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. you can choose your career from Stream and career clarity service.
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.
To become a chartered accountant, one typically needs to have a bachelor’s degree in accounting or a related field, and then complete a professional training program that includes a period of supervised work experience. The length and structure of these programs may vary depending on the country and the specific professional body that grants the designation.
In addition to completing the required education and training, individuals must also pass a series of professional exams that test their knowledge and skills in accounting and related areas, such as taxation, auditing, and financial reporting.
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.
In general, some of the costs associated with becoming a chartered accountant may include.
About ICAI Exam
In 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.
To be eligible to take the CA exam, candidates must have completed the required education and training as specified by the ICAI. Candidates must also register with the ICAI and pay the required fees to be able to take the exam.
The CA exam is known for its high level of difficulty, and candidates are advised to prepare thoroughly by studying the relevant course material and practicing with sample papers and mock tests. Successful completion of the CA exam is a significant achievement and opens up many career opportunities in the field of accounting and finance.
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 Intern: 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
Positives
- The job is highly paying.
- CA command tremendous respect in the organisations and society.
Negatives
- 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.
Stream & Career Clarity
Stream and career clarity are related to understanding one’s interests, skills, and strengths to choose a suitable career path. Stream refers to the specific academic discipline or field of study that one selects after completing their secondary education. It lays the foundation for further education and career choices.
Career clarity, on the other hand, refers to having a clear understanding of one’s career aspirations and goals. It involves identifying one’s interests, values, personality traits, and strengths, and aligning them with the career options available. Career clarity helps individuals make informed decisions about their career path, and it can improve their job satisfaction and overall well-being.
Having a clear understanding of one’s stream and career goals can help individuals make better decisions about their academic and professional lives. It can help them choose the right courses, develop the required skills, and gain relevant experience to achieve their career goals. It also helps individuals to stay focused and motivated, and make the most of the opportunities available to them.
