WHAT’S IT ABOUT ?
Chartered accountancy is primarily about accounting, auditing and taxation. A chartered accountant helps companies and individuals in tax planning and compliance. These professionals’ role play includes capital structure and planning, organizational development, conducting feasibility study and preparing project reports, managing financial resources, installing internal accounting and budgetary controls and also assisting in important matters like mergers, JVs, FDI, amalgamation, diversification etc
The work of a chartered accountant primarily revolves around finance. They have to records transactions manually or through softwares like Tally, Busy etc.
Process payments and issue reminders of receipts. Typically, these tasks can also be undertaken by the computer operator or accountant in the ab absence of a chartered accountant in the company
calculate the pending challans, tax amounts, Claims, Insurance premiums, TDS, Advance Tax, GSTR1, GSTR2, GSTR3B etc on monthly basis.
Lunch is often converted into Brunch or evening snacks
preparing and printing budget reports, outstanding reports, bank reconciliation statements, errors & omissions etc.
Submitting the financial reports sought by the top management or as per the purpose / situation
Salaries offered at the Institute of Chartered Accountants of India’s (ICAI’s) campus placements range from Rs. 3 lakh a year to over Rs. 25 lakh per annum. The highest pay for an international post was Rs. approx 100 lakh a year.
- Highly analytical mind
- Quantitative aptitude
- Reading habit to continually update yourself
- Strategic management ability
- Ability to get into details without losing the larger perspective
HOW DO I GET THERE ?
- ICAI is the only body that awards the CA qualification. You can enroll for the common proficiency Test (CPT) now called CPC after clearing class X exams. After XII you can prepare for the entrance exam and appear in the CPT. Once cleared, you can take admission in the IPCC course. This level of CA is divided into 2 parts. You can give both the groups together or attempt one by one, its your choice. Those students who clear the IPCC first group are eligible to get training under a Certified Chartered Accountant. It is popularly known as Articleship training. Additional courses of GMCS and ITT are also to be attended by the student. This articleship lasts for around 3 – 3.5 years. After that you can prepare to appear in CA final exam which also has 2 groups. Here you have to complete GMCS – II training also. As soon as you clear the final exam you become ACA and after 5 years of practice you will be called FCA.
INSTITUTES & URLS
- Institute of Chartered Accountants of India icai.org
- Under an MoU, Indira Gandhi National Open University offers a special BCom programme in accountancy and finance. Those enrolling for the BCom degree are exempted from certain subjects covered in the CA programme. IGNOU also offers an MCom in finance and taxation to CA Final enrollees
PROS AND CONS
- Becoming a CA is not a big monetary investment (the tuition and registration fees for all courses is Rs. 19,500)
- You are in a position of trust and an essential part of the business
- Updating yourself requires effort
- In general, the pay is lower than an MBA’s
- Clearing the finals in one shot is not easy