Chartered accountancy is the core of all businesses, be it big or small. A chartered accountant’s work involves auditing, taxation, accounting, and financial planning. It can be a very challenging and rewarding job.
Career prospects after doing chartered accountancy are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy, and fund management.
The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai, and New Delhi) and 81 branches under these regional centres.
Step-by-Step
The qualifications for becoming a CA have changed over the years. Initially — and that was decades ago — one could think of becoming a CA only after finishing graduation and a candidate had to undergo five years of articleship training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations to appear for the Foundation Course of the CA program. In October 2001, ICAI introduced the PE-1 and PE-2 system of examinations in place of the Foundation and the Intermediate examinations. However, in 2006, ICAI revamped the system and launched CPT, IPCC, and FC.
The unique feature of chartered accountancy is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.
Common Proficiency Test (CPT)
CPT is an entry-level test of four subjects i.e. Accounting, Mercantile Laws, General Economics, and Quantitative Aptitude.
Integrated Professional Competence Course (IPCC)
This is the first stage of the CA curriculum wherein only working knowledge of core and allied subjects to the accountancy profession is covered. The subjects of IPCC are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build a strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology, and audit.
CA Final
CA Final covers advanced application knowledge of core subjects like financial reporting, strategic financial management, advanced management accounting, advanced auditing, and professional ethics and information systems control and audit. In addition, principles of e-governance, corporate and allied laws, international taxation, and GST are important features of the updated subject contents.
Articleship
The students after passing Group I of IPCC will register for Articleship for a period of three years with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles, and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.
Following are the areas where CAs find an opportunity:
- Banks (Both private and public)
- Public Limited Companies (mandatory for the purpose of law)
- Auditing Firms (such as KPMG, Price Waterhouse, etc.)
- Finance Companies, Mutual Funds, Portfolio Management Companies, Investment Houses, Stock Broking Firms
- Legal firms, Legal houses, Patent Firms, attorneys, Trade Mark and Copyright Registers
Job Roles –
- Oversee the duties of the accounting team.
- Implement accounting systems and processes.
- Reconcile income statements.
- Prepare monthly financial reports.
- Control the master data of the general register.
- Review and release online banking payments.
- Ensure compliance with state revenue service.
- Provide ongoing accounting and reporting support.
- Manage the full financial process.
- Prepare an expense budget report.