Chