All You Need To Know To Become A Chartered Accountant
If you would like to become a Chartered Accountant, you must start preparing for the course and the profession from a very early stage.
Choosing a perfect career option after the higher secondary examination is always a hard choice. But to choose CA as your career option requires strong perseverance, the ability to work hard, and zeal to complete the long journey to become a CA and enter the club of one of the most prestigious professionals in India and the rest of the world.
In this article, we will try to answer some of the most pertaining Questions associated with the Chartered Accountant, its courses, preparations, career opportunities, examinations, etc.
What Exactly A Chartered Accountant Does?
A Chartered Accountant is the pillar of the accounting system of any business organization. The financial decision-making of any firm depends on the Chartered Accountant it has. The broad duties and responsibilities of a CA include:
- Auditing and reviewing financial reports of an organization.
- Financial accounting, record keeping of financial transactions, and preparation of various financial reports.
- The CA is also responsible for implementing a standard accounting system in an organization and overseeing the implementation of such standards.
- The CA helps the organization in maintaining sound financial decision-making through applied finance and with the techniques and methods of financial management.
- A CA can work with an organization or can open his/her own independent firms to cater to the needs and requirements of clients.
- The Chartered Accountant is also responsible for reconciling the income statement of a firm and controlling the master data of an organization.
- A CA is also responsible for the firm’s compliance with the financial regulations and laws of a country.
- The CA is also responsible for managing the full financial process by preparing an expense/revenue budget of an organization and controlling the accounting and finance department of an organization.
How Early Can You Enroll Yourself For The CA Course?
In India, The Institute Of Chartered Accountants of India (ICAI) is a statutory body of professional accountants established in the year of 1949 by an act of parliament.
ICAI is responsible for conducting all CA examinations and maintaining the highest standard for Chartered Accountant education.
If you wish to enter the world of Chartered Accountant you have to enroll yourself in the foundation course offered by the ICAI after passing your 12th examination.
You can also enter a CA course after the completion of your graduate program with at least 55% marks or postgraduate programs with 60% marks.
What Are The Steps You Should Follow To Become A Chartered Accountant?
In a nutshell, the steps included in becoming a CA are as follows:
- Enroll Yourself in the foundation course offered by the ICAI after your 12th standard examination from any recognized educational board in India and pass the examination.
- After passing the foundation course, you will have to enroll yourself in the intermediate course which is the 2nd part of the CA course. It is further divided into two categories; group-I and group-II. You need to pass both groups to move forward in the next step.
- As a CA student, you need to complete an integrated course on information & technology and soft skills for 4 weeks before the end of their intermediate stage and starting of articles.
- After passing both categories of intermediate courses, you are eligible for entering CA final course.
- The students have to complete mandatory articled training for 3 years before appearing for the CA final examination. Or else you can appear for the examination while serving your last 6 months in articled training.
- Once you clear your CA final examination, you need to apply for enrollment as a member of ICAI.
What Is The Scope Of CA As A Profession?
- After passing CA examinations and completing your articles if you wish you can start your own accounting firm by incorporating through partnership or LLP. You can also start practicing with other professionals such as Company Secretary, Advocates, or Cost Accountant.
- You can also start your own consultancy firm by becoming a partner of big law or accounting firm.
- You can also start working under any statutory law and accounting firm for the areas such as tax auditing, forensic auditing, taxation advisory, company incorporation, and compliance.
- You can also start working in the top corporate firms and private organizations as a chief senior accountant.
- If you so wish you can also start your career as a teacher and teach in various institutions and facilities CA courses.
How To Pass CA Successfully?
In case you are wondering about passing CA examinations, then you will be amused to know that there are many professionals, students, and women who pass the different stages of CA examinations while working in organizations and private firms. More than skills and your own intelligence you need patience, follow a regular study routine and get the best professional help available to you.
If you have the determination and strong desire to become a Chartered Accountant one day, The Finance Story can make your journey to becoming a CA easier by providing you with relevant articles, inspiring videos, and success stories to make you motivated. Check out their official website for more information relating to CA.