What is chartered accountant ?
Chartered accountancy has been
one of the most popular career choices in India. This profession is not easy to
get into but if you manage to do so, it offers a great career path, salary, and
respect among people. One of the reasons why people respect chartered
accountants is not because of the designation or pay, it is mainly because it
is not easy to become one. The path to becoming a chartered accountant or CA is
tough and it can be easily said that it is one of the, if not the toughest
profession. We like to keep our career guides very real and honest, so we had
to open with the harshest truths about this profession. If you think you are
determined and dedicated, then let us move into this career line . In today’s world when the commerce field grows more
and more in demand, chartered accountancy offers one of the brightest career
opportunities. The CA course comprises education in the field of business, taxation,
accounting, and auditing required to excel.
Who is
chartered accountant ?
A Chartered
Accountant is an accounting professional. After receiving certification from a
statutory body they prove that they are qualified to take care of the matters
related to accounting and taxation of a business. For example, file tax
returns, audit financial statements, maintaining records of investments,
reviewing and presenting financial statements. Plus, a Chartered Accountant is
also qualified to provide advisory services to their clients. It is one of the ideal career options
for students from the commerce stream. Pursuing a financial management course can also be beneficial to those who
are interested in taking up this career. Anyway, India needs more and more good
chartered accountants. The pay is higher as well as the designation is very
desirable. A chartered accountant meaning defines accounting
professionals with international accounting qualification, apart from the
United States, in many countries throughout the world. In the United States, a
certified public accountant (CPA) is the equivalent of the CA designation.
Types
of a Chartered Accountant
Accountant: An accountant is a professional who
manages accounts of a company. He or she is responsible for creating sales and
cash flow reports, maintaining balance sheets and administering payroll. An
accountant work responsibilities include carrying out billing activities,
managing budgets and keeping inventory.
Actuary: An actuary is a finance professional. He or
she contributes to development of insurance policies. An actuary analyses
financial costs of risk or uncertainty. An actuary applies mathematics,
statistics and financial theory to determine the risk involved in potential
events.
Auditor: An auditor is also a finance career. He or she is responsible for ensuring the accuracy of financial records and financial information compliance with state laws. An auditor calculates tax owed and prepares tax returns. His or her work responsibilities involve calculating evaluating the performance of accounting record and payment processes.
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What is the role of Chartered Accountant?
A
career as chartered accountant is considered as a reputed
profession. Chartered accountant requires good
management and decision-making skills, in the public sector. A chartered
accountant career involves preserving the credibility of public expenditure.
Ensuring whether taxpayers achieve value for money through efficient and
accurate distribution and monitoring of resources. Individuals who choose a
career as Chartered Accountants who work in practice provide companies with
qualified financial services. Auditing, valuation, accounting, financial
analysis, risk management and financial structure advising are only some of the
wide-ranging services chartered accountancy firms offer.
Tax accounting
From
day-to-day VAT to sharing schemes, tax matters arise in every aspect of running
a company. Tax accountants prepare corporate and personal income tax
statements, and design tax plans which include topics such as financial
preference, how best to proceed with a merger or sale, tax deferment, when to
spend products, and other.
Auditing
Working
in audit includes reviewing accounting ledgers and corporate financial
statements, which is the basis of many accounting practices. Auditing research
is increasingly being computerized and may rely on efficient methods of random
sampling. Auditing will require a great deal of travel which enables Chartered
Accountants to operate in a wide variety of industries.
Financial accounting
A
financial accountant's job may be varied, one day they may be involved in
significant financial matters concerning mergers and acquisitions, the next
they may visit a client or supplier to set up a new invoice and talk about
business. This research includes a clear understanding of both financial and
accounting matters.
Cost management
Many
company accountants have traditionally been mocked as "bean
counters." As management accountants most frequently work side by side
with marketing and finance staff to grow new companies, this attitude has
undergone significant change. Management accountants work in companies and
assist in capital financial planning and business account review.
