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Who is a Chartered Accountant?
Work so hard that one day your signature will be called an audited financial statement ~ Anonymous
Do numbers interest you? Do you want to deal with the finances of big companies? Not only that but do you want to play a significant role in saving a company in case of disputes or bankruptcy? Then, a career as a chartered accountant can be your go-to career option.
It is one of the ideal career options for a student from the commerce stream. Pursuing a financial management course can also be beneficial to those who are interested in taking up this career. India needs more and more good chartered accountants. The pay is higher as well as the designation is very desirable.
A Chartered Accountant is a professional who deals with accounting and not only carries out tasks related to auditing, taxation, finance, and general management but also has a wide range of interests in the fields of business and finance. In this article, we will discuss how to become a chartered accountant after 12th, and chartered accountant eligibility.
Chartered Accountant in a Nutshell
Individuals who choose a career as Chartered Accountants offer financial advice to customers ranging from multinational and public organisations to small independent companies and individuals. They oversee and implement accounting systems and processes and reconcile the income statements. Chartered Accountants also prepare monthly reports and review online banking payments.
Individuals who choose a career as a Chartered Accountant are required across various business organisations in India whether private or public. They are employed to manage an organisation's account data, tax dues, and investments. Professional Chartered Accountants also help to settle conflicts and prevent bankruptcies. They also negotiate terms with suppliers and plan financial and forecasting.
Quick Facts for Chartered Accountant
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Industry
Finance
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Suitable for
Male, Female, Others
A career as a chartered accountant is not gender-specific. Whether a person is male, female, or belongs to any other gender, he or she can opt for a career as a chartered accountant. Although gender should not have an impact on pay, it does, in practice.
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Any special needs
Yes
A career as a chartered accountant is suitable for everyone with appropriate academic qualifications. People with bodily deformities can also be chartered accountants. A chartered accountant should possess excellent mathematical and accounting skills.
Table of Contents for Chartered Accountant
What is the role of Chartered Accountant?
A career as a chartered accountant is considered a reputed profession. Chartered accountancy requires good management and decision-making skills, in the public or private sector. His or her career involves preserving the credibility of public expenditure, ensuring that taxpayers achieve value for money through efficient and accurate distribution and monitoring of resources.
The chartered accountant roles and responsibilities are to provide companies with qualified financial services such as auditing, valuation, accounting, and financial analysis. He or she also looks after risk management and financial structure advising and maintains strong professional relationships with businesses and clients.
Tax accounting
From day-to-day VAT to sharing schemes, tax matters arise in every aspect of running a company. Tax accountants prepare corporate and personal income tax statements, and design tax plans which include topics such as financial preference, how best to proceed with a merger or sale, tax deferment, when to spend products, and others.
Auditing
Working in an audit includes reviewing accounting ledgers and corporate financial statements, which is the basis of many accounting practices. Auditing research is increasingly being computerised and may rely on efficient methods of random sampling. Auditing will require a great deal of travel which enables Chartered Accountants to operate in a wide variety of industries.
Financial accounting
Chartered accountant roles and responsibilities are varied, one day he or she may be involved in significant financial matters concerning mergers and acquisitions, and the next he or she may visit a client or supplier to set up a new invoice and talk about business. This research includes a clear understanding of both financial and accounting matters.
Cost management
Many company accountants have traditionally been mocked as "bean counters." As management accountants most frequently work side by side with marketing and finance staff to grow new companies, this attitude has undergone significant change. Management accountants work in companies and assist in capital financial planning and business account review.
Budget analysis
Budget analysts are responsible for the creation and implementation of financial arrangements for an organisation. There are plenty of government and private-sector jobs in this area. Besides mathematical aptitude, due to the compromises involved in the job, many budget analyst positions need superior people skills. The Chartered Accountancy certification provides students with the resources to succeed in this area.
Types of a Chartered Accountant
Below we have mentioned the types of a Chartered Accountant that you may want to know.
Accountant: An accountant is a professional who manages the accounts of a company. He or she is responsible for creating sales and cash flow reports, maintaining balance sheets, and administering payroll. Accountant work responsibilities include carrying out billing activities, managing budgets, and keeping inventory.
