Chartered accountancy is one of the most popular career option in India. This profession is not an easy task to get into but if you manage to do so, it offers a great career path, salary, and also get the good respect in society.
The demand for CAs is more than ever. According to Times of India research analysis, In the April of 2018, there were only 2.82 lakh CAs in India and out of that only 1.25 lakh were in practice. This means only 44% of CAs were active at that time. Given the fact that there are 7.8 cr. taxpayers in India and more startups and businesses establishes every year.
So, this is the good time to get on the CA, There are massive employment opportunities and they are more likely to grow as more businesses are being established.
The simple reason to build a career in chartered accountancy is that it is a very secured and well paid profession. The whole world runs on money and every business needs expertise to manage their finances, help in filing taxes and fulfill audit requirements.
As a chartered accountant, the opportunities to work are endless. Regardless of the Sectors and industries, every organization needs finance management and chartered accountants is the only solution.
We like to keep our career guides very honest and real. If you think you are dedicated and determined, then let us move into this career guide!
What is Chartered Accountancy?
First of all, Chartered accountancy or accountancy essentially means the same. The profession involves management of finances for an entity. This includes managing financial accounts, auditing, budgeting, taxation and business strategy.
The comparison between an accountant and a chartered accountant is that the latter has taken an in-depth training and knowledge of years and have passed multiple exams in different aspects of accounting to earn the title of a chartered accountant.
Chartered accountants are professionals who work in various industries and sectors of the economy, managing the finances of an entity, helping out with money management and providing financial advice. This can be for a individual, business, or government.
Scope And Demand Of A Chartered Accountant :
Chartered accountants are always in top demand. You can either work for an organization or a business and help manage their finances, accounts, auditing or taxation.
You can also work independently as a consultant and offer services to individuals who seek these services.
Financial institutes and organization always look for expert chartered accountants, which is an additional opportunity of CA employment. Working for consultancy firms is another way to utilize your accounting expertise. Consultancy firms assign CA to their different multiple clients to help them with their long or short term financial goals. If you want to work for multiple clients then a consultancy firm suitable for you.
As a chartered accountant, you can work in the following sectors:
- Businesses and industries
- Chartered accountant firms
- Institutions
- Consultancy firms
- Financial institutions
- Capital market services
- Independent practice
Qualification Required To Become A Chartered Accountant :
You can initiate your path to become a chartered accountant either after your 12th or even post your graduation or post-graduation completion. Both are similar paths however, if you are a graduate or postgraduate, you can avoid few steps which are compulsory for candidates who just passed their high school.
It takes a minimum period of 4.5 to 5 years for the students who joined after 12th. For the graduated or post-graduated students, they take a minimum of 4 to 4.5 years to become chartered accountant.
Foundation course route (after 12th)
To become a CA, you would need to pass a series of exams, but before taking these set of examinations, you need to pass 12th. Once you have passed your high school, this is the list of exams you need to clear in the mentioned order.
- CA Foundation course (previously known as CPT or Common Proficiency Test)
- Integrated Course on Information Technology and Soft skills (ICITSS)
- CA Intermediate (previously known as IPCC or Integrated Professional Competence Course)
- Article ship (3-year training)
- Advanced Integrated Course on Information Technology and Soft Skills (AICITSS)
- FC (Final course)
So, you have to take a step-by-step approach to all the courses and examination mentioned above. Here is how you have to follow about it.
Step 1 : Enroll in the CA Foundation Course after completing 12th.
Step 2 : Complete 4 month study period and appear in the CA Foundation Examination.
Step 3 : After clearing CA Foundation Exam, Enroll into CA Intermediate Course.
Step 4 : Finish 4 weeks of Integrated Course on IT & Soft skills (ICITSS). This course needs to be completed before your articleship.
Step 5 : Finish 8 months course of CA Intermediate and then appear for the exam. There will be 2 groups of exams, you need to clear at least one before moving next step.
Step 6 : Attend 3 years article training after clearing on of the group of CA Intermediate Exam and complete ICITSS before initiating your articleship.
Step 7 : Pass the remaining group of CA Intermediate Exam (In case there is any).
Step 8 : Enroll for the CA Final Course.
