– Chartered Accountancy Course –
Chartered Accountancy course is one of the most reputed careers in the commerce stream, but students are afraid of pursuing such a course after seeing its long duration. For more information on Chartered Accountancy Course, read through this article carefully.
To become a Chartered Accountant you need to have skills that include good quantitative, analytical, problem-solving, commercial awareness, communication, teamwork skills along with ethics, professionalism, and eye for detail.
Becoming a certified Chartered Accountant requires completing three levels of training designed by the Institute of Chartered Accountants of India (ICAI).
The ICAI is a statutory body that regulates and maintains the profession of chartered accountancy in India.
There is a myth among students that Chartered Accountancy has a very long duration as compared to other professional courses. The duration of the Chartered Accountancy course increases with the number of attempts.
What is Chartered Accountancy?
Chartered Accountant is a designation given to an accounting professional who has received certification from a statutory body that he/she is qualified to take care of the matters related to accounting and taxation of a business.
Such matters include filing tax returns, auditing financial statements, and business practices, maintaining records of investments, preparing and reviewing financial reports and documents.
A Chartered Accountant is also qualified to offer advisory services to clients, which include companies and individuals.
Becoming a certified Chartered Accountant requires completing three levels of training designed by the Institute of Chartered Accountants of India (ICAI).
The ICAI is a statutory body that regulates and maintains the profession of chartered accountancy in India
Under the Scheme of Education and Training, a candidate can pursue Chartered Accountancy Course either through, Foundation Course Route or Direct Entry Route.
What are the Functions of Chartered Accountants?
Basically, as the term Chartered Accountant suggests, CAs deal with auditing, accounting, and finance management. These are their primary tasks.
However, depending upon specialisation, they may venture into other areas too, like- Law, risk assessment, investment banking, etc.
A statutory body certifies candidates as a Chartered Accountant after testing the candidate on the grounds of accountancy, taxation, analytical skills, business practices, corporate laws, and others.
Why Become a Chartered Accountant?
Qualify to become a Chartered Accountant (CA) with ICAS and you won’t be restricted to working for accountancy firms. The wealth of skills and expertise you get will present a variety of impressive career opportunities.
You could work at the highest levels of accountancy, finance, and business, at a charity, government body or innovative tech firm.
And for those with an entrepreneurial streak, it provides the key skills to start and manage a successful business.
Why Study to Become a Chartered Accountant with ICAS?
Institute of Chartered Accountants (ICAS) students know they’re working toward an extraordinary career, because our advanced syllabus delivers technical expertise in everything from finance.
Also, accounting to broader business talents, instilling pretty much every skill you’ll need to succeed.
Our CA designation is internationally renowned and valued, so you won’t be restricted to employment within the UK.
In fact, thanks to our reciprocal agreements with a range of global accounting bodies, as an ICAS Chartered Accountant, you could work anywhere in the world.
Chattered Accountancy Eligibility Criteria
Students who have passed 10+2 from any stream (Science/Commerce/Arts) are eligible to pursue a CA course.
Graduates or Post Graduates who have completed 3 or 4 years long Bachelor’s Degree program from a reputed institute are also eligible to pursue this course.
Commerce stream students will find CA courses relatively comfortable to deal with. This is because the course comprises subjects like Accounting and Finance, which are present in 11th and 12th commerce stream schooling.
Although, students from any stream, after 10+2, may give this course a try! The same condition applies to graduates and postgraduates.
Chattered Accountancy Course Details
The Chartered Accountancy course can be divided into three main levels. They are-
1. CPT (Common Proficiency Test)
2. IPCC (Integrated Professional Competence Course)
3. CA Final Course
Common Proficiency Test is the entry-level test. IPCC is the first stage of theoretical education and the Last course is the final stage of theoretical education.
Only after completing the above 3 stages, a candidate is said to have finished the course!
There are no regular colleges (like with other professional courses) offering CA courses. One must apply online, pay the fees and prepare like one is in ‘correspondence’ mode.
Yes, one may take coaching and training provided by CA tutors.
Duration to complete the complete course depends on one’s aptitude. Generally, it could be wrapped up in 5 years.
Common Proficiency Test
Common Proficiency Test (CPT) which is designed in the pattern of entry-level test for engineering, medical, and other professional courses.
It is a test of 4 hours duration comprising of two sessions of 2 hours each, with a break between two sessions.
The test comprises of objective-type questions only with negative marking for choosing wrong options. CPT syllabus includes the following subjects-
1. Fundamentals of Accounting
2. Mercantile Laws
3. General Economics
4. Quantitative Aptitude
Note (CPT Exemption Rule): Students who are Graduates/ Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total or its equivalent by studying any three papers of 100 marks each out of Accounting.
Also, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing
IPCC
First, this is the first stage of theoretical education in the CA course. Secondly, this level focuses on theoretical knowledge about accounting and related subjects.
Lastly, this theoretical course is followed by a training session and the last course.
IPCC syllabus includes-
1. Accounting
2. Business Laws, Ethics and Communication
3. Cost Accounting and Financial Management
4. Taxation
5. Advanced Accounting
6. Auditing and Assurance
7. Information Technology and Strategic Management
Students who are pursuing the Final year Graduation Course can also register for the Intermediate (
Integrated Professional Competence) Course on a provisional basis and for such students, registration would be regularised.
They can be articled training only on submission of satisfactory proof of having passed the Graduation examination with the specified percentage of marks within six months of appearance in the final year graduation examination.
Final Course
The last leg of the Chartered Accountancy course is Last Course, designed to impart expert knowledge in financial reporting, auditing, and professional ethics.
Also, taxation, corporate laws, system control, strategic finance, and advanced management accountancy. Practical knowledge is given much importance in this stage.
READ ALSO!!!
➢ Best Courses to Study in Nigeria
➢ Best Courses to Study After Bachelor of Commerce
➢ Courses to Study to Become a Company’s Secretary
Chartered Accountancy Syllabus
2. Strategic Financial Management
3. Advanced Auditing and Professional Ethics
4. Corporate and Allied Laws
5. Advanced Management Accounting
6. Information Systems Control and Audit
7. Laws
8. Indirect Tax Laws
After qualifying for the final examination, one may gain membership in ICAI! One may use the prefix of CA with his/her name after acquiring membership!
Chartered Accountancy Further Studies and Courses
After the CA course, Chartered Accountants may pursue advanced courses and specialize in disciplines such as law, finance management, taxation. Some of the well-known advanced courses available are-
1. CFA (Chartered Financial Analyst)
2. FRM (Financial Risk Manager)
3. MBA (Finance)
4. CFP (Certified Financial Planner)
5. CS (Company Secretary) course
6. CWA (Cost and Work Accountants)
7. Actuarial Sciences
Chartered Accountancy Career Prospects and Job Opportunities
Chartered Accountants s have numerous job opportunities available in front of them. The government, as well as the private sector, offers diverse job opportunities and profiles.
Tax-related matters, finance management, and auditing are the main work formats that CAs get. It is like bread and butter for them.
With experience and further education, they may venture into fields like Risk assessment and management, budgeting, financial planning, etc. Well known areas where CAs may find a job include-
1. Banking and Insurance Sector (Government and Private)
2. Income Tax Department
3. Tax Advisory Firms
4. Auditing Firms
5. Firms
6. Investment Banking Firms
7. Asset Management Firms
8. Law Firms (LL.B. Degree will be useful)
10. CA Firms
11. Corporate Houses (Planning and Budgeting team)
Most industries and companies, from manufacturing to the services sector, have to deal with financial matters and tax matters.
Such companies require qualified Chartered Accountants to deal with tax matters in an efficient manner.
Many companies even have dedicated Chartered Accountants who take care of tax matters and auditing.
Besides working for a CA firm, one may also start one’s own practice. Before starting an independent service, one must gain enough working experience by working for a firm. Some well-known job profiles include-
1. Auditor (statutory, internal, tax, etc)
2. Cost Accountant
3. Tax specialist (Direct and Indirect taxes)
5. Asset Manager
6. Manager/Assistant Manager (Accounts, Finance, Credit, etc)
7. Consultant
Chartered Accountants Salary
The Average Salary of the CA profile is around Rs. 3-6 lakh per annum for fresher, depending on the employment firms. It is one of the high-paying jobs. A chartered accountant commands respect in society and organisation.
The starting salaries are not much handsome but after the completion of the course and having five-year experience, the candidate can get the Rs. 30,000 to Rs. 50,000 per month.
Do we believe you have learned one or two things from here? And that the above information has given you the satisfaction you needed as regards chartered accountancy courses?
Why not share it with your friends out there by clicking the share button on this website. You can also subscribe to other information and posts.
StudentsandScholarship Team.
Be the first to comment