Career Option other than Engineering or Medical | Become a CA | Part 1

 

Career as a Chartered Accountant

Chartered Accountancy is regarded as the core of all business, small or big. The responsibilities and work of chartered accountants involve financial planning, accounting, taxation and auditing. A career as a chartered accountant is not only challenging but also rewarding. The career prospects for chartered accountants are exciting. In other words, chartered accountancy is the first step to other rewarding careers in fund management, investment consultancy and finance. Institute of Charted Accountants of India (ICAI) is responsible for conducting CA course. Over the last few years, the qualifications required to become a CA has undergone various changes with ICAI upgrading the syllabus and curriculum as per the changing business scenario as the globe.

How to Become a CA ?

CA Course Eligibility

The basic eligibility criteria for taking up a CA course is the completion of 10+2 Classes with a minimum of 50 per cent aggregate from a recognized institute and/or board. 

One could have pursued Class 12 from science, commerce or arts background. CA course after 12th irrespective of commerce or science can be done by registering and taking up the CPT (Common Proficiency Test). 

The CA exam takes place twice a year in April and October, respectively. We have mentioned about CA articleship exam below. All of us want to know CA qualification at the end of the day.

After successfully clearing the Common Proficiency Test, students can register for IPCC (Integrated Professional Proficiency Test) by registering 9 months before the exam. 

Students are required to register for an Articleship and practice CA before registering for the final CA exam which takes place during the last 6 months of the articles along with GMCS. 

GMCS is a short course on general management and communication skills. However, CA course fees are not mentioned here.

The candidates who wish to pursue the CA course need to clear the Common Proficiency Test (CPT) exam for getting admission to the CA course.

However, the candidates who have completed their graduation are exempted from appearing for the Common Proficiency Test (CPT) exam, and they can directly join the IPCC Course, i.e. the second stage of the CA course.

CA Course Entrance Examination and Exemptions

• Commerce graduates securing above 75% of marks in graduation from a recognized university are exempted from appearing for the CA entrance exam and can join directly for the IPCC course. This the central point for CA entrance exam.
• For graduates doing CA after B.Com, one can benefit from a direct registration scheme whereby skipping the CPT exam, which has now been rechristened as CA foundation. They can directly register for IPCC, clear it and apply for final CA.
• Accounting, Mercantile Laws, General Economics and Quantitative Aptitude are some of the subjects of the entrance test syllabus.
• CA can be done both as a full time or a part-time course or via correspondence. Though, it is an excellent option to pursue it along with a graduate degree.
• The entrance test known as CA Foundation has been explained in detail in the next section of the article.
• With the advent of technology, students can search and opt for top schools to study across the globe, keeping in mind their financial affordability and career building.
• ICAI (Institute of Cost Accountants of India) previously known as ICWA (Institute of Cost and Work Accountants of India) can also be pursued along with CA, but only one of two can be practised. A chartered accountant course is what one needs to do.
• ICWA is a combination of collecting, assimilating, collating, and analyzing financial information from every area of an organization. A degree in cost accounting equips the knowledge of competently managing finance.

CA course duration

After 12th - minimum 4.5 years

After Graduation - minimum 3 years 

There is no age limit in this course and a student give infinite attempts.

The CA course Structure includes three aspects as told above, they are mentioned as below -

CA Foundation

CA Foundation is an entry-level, national examination that acts as the first step towards getting closer to becoming a CA, or we can say it is the entry key in the procedure to become a CA. It is conducted biannually by the ICAI who set the CA Foundation syllabus and the subjects a student must study. They mostly focus on the application, comprehension, and knowledge aspects of chartered accountancy. Each one of these papers is for 100 marks with a 3-hour duration for each. This is attempted in an offline format.

The subjects/topics of the exam papers for the year 2019 are as follows -

• Paper 1 - Principles and Practice of Accounting
• Paper 2 - Business Laws and Business Correspondence
• Paper 3 - Business Mathematics, Logical reasoning and Statistics
• Paper 4 - Business Economics and Business and Commercial Knowledge

CA Intermediate

The Intermediate Course is designed as the bridge between foundational subjects and the advanced concepts that one would learn about in the practical training and CA final. A student acquires a working knowledge of core and allied subjects related to Chartered Accountancy. This includes present-day knowledge of technology and skills required to undertake charted accounting.

The intermediate subject load is classified into two sections or groups. Post successfully clearing CA Foundation Exam, one can study well and attempt the CA Intermediate Exam either individually or together (subject groups). Only after clearing either or both groups of the Intermediate Course, one can and must join practical training.

CA Final

In the last stage to become a CA, A student can register himself for the CA Final, once he cleared both the groups of CA Intermediate. If an individual fails to clear any of the subjects, he or she is required to give exams of the whole level all over again. Hence, choosing to pursue a CA course right after class 12 requires a lot of mental strength, tenacity and will power. The candidate should make the payment of Rs 22000/- (Indian student) or 1100US$ (Foreign student) to get himself enrol for the CA Final Course.

