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Career as Chartered Accountant

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Career as Chartered Accountant

Postby admin » October 24th, 2012, 3:33 pm

Career Overview:

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.


Eligibility:

A Candidate who has passed the 10th examination can register for the Competency Professional Test (CPT) of the CA programme.

Commerce graduates with 50% marks, non-commerce graduates with subjects other than Mathematics with an aggregate of 55% marks and non-commerce graduates with maths with an aggregate of 60% marks are exempted from the Competency Professional Test (CPT) and are permitted to register for Professional Competency Course (PCC).

Candidates who have passed the Final Examination conducted by the Institute of Cost & Works Accountants of India (ICWAI) or the Institute of Company Secretaries of India (ICSI) can register for Professional Competency Course.

Professional Competency Course, the candidates can register as Articled clerks for practical training and for admission to the Final course of the Chartered Accountant. Every graduate above18 years of age is eligible to register as an articled clerk/Audit Clerks for Chartered Accountancy. Computer Training Programme is compulsory for the candidates who wish to register themselves as auditor clerk.

Students should have a pleasing personality, practical approach and a natural instinct to deal with figures to do well in this profession.

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

2. E-commerce

3. Internet Applications

4. Enterprise Resource Planning (ERP)

5. Software Solutions

6. DBMS and RDBMS Concepts


Career prospects:

Chartered Accountants are generally found to be working either as employees in a firm or they indulge in their private practice. Some of the areas suited to the services of Chartered Accounts are as follows

FINANCIAL ACCOUNTING: Marinating financial records of an organization is of utmost importance. Financial accounting is a branch of accounting which deals maintaining the financial records

AUDITING: One of the important tasks performed by Chartered Accounts is auditing. It is the methodical examination and review of the accounts. Chartered Accounts examine and verify the books of accounts and other necessary documents of their employers or clients

COST ACCOUNTING: Cost accounting deals with working out the cost of a particular operation or job, taking into account relevant overheads. It is quite a complex task usually undertaken for monitoring expenditure, preventing it from over-shooting, minimizing costs, forecasting future needs and providing reports for management accounting etc.

TAX MANAGEMENT: Sometimes Chartered Accountants specialize in tax management. Their job is to legally ensure minimum incidence of tax.Tax management relates not only to direct taxes e.g. income tax but to indirect taxes like sales tax, excise tax, agricultural income tax etc.

CONSULTANCY: The changing scenario in the business world has opened promising and challenging career opportunities for the aspiring young. Consulting services is one such opportunity which has drawn a lot of attention these days

They are also engaged in activities like preparing project reports, markets research, management accounting, cost analysis, budget planning, working capital management, inventory control, policy planning, securities consultancy, registrar of issues of securities, auditing etc. With the country liberalizing its policies and approach, opportunities are expected to grow further.

Job Opportunities:
You will work with:

• Registered Audit firms

• Chartered accountancy firms

• Management consultancy firm

• Banks

• Law firms

• Corporate organisations

• Government organisations

You could also freelance or start your own consultancy service.

Money & Other Benefits:

Chartered Accountancy is a well-paid profession, be it Government Service, private firms or own consultancy. for Pre Qualified they earn Rs. 2,500 - Rs.3,000 per month , Fresh CAs Rs. 5,000 - Rs. 6,500, Accounts Managers Rs. 6,500 - Rs.8,500, Financial Controllers Rs. 8,500 - Rs. 15,000, Directors Rs. 10,000 - Rs. 25,000 and an experienced CAs may get monthly earnings more than 50000.

All this depends up on the involvement, commitment, hard work and dedication to the job.
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