Chartered Accountant

 

Chartered Accountants are considered pioneers in the financial profession of accountancy and have led its way towards global acclaim. Today, they act as trusted financial advisers to business leaders and decision-makers across the globe.

 

Before we start, let us know 'What does a Chartered Accountant do?'

A Chartered Accountant (CA) is a professional who is capable of working in all fields of business finance. Finance management, accounting, auditing, taxation and general business management are some of the tasks that chartered accountants perform on a day to day basis. As a chartered accountant, one gives advice, audits accounts and provides trustworthy information about financial records.

CAs have several career opportunities available in front of them. Many CAs prefer to do self-practice. They can be seen providing financial advice through private accountancy and consultancy firms. Government bodies also hire CAs. There is a huge demand for CAs in private sector, MNCs, Finance Institutes (Banks, Loan firms, VC firms, etc.), and small/medium scale Industries.

CAs are pioneers in shaping the economy of a country. They have to stay updated on the taxation and finance laws of the country. Reputed firms and CAs are consulted to draft important financial laws and regulations. With GST introduced in India in July 2017, there is an increasing demand for consultancy by certified CAs.

How can one become a Chartered Accountant?

The profession of Chartered Accountancy in India is regulated by The Institute of Chartered Accountants of India (ICAI) which was established by an Act of Parliament, viz. The Chartered Accountants Act, 1949.

There are four main levels in a CA course exam in India:

  • CPT (Common Proficiency Test)

  • IPCC/IPCE (Integrated Professional Competence Course)

  • Three years of Articleship / Practical Training under any C.A practicing the profession

  • CA Final

Let’s understand these levels (as on 2018) in detail:

  • CA CPT - This is the preliminary exam for CA. This level can be skipped if one has excelled graduation

  • CA IPCC - This is the nexs step. This course has seven subjects in two groups respectively. After passing one group, one can begin articleship training

  • Articleship – This practical course is for three years. One is eligible for CA Final exam only after completing two and a half years in articleship

  • CA Final - After passing both groups of IPCC, one can enroll for this course. It has eight subjects in two groups respectively

After passing in both the groups, one can become a Chartered Accountant. The examinations are held twice a year, and a minimum of 40 marks in each subject along with a 50% aggregate in a group is required to pass.

On clearing all the levels mentioned above, a ICAI membership is provided. After registering with the ICAI and acquiring membership, a person is qualified to use the prestigious title of a ‘Chartered Accountant’.

Let’s learn a little about a notable CA in India:

T.N. Manoharan is a former president of the Institute of Chartered Accountants of India (ICAI). Doing justice to the profession, Manoharan in the business classification was named the ‘Indian of the Year’ by CNN-IBN.

The Indian government has conferred the Padma Shri award on him in 2010.

Padma Shri T.N. Manoharan , Renowned Chartered Accountant

 

Sources & Links:

Complete Guide To Career Planning by Devajit Bhuyan

Topyaps.com

Wikipedia

The Hindu