Chartered Accountant: Course Details, Eligibility, CA & Job Details
Chartered accountants are the highest paying professionals in India, and it is a non-technical field. It is considered that it has bright career options for those candidates who are wondering opportunities in the non-technical field. The CA certification comprises education in various fields such as taxation, accounting, and business. The career path to becoming a CA can be challenging, but it is very promising. The demand for CA professionals in India is very high in both the private and public sectors. A well qualified CA is hired to deal with all account details of the organization, and also help in preventing bankruptcy and solving disputes.
Before going with this degree, a candidate needs to understand all information about the program. The program is very delicate and has a very bright future, it needs very preparation also. Learn about full information like What is the CA program, what is the eligibility criteria of the course, career opportunities after completing this course, what is the salary, and many more.
What is the role of Chartered Accountant?
The designation of Chartered Accountant is worldwide, and the degree refers to professional accountants who are qualified to take several activities within the field of accountancy. The tasks in this course include financial advising, filing of corporate tax returns, auditing financial statements. The procedure to become a CA is very challenging and candidates need to clear various exams at different levels. The duration of the course is almost five years, and it can take more time if any candidate wants to take more than one attempt to clear the entrance exam.
If any candidate is interested in becoming an accountant or if any, in the market for accounting services, or anyone, have wondered about the term “Chartered Accountant”. Then he or she can go with this field. There are four areas in which accountancy professional serves. These areas are financial accounting, management accounting, taxation, and reporting.
Eligibility criteria for CA
People who want to get admission in this course then they need to follow some criteria. The eligibility criteria for this course are listed below:
The candidates from any stream like science, commerce, and arts can go with the CA course. But the candidate should have good knowledge of accounts and computers.
After the completion of an intermediate degree, students can take admission to the CA course with the help of a clear Common Proficiency Test (CPT).
Candidates can appear for the Chartered Accountant CPT registration after completing the 10th but students will able to appear for this exam only after passing intermediate.
Students from the commerce stream must have to secure at least 50% marks in class 12th.
Students from other streams must have to secure at least 55% excluding the subject mathematics and must need 60% including moths in class 12th.
After clearing the CPT exam successfully, aspirants become the member of Indian Chartered Accountants Institute i.e. ICAI exam.
The complete process to become a CA?
There are multiple steps that a candidate must need to follow to get admission as CA. Candidates who want to know how to become a CA, then they can find some steps in detail.
Requirements for accounting technician course:
After clearing the CPT exam, students, who wish to get admission in CA, they must have to first enroll them for the ATC exam. This process is the same after clearing the intermediate exam.
Apart from the CPT exam, candidates who have already cleared the entrance exam or any professional education, then he or she will be eligible to register for the ATC exam.
Aspirants who registered for professional course/ Intermediate or intermediate (professional competence) then can enroll for ATC.
Apply for IPCC
Aspirants should have scored at least 100 marks out of 200 in CPT after completing intermediate in order to apply for the IPCC program.
For IPCC exam, the registration process should be done before nine months, and all the days counted in which the exam will be conducted.
The IPCC course has seven subjects and for each subject, the worth is 100 marks. To clear the course, the candidate will have to score at least forty marks and an aggregate score is 50%.
Articleship in Chartered Acccount
When acandidate clear the exam IPCC, then a candidate will have to do the internship of three years under the presence of experienced and certified CA. The article ship is an opportunity which helps to learn how accountancy is handled under the presence of experienced CA.
During the process of article ship, you need to appear for the final course atleast before six months. Once the candidates have cleared the final exam, then he or she candidate will be awarded the designation of CA.
Course for Chartered Accountant
Generally, the course of CA is divided into three parts, the first part is Foundation Level, the second is Intermediate level, and the third one is Final level. The content course of all three parts is different from each other. All levels are listed below:
Principles and Practice of Accounting
Business laws & business correspondence and reporting
Subjects for section A
Subjects for section b
Business correspondence and reporting
Business mathematics and logical reasoning & statistics
Business mathematics and logical reasoning
Business Economics and Business & Commercial Knowledge
Business and commercial knowledge
CA Intermediate Paper Groups
This is divided into two groups.
Group one is divided into four papers.
Paper 1- Accounting
Paper 2- Corporate and other laws
Paper 3- Cost and Management Accounting
Paper 4- Taxation (section one is Income Tax Laws, section two is Indirect Taxes)
There are also four papers in this group.
