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Build career in CHARTERED ACCOUNTANCY

Build career in CHARTERED ACCOUNTANCY

Introduction

Chartered accountancy is the core of all business, be it big or small. A chartered accountant’s work involves auditing, taxation, accounting and financial planning. It can be a very challenging and rewarding job.

Career prospects after doing chartered accountancy are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management.

The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centres.

Flow Chart Representation:

Start Early

In today’s cut throat competitive world, it is advisable that a student starts planning right after class 10. For chartered accountancy, a student can register with the Board of Studies and prepare for entry level test while pursuing 10+2. It is better to take mathematics at this level. Students of commerce stream definitely have an advantage while pursuing this career. The latest scheme of CA is designed to encourage young talented students having aptitude for accounting education to make an early entry into the profession.

Is it the Right Career for Me?

Build career in CHARTERED ACCOUNTANCY

It is generally believed that only students of commerce should pursue CA course. However, CA being a very practical course, the students from science and arts streams can equally benefit and make a successful career. Students of science and arts stream have to make extra efforts in order to understand some complex accounting nuances and have to get basic knowledge of various management topics. But it can be easily concluded that students of science and arts streams can be successful CAs, if they are ready to toil.

Academic fee structure:

CA CPT:

cost of CA CPT prospectus:100 rs/-

cost of CA CPT registration fee: 6000 rs/-

cost of CA CPT exam fee: 500 rs/-

CA IPCC:

initially for group 1

Registering forWithout Articles (Rs.)With Articles (Rs.)
IPCC (Group I)8000
Accounting Technicians Course (ATC)10000
IPCC Group I + ATC10000
IPCC (Group I & Group II)900011000
IPCC (Group I & Group II) + ATC1000012000

subsequently for group 2

Registering forWithout Articles (Rs.)With Articles (Rs.)
IPCC (Group II)5,0007,000
IPCC (Group II) + ATC10,00012,000

CA FINAL:

  • Admission to Final through PCE/PEII -With Articles – Rs. 9000
    Registration fee with Board of Studies – Rs.500 (if not paid earlier)
    Students Association Fee – Rs. 500 (if not paid earlier)
    Total – Rs. 10,000 (without articles Rs. 8,500)
  • Admission to Final through IPCC – Rs. 10,000 + 2000 for article registration fee if not paid earlier
  • Conversion to Final (old) Course to Final (New) Course – Rs. 1100 towards cost of study material.

Scholarship

There is not much scope for any scholarships while pursuing chartered accountancy.

 

Tips to score more:

 

Below are the 10 steps to make you prepare to crack the CA CPT, IPCC and Final  exams in first attempt easily.

1. Attitude 
The first basic factor towards Cracking CA, CS, CWA exams in first attempt is a positive attitude. Trust in your self that you can do it. Remember this golden words: “If you think you can then you can” So generate a belief in your self that you can pass CA exam in first attempt. Yes, you can do it. So never keep fear of failure and just keep positive attitude. Remember: “Change your attitude and you change your world” The CA course is really challenging hence the role of positive attitude cannot be over emphasized.

2. Be confident in yourself
Basically for passing CA course, you need not to be a super genius. Don’t feel that CA course meant for intelligent students. What is a peculiarity of this course is even super genius also fails in this course…lol. The main factor is your mind set up and outlook. Inject some degree of cautiousness to the brain regarding the challenges of the course. The word here referred to as challenging and not tough. So, just be confident in yourself that you will pass CA exam in first attempt and yes you will.

3. Have a clear cut Goal 
You must have a clear cut goal that you want to pass CA in first attempt at any cost. The words “at any cost” is very important in CA course. You will face a lot of difficulties while pursuing CA but remember you will have to cope up all the difficulties and will have to follow the goal of cracking CA exams in first attempt. Be cautious, set a good goal. Students normally realize this fact after completing the first CA exam.

4. Forget that CA is tough
Your approach toward CA is too critical to crack this course. If you feel that the CA course is tough then the course remains tough and remain difficult to clear even if your hard work and repeated attempt.
Think that the course is very challenging but nothing against you. This is the positive attitude. Tune the mind towards the challenging angle so that you can get the means to face the challenges. You may be pay more attention and care towards the studies which otherwise cannot be achieved. If you had changed your mind as suggested above, then , you won half battle.

5. Study with Planning 
This is the most important step in the race of cracking CA exam in first attempt. Most of the CA students don’t follow this most needed step. You need to plan that what you need to read and learn today in a paper sheet just before starting reading. It will not take more than 5 minutes. This will build confidence in your self that you are focused on your goal of cracking ca exam in first attempt.
Do visit CA updates for more. Remember the golden quotation: “If you fail to plan then you plan to fail” So make schedules to follow before reading every day. In starting your performance will be down but later you will be following 90- 95% schedule correctly. You are reading the most wanted article of CAcracker.com on How you can pass CA CPT, IPCC, Final, CS, CWA Exams in first Attempt easily.

6. Prepare thoroughly
You need to prepare thoroughly & systematically. Concept clearing is the important thing in CA to crack the exams. Prepare from ICAI study materials because it is the best material according to me. Keep reading some reference book of some good author too for more detailed knowledge. You can get an overview of the entire subject at the time of start studies. If there is senior ,what is the wrong for inquiring about the subject. Remember: “Those who learn from own experiences are smart, genius is the one who learns from other’s experiences”

7. Revision is must
Revision is the vital step that you must fulfill. Keep revising whatever you read in whole week in Sunday. This will lead you to crack the CA exams in first time for sure.

