Do numbers pique your interest? Do you want to manage the finances of large corporations? Not only that but do you want to play an important role in rescuing a company in the event of a dispute or bankruptcy? Then a career as a chartered accountant may be your best bet.
It is one of the best career options for students studying commerce. Those interested in pursuing this career may also benefit from taking a financial management course. In any case, India is in desperate need of more qualified chartered accountants. The pay is higher, and the position is highly desirable.
In this blog, we shall be discussion everything you need to know about a career as a Chartered Accountant, what jobs you can pursue, and much more. Read on!
What Does A Chartered Accountant Do?
The specifics of your role as a chartered accountant will differ depending on your specialization and industry. Day-to-day responsibilities, on the other hand, are likely to include:
- Managing budgets
- Undertaking financial audits
- Providing financial advice
- Liaising with clients, individuals, and businesses
- Analyzing risk
- Advising on tax planning
- Maintaining accounting records and preparing accounts information
- Counselling clients on areas of financial improvement
- Managing junior colleagues
- Liaising with auditors (internal or external)
- Producing reports and recommendations following the audits
- Preparing financial statements and monthly and annual accounts
- Negotiating terms with suppliers
To pursue a career as a Chartered Accountant, here are a few job roles you can consider.
Auditor: An auditor is a finance professional. He or she is in charge of ensuring the accuracy of the financial records and the compliance of financial information with state laws. An auditor computes tax liabilities and prepares tax returns. His or her job entails calculating and evaluating the performance of accounting records and payment processes.
Actuary: An actuary is a financial expert. He or she assists in the development of insurance policies. An actuary examines the economic consequences of risk or uncertainty. An actuary uses mathematics, statistics, and financial theory to assess the risk of potential events.
Accountant: An accountant is an expert who manages a company’s finances. He or she is responsible for producing sales and cash flow reports, maintaining balance sheets, and processing payroll. Accountants’ work responsibilities include billing, budget management, and inventory management.
Career Path To Become A CA
There are two paths to start a career as a Chartered Accountant.
The first way is to start the CA Foundation after you complete your 10+2 and clear the Foundation, Intermediate, and Final levels. You need to pursue your bachelor’s degree alongside the CA program.
The other way to become a Chartered Accountant is that you need to complete your 10+2 preferably in Commerce. Although, you can opt for any other stream as well. The ideal degree to pursue after 12th for the CA program is B.Com, but you can also opt for other bachelor’s programs. You can enrol in the CA program bypassing the Foundation level.
Salary in different career stages of a CA
|Years of experience||Salary|
Skills required to become a CA
Numerical ability: Numbers are set to be students’ best friends in the CA course syllabus. In general, accuracy and speed in mathematics are extremely beneficial. Their dependable companion is the calculator.
Learning Skills: Most students are rushing to get chartered accountant jobs. However, only those who are conceptually sound can truly advance in the industry. You must understand the principles rather than simply memorizing methodologies.
Communication Skills: During the internship, the candidate will interact with clients from various industries and provide tailored services based on their specific needs. CA students must be able to communicate effectively.
Analytical Skills: Analytical skill sets are considered necessary for chartered accountant certification. CA course syllabus necessitates candidates.
Project Management: Chartered accounting students should take into account that the CA course is a challenging one that requires balancing studies and article ships. The syllabus is very extensive and the institute is stringent in evaluating the mark sheets, regular practices and continuity will ensure success.
Discipline: Chartered accounting requires a lot of work, and social life is often cut short. The CA course syllabus is viewed as the most difficult and requires extensive study time. In short, candidates must be disciplined and capable of making compromises, maintaining focus, and handling their work and studies wisely.
Is CA A Good Career Option?
If you are interested in accounting and taxation, considering pursuing a career as a Chartered Accountant is something you can try. Many candidates aspiring to become Chartered Accountants also think of opening their own firm. It gives a great opportunity and opens doors for young entrepreneurs who wish to do something on their own.
Even if you join a firm and work under someone, the CA field is still in great demand. Managing taxes and accounts is not something that is going to go out of business. Therefore, this field has a lot of scope and potential for growth.
If you are dedicated and have the spirit in you to try something incredibly challenging, you can become a Chartered Accountant.
If you are keen on learning about these topics, want hands-on exposure, and want to know more about your career as a Chartered Accountant, check out the Clever Harvey JuniorMBA-Entrepreneurship course.
Types Of Industries Hiring CAs
You can start your career as a Chartered Accountant by working in any industry in any organization, whether small or large. Although, working in public practice will provide you with a good training opportunity after which you can join a firm. Places you can work as a CA include
- Industry and commerce – this includes major commercial firms like those in the manufacturing, retail, and telecommunications industries.
- Public practice – this includes international accounting organizations and smaller accounting firms known as small and medium practices (SMPs), all providing a range of accounting and business services to clients.
- Public sector – Local and central government, educational establishments, charities, and non-profit organizations are all part of the public sector. Historically, the public sector did not hire many chartered accountants, but possibilities have risen in recent years.
- Entrepreneurship – Once you have gained enough experience by working in the above-mentioned settings, you have a great chance of setting up your firm and starting a private practice.
Top Recruiters For CA In India
- BDO International
- Ernst & Young (EY)
- Grant Thornton International
- Lodha & Co.
- PriceWaterhouseCoopers (PWC)
- RSM International
- Sahni Natrajan & Bahl (SNB)
- SS Kothari Mehta & Co.
