Chartered Accountancy – Career Options and Scope

Introduction

Career in Chartered Accountancy is  is a lucrative option in India.Chartered Accountancy is central to all business undertaking, and an important and integral part of top management. If keeping accounts or managing numbers is something that you are good at, Career as a Chartered Accountant is the perfect option for you. But,path to becoming a Chartered Accountant is lengthy and difficult one.

 It is important to know and understand all important aspects related to Chartered Accountancy. So, let’s explore different Career options and scope of Chartered Accountancy.

What is Chartered Accountancy?

It is sought after career options among the commerce students. A Chartered Accountant is an important and most integral part of all business and commercial transactions that happen around us. Be it helping corporate leadership take important decisions or simply filing IT returns for working professionals; everyone needs a CA. It is preferred in all companies. A Chartered Accountant looks after financial and accounting matters related to financial planning, auditing, taxation, and strategic planning for investment and shares capital.

Who Can be a Chartered Accountant?

Being a chartered accountant is challenging but on the other hand, it is rewarding as well. However, an ideal candidate considered are students who are comfortable with numbers and accounting and can do the financial analysis are ideal to be a CA. 

What would it Cost Me?

Unlike the other professional courses, the fee for becoming chartered accountant is very less. For registering with IPPC you have to shell out Rs 9000 while the fee for CPT is Rs 6700.

About ICAI Exam

n India, the Institute of Chartered Accountants of India (ICAI), conducts CA exams and certify a candidate as a qualified Chartered Accountant on successful completion of the three-level course.

Examinations conducted are:

  • Common Proficiency Test (CPT)
  • Intermediate (Integrated Professional Competence) Examination
  • Final Examination

Common Proficiency Test is the entry level exam for CA course, followed by Intermediate and Final examination. Intermediate (IPC)E & Final examinations are conducted twice a year, in May and November. CPT is conducted twice a year, in June and December. 

Job Prospects and Pay Packet

On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA. Any candidate who wants to practice in India or aboard should obtain certificate of Practice from ICAI.

For CA Inter: Generally candidates holding CA inter-qualification are paid somewhere between Rs 7,500 and 15,000 depending on the type of firm. Payments can be higher for candidates possessing other qualifications such as MCom or an MBA. For CA Final (FCA): Starting salaries range between Rs 12,000 to 30,000 depending on the type of firm and nature of the economy.
A full fledged CA can expect a salary between Rs 30,000 to 75,000 after serving a stint of more than 5 years at a top firm.

Positives/Negatives

+ves

  • The job is highly paying.
  • CA command tremendous respect in the organisations and society.

-ves

  • It can be a stressful job as the responsibilities are enormous and there is no scope for any errors.
  • Regular update of knowledge is a must otherwise it may lead to stagnation in career.

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