The busiest time of your professional life will be between March and April. You’ll show the rich how to make more money and hide all that they have made so far. Scooping out loopholes in taxation laws is never too difficult for you. In simple terms, you’ll handle all money matters and in between all this fill your coffers as well. Yes, we are talking about a Chartered Accountant here.
If reading between the lines of balance sheets is your game then this is your calling.
The process of money flow is a complicated one. You will master it and show others how to do it. As a CA you will offer financial advice and audit accounts for private individuals, companies, industries, educational institutions, etc. This in short is the summation of your job profile.
You will audit-analyse and verify your clients’ accounts and give a fair financial picture. You could also work as a financial guide or consultant and push an organisation’s profitability. You will also advice clients on investments, general taxation and act as executors and trustees.
Auditing means analysing and verifying a client’s accounts to make sure that they give a fair financial picture. It also involves interviewing staff and management. Most companies hire CAs as financial guides or consultants.
Budgeting, fund raising and other financial activities related to corporate finance will be your domain. CAs are experts in corporate law.
Procuring finance for projects needs high level of skills and expertise in finance. CAs are trained to advice on financial sources and prepare project reports.
You will analyse the profitability on business expansion as well as its long term returns. Your advice will also be sought in matters such as mergers and acquisition, diversification etc.
This profession calls for a lot of travelling. So if you hate to pick your bag and leave the comforts of your office, think twice. Auditing will see you move from one office to another, unless you have your own practice.
• Logical and analytical skills
• Critical outlook
• Good inter personal skills
• Good organising abilities
• Excellent numerical abilities
• Ability to take initiatives
• Loads of patience
You have to complete the course conducted by the Institute of Chartered Accountants of India (ICAI).
According to the new system in place you are first required to do your Professional Education (PE) course I and II. For PE-I you need to have completed your 10+2 level in any stream. The course is administered via correspondence for a period of 10 months after which you give a written exam. The subjects include accounting, mathematics and statistics, accounting, as well as business communication and management.
After this you are eligible for PE – II. You can directly join PE -II if you have completed your B.Com with Accountancy, Auditing and Mercantile or Commercial Law with a minimum of 50 per cent marks. For non-commerce students with mathematics the cut off percentage is 60 per cent and for other non-commerce students it is 55 per cent. If you fall below these academic requirements, you need to do the PE-I course first.
Candidates who have cleared the final exams conducted by the Institute of Cost and Works Accountants of India (ICWAI) or the Institute of Company Secretaries of India (ICSI) can also join the PE – II course directly. Subjects in PE-II include Cost Accounting and Financial Management, Business and Corporate Laws and Information Technology.
In both PE-I and II you need to score at least 40 per cent in each individual paper and 50 per cent overall in order to pass the examination. The duration of each of these courses is 10 months.
After this you are required to register yourself as articled clerks and work as a trainee under a chartered accountant for a period of three years. During the last six months of this internship you can appear for the CA Final examination. On clearing the final examination and completion of your three-year internship programme, you are required to complete a course on general management and communication skills. After all this has been done will you be admitted as an associate member of the Institute of Chartered Accountants of India. Only then can you call yourself a Chartered accountant.
These days more and more CA firms are IT enabled and as such you need to be knowledgeable about things like:
1. Working knowledge of Tally and Spreadsheets
3. Internet Applications
4. Enterprise Resource Planning (ERP)
5. Software Solutions
6. DBMS and RDBMS Concepts
You will work with:
• Registered Audit firms
• Chartered accountancy firms
• Management consultancy firm
• Law firms
• Corporate organisations
• Government organisations
You could also freelance or start your own consultancy service.
Money & Other Benefits
Registered firms: Rs 5,000-20,000 or more per month
Chartered accountancy firms: Rs 6,000-20,000 or more per month
Management consultancy firm: Rs 15,000-40,000 or more per month
Banks: Rs 12,000-Rs 30,000 or more per month
Other organisations: Rs 10,000-30,000 per month
In recent times, accountancy has grown in popularity as a profession. The services of a CA are required even in the smallest of enterprises.
Moreover, under the Companies Act, only CAs in professional practice are entitled for appointment as auditors of companies in India.
With growing globalisation and formation of new policies, the corporate sector requires the services of more specialised professionals.
There is also a demand for consultancy service on specific issues to a business enterprises.