Chartered Accountant | S R Consultancy

Chatered Accountant

Eligibility : 10+2

Duration : 3.5 Years

Chartered Accountant CA - a person who is accepted as a member of the Institute of Chartered Accountants of India (ICAI) after passing the Final examination of the Chartered accountancy course conducted by the institute - is a professional who is responsible to make sure that that the financial transactions of an organization/company are maintained according to the law of the land; they also keep track of cost of management of the company along with managing its tax matters.

Globalization, expansion of trade activities and spreading of the culture of multinational companies all over the world has given big boost to the profession of a Chartered Accountant as the services of a Chartered Accountant is required in money matters of all kinds of business be it a big industrial hours or a small business. According to the Company Act only CA's in professional practice are allowed to be appointed as auditors of companies in India.

Though this profession is not considered as a glamorous profession even then its importance in every field cannot be ignored now a day. Like every other so called cherished profession this chartered accountancy is also providing a lot of opportunities to show their talent and earn respect and money to the younger generation throughout the world now.

To discharge his duties efficiently and effectively he requires special training of nearly three and a half years and comprehensive knowledge in more than one area of the trade. To become a Chartered Accountant one has to follow the below given path.

Chartered Accountant Eligibility

1. Educational Qualification

Pass in Senior Secondary Examination (10+2) or equivalent recognized examination. There is no restriction with regard to the marks secured in Senior Secondary Examination or subjects studied. or

Graduates who have secured less than specified marks:-

Commerce graduates with Accountancy, Auditing and Mercantile Law or Commercial Law as full examination paper. For this purpose “full examination paper” means a paper carrying not less than 50 marks.
Non-commerce graduates with Mathematics as one of the subjects and with less than 60% of the total marks.
Non-commerce Graduates with subjects other than Mathematics and with less than 55% of the total marks

2. Age

There is no restriction with regard to the age of the candidate or marks secured in Senior Secondary Examination or subjects studied.

Chartered Accountant Required Skills

To become a certified Chartered Accountant the aspiring candidates has to be really dedicated and hardworking.
The job of a Chartered Accountant demands intensive knowledge of the every aspect of the trade be it taxation, accounting, auditing or financial analysis etc.
For this one should have the capacity to work hard with commitment and honesty. The job requires a lot of hard work, alertness of mind and adaptability to follow difficult time schedules.

How to become a Chartered Accountant?

One has to follow below given steps for becoming a Chartered Accountant-

Step 1

As a first step the eligible candidate has to register for the Chartered Accountant- Common Proficiency Test (CA-CPT). Students have to forward their applications in the prescribed form along with the prescribed fee through Demand Draft drawn in favour of The Secretary, Institute of Chartered Accountants of India payable at New Delhi, Mumbai, Kolkata, Chennai, Kanpur as the case may be. The different offices of the Institute are located in different regions.

Note: - CA-CPT is compulsory for students interested to do CA course after 10+2 and Graduates with less than specified marks.

Important: - Candidates who are graduates (except the graduate in music, dancing, photography, painting and sculpture) with more than specified marks or those who have passed the Final examination of the Institute of Cost and Works Accounts of India (I.C.W.A.I) or the Institute of Company Secretaries of India (I.C.S.I.) are exempted from CPT exam.

The CA-CPT test is mainly conducted in the month of June and December. Registration for it is open throughout the year.

CA-CPT consists of:

Session – I (Two hours – 100 Marks)

Section A: Fundamentals of Accounting (60 Marks)
Section B: Mercantile Laws (40 Marks)

Session – II (Two Sections – Two hours – 100 Marks)

Section A: General Economics (50 Marks)
Section B: Quantitative Aptitude (50 Marks)

Step 2

Once cleared their CA-CPT exam the candidate is supposed to register himself for Integrated Professional Competency Course (IPCC). This course is also known as CA inter in the common parlance. To register for IPCC Students have to forward their applications in the prescribed form along with the prescribed fee through Demand Draft drawn in favour of The Secretary, Institute of Chartered Accountants of India payable at New Delhi, Mumbai, Kolkata, Chennai, Kanpur as the case may be. The different offices of the Institute are located in different regions.

The registered student has to take IPCC exams In two different Group:-

Group-I consists of following paper/subjects:-

Paper 1: Accounting (100 Marks)

Paper 2: Business Laws, Ethics and Communication (100 Marks)

Law (60 Marks), Business Laws (30 Marks), Company Law (30 Marks)
Business Ethics (20 Marks)
Business Communication (20 Marks)

Paper 3: Cost Accounting and Financial Management

Cost Accounting (50 Marks)
Financial Management (50 Marks)

Paper 4: Taxation

Income-tax (50 Marks)
Service Tax (25 Marks) and
VAT (25 marks)

Group-II consists of following paper/subjects:-

Paper 5: Advanced Accounting (100 Marks)

Paper 6: Auditing and Assurance (100 Marks)

Paper 7: Information Technology and Strategic Management

Information Technology (50 Marks)
Strategic Management (50 Marks)

After clearing the Group I of IPCC the student can register as an ‘Articled Clerk’ for compulsory practical training a pre condition to the Final Course of the Chartered Accountancy.

Student is also supposed to undergo a 25 days Information Technology Training (ITT) from ICAI specified Computer institutes.

Step 3

Register student for CA final Course are eligible to take the exam after completing their compulsory training and ITT of 100 hours.

The registered student has to take CA final exams in two different Groups:-

Group -I consists of following subjects/papers

Paper 1: Financial Reporting (100 Marks)

Paper 2: Strategic Financial Management (100 Marks)

Paper 3: Advanced Auditing and Professional Ethics (100 Marks)

Paper 4: Corporate and Allied Laws (100 Marks)

Company Law (70 Marks)
Allied Laws (30 Marks)

Group -II consists of following subject/papers

Paper 5: Advanced Management Accounting (100 Marks)

Paper 6: Information Systems Control and Audit (100 Marks)

Paper 7: Direct Tax Laws (100 Marks)

Paper 8: Indirect Tax Laws (100 Marks)

Central Excise (40 Marks)
Service Tax & VAT (40 Marks)
Customs (20 Marks)

For passing this examination a student needs:-

to obtain at one sitting a minimum of 40% marks in each paper.
a minimum of 50% of the total marks of all the papers.
Paper with 60% marks is exempted.

Examination

For passing this examination a student

Can appear either in both groups simultaneously or one group in one examination and in the other group at any subsequent examination but he has to pass both the groups.
Securing at one attempt a minimum of 40% in each paper of the group and 50% in the aggregate of all the papers of that group will be declared to have passed in one group.

Accreditation:

There is a scheme of accreditation of colleges affiliated to recognize Universities and Schools affiliated to CBSE/other equivalent State Boards. Several institutions in various parts of the country have been accredited. Such institutions organize classes for the benefit of students.

Medium of Examination:

Students are allowed to opt. for Hindi Medium for answering question papers. The option is available for all the papers of the examination. Paper-wise option is not allowed.

Practical training provides an opportunity to students to acquire on the job work experience of a professional nature. He learns the skill of profession while working with a practicing Chartered Accountant and also works as a Industrial trainee for about one year in an approved industrial establishment during the last year of practical training. Students of Final Chartered Accountancy course are eligible for industrial training.

Chartered Accountant Career Prospects

A well qualified Chartered Accountant has ample of opportunities in both Private Sector and Government sector. Chartered accountants can take up the position as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance) in the private sector companies.

Those interested in Government sector can take the coveted posts like director finance, chief executive or the Head of the Department of the accounts, information technology etc.

More enterprising once can also find lucrative jobs in capital markets, business houses and industry. Besides joining big organizations CA’s can also have their own consultancy or private practice which can give them more freedom of work along with self satisfying. With the world going global and our own country liberalizing its policies and approach, opportunities are expected to grow in the coming time for these professionals.

According to an estimate, with the growing globalization and opening of the world market to one and all India would need nearly 50,000 CA by the end of 2010.

Chartered Accountant Salary

Chartered accountant can get anything between Rs. 25,000 to Rs. 30,000 to start with and with some experience and expertise can get as high as Rs.1,00,000 per month. There is no upper limit for those, who have opted for private practice.