Chartered Accountant – How to become a Chartered Accountant
A Chartered Accountant (CA) is a certified professional who has passed the final examination of the Chartered Accountancy course conducted by the Institute of Chartered Accountants of India (ICAI). CAs are responsible for ensuring that financial transactions are conducted in compliance with local laws, managing costs, and handling tax matters for companies and organizations.
The profession of Chartered Accountancy has gained importance due to globalization, the expansion of trade activities, and the growth of multinational companies. The services of a Chartered Accountant are required in managing the financial matters of all types of businesses, whether big or small. As per the Company Act, only CAs in professional practice are allowed to be appointed as auditors of companies in India.
Although not considered a glamorous profession, Chartered Accountancy provides ample opportunities for individuals to demonstrate their talents and earn respect and money. To become a Chartered Accountant, an individual must undergo three and a half years of special training and gain comprehensive knowledge in multiple areas of the trade.
A well-qualified Chartered Accountant has ample opportunities in both the private and government sectors. CAs can take up positions such as Finance Managers, Financial Controllers, Financial Advisors, or Directors (Finance) in private sector companies. Those interested in the government sector can take coveted posts like Director of Finance, Chief Executive, or Head of the Department of Accounts or Information Technology.
How to become a Chartered Accountant after the 12th?
Becoming a chartered accountant after 12th grade requires a combination of education and professional training. Here are the steps you can take:
- Complete your 12th-grade education: You should complete your 12th-grade education with commerce as the mainstream. Ensure you score good marks, especially in subjects like accountancy, economics, and mathematics.
- Register for a foundation course: After completing 12th grade, you can enroll for the CA foundation course. The Institute of Chartered Accountants of India (ICAI) conducts the CA foundation course twice a year in the months of May and November. You must register for the course before the deadline and prepare for the entrance exam.
- Clear the CA foundation exam: The CA foundation course consists of four papers, and you must clear all the papers to move to the next level. The exam is conducted in both English and Hindi languages.
- Register for the Intermediate course: After clearing the CA foundation exam, you can register for the CA intermediate course. The course is designed to provide in-depth knowledge of various subjects like accounting, law, taxation, and auditing.
- Complete the required training: You must complete a practical training period of three years under a practicing chartered accountant before appearing for the CA final exam. During the training, you will learn about various aspects of accounting, auditing, taxation, and other areas.
- Clear the CA final exam: The final stage of the CA course is the CA final exam, which is conducted twice a year. You must clear all the papers to become a certified chartered accountant.
Becoming a chartered accountant requires hard work, dedication, and a strong foundation in commerce subjects. With the right education and professional training, you can become a successful chartered accountant.
Chartered Accountant Job Description
Chartered Accountants are responsible for managing financial information and ensuring that their clients comply with financial laws and regulations. They perform various tasks, including bookkeeping, tax management, and providing financial advice to their clients. Additionally, they are expected to provide a high level of expertise in the financial industry.
Chartered Accountant Career Prospects
Chartered Accountants have excellent career prospects in both the private and government sectors. They can hold various positions in the private sector, including Finance Managers, Financial Controllers, Financial Advisors, and Directors (Finance). In the government sector, they can obtain esteemed positions such as the Director of Finance, Chief Executive, or Head of the Department of Accounts and Information Technology.
Chartered Accountants can also find lucrative job opportunities in capital markets, business houses, and industry. Some may choose to have their own consultancy or private practice, which can provide more freedom and self-satisfaction in their work. As the world continues to globalize and India liberalizes its policies, more opportunities are expected to arise for Chartered Accountants.
According to estimates, India will need nearly 50,000 Chartered Accountants by the end of 2020 to meet the demands of growing globalization.
Chartered Accountant Salary
Starting salaries for Chartered Accountants range from Rs. 50,000 to Rs. 60,000 per month, depending on the organization. With experience and expertise, they can earn up to Rs. 1,00,000 per month. Private practice allows for unlimited earning potential.