laws
- Oversee the duties of the Accounting Team.
- Implement accounting systems and processes.
- Prepare monthly financial reports.
- Reconcile income statements.
- Control the master data of the general register.
- Review and release online banking payments.
- Budget Report to be prepared.
- Ensure compliance with state revenue services.
- Manage full financial process.
- Undertake financial audits.
- Liaise with clients whether individuals or organizations and provide financial information and advice.
3. REQUIRED SKILL SET-
- Analytical Skills
- Commercial Awareness
- Communication Skills
- Time Management
- Level Of Knowledge
- World Awareness
- Presentation Skills
- Digital Technology Adaptability
- Drafting Skills
4. EARNING POTENTIAL-
The initial salary of a Chartered Accountant depends on the size, vector, scale and nature of the organization. It also depends on the roles and responsibilities you've been assigned. But definitely you'll get vast opportunities to earn lots of money because it is one of the highest-paid jobs in India. The average salary of CA ranges from 6-7 lacs to 40 lacs and can even go up to 75 lacs in India.
5. FUTURE PROSPECTS-
Chartered Accountants members with options to either work in private or get placed in the accounts and finance department of big companies and firms.
If working in private the future prospects depend upon the size of your firm and the location where it is situated. On the other hand, working with big firms that have higher specialization of individual accountants, career scopes are still higher. With the advancement in the Indian economy, scopes for CA professional is also becoming broader.
6. JOB PROFILES AND RECRUITERS-
Firstly we will talk about the job profiles which are offered to a Chartered Accountant-
- Financial Reporter
- GST Expert
- Company Liquidator
- Tax Advisor
- Management Accounting
- Management and Corporate Consultancy
- Corporate Financing
- Share Valuer
There is n number of companies in India and overseas which will give vast opportunities for job and career growth. Some of these companies are PWC, KPMG, Ernest And Young and Deloitte.
7. WORK EXPERIENCE-
You don't need prior work experience other than a 3-year Articleship in a CA Firm as work experience before becoming a certified Chartered Accountant. Else you can contact accountancy firms to ask about opportunities to gain pre relevant work or work placements.
8. WORK-LIFE BALANCE-
Many of you must've heard the preconceived notion about how busy and hectic Chartered Accountants are. But again it depends on the nature of the job and size of the organization you've chosen.
So these are the future prospects and vast opportunities overview that you'll come across while choosing CA as your career. We all know that CA is a highly paid career in India as well as overseas. It is the profession where you can work anywhere in the field, offers huge scope, gives you practical experience, independent practice and good job opportunities with high salaries and earnings.