Step 9 : Finish 4 weeks of Advanced Integrated Course on IT and Soft skills (AICITSS) in the last two years of your articleship and before appearing for the final exam.
Step 10 : Appear for the final exam either after completion of your articleship or during the last 6 months of your articleship.
Step 11 : Finish your article training, If you have decided to appear for the final exam while serving your articleship.
Step 12 : pass the CA Final Examination.
Step 13 : Enroll as a member of the ICAI to be designated as a Chartered Accountant.
Direct entry route (after graduation or post-graduation)
To become a CA after finishing your graduation or post-graduation, the path is quite similar to above. However, you can only pursue this path if you have scored at least 55% aggregate in your commerce graduation or post-graduation, or at least 60% in case you are non-commerce graduate or post-graduate.
If you are completely eligible as per your graduation or post-graduation results, then following are the steps you need to follow.
Step 1 : Enroll for CA Intermediate Course.
Step 2 : Finish 4 weeks of Integrated Course on IT and Soft skills (ICITSS). This course needs to complete before your articleship.
Step 3 : Register for 3 years articleship or practical training.
Step 4 : Appear for CA Intermediate Examination post 9 months of your training.
Step 5 : Clear both groups of CA Intermediate Examination.
Step 6 : Then, Register for CA Final Course.
Step 7 : Finish 4 weeks of Advanced Integrated Course on IT and Soft skills (AICITSS) in the last two years of your articleship and before appearing for the final exam.
Step 8 : Appear for the final exam either after completion of your articleship or in the last 6 months.
Step 9 : Complete your 3 years training.
Step 10 : Clear the CA Final Examination.
Step 11 : Enroll yourself as a member of the ICAI to be designated as a Chartered Accountant.
Job Roles In Chartered Accountancy
| TASKS | RESPONSIBILITIES |
| Financial Accounting | Manage accounts, Manage salaries and wages, Managing taxes, Perform internal audits, Send out invoices |
| Auditing | Internal audits and Perform statutory audits as per Company Act |
| Cost Accounting | Forecasting, Expenditure control, Budgeting & control |
| Tax Management | Advise on taxes as per changes in business strategies and plans |
| Consultancy | Project planning, Corporate law advice on financial aspects, Business advise regarding profits, expansion and more, Information systems management |
Free Software’s for CA’s to set up their own practice
- Accounting on-the-move->Busy Accounting Software
- Managing Expenses-> Expensify
- Remote Access->Team viewer
- Your Personal Assistant->Evernote
Tips to get the best Jobs in CA
CA is much need of any organization or enterprise. It is for sure, You have taken a lot of trouble to complete the CA Course to score the maximum marks in the exam. You want the best paying job and want to secure a job that makes you happy.
Listed below are tips to help you get a top job.
1. Internship
The practical knowledge is damn necessary for CA. You can gain it by working as internships after clearing the CA-Foundation course. WE suggest you to go for multiple internships in CA companies, corporate, & banking sectors.
2.Keep up with the Latest Trends
In completion of the course, you will be a Chartered Accountant. However, for better employment opportunities need to be updated with commercial and business knowledge.
To be up-to-date, read financial newspapers and the journal of ICAI members on daily basis.
3.Art of Communication
Client will push you, if you have the art of communication, You will be able to draw & convince the clients & can have a long-term business relationship with them.
Communication skill is very important to generate reports & present them and hold meetings.
4.Commercial & Business knowledge
An in-depth study of the industry, in which you are interested to make a career is very necessary to make an impression during the interview for the job. It is an essential tool in the hands of CA’s to analyze future trends and manage risks for the enterprise you are working for.
Without adequate knowledge of ongoing trends, you will not be able to make the correct predictions.
5.Growth
Afcourse, Learning does not end with the training and course. The basics of accountancy have to grow with the new accounting practices and latest accounting courses.
6.Increase Skills
You will also have to learn technical skills such as Robotics, AI, and other soft skills to save time and do your routine activities and tasks more efficiently.
Acquire skills that will help in imaginative reasoning, correspondence and leadership.
5.Financial Concepts
A good knowledge on financial concepts can also help you work more efficiently in any organization. It is a good tool to aid the organization you are employed to achieve the organization goals.
