Everyone dreams of having a high designated job or a dignified life, but it takes a lot of hard work, determination, and dedication to fulfil those dreams. Becoming a Chartered Accountant is not everyone’s cup of tea, one needs to pull up his socks and start preparing to accomplish such dreams. The qualification in a CA is a reputed course among Commerce stream. To scale this prestigious job, one has to be really ambitious, diligent, and passionate. A very low percentile of people can accomplish this position as it’s a triumph itself to be a CA. It has become tenacious for the aspirants of the present generation to qualify this high-level exam as thousands of them are in the race to acquire this coveted position. It is a challenging and demanding job where only the best applicants are chosen.
This respected degree will provide you with the knowledge, skills, and values needed to be a highly esteemed and sought-after business professional. Many of the CAs get employed in government sectors whereas others work in private organizations or public practice work. They also grant support to members through advisory services, technical helplines, and technical libraries as well as offers opportunity for professional networking, career, and business development. Chartered accountants enable businesses, organizations, individuals, and communities to attain their economic and strategic goals with rigour, probity, and vision in this complex global economy.
The Institute of Chartered Accountants of India (ICAI), the regulatory body ensures the status, norms, and standards of CA education in the country. To study CA, one has to be a registered member of ICAI. In India, ICAI has the only authority to provide a license to CAs for financial auditing and practising accountancy as a profession.
Every commerce student dream of becoming a successful Chartered Accountant but becoming a CA is not that easy. It requires complete dedication, hard work, and passion towards this programme. Candidates also have to clear one more level for being eligible for this highly competitive exam,i.e. the eligibility criteria.
In India, the Chartered Accountancy (CA) is one of the toughest and premium financial programs. Qualifying this exam is no mean feat. Scholars who are willing to attain a career as a CA should possess the following set of skills:
➤Excellent organizational and time management skills
➤self-motivation and commitment
➤Great communication and interpersonal skills
➤Focus on the client
➤Commitment to the sector
➤Leadership qualities and teamwork skills
➤Ethics and professionalism
Chartered Accountancy is one amongst the most reputed designations across the world and becoming a Chartered Accountant (CA) is not a piece of cake for everyone. It demands an immense of diligence, focus, determination, and dedication to qualify CA. The aspiring candidates always have a big question mark on their face while preparing for CA, i.e. “How to Become a Chartered Accountant”.
The Institute of Chartered Accountants of India (ICAI) conducts the process of CA and finally certify the applicants as Chartered Accountants (CA) after successfully completing the course. Students must prepare for this course with the belief that “nothing is impossible in this world” and can attain that prestigious position if followed the right steps with the right approach. Here, candidates will be able to understand the complete procedure required to complete the CA successfully.
1) Common Proficiency Test (CPT)
2) Integrated Professional Competence Course (IPCC)/IPCE
3) Three years Articleship/ Training under practising C.A
4) C. A. Final Exam.
It has become very clear for the students that the overall procedure requires the above mentioned four stages. Now, candidates need to follow the given process to crack this examination.
The first step towards becoming a CA is that the eligible aspirants have to register themselves for CA-CPT with the ICAI after passing the 10th board examination.
➤ Appear and pass the CPT(Common Proficiency Test):
Practice CPT examination after appearing in the 12th standard exam and after completion of 60 days duration from the date of registration for CA-CPT.
The CA-CPT exam mainly conducted in two sessions throughout a year respectively in the month of June and December. Each session has a time duration of two hours comprising two sections:
Total Marks (100)
Fundamentals of Accounting
The second stage of this procedure is the Integrated Professional Competence Course (IPCC) registration after passing the CPT and 12th Level. It is mandatory for the applicants to pass CPT and 12th class exam before registering for IPCC. Generally, the registration of the IPCC is done 9 months before the IPCC exam.
The IPCC level exam is classified into two groups (Group 1+ Group 2) and contains a sum of seven papers. Group 1 comprises of four papers whereas Group 2 is composed of three papers. Passing the Group - I is prerequisite for the students before commencing an Articleship.
Business Laws, Ethics and Communication
Cost Accounting and Financial Management
Auditing and Assurance
Information Technology and Strategic Management
Candidates are required to complete 100 hours of Information Technology Training (ITT) and Orientation before registering for Articleship. The Orientation Course generally lasts for one week spanning 35 hours and includes topics, such as communication skills, personality development, business environment, office procedure, general knowledge of commercial aspects, etc.
➤ Appear and pass IPCC levels exams:
Group I Exam: Aspirants can give Group 1 exam of Integrated Professional Competence Examination (IPSE) and qualify it.
