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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.

Job Profile

Career as Chartered Accountant
  • 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.
Accountants may be involved in any of the following tasks:

Financial Accounting
  • 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.
The tasks are:
  • Operating accounts
  • Carrying out internal audits
  • Dealing with wages and salaries
  • Paying accounts and sending out invoices
  • Managing tax
Auditing
  • 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
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
  • Forecasting
  • Monitoring expenditure to see that costs are not over-shooting
Tax Management
  • 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
  • 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
  • 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
CA in the industry
  • 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.

Employment Opportunities

The opportunities for Chartered Accountants are varied:

  • Independent professional practice
  • Chartered Accountants firm
  • Capital market services
  • Business houses and industry
  • Consultancy firms
  • Large organizations and institutions
  • Financial institutions
There are over 78,000 members of the Institute of Chartered Accountants, 70% of whom work in public practice and the remaining are engaged in services in trade and industry.
HSBC

How do I get there?

  • Std X

    X>Foundation*>XII

  • CA Course

    Pass XII>Intermediate**

  • CA Final

    CA Final exam***

  • Goal

    Chartered Accountant

  • Std XII

    Stream: Any

  • Grad/Postgra...

    Com 55%
    Other subjects 60%

  • CA course

    Intermediate**

  • CA Course

    CA Final exam***

  • Goal

    Chartered Accountant

The Chartered Accountancy examinations are divided into three levels. They are

  • Foundation
  • Intermediate &
  • Final Examination
*Class X pass student may register i with the Board of Studies (BoS) of the Institute for the Foundation Course. The steps are as follows:
  • 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
Note: Exemptions for Candidates from the foundation course.
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.

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Mrs. Kum Kum Tandon
MA (Psychology), M.Ed, Diploma in Educational Psychology, Vocational Guidance & Counseling (NCERT, Delhi) | View Complete Profile
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