Budget analysis
Budget
analysts are responsible for the creation and implementation of financial
arrangements for an organization. There are plenty of government and
private-sector jobs in this area. Besides mathematical aptitude, due to the
compromises involved in the job, many budget analyst positions need superior
people skills. The Chartered Accountancy certification provides students with
the resources to succeed in this area.
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What are the skills and qualities required to become a/an Chartered Accountant?
Discipline: CA
course syllabus is huge and takes a lot of time. Chartered accountancy require
hard work, and social life often comes to an end. CA course syllabus is
considered toughest and requires extended hours of study. Chartered accountant
syllabus tests are difficult, with very poor passing rates. Furthermore,
article ships are mandatory for successful completion of chartered accountant
qualification. It is infamous for being paid peanuts for twelve to fourteen
hours of work. That means students got to have the courage and determination to
fulfil the curriculum, tests, and articles. The regular order of the day is to
be difficult work. In short, the applicants have to be able to make
compromises, maintain their concentration and handle their job and studies intelligently.
Numerical
Ability: In CA course syllabus numbers are
set to be students' best friends. Accuracy and pace in mathematics, in general,
helps tremendously. The calculator is their reliable companion.
Learning
Skills: Most of the students are trying to hurry up and
acquire chartered accountant jobs. However, only the conceptually sound can
really make progress in the industry. You have to grasp the principles for
this, rather than simply mugging methodologies mechanically.
Communication
Skills: The applicant will communicate with clients from
various sectors and provide tailored services according to their unique
requirements during the course of the internship. This requires good
communication skills from the CA students.
Analytical
Skills: In the case of chartered accountant qualification,
analytical skill sets are required. CA course syllabus require candidates
to develop technical qualifications during the period of the article ship and
develop analytical skills when working on practical examples.
Project management: Chartered accountancy students should bear in mind that the CA course is a difficult line to walk and involves balancing between the studies and the article ship. Besides, regular practices and continuity will ensure success as the chartered accountant syllabus is very comprehensive and the institute is rigorous in evaluating the mark sheets. A balanced approach is required as all chartered accountant subjects allow the student to score minimum mandatory marks.
How to Become a Chartered Accountant in India?
There are various phases completing which a candidate
finally gets certified as a Chartered Accountant. In this profession,
candidates explore how to manage the financial liability of a particular
business. To Become a CA, candidates need to go through several phases,
including fulfilling eligibility requirements, applying and completing the
degree needed, etc. Check the stages in the section below.
- Step 1:
Students need to complete the form and apply for the CPT exam which is
also known as the Foundation Course. Students can sit for this exam while
in school.
- Step 2:
After completing the foundation course students will have to go through
the IPCC Programme which is also known as the Intermediate Program.
Students need to pass class 12 boards in order to be eligible.
- Step 3: With
the completion of the IPCC course, candidates need to undergo CA article ship. This is a 3 year internship under a chartered accountant.
This is the opportunity to explore their way of handling accountancy under
an Chartered Accountant who is experienced.
- Step 4:
Completing the CA final course and cracking the exams is the final step
towards becoming a certified Chartered Accountant. Candidates can apply
for the course during their internship span.
|
meters |
CA |
|
Full Form |
Chartered Accountant |
|
Overview |
CA is the highest degree for Chartered Accountants
within India. It is exclusively for Indian Students. It covers all the Taxation and Auditing related subjects along with some
common Corporate Law related subjects suitable for the Chartered Accountant
profession in India. |
|
Governing Body |
Institute of Chartered Accountants of India |
|
Eligibility |
10+2 with minimum 60% aggregate marks. |
|
Levels of Courses |
3 levels |
|
Admission Process |
Direct |
|
Examination Type |
Level Based |
|
Average Annual Fees |
INR 50,000 to 3,00,000 |
|
Job Profiles |
Accountants, Accounting Managers, Auditing Experts,
Taxation Experts, etc. |
|
Average Annual Salary |
INR 5,00,000 to 25,00,000 |
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