Group II Exam: After passing the Group 1 examination, candidates are eligible to appear in Group 2 level after Group 1 attempt or during Articleship.
Note: Candidates can undergo ITT and Orientation course any time before registering for an Articleship.
Articleship is an essential part of this overall procedure. Applicants need to register as Articled Assistant for time-period of 3 years after clearing either Group 1 or both the groups of IPCC.
Note:- Aspirants can register themselves for Articleship only after passing Group 1).
This is the final stage of this time directed process. Here, candidates have to register themselves for C.A Final examination after passing both group level exams of IPCC.
➤ Qualify the CA Final Exam:-
After the registration of CA final exam, aspirants need to appear and pass the CA Final exam during the last 6 months of 3 years of articled training. The aspiring candidates are deemed to pass both the groups of the CA Final to complete the process successfully.
➤ Do complete the entire Articleship:
Candidates must complete the entire articled training of 3 years within the given time frame. During this process of becoming a CA, candidates have to attain General Management and Communication Skills (GMCS) Course within 15 days.
➤ Have membership of ICAI and become a CA:
This is the much-awaited moment where one fulfil his dream of becoming a CA. Here, the aspiring candidates get enrolled as a member of ICAI and designated as a Chartered Accountant (CA).
Acquiring chartered accountancy qualification is like holding destiny in your hands. The CA qualification is an exceptional and internationally respected qualification that provides you innumerable lucrative job opportunities to become a reputed and dignified business professional.
Chartered Accountancy is different and has true global mobility in education and training both. Many of the Chartered Accountants use their expertise and knowledge to start their own businesses and becoming highly successful entrepreneurs.
CAs are assigned the work of planning financial strategies, preparing prospectuses for share issues, managing pension funds and long-term investments, and investigation of prospective investments.
This highly designated accountant are found at the superior level from every sector from financial services and banking to the public sector. The rewards given with the Chartered accountant qualification are prestigious.
➤ The Chartered Accountants can work in the following areas after completing CA course successfully:
➤ Large organizations and institutions
➤ Independent professional practice
➤ Chartered Accountants firm
➤ Capital market services
➤ Business houses and industry
➤ Consultancy firms
➤ Financial institutions
A well qualified CA and member of ICAI can get ample employment opportunities in India. They can get jobs in both the private sectors and government sectors easily. Chartered Accountants generally involves in the following tasks:
1) Financial Accounting-
Financial accounting mainly focuses on keeping, operating, and maintaining financial records. This job includes interpreting accounts, supervising, controlling and organizing expenditure and income, etc. It involves compiling management accounts on daily, monthly and yearly basis.
In this job, statutory audits are required by both the private and public sectors as per the Company Act. CAs generally brings out internal audits to track management procedures, internal controls and to ensure the records and controls whether they are accurate or not. They evaluate agreement with corporate policies and procedures also.
3) Cost Accounting-
The job of cost accounting deals with the intricate business workings like operations, jobs, products really cost to produce. It prolongs to budgeting or budgetary control, forecasting, and monitoring expenditure to see that costs are not over-shooting
4) Tax Management-
Many CAs specialize as tax managers and works in optimizing the financial structure of the firm. Their work is to look after the tax implications of new plans, changes in company structures, and any major decision. Tax Managers also works as advisors and give advice on the tax impact of performance goals.
5) Management Accounting-
Management accounting is a task which is usually performed by the senior chartered accountants. Their job is to collect, organize, collate and analyze information and data from every department of the organization. They are assigned the work of making a regular critical analysis of past and present financial performance.
Consultancy is a challenging job for bright and ambitious young CAs. In this job, they need to give the right information related to accounting frequently. Here, Consultants generally do project planning and advice on the financial resource, investigation of share valuation for takeovers, issue of capital shares, amalgamation with other firms. This task mainly focuses on business advice regarding expansion, profit analysis, profit improvement, joint venture programmes, etc.
➥ CAs can get optimum job opportunities in India as well as at the global level. The salary packages CAs earn are exciting. They may include certain perks such as bonuses, profit-sharing schemes, medical insurance, pensions, and car allowances. The starting salaries for chartered accountants vary as per the location, sector, size, and type of firm.
Candidates with this academic qualification can enter a shining career can expect to earn a salary from 7-8 lakhs per annum to beyond limits whereas an experienced CA can attain a handsome annual salary of around 20 lakhs to infinity.
CAs can acquire bright careers in banking and capital markets as these sectors tend to tempt by offering higher salaries and larger employment opportunities.