Some of the critical subjects, concepts, and topics covered in CA are as follows -

• Core accounting of a firm.
• Designing an efficient financial system to combat its risk.
• Acquiring skills to handle a significant financial issue of a firm.
• Knowledge to maintain financial balance and stability.
• Preparing financial statements and management reports.
• Liaising with internal and external auditors.
• Carrying out taxation and auditing work.
• Advice for efficient tax planning.
• Annual reports preparation.

CA Foundation course books

• Fundamentals of Accounting for CA – CPT  by P.C Tulsian and Bharat Tulsian
• CPT Grewal’s Accountancy by M.P Gupta & B.M Aggarwal
• Fundamentals of Accounting by D.G Sharma
•  General Economics by S.K.Agarwal
• Quantitative Aptitude by Dr T.Padma and K.C.P Rao
• Mercantile Laws for CA CPT by P C Tulsian

CA course articleship 

students who opt CA course after 12th first have to gain information of CA in detail later on based on his interest if he is willing to take up the course he will have to study a wide variety of topics with general subjects like mathematics, economics, general management, IT, statistics with specialization in law, cost accounting and others.

This is accompanied by working for a big company and also temporarily work for small sectors to resolve its financial statements or burden. They are hired for advice on cost control and financial investments. This has been termed as Articleship. It happens to be mandatory for the student to be certified as a CA.

CA Articleship requires proper coaching, guidance, the devotion of time, desire to excel, and effort for completing the course. It is a complete CA process which has to be followed systematically.

Complementary CA or Post-CA Qualification Courses -

• Certified Public Accountants (CPA) suitable for the accounting field.
• NCFM course conducted by the National Stock Exchanges, Mumbai (NSE).
• Certified Financial Planner (CFP) international certification program being conducted by the Financial Planning Standard Board (FPSB), India.
• Certified Internal Auditor (CIA-USA) Program conducted by the Institute of Internal Auditors – the USA.
• Chartered Financial Analyst (CFA) is regulated by ICFAI (Institute of Chartered Financial Analysts of India) University.
• Chartered Financial Analyst (CFA-USA) from ICFAI University, India.
• Information Systems Audit (ISA).
• CPE Course on Computer Accounting and Auditing Techniques (CAAT).
• Diploma in Insurance and Risk Management (DIRM).
• Management Accountancy Course (MAC) Corporate Management Course (CMC)/ Tax Management Course (TMC).
• International Trade Laws & World Trade Organisation (ITL & WTO).

CA course top colleges in India 

CA courses in India are being offered by some of the most reputed colleges/Institutions. Most of them strive to bring discipline into the aspirants.

After a lot of research, the compiled list of top colleges one can choose after 12th is as follows - 

• Northern India Regional Council of ICAI represents over 44,000 Chartered Accountants and 2,25,000 students spread across the Northern States of Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab and Union Territory of Chandigarh. It also happens to be a constituent body of the Institute of Chartered Accountants of India.
• Academy of Commerce - is a highly ranked academy in India for commerce studies, primarily Charted Accountancy.
• Nahata Professional Academy - is a nationally renowned institute leading in specialized training in CA and CS segments.
• Vidya Sagar Career Institute Ltd - VSI is the only institute in India that has given 3 times All India 1st Rank in CA IPCC in the last 6 years, which shows its quality and proper guidance. 
• Chanakya Academy for Management and Professional Studies (CHAMPS) - is a premier national educational institute that offers an exemplary quality of education in Charted Accountancy.
• Pearl CA College, Kochi is another swell institute specializing in CA coaching and education.

Pay Scale/Salary of Chartered Accountant

A Chartered Accountant in diverse sectors earns a very good salary. Most companies pay more for highly skilled and experienced Chartered Accountant. The average salary structure of Chartered Accountant is detailed below.

Job Profile	Starting Salary per annum (in INR)	Mid Level Salary per annum (in INR)	Senior Level Salary per annum (In INR)
Chartered Accountant	Rs. 3,50,000	Rs. 7,00,000	Rs. 12,00,000 – 24 lakh
Accounts Clerk	Rs. 1,50,000	Rs. 2,07,000	Rs. 3,50,000
Business Services Accountant	Rs. 1,50,000	Rs. 2,08,000	Rs. 3,50,000
Chief Finance Officer (CFO)	Rs. 2,00,000	Rs. 4,00,000	Rs. 6,00,000
Cost Accountants	Rs. 1,50,000	Rs. 2,34,000	Rs. 4,00,000

Pros of becoming a Chartered Accountant

• Chartered Accountants are paid higher salaries.
• CAs enjoy tremendous respect in organisations and society.

Cons of becoming a Chartered Accountant

• Stressful job as responsibilities are enormous.
• Regular update of knowledge is must without which the career may lead to stagnation.

Thank you !