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All you need to know about Chartered Accountancy (CA)

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All you need to know about Chartered Accountancy (CA)
Picture Credit: Scanner Classes

Chartered Accountancy or CA is one of the most sought after profession for commerce graduates. It is one of the toughest and highest levels of accountancy postgraduate course.

With worldwide recognition, this course combines innovative education with mentored work experience to produce accountants who have a greater ability to analyze and interpret business problems.

Although the duties of a Chartered Accountant are the same as the other accountants, it is the additional postgraduate degree and the period of mentored work experience which distinguishes a CA from a simple accountant.

A CA works in the field of accounting. His specific job duties may vary as per his specific position in the organization. Generally, a CA has to prepare financial reports and documents, maintain records of investments, review potential finances and provide a professional opinion regarding the financial decisions of a firm among others.


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WHY CHARTERED ACCOUNTANCY?

Here are some reasons which can convince you to pursue CA:

Interest

This is the course for you if you can study hard and have a knack for accounting. You can pursue CA if you have an interest in the field of accountancy and want to make a mark in it.

Respect, Reputation and Recognition

You don’t want the usual 9 to 5 job but want to do something which comes with respect and recognition. This profession comes with a great reputation and authority.

Better than anyone else

Your job prospects get better as no other professional accounting course can provide you with the same support, structure, guidance, and quality of education.

Global recognition

This course is recognized all over the world except the USA which has an equivalent degree of CPA.

  • This course gives you instant credibility.
  • Develop skills

You get to learn about hard work, resilience, intelligence, and such other life skills which can prove to be useful in any professional career.

Self-employed

CA is one of the most revered professions in society. You can start your own practice if you so desire.

HOW TO BECOME A CA?

The Institute of Chartered Accountants of India (ICAI) is a government organization which has the responsibility to undertake this course. It is not offered by any of the regular colleges. So, if you want to pursue Chartered Accountancy, get yourself registered with ICAI.

In order to become a CA, you have to complete four steps:

CA Foundation

This is the first step which you have to take after class 12 if you wish to pursue a career in Chartered Accountancy. Get yourself registered with the ICAI. After registration, you will get about 4 months to study for this exam. It is held twice every year—in May and in November. The registration is valid only for here years. You can later get it revalidated nay number of times after paying the required revalidation fees.

If you are a commerce graduate, you don’t have to take the Foundation exam and can directly register for the Intermediate course.

CA Intermediate

CA Intermediate is the second stage. If you are a class 12 student, you can pursue this level only after having cleared the Foundation level. But, if you are a commerce graduate, you can directly apply.

This stage comprises of two groups. This level helps the candidates to receive a working knowledge of core and allied subjects involved in Chartered Accountancy. You would get about 8 months to prepare for the Intermediate Exam.

You have to clear at least one group in order to move to the next level.                                          

Articleship

After having cleared one or both of the groups of Intermediate exam, you can apply for an Articleship with an experienced CA for at least three years.

An articleship in a medium sized firm is preferred over an articleship with the big firms. This is because with medium-sized firms you not only gain knowledge in each and every field but also get proper leaves to attend classes.

CA Final

This is the last stage in your journey to becoming a CA. It helps you receive an advance application of knowledge of core and allied subjects related to Chartered Accountancy. You develop a strong understanding of information technology and also improve your soft skills.

You can register for CA Final only after clearing both the groups of CA Intermediate. There are again two groups in Final which test your knowledge of advanced information technology. Clear both the groups to finally become a CA.

FEE STRUCTURE

Around Rs. 25,000 for completing all the four steps + coaching fees which pans out around 2 to 2.5 lakhs (all levels included)

AVERAGE SALARY RANGE

Salary depends on the size of the organization and the industry along with the nation of employment. In India, the range usually varies from 7 lakhs to 20 lakhs.

IMPORTANT DATES

Admit card download for CA Foundation: 27 April 2019 (tentative)

CA Foundation Exam: 4, 7, 9, 11 June 2019

CA Foundation Result declaration: 3rd week of July 2019

All the best!


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Picture Credit: Scanner Classes

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