8. Strategies 
Follow a strategy of study. Remember, you cannot study accounts independent of company law. Income-tax cannot be studied independent of accounting. Thus, these subjects are inter-related. You have to study all the subjects for the examination.
For example, In CA Final: the issue of shares by a company. Read provisions of company law from S. 55 onwards prospectus, contents,
liabilities for misstatements, and so on till S.108. You would have grasped the legal requirements. Then work out problems in accounting on issue of shares at par, premium, discount, for consideration in other than cash, etc. Follow it up with audit of issue of share capital, resolutions to be passed, documents to verify, and so on.

9. Writing 
Practice writing. What you read will prove futile if you cannot reproduce it on the D-day. Do write at least 2 test papers of all the subjects before the exam. It will also boost your confident.

10. The final charge 
Generally, the pressure valve is turned on only after the candidate pays the examination fees. There is a lot anxiety, nervousness, and tension. If a candidate is well prepared, last minute blues can be avoided. The candidates should learn how to tackle each subject and perform accordingly. One should know which accounts need to be opened and how to reach the goal in the shortest possible route and quickly. Saying that you should pass 36 journal entries for amalgamation, 16 entries for issue of shares, etc., is unjustified. You should learn to play according to the wicket.

 

Job Prospect

On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA. A member wishing to practice in India or abroad needs to obtain a Certificate of Practice from the ICAI, the yearly fee of which is Rs. 400. Once the membership is taken, the practicing member cannot work in any other business or occupation without taking permission from the council; they are only permitted to work in areas as specified in the CA regulations. More information on enrolment or the examinations can be requested from the Institute’s offices or the Headquarters at Indraprastha, New Delhi or the Board of Studies, C1 – Sector 1, Noida – 201301.

Package

For CA Inter: Generally candidates holding CA inter-qualification are paid somewhere between Rs 7,500 and 15,000 depending on the type of firm. Payments can be higher for candidates possessing other qualifications such as MCom or an MBA. On the other hand starting salaries can be as little as Rs 4,500 to 5,000 in some small towns of the country.
For CA Final (FCA): Starting salaries range between Rs 12,000 to 30,000 depending on the type of firm and nature of the economy.
A full fledged CA can expect a salary between Rs 30,000 to 75,000 after serving a stint of more than 5 years at a top firm.

Demand and Supply

It can be easily concluded that the country needs about 7,500 to 10,000 fresh CAs every year seeing the growth of Indian economy in the last 5 years.

Market Watch

Chartered Accountants have been one of the most sought after professionals in India. Much of the reputation of CAs is due to the fact that their rigorous training (both theoretical and practical) makes them practically jack of all trades as far as the domain of finance is concerned. In spite of the sea change in global trade systems and practices, the requirement of CAs has remained steady.
The demand for CAs has been growing between 10% to 15% over the past 3 – 4 years. The demand however depends on the state of the economy and there is direct bearing on the demand of CAs when the economy is in downtrend. But the statutory clause for mandatory appointment of CAs provides substantial cushion support to the CA fraternity as compared to other comparable peers.

International Focus

The qualification of CA is globally recognized hence industry outlook for CAs is bright indeed. Much recognition for CA degree is due to the fact that the CA course has been able to keep pace with changes in industry scenario. Several new modules and topics have not only been incorporated into the CA course but have been very effectively implemented to give increasing more power to the CA degree. In spite of the fact that several top-notch B-schools (including IIMs) have produced some of the most brilliant B-school grads, it is noteworthy that CAs has been able to retain their prominence in present world order.

Build career in CHARTERED ACCOUNTANCY

Positives/Negatives

+ves

  • The job is highly paying.
  • CAs command tremendous respect in the organisations and society.

-ves

  • It can be a stressful job as the responsibilities are enormous and there is no scope for any errors.
  • Regular update of knowledge is a must otherwise it may lead to stagnation in career.

Different Roles, Different Names

A Chartered Accountant’s work area has become so wide and involves so many activities that sometimes a CA is perceived as almost an enigma. A CA can start career with auditing activities, which is the basic work area of a CA. From here a more fulfilling career in finance can be pursed after getting enough exposure of intricacies of finance. As an investment consultant and as a fund manager a CA can play the role of a top decision maker. CAs also work in project management and consultancy services.

Top Companies

Following are the areas where CAs find an opportunity:

  • Banks (Both private and public)
  • Public Limited Companies (mandatory for the purpose of law)
  • Auditing Firms (such as KPMG, Price Waterhouse, etc.)
  • Finance Companies, Mutual Funds, Portfolio Management Companies, Investment Houses, Stock Broking Firms
  • Legal firms, Legal houses, Patent Firms, attorneys, Trade Mark and Copyright Registers

Tips for Getting placed.

  • Accounting is a precision oriented job. Pay attention to how you dress, speak and conduct yourself in company. These also add a personal charisma which helps in maintaining good relations with peers and clients.
  • You need to understand the business world. It is also important that you show this understanding. Start looking at the bigger picture in terms of company numbers. This business acumen is a prerequisite for a CA.
  • Leadership and analytical skills are vital to a chartered accountant. Besides these, work on your communication skills both oral and written.
  • Be prepared to work long and hard when needed especially in the taxation months.
  • Maintain high ethical standards.

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