The bonus tip
Today, CA is one of the most pursued professions. It is the demand for CA’s and the high salaries that make one yearn to be a CA. Nevertheless, it is hard to clear the course of chartered accountancy without persistence and hard work.
This article shows you how to become a chartered accountant and indicate the way for you to become chartered accountant.
Top 10 Richest and Famous Chartered Accountants In India 2022
1. Rakesh Jhunjhunwala
Known as India’s Warren Buffett Mr. Rakesh Jhunjhunwala. He added prestige to CA profession by smartly managing his own portfolio as a partner of his Rare enterprise. His portfolio is a subject matter for debates and analysis. He is ‘pin-up boy of the bull run’ described India Today.
2. Kumar Mangalam Birla :
The Chairman of the Aditya Birla Group CA kumar mangalam birla is , one of the largest conglomerate corporations in India. The group is India’s third largest business house. At early age he took responsibilities to lead Aditya birla group and been doing very well. Being the leader of a group which employs 160000 employees globally he certainly glorifies this profession.
3. T.N.Manoharan :
Being India’s fourth civilian award “PADMA SRI” recipient CA Manoharan the former president of ICAI glorifies CA profession. He was appointed by the Gov. of India as its representative in Satyam Scandal restructuring. He has done his job extremely well and received CNN ‘Indian of the year’.
4. Naina Lal Kidwai :
She is the 1st Indian women to graduate from the prestigious Harvard University. Sri. Naina lal kidwai took the pride of CA profession by successfully heading the HSBC, India. She is currently the Group General Manager & Country Head of HSBC India. She is the Former President of FICCI (the Federation of Indian Chambers of Commerce and Industry). She is also honored with PADMA SRI by Government of India.
5. Piyush Goyal :
The Hon’ble Minister of State with Independent Charge for New & Renewable Energy, Power and Coal in the Government of India, Piyush Goyal. He is currently a Member of Parliament and was earlier the National Treasurer of the BJP.
He stood all India second in his CA final exams and he had his further studies from Oxford (Yale, Princeton) universities.
6. Rameshwar Thakur :
Rameshwar Thakur is a Sr. Indian political leader of congress and served as the president of ICAI during 1966-1967. He was Governor of Andhra Pradesh, Karnataka , Madhya Pradesh, Odisha. He is a great source of inspiration to those looking an entry into economics politics.
7. T.V. Mohandas Pai :
T.V. Mohandas Pai has been awarded as “Best CFO in India” by Finance Asia, He is pride of our CA profession. He worked with Infosys for more than 12 years. As the CFO, he played a strategic role in transforming Infosys into one of the world’s most respected and widely known software services companies. He developed the country’s first publicly articulated financial policy for the company.
8. Deepak Parekh :
He is the Chairman of Housing Development Finance Corporation, A housing finance company. He served as executive & non executive director of many companies. He was also the first recipient of the Qimpro Platinum Award for Quality for his contributions to the services sector, and the youngest recipient of the prestigious Corporate Award for Life Time Achievement by the Economic Times.
‘Padma Bhushanwas’ awarded to him by the Government of India. In 2010 he was the first international recipient of The Institute of Chartered Accountants in England and Wales’ Outstanding Achievement Award, on his contribution over many years to the accountancy and finance profession.
9. S. Gurumurthy :
S. Gurumurthy is a renowned journalist and a successful CA in India. His articles in The Indian Express created blast in the corporate world, which exposed the conglomerate and troubled Reliance. His articles were based on extensive study pointed out many inappropriate practices of Reliance. He certainly added glory to our profession by making the public aware of such fraudulent tasks.
10. Suresh Prabhu :
He is an Indian politician and the Railway Minister of India, under the Modi government. He is a CA by profession and a member of the Institute of Chartered Accountants of India. Suresh Prabhu completed his high school from Sharadashram Vidya Mandir, Dadar, Mumbai, followed by a Bachelor in Commerce with Honours from M.L. Dahanukar College, Vile Parle, Mumbai. He received a Bachelor in Law degree from the New Law College, Ruparel College campus, Mumbai. He was All India 11th rank holder in CA exam.