Chartered Accountancy is a lucrative career option with potential job opportunities at both private and public organizations. Post liberalization, privatization, and globalization; chartered accountancy has rewarding career prospects. As per the Companies Act, it is only the CAs who are entitled to be auditors of companies in India. Chartered Accountancy is a dynamic profession and one of the most sought after careers in India.
Chartered Accountancy Courses
Chartered Accountant means you are a member of the Institute of Chartered Accountants of India (ICAI). ICAI is the only institute which offers chartered accountancy course and gives CA certification. One becomes CA after successfully completing the course of chartered accountancy conducted by ICAI. One of the unique features of the chartered accountancy curriculum is that both the theoretical as well as practical aspects are being conducted simultaneously from the very beginning. The following courses of chartered accountancy are as follow:
Common Proficiency Test (CPT): It’s an entry-level test comprises subjects like accounting, mercantile laws, general economics, and quantitative aptitude.
Integrated Professional Competence Course (IPCC): IPCC is the course module where the main motto is to improve the knowledge of accountancy. The subjects covered are business communication, business strategies, taxes, information technology, and audits.
CA final: CA final includes the core area of accountancy like financial reporting, strategic financial management, advanced management accounting, advance auditing, & professional ethics, informational system control, audit, principles of e-governance, corporate and allied laws, international taxation, and VAT.
Articleship: After passing IPCC, the candidates get enrolled for articleship under the supervision of experienced CAs. Under the experienced CAs, articles get to know the finer aspects as well as training domains of accountancy. As time passes, the articles are given bigger assignments to handle to have more perfection from the candidates.
Course Fees: The fees modality is not very high with CA. It is nominal. The fee for CPT is about Rs 6700/- and for IPCC is Rs 9000/-.
Chartered Accountancy Courses Eligibility
As far as eligibility for joining chartered accountancy is concerned, one should pass 10+2 for registering into the foundation course of one-year duration. After then one has become eligible to appear in the intermediate and final exam of ICAI. Commerce graduates with good records are more suited for chartered accountancy. Commerce graduates with 50% marks or non-commerce graduates with maths along with 60% of marks are exempted from the foundation exam. One can become CA, after finishing graduation and the candidate has to go 5 years of articleship training. After knowing some complicated accountancy nuances, the students both from science and arts streams may be a successful CAs.
Chartered Accountancy Institutes
The course of chartered accountancy is being offered by the Institute of Chartered Accountants of India (ICAI) through lectures and correspondence. The headquarters of ICAI is New Delhi. There are five main branches of ICAI located in Mumbai, Kolkata, New Delhi, Kanpur, and Chennai. There are a total of 81 sub-centers that are associated with these five main branches.
Career Prospects in Chartered Accountancy
A career in chartered accountancy is challenging and lucrative too. This is one of the best-paid jobs in India and abroad. As a career option, it has maximum career growth. After completing the final exam of CA, one can become a member of ICAI. CAs are appointed as executors, company directors, and arbitrators to settle disputes. Considering the overall growth of the Indian economy and business, India needs 7, 000 to 10, 000 CAs every year. Chartered Accountants have been one of the most sought profession in India. The demand for Chartered Accountants has been grown between 10% to 15 % over the last 3 years. It is one of the few fields which have consistently maintained growth.
Top Career options for Chartered Accountants
- Audit and Taxation
- Project Finance/Financial Advisory
- Investment Banking
- Banking and Financial Services
- Corporate Sector
Chartered Accountancy Salary
Chartered Accountant is one of the best-paid jobs and rewarding field. Though they are hired both at the private and public organizations, yet after globalization, their importance and remuneration have increased manifolds, especially in the corporate sector. The salary of the CAs at the entry-level ranges from 25, 000 to 30, and 000. After the experience, one may earn up to lakhs of rupees.
Job opportunities in Chartered Accountancy
Employment opportunities in CA are exciting. The field of chartered accountancy has in-depth job potential. After doing the course of CA, one can get a good placement in finance, investment consultancy, and fund management. However, a person wishing to practice in India or abroad needs to get a certificate from ICAI. If you are CA along with an MBA, has an extra advantage with better job prospect and salary. A CA having the experience of 4 to 5 years may get a salary from Rs 50, 000- 1 lakh per month. It all depends upon the judging acumen of accountancy from the candidate side. High paying jobs are available in banks, PSUs, auditing firms, finance companies, mutual funds, portfolio management companies, investment houses, stockbroking firms, legal firms, legal house, patent firms, attorneys, trademark and copyright registers.