Courses To Upskill Career
You must pass the CA Foundation, CA Intermediate, and CA Final exams to become a Chartered Accountant. Here you will find detailed information about each course as well as everything you have to know to prepare for the exams.
- After finishing XIIth, enrol in the CA Foundation Course.
- Complete a four-month study period and take the CA Foundation Exam.
- After passing the CA Foundation Exam, enrol in the CA Intermediate Course.
- Complete the Integrated Course on Information Technology and Soft Skills for four weeks (ICITSS). This course must be completed prior to beginning your Articleship.
- Complete the CA Intermediate 8-month study course and take the exam. There will be two groups of exams, and you must clear at least one of them before proceeding.
- After passing either group of the CA Intermediate Exam and completing ICITSS, you will be able to begin your 3-year Articleship.
- Complete the remaining CA Intermediate Exams (if there are any).
- Enrol in the CA Final Course.
- Complete 4 weeks of Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) in the last two years of your Articleship before taking the final exam.
- Attend the final paper after having finished your Articleship or within the last 6 months.
- Complete your article training if you intend to take the final exam whilst also serving your Articleship.
- Pass the CA Final Exam.
- Enrol in the ICAI to become a “Chartered Accountant.”
If you are keen on learning about these topics, want hands-on exposure, and want to know more about your career as a Chartered Accountant, Try Clever Harvey’s JuniorMBA Chief Financial Officer program
Qualifications To Become A Chartered Accountant
Degrees In India
Undergraduate Courses To Become A Chartered Accountant
- Bachelor of Commerce
- Bachelor of Business Administration
- Bachelor of Arts
- Bachelor of Law (LLB)
Postgraduate Courses To Become A Chartered Accountant
The Chartered Accountant (CA) Qualification is considered Equivalent to a Master’s Degree, according to the Institute of Chartered Accountants of India (ICAI). The Institute has sought that any candidate who has qualified in chartered accounting be granted the status of a postgraduate degree (CA). Thus, you need not pursue a different master’s degree.
There are no Chartered Accountant courses available in other countries. However, you must complete the two-year CA programme and earn a bachelor’s degree.
Choose a course that will teach you the fundamentals of accounting and bookkeeping, as these will be useful skills for your future career as a Chartered Accountant.
Famous Chartered Accountants of India
- CA Manoharan
- CA Kumar Mangalam Birla
- Naina Lal Kidwai
- Piyush Goyal
- Rameshwar Thakur
- Rakesh Jhunjhunwala
- T.V. Mohandas Pai
- Deepak Parekh
- S Gurumurthy
- CA Suresh Prabhu
Books To Read
Here’s a list of books you can refer to and read as you prepare for your CA exams.
- CA Foundation Principles and Practice of Accounting by Taxmann
- Conceptual Learning A Handbook on Indirect Tax Law By Yashwant Mangal for CA and CS Final Year
- Fundamentals of Accounting by DG Sharma
- Fundamentals of Accounting for CA- CPT by PC Tulsian and Bharat Tulsian
- Handbook on Taxation: For CA Inter /IPCC Old and New Syllabus by G Sekar and B Saravana Prasath
- Mercantile Law by MC Kucchal and Vivek Kucchal
- Padhuka’s Student’s Handbook On Advanced Auditing: CA Final New Syllabus by Sekar and B Sarvana Prasath
- Padhuka’s Law Ethics and Communication- Areferencer (For IPCC)
- Padhuka’s Student Reference On Indirect Taxes: CA Final Old and New Syllabus by G Sekar and B Saravana Prasath
- Practical Approach to Direct and Indirect Taxes: Income Tax and GST by Girish Ahuja and Ravi Gupta
- Simplified Approach to Financial Management and Economics for Finance-Theory by CA K. Hariharan
- Quick Revision Charts For Advanced Auditing and Professional Ethics
- Quicker Business Mathematics Logical Reasoning and Statistics by Taxmann
- Quantitative Aptitude Mathematics with Short Tricks by CA Rajesh Jogani
That’s all you need to know about a career as a Chartered Accountant. We hope this blog helped you and answered all your questions about what a career as a Chartered Accountant looks like, where you can work, and much more. Good luck!
Is chartered accountant a good career?
Because qualified CAs are always in high demand, Chartered Accountancy is a stable and secure profession. Chartered Accountancy is also an excellent career option for those seeking an international career. CAS are in high demand not only in India but also in several other countries.
What are the job opportunities for a chartered accountant?
A career in Accounting and Finance
Managing Treasury function
Statutory Audit under applicable statutes
Taxation Advisory (Both Direct and Indirect)
Others like Bookkeeping, Finance Controller, Preparation of financials of companies, etc.
What are the three levels in the CA Program?
How much does a CA earn in India?
A Chartered Accountant’s annual salary ranges from INR 3-6 lakhs to INR 40-60 lakhs, depending on their ability.
Can I pursue CA without studying maths?
Chartered accounting is one of the most sought-after careers in commerce that does not require math. It’s fantastic that you can pursue this professional path without having to study math in the 12th grade. 0 lakhs.
What are the eligibility criteria for the CA exam?
Non-commerce graduation or post-graduation with a minimum intermediate cutoff of 60% from the Institute of Cost Accountants of India or The Institute of Company Secretaries of India A minimum cutoff of 55% is required for commerce graduation or post-graduation.
How long will it take to pursue a career as a Chartered Accountant?
The CA (Chartered Accountancy) program is five years long. Although it is dependent on the number of attempts you make to pass the exam.