Actuary: An actuary is a finance professional who contributes to the development of insurance policies. An actuary analyses the financial costs of risk or uncertainty. An actuary applies mathematics, statistics, and financial theory to determine the risk involved in potential events.
Auditor: An auditor is also a finance career. He or she is responsible for ensuring the accuracy of financial records and financial information compliance with state laws. An auditor calculates tax owed and prepares tax returns. His or her work responsibilities involve calculating and evaluating the performance of accounting records and payment processes.
What is the workplace/work environment of Chartered Accountant like?
Chartered accountants mainly work in the office. A career as a chartered accountant is considered one of the most prestigious and demanding professions. A chartered accountant stays involved in handling accounts and preparing financial statements and ranges from simple bookkeeping to complex financial analysis and auditing of an organisation.
Does Chartered Accountant require travelling?
Likely
Yes, chartered accountants are often required to travel from one location to another, mostly to places where their clients are based. Whenever there is a requirement, chartered accountants travel for work purposes.
Employment Shifts
Full Time, Part Time, Work From Home
A career as a chartered accountant provides full-time, part-time as well as work-from-home employment opportunities. Several chartered accountants work independently. Most chartered accountants work full-time, but their working schedules can vary depending on workload and budget.
Employment Nature
Permanent
Several chartered accountants work individually, several others work for professional agencies in a team. Some chartered accountants collaborate on projects with their peers or meet with clients around the world. They can set up their office completely as they want in their living room, but they often require to travel to meet clients.
Work Place
Office, Work From Home
Individuals who choose a career as Chartered Accountants mostly work in their own offices or with their clients. As far as the work hours are concerned, they work the regular eight to nine hours on a daily basis on normal days. However, if the financial year is ending or there is an audit to be done, then they work extra hours and sometimes even on weekends.
Presence in Geographical Area
Urban
As far as the geographical details are concerned, chartered accountants mostly work in urban settings. The reason is that most of the companies that hire chartered accountants are situated in urban areas such as Mumbai, New Delhi, and various states’ capitals. Individuals who choose a career as Chartered Accountants have a better salary prospect in urban areas rather than in rural or semi-urban areas.
Time Pressure
Likely
Time pressure varies depending on the type of job chartered accountants perform. Individuals who choose a career as Chartered Accountants who work under an organisation generally work on the scheduled time and hardly face any time pressure. However, one who works independently is more likely to face time pressure and stressful situations.
Overtime Details
As far as the work hours are concerned, chartered accountants work the regular eight to nine hours daily on normal days. However, if the financial year is ending or there is an audit to be done, then the working requirements of chartered accountants extend to extra hours and sometimes even on weekends.
Weekly Hours of Work
Min 40 Hours
A chartered accountant works a minimum of 40 hours per week. A career as a chartered accountant often required to work extended hours during the completion of the financial year. It requires auditing, maintaining financial documents, filing GST, taxation, and numerous other finance-related work.
How to become a Chartered Accountant?
Steps to become a Chartered Accountant
Chartered Accountant helps businesses, individuals, and organisations to achieve their financial and strategic goals. If you are passionate about accounts and everything related to it and want to pursue a career as a Chartered Accountant then below we have given how to become a Chartered Accountant in India step-by-step guidance.
What are the skills and qualities required to become a/an Chartered Accountant?
In this section, we have provided the chartered accountant skills that you are required to function effectively.
Discipline: The CA course syllabus is huge and takes a lot of time. Chartered accountancy requires hard work, and social life often comes to an end. CA course syllabus is considered the toughest and requires extended hours of study. Chartered accountant syllabus tests are difficult, with very poor passing rates.
Numerical Ability: In the CA course syllabus numbers are set to be student’s best friends. Accuracy and pace in mathematics, in general, help tremendously. The calculator is their reliable companion.
Learning Skills: Most of the students are trying to hurry up and acquire chartered accountant jobs. However, only the conceptually sound can make progress in the industry. You have to grasp the principles for this, rather than simply mugging methodologies mechanically.
Communication Skills: The applicant will communicate with clients from various sectors and provide tailored services according to their unique requirements during the internship. This requires good communication skills from the CA students.
Analytical Skills: In the case of chartered accountant qualification, analytical skill sets are required. CA course syllabus requires candidates to develop technical qualifications during the period of the articles and develop analytical skills when working on practical examples.
Project Management: Chartered accountancy students should bear in mind that the CA course is a difficult line to walk and involves balancing between the studies and the articles. Besides, regular practices and continuity will ensure success as the chartered accountant syllabus is very comprehensive and the institute is rigorous in evaluating the mark sheets.
Which certifications and internships can be helpful in becoming Chartered Accountant?
We have mentioned below certifications that individuals may opt for who want to establish a career as a Chartered Accountant.
Internship Availability
Different financial organisations, as well as some famous chartered accountants, employ interns with different expertise and preferences. The online recruitment portals allow one to explore internship opportunities. Through internships, individuals get knowledge as well as experience. The major portion of internships is provided by higher-learning institutions that pay for the practice.
What is the job outlook for Chartered Accountant?
A career as a chartered accountant is an interesting career choice for students with a commerce background. It plays a significant part in the economy of day-to-day life. The market for young chartered accountants has been tremendously growing for the last four to five years. There are plenty of chartered accountant jobs in various fields.
The Chartered accountants will deal with market problems such as accounting, audit, audit, and consultancy. They have become one of India's most pursued courses. Most chartered accountants' credibility is because their thorough preparation (both theoretical and practical) makes them masters of all trades concerning the finance domain. Despite changes in global trading structures and procedures,
Frequently Asked Questions for Chartered Accountant
Que. How many years is the CA course?
Ans.The minimum period for a person entering a Chartered Accountant Course after 10+2 (through CPT Route) is 4.5 years. The minimum length of the Chartered Accountancy Course (i.e. via Direct Entry Scheme) for an individual entering after graduation is three years.
Que. What are the chartered accountant qualifications?
Ans.For graduates and postgraduates in commerce, a minimum score of fifty per cent is expected while other graduates or postgraduates need a minimum of sixty per cent to qualify for Chartered Accountant. Candidates will register nine months before the exam and complete 100 hours of information technology training afterwards.
Que. Who is the first chartered accountant in India?
Ans.The first Indian to be issued a membership certificate by ICAI was C.A. Gopaldas Padamsey Kapadia. The membership certificate was issued to him on 9th June 1950. He was one of the founding members and the first President of The Institute of Chartered Accountants of India.
Que. Is there any age limit for CA?
Ans.There is also no upper age limit for admission to the Chartered Accountancy course. The original registration is valid for five years and can be re-validated for five years.
Que. What is the work of CA?
Ans.Chartered accountant designation is worldwide, which refers to professional accountants who are qualified to take on several specific activities within the spectrum of accountancy. Such tasks include auditing financial statements, filing corporate tax returns and financial advising.
Que. Where is the Institute of Chartered Accountants of India (ICAI) located?
Ans.The headquarters of ICAI is located in New Delhi. The other five regional centres of ICAI are located in Chennai, Kanpur, Kolkata, New Delhi and Mumbai. It has 163 branches in other parts of the country. The institute also has 31 chapters abroad.
Que. How many times one can attempt to clear the CA foundation exam?
Ans.If you have registered for the foundation exam, it will be valid for the next three years from the date of registration. A candidate can make a maximum of six attempts to clear the foundation exam. The foundation exam is conducted twice a year. It is conducted in May and November. Those who have missed appearing in the exam in May can appear in November.
Que. What is the qualification to do CA?
Ans.The qualification to do CA is 10+2 or graduation with 55 per cent aggregate marks in commerce or 60 per cent aggregate marks in non-commerce subjects or qualifying the first level.
Que. How many years does it take to become a chartered accountant?
Ans.To become a chartered accountant you will require approximately 4.5 to 5 years including pursuing your educational requirements, practical training, and clearing the Foundation, Intermediate, and Final level examinations.
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Did you know?
Fact 1
Institute of Chartered Accountants of India is also the second biggest accounting organisation in the world.
Fact 2
The word "accounting" comes to count from the context of the French 'computer'.
Fact 3
Italian mathematician Luca Pacioli is considered to be the founder of accountancy.
Fact 4
Gopaldas Padamsey Kapadia was the first person to get the membership Institute of Chartered Accountants of India.
Fact 5
10th November is celebrated as International Accounting Day.
