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09 April,2023 | By Brainwonders
Chartered Accountancy is a professional practice of accounting, taxation, auditing, book-keeping, and financial assessment for an individual or an organisation. The Chartered Accountancy designation is given to those individuals who have successfully cleared all the levels of a Chartered Accountancy course. The Chartered Accountant is duly responsible for carrying out the matters related to accounting, taxation, and business. Thus, a CA professional works across various financial aspects of the organisation. It includes filing tax returns, handling business practices, maintaining the transaction records, checking the financial reports, preparing financial statements, auditing financial statements, etc. Sometimes the experienced CA professionals also provide advisory services to the clients.
In order to become a CA, the individual or working professional or student has to do the certification or registration. The Chartered Accountancy course in India is registered under the Institute of Chartered Accountants of India (ICAI). ICAI is a legal, statutory body that looks after the profession of chartered accountancy in India. ICAI has framed three levels under the chartered accountancy course. One has to clear all the three levels as well as the training, then only he/she is eligible to become a CA. As per the Scheme of Education and Training, an individual can pursue the Chartered Accountancy course either through or Direct Entry Route. Let's have a look at the eligibility criteria to get a more precise idea about the CA course.
In order to become a Chartered Accountant, the candidate has to go through various exam levels and training processes conducted by the Institute of Chartered Accountants of India (ICAI). As already mentioned, there are two paths through which one can start the CA course; let's have a look at each of the paths in detail:
In order to get direct entry to the CA Intermediate course, the candidate must fit into the listed eligibility criteria:
CA aspirants must have professional management skills in order to become successful CA. The responsibilities of a CA are more compared to other professions. Therefore, the aspirants are provided with the compulsory 3-year training programme under a practising CA in order to get them familiar with the roles and responsibilities before becoming a CA. CA must have the following skills:
In India, the CA certification is given to those students only who have completed all three levels of the CA exam. Examinations conducted during the chartered accountancy course are:
1st Level: CA Foundation Exam
2nd Level: CA Intermediate/ IPC (Integrated Professional Competence) Exam
3rd Level: CA Final Exam
In May or November, all three exam levels are conducted twice a year.
The CA Foundation, which was earlier called CPT, is the first level of chartered accountancy course. A person who might be interested in pursuing the CA can start the preparation for CA Foundation by doing CA Foundation registration under ICAI. The CA Foundation exam is conducted twice a year, in June and December.
To become a CA, the candidate needs to have complete information about what all subjects are there in each CA level exam.
|Paper||CA Foundation Subjects/ Syllabus||Marks|
|Paper 1||Principles and Practices of Accounting||100 marks|
|Paper 2||Business Law & Business Correspondence and Reporting||Part 1: Business Law (60 marks)||100 marks|
|Part 1: Business Mathematics and Logical Reasoning (60 marks)|
|Paper 3||Business Mathematics and Logical Reasoning & Statistics||Part 1: Business Mathematics and Logical Reasoning (60 marks)||100 marks|
|Part 2: Statistics (40 marks)|
|Paper 4||Business Economics & Business and Commercial Knowledge||
Part 1: Business Economics
|Part 2: Business and Commercial Knowledge (40 marks)|
|Group||Paper||CA Intermediate Subjects/ Syllabus||Marks|
|Group 1||Paper 1||Accounting||100 marks|
|Paper 2||Corporate and other Laws||Part 1: Company Law (60 marks)||100 marks|
|Part 2: Other Laws (40 marks)|
|Paper 3||Cost and Management Accounting||100 marks|
|Paper 4||Taxation||Part 1: Income Tax Law (50 marks)||100 marks|
|Part 2: Indirect Taxes (50 marks)|
|Group 2||Paper 5||Advanced Accounting||100 marks|
|Paper 6||Corporate and other Laws||100 marks|
|Paper 7||Enterprise Information Systems & Strategic Management||Part 1: Enterprise Information Systems||100 marks|
|Part 2: Strategic Management|
|Paper 8||Financial Management and Economics for Finance||Part 1: Financial Management (50 marks)||100 marks|
|Part 2: Economics for Finance (50 marks)|
|Group||Paper||CA Final Subjects/ Syllabus||Marks|
|Group 1||Paper 1||Financial Reporting||100 marks|
|Paper 2||Strategic Financial Management||100 marks|
|Paper 3||Advanced Auditing and Professional Ethics||100 marks|
|Paper 4||Corporate and Economic Laws||Part 1: Corporate Laws (70 marks)||100 marks|
|Part 2: Economic Laws (30 marks)|
|Group 2||Paper 5||Strategic Cost Management and Performance Evaluation||100 marks|
(CA aspirant can select any one subject from the elective subjects)
|6A: Risk Management||100 marks|
|6B: Financial Services and Capital Markets|
|6C: International Taxation|
|6D: Economic Laws|
|6E: Global Financial Reporting Standards|
|6F: Multi-disciplinary Case Study|
|Paper 7||Direct Tax Laws & International Taxation||Part 1: Direct Tax Laws (70 marks)||100 marks|
|Part 2: International Taxation (30 marks)|
|Paper 8||Indirect Tax Laws||Part 1: Goods and Services Tax (75 marks)||100 marks|
|Part 2: Customs and FTP (25 marks)|
Chartered Accountancy ranks among the top professions in India. As we all know, CA is one of the emerging careers in commerce. A variety of job opportunities are made available for CA in both the public as well as the private sector. Career opportunities in the field of the CA profession range from working in large private and public organisations to starting your own business practice by becoming an entrepreneur. Moreover, chartered accountants have a sense of job security and various futuristic opportunities in India.
Furthermore, the scope of CA in abroad countries is also very high. They are in high demand and can find lucrative job opportunities abroad as well. As a result, due to diversified industries spread worldwide, the CA professions are getting more attention.
After becoming a CA, one can accumulate all the in-depth knowledge in a particular finance-related field and find work across that field. Some of the areas include:
All around the world, there is a significant need for Indian CAs. West Asian countries, Singapore, and Australia have a high demand for Indian Chartered Accountants. Numerous Indian CAs flock to these countries each year. CAS in these countries can join the ICAI thanks to Memorandums of Understanding (MOU) agreed between the ICAI and specific countries. Many countries, including Australia, Canada, the United Kingdom, the United Arab Emirates, and others, have signed MOUs with ICAI.
When it comes to pursuing a CA course, the CA aspirants during their Articleship gain and accumulate the necessary knowledge and practical training as well as gain all the relevant skills required on the part of CA. After becoming CA, the individuals are responsible for handling various roles and responsibilities. A few of the CA responsibilities are mentioned below:
The following chart provides a list of top Job roles with their average salaries after becoming a CA:
|Job Profile||Average Annual Salary (INR)|
|Chartered Accountant||7-25 LPA|
|Management Trainee||8-15 LPA|
|Financial Controller||18-19 LPA|
|Finance Officer||30-35 LPA|
|Finance Manager||9-10 LPA|
|Account Executive||20-25 LPA|
NOTE: The salaries which we have mentioned may fluctuate as per the inflation, market demand or any other factor.
In various large multi-national organisations, Chartered Accountants act as the main pillars of the organisation. They handle the financial aspects of the organisation. They also take the business decision which will be helpful for their organisations that will lead to essential productivity and growth in the organisation. Aside from working in the organisations, many CAs start their own business and become successful entrepreneurs.
A Chartered Accountant is necessary in various organisations, including private, government, commercial, non-profit, big, small or even self-employed professionals. Every business which generates a lot of revenue needs a chartered accountant who can look after the financial and monetary aspects of the firm as well as manage the business finances and taxes. So here, we mentioned the list of both Indian as well as international organisations that require a proficient CA professional.
|Indian Firms||International Firms|
When an individual combines the knowledge gained through the CA course with other advanced courses, the individuals have extensible job opportunities and help the organisation in the long run as well as add more value to the organisation.
Some of the Advanced Higher Studies Courses include:
Now, you must have a clear picturesque idea about the Chartered Accountancy course. The demand for CA professionals is increasing day by day. Thus, you can also start your career in one of the emerging fields of today's world and become a successful chartered accountant. If you plan to pursue the CA course, you need to be efficient and consistent in your studies. Future opportunities for CAs are highly scalable. After all, CA is among the prestigious and reputed professions in the field of commerce.
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