Paper 5- Advanced Accounting
Paper 6- Auditing and Assurance
Paper 7- Enterprise Information Systems & Strategic Management (Section A- Enterprise Information systems, Section B- Strategic Management)
Paper 8- Financial Mgmt and economics for finance (Section a- Financial mgmt, Section b- Economics for finance)
Final year course papers for CA
Chartered Accountant final course papers are also divided into two groups:
Group one is divided into four papers.
Paper 1- Financial Reporting
Paper 2- Strategic Financial Management
Paper 3- Advanced Auditing & Professional Ethics
Paper 4- Corporate and economics laws (Part 1- corporate laws, part 2- Economics laws)
Group second is divided into two papers.
Paper 5- Strategic cost management and performance evaluation
Paper 6- this is based on elective papers. The list of all elective papers is as follows.
Financial services and capital markets
Salary of a Chartered Accountant
A CA is in demand and works in various organizations such as Stockbroking firms, banks, finance companies, legal firms, auditing firms, etc. During the articles, candidates will not get a bright salary but they can expect a good salary after completing the course. The average salary of a Chartered accountant may vary from Rs. 4 to 6 lakhs per year. The salary may vary from one city to another city.
The procedure to become a CA can be challenging, as to become a CA aspirant need to clear so many exams at different levels, but CA has a bright future and the job is also very promising.
Know about all exams for CA
To become CA, a candidate needs five years. As the course will complete in five years. By the year 2006, the ICAI course has three levels:
Common Proficiency Test ( CPT)
Integrated Professional Competence Course (IPCC)
Final Course (FC)
The CPT is an entry level foundation it involves quantitative aptitude, accounting, mercantile laws, and general economics.
IPCC is divided into two groups, it covers good working knowledge of all core subjects. This course is designed to increase the knowledge of the accounting standards.
The final CA course covers all the advanced knowledge of financial reporting, professional ethics, information system control, strategic financial mgmt, management accounting, and advanced auditing, etc.
Skills to become a perfect Chartered Accountant
The candidate must have the ability to solve numerically.
Aspirants must have a methodical and logical approach.
He or she must have a good understanding of the economic environment in the organization, in which they want to do work.
They should have the necessary skills in applying theoretical knowledge.
Candidates must have good verbal and written English & communication skills.
They also have to deal with different types of people.
There should be a nine month gap between the registration and examination.
Top organizations of CA are as follows:
Portfolio Management Companies
Stock Broking Firms
Responsibilities of Chartered Accountant
A CA is dealing with the wages and salaries of the organization
They operate all accounts of the organization
They also carry out internal audits
He or she will able to control budgets and budgeting
He or she must have the ability to pay accounts and send those accounts for Invoices
They also can manage Tax
Candidate should be responsible and can able to handle multiple tasks.
They need to handle all ITR( Inocome Tax Return) of the organization.
He or she must be know all related accounts of the organization.
Working as CA in any organization can be typical task,so they should be able to handle all acivities related to moneyof the business.
Career and Job Opportunities after CA
Day by day, CA plays a very important role in economic life.
CA is the best job oriented course in India and abroad. After the completion of this course, the students first need to get the membership and certification from ICAI.
Candidates cannot work in any other field if they get certification from ICAI, until unless they didn’t get permission from ICAI.
Almost all industries require the CA for their accounting department.
As a chartered accountant, the candidate can work in public or government organizations. People can also work in the private sector if they have a CA degree.
Aspirants can also work as financial advisors, directors, and financial controllers in popular companies.
There are so many options available for CA; these fields are tax management, auditing, cost accounting, banking, and consulting.
Candidates can choose their private practice.
Frequently Asked Questions and Answers
How students can become a CA after 12th?
With the help of the Foundation route, students can clear their foundation exams.
How a student can become a CA after graduation?
Students who want to become a CA need to fill Inter registration and exams, for this exam, they need to register them between the month of March to September and the exam will be held between the month of November to May.
The validity of this registration is four years and the candidate can do eight attempts for the exam.
Job opportunities after completing CA?
There is a huge range of job opportunities after the completion of the CA.The candidate can go private as well as government organizations. Apart from this, aspirants can open their own office.
Salary to become a CA?
After completing CA, candidate can get handsome salary.
Chartered Accountant exams are tough and the course is an auitelong as compare to other courses. This is why it is advisable that the candidate should pursue graduation along with this course. After completing intermediate, candidates can apply for their graduation degree like B.Com along with the CA program.