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5 Reasons To Become A Chartered Accountant

Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management. Being a Chartered Accountant is a rewarding, challenging and exciting career that opens doors.

CHARTERED ACCOUNTANCY- A UNIQUE CAREER OPTION

  • CA Profession is very dynamic, challenging and rewarding.
  • Chartered accountant is a professional expert in accounting, auditing, taxation, business finance, information technology, etc.
  • Indian Chartered Accountants are in demand both at home and abroad being recognised for their technical competence, professional standards.
  •  Chartered Accountancy Course is conducted by Institute of Chartered Accountants of India.
  • The course is a combination of theoretical education and practical training.

THE CHARTERED ACCOUNTANT DIFFERENCE

  • CA programme is intensive and clearing all three levels, needs persistence. Students are eligible to give the Common Proficiency Test (CPT) only after appearing for their Class 12 exams.  This is followed by an Integrated Professional Certificate Course (IPCC) followed by the Final Course
  • The course is a combination of theoretical education and practical training.
  • The fresh entrants to the CA course not only focus on developing their academic capabilities, but are expected to improve their skills in various other fields like Information Technology (IT), personality development, communication, etc.
  • Further, three years of Articled Training undergone by a CA student enables him to understand the various systems and processes of a business. Trainees are exposed to areas such as financial accounting & reporting, business finance, management accounting, taxation and planning, auditing and assurance etc.

CHARTERED ACCOUNTANCY – A GLOBAL QUALIFICATION

  • Institute of CA of India is well recognized by Institute of England, Wales and Australia. The members of ICAI can do practice or they can go for employment in these countries.
  • ICAI is a member of the international Federation of Accountants committee and also international federation of Accounting Standard board; one can do their services in these countries. But for practicing they should undergo a particular examination like CPA
  • ICAI, which is the second largest accounting body in the world after US, has signed a Memorandum of Understanding (MoU) with Chartered Institute of Australia, Canada, New Zealand and Ireland recently. About 85 universities recognised CA course and ICAI is planning to have tie-up with more international accounting bodies and educational institutions across the globe.

CAREER PATHS & REWARDS

  • Of the 120-crore population in the country, two lakh had done the course. So, there was plenty of opportunity for more people to take up the course.
  • The demand for CAs has been growing between 10% to 15% over the past 3 – 4 years. Present Market demand- 6 Lakhs CA’s whereas present CA’s in India are 2 Lakhs
  • A qualified Chartered Accountant (CA) has the option of joining the Government , Public Sector, private sector, financial institution or even have their own consultancy. Whether it is a salaried job or private practice, CAs receives very high remunerations for their services.
  • Avg. pay package p.a – Rs.6 lakhs. Highest salary offered in campus placements – Rs. 36- 70 Lakhs p.a.

RIGHT CAREER CHOICE

  • A 12th passed out student from any field commerce, science, maths etc.  can opt for CA. CA being a very practical course, the students from science and arts streams can equally benefit and make a successful career.
  • If student clears all three levels at first attempt, it would take 4-5 years to complete the course and at the age of 21-22 he/she would be a qualified CA. With the benefit of age at hand, student can either settle down or pursue further studies.
  • The Association of Indian Universities (AIU) recognises Chartered Accountancy Qualification for pursuing Ph.D. Programme. Ninety six Indian Universities/Indian Institutes of Management have also recognised CA for pursuing Doctoral Programme.
  • The ICAI has Campus Placement Programme to assist newly qualified CA in finding jobs in the Industry.

WHAT WOULD IT COST ME? COST BENEFIT ANALYSIS

  • More young people should take up chartered accountancy for study as it is inexpensive and offers good job opportunities unlike other professional courses; the fee for becoming a CA is very less.
  • Entire course registration with ICAI would cost Rs. 40000 to study for four years. Coaching is little expensive.
  • While undergoing 3 years of training student earns a stipend of Rs. 2000- 3000/month

Pursuing CA course is not a cake walk but certainly not a rocket science either. All that is required is commitment, hard work and zeal to fulfil your dreams.

In my next article I would discuss the three levels of CA course and step by step approach towards a successful career.

About CA Karishma

I am a Chartered Accountant by profession and an avid teacher. Writing is my hobby and this blog is a platform to share knowledge and interact with prospective Chartered Accountants. I locate my work at the intersection of Chartered accountancy & education. I teach among others, Taxation at Tapasya Academy for CA, one of the premier institute for Chartered Accountancy course in Andhra Pradesh.

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