In India, chartered accounting is one of the most popular professional options for Commerce students. This is not an easy job to enter, but if you do, it offers a superb career path, compensation, and social standing. One of the reasons people respect chartered accountants is not because of their title or income; it is because becoming one is difficult.
The process to become a chartered accountant, or CA, is difficult, and it is readily stated to be one of, if not the most difficult professions. Chartered Accountant is a profession that works with accounting, taxation, and money, and as India's financial industry has grown, so has the demand for Chartered Accountants. After completing the 12th grade, it would take at least 5 years to become a CA in India. Graduate students, on the other hand, will require 4.5 years to become a CA. The direct entry route saves a term of six months.
Who is a Chartered Accountant?
The terms chartered accountancy and accountancy are interchangeable. The occupation entails managing a company's finances. This involves financial account management, budgeting, auditing, corporate planning, and taxation.
The distinction between an accountant and a chartered accountant is that the latter has undergone years of intensive training and has passed many tests in various parts of accounting to gain the designation of a chartered accountant.
What does a Chartered Accountant do?
Chartered accountants are professionals who operate in a variety of economic fields, managing an entity's finances, offering financial advice, and assisting with money management. This might be for a company, an individual, or the government.
Why build a career as Chartered Accountant?
The most obvious incentive to pursue a career in chartered accounting is that it is a well-paid and stable job. The whole world revolves around money, and every firm requires someone to handle their accounts, assist with tax filing, and conduct audits.
The prospects for work as a chartered accountant are limitless. Every firm, regardless of industry, needs financial management, and chartered accountants are the solution.
After becoming a CA, you may have several employment options, including consulting, teaching, and running your own business. When it comes to employment duties, you may have possibilities such as financial banker, auditing, accountant, financial manager, and so on.
How to become a Chartered Accountant?
To become CA in India, students can go in 2 ways:
Through CA Foundation
Step 1: Pass CA Foundation Exam
CA Foundation is the first step of the CA Foundation exam.
Eligibility/Qualification
Students must pass the class 12th test with a minimum of 50% (Commerce Students) and a minimum of 55% (Science Students) to be eligible for the CA Course.
Step 2: Pass CA Intermediate Exams
After passing the CA Foundation course, students will go to the next level, the CA Intermediate Exam. This level is more difficult than CA Foundation.
Eligibility/Qualification
Students will be able to register for CA Intermediate after passing CA Foundation or the direct admission route. Direct entry students may major in commerce. Graduate students can only receive direct admittance into the CA Intermediate if they have a minimum graduation percentage of 50% and a minimum science graduation percentage of 55%. Students who have passed ICWA or CS Intermediate are also eligible.
Step 3: Complete 3 Years of CA Articleship Training
Candidates can begin their Articleship training immediately after passing any of the CA Intermediate groups. Students should first ensure that they have finished ITT and OT programs. Only they will be able to register for CA Articleship training.
Articleship training is a critical component of the CA Course. This training will greatly assist you in applying theoretical knowledge to actual work, developing as a professional, adhering to your ethical beliefs, and learning how to thrive in the commercial world.
Step 4: Pass CA Final Exams
CA Final is the final phase in the CA Student experience. The final and most difficult level. Only after clearing the second level, i.e., the Intermediate level, would a student be entitled to apply for the Final Course.
Eligible
A student is eligible for the Final Examination only when
Through Direct Entry Route (CA After Graduation)
There is also a Direct Entry Route method in CA Course that certain students profit from since they do not need to complete the entry-level test, CA Foundation. They can get immediate admittance into CA Intermediate by taking this approach.
List of the students along with their requirements to get entry directly through this route:-
Steps to become CA through Direct Entry Route
Required Skills for a Chartered Accountant
Chartered Accountancy Scope
As a chartered accountant, you can operate in the following fields:
In the industries indicated above, Chartered Accountants are constantly in great demand. You can either work for a company or an organization or assist in the management of their accounts, finances, taxation, or audits. You can also operate independently and provide your services to anyone who requests them.
Another source of employment is financial firms, which are continuously on the hunt for qualified chartered accountants. Working with consulting businesses is another option for putting your accounting expertise to use. Consultancy firms employ chartered accountants to their clients to assist them with their immediate and long-term financial objectives. So, if you want to work with various customers, a consultancy business can be a good option.
Job Roles for Chartered Accountants
A candidate who has passed the CA Examination is qualified for the following positions. However, there are other industries associated with finance and taxation. As a result, they have a variety of job alternatives.
How much does a Chartered Accountant earn?
One of the most often asked topics among CA students is how much the Chartered Accountant's Salary in India is. The average CA pay in India is pretty good. There is no doubt that CAs in India make high money, but earning that much money demands a lot of devotion and hard work to pass all of the Chartered Accountants Examinations in India. There are several aspects that distinguish the CA salary in India. The continued need and expansion of India's financial sector have resulted in an increase in the demand for Chartered Accountant positions in India.
The average annual salary of a CA in India is from 6-7 lakh rupees and 40 lakhs. The Big 4 firms, as well as organizations in the industrial sector, pay the majority of the top CA salaries in India. However, when it comes to the Salary of Chartered Accountants Outside India, the annual packages range between 7 and 6 lakh rupees.
CONCLUSION:
There are no ambiguities on the way to becoming a chartered accountant. This career provides solid work with consistent development and a decent pay scale. On the other hand, you must keep up with the ins and outs of finances, which necessitates ongoing learning and research. Furthermore, there are specific deadlines that must be completed at the end of each fiscal year, and the task may become quite stressful.
Like anything else, chartered accounting has advantages and disadvantages. As a result, it is critical to conduct extensive research to determine whether or not this occupation is a good fit for your personality.