Career as Chartered Accountant
Chartered Accountants deal with the management of money and provide financial advice. They maintain records of financial transactions which every organisation is required to keep by law and also carry out company audits.
- Chartered Accountants are members of the Institute of Chartered Accountants of India. They work in private practice or in the accounts department of firms and organisations. The range of work in private practice can vary enormously according to the size and place (city) of practice. If it is a large practising firm there is greater specialisation of individual accountants within the organization.
- Computers are widely used in accounting and auditing. Accountants summarize transactions in standard formats for financial records, calculate projected financial ratios, or organize data in special formats for financial analysis.
- Financial accounting deals with keeping financial records. The job involves interpreting accounts, supervising, controlling and organising expenditure and income, etc. It includes compiling daily, monthly and yearly management accounts.
- Operating accounts
- Carrying out internal audits
- Dealing with wages and salaries
- Paying accounts and sending out invoices
- Managing tax
- Statutory audits are required as per the Company Act by both the private and public sector.
- CAs carry out internal audit to keep track of management procedures and internal controls and ensure that records are accurate and controls are appropriate. They review compliance with corporate policies and procedures.
- Tax auditors review financial records and other information provided by taxpayers to determine the appropriate tax liability. Government departments have tax auditors who may be appointed to audit the taxpayers’ accounts.
Cost accounting deals with the complex business of working out what particular operations, jobs, products really cost to produce. It extends to:
- Budgeting and budgetary control
- Monitoring expenditure to see that costs are not over-shooting
- CAs specialise as tax managers and assist in optimising the firm's financial structure. They look at the tax implications of new plans, changes in company structures, in fact any major decision. They advise on the tax effect of performance goals.
- Management accounting is a task senior chartered accountants perform.
- They collect, organise, collate and analyse information from all parts of the organization.
- Make regular critical analysis of past and present financial performance
- Make projections for the future.
- Consultancy is a challenging opening for bright and ambitious young CAs. Business today needs right information related to accounting. Consultant's functions relate to the following areas:
- Corporate law advice regarding company formation and structure, liquidation and financial aspects
- Project planning and advice on financial resource
- Investigation of share valuation for takeovers, issue of capital shares, amalgamation with other firms.
- Business advice regarding expansion, profit analysis, profit improvement, joint venture programmes, etc.
- Secretarial practice and procedures
- Information systems management
- In the industry CAs are generally found in the higher positions of the accounting department and in the finance division at all levels. Besides the regular role CAs are involved with planning and financial strategies, preparing prospectuses for share issues, managing pension funds and long-term investments, investigation of prospective investments, merger or takeover.
- A disciplined attitude for hard work
- Good understanding of socio-economic environment in which organisations operate
- Numerical ability
- Logical and methodical approach
- Ability to take stress
- Attentive to detail
- Ability to deal with different types of people
- Necessary skills in applying theoretical knowledge to practical situations
- Ethical values
- Analytical mind
- Good verbal and written expression
- Business acumen
- Patient and industrious
- Independent professional practice
- Chartered Accountants firm
- Capital market services
- Business houses and industry
- Consultancy firms
- Large organizations and institutions
- Financial institutions
2.93 Lakhs to 15.18 Lakhs per annum
(Salary data sourced from PayScale.com)
- American Express
How do I get there?
CA Final exam***
Other subjects 60%
CA Final exam***
The Chartered Accountancy examinations are divided into three levels. They are
- Intermediate &
- Final Examination
- Register and complete 4 months of theoretical education for the Foundation Course.
- Appear for Foundation examination after passing in Class XII examination
- Qualify Foundation Examination
**Intermediate Course is the second level of Chartered Accountancy examinations.The steps to proceed are
- Register and pursue 8 months of theoretical education of the Intermediate course
- Pass at least Group I of Intermediate Exam.
- Complete 4 weeks Integrated Course on Information Technology and Soft Skills (ICITSS)
- Begin practical training.(Register for 3 yr Practical Training on passing at least Group I)
***CA Final Examination.
- Register in the Final Course on qualifying both Groups of Intermediate Course
- Complete 4 wks Advanced ICITSS during the last two years of Practical Training.
- Complete Practical Training
- Take Final examination after completion of practical training
- Take Membership of ICAI
Those who have passed Intermediate level examination of Institute of Company Secretaries of India/ Institute of Cost Accountants of India are exempt. They may register for the CA Intermediate course directly and follow the course from there.
**** Route 2 for graduates & postgraduates
- Register with the Board of Studies for the Intermediate course (provisional registration is allowed to Final year students).
- Complete 3 wk Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training.
- Register for Three Years Practical Training with a CA
- Take Intermediate Examination after Twelve months of Practical Training and qualify both groups.
- Register for the Final Course
- Complete 3 wks Advanced ICITSS during the last two years of Practical Training
- Finish Practical Training
- Take Final examination
- Take Membership of ICAI.
Where to study?
Prestigious Institutes in India
- Institute of Chartered Accountants of India
Featured Institutes in India
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Mrs. Kum Kum Tandon
MA (Psychology), M.Ed, Diploma in Educational Psychology, Vocational Guidance & Counseling (NCERT, Delhi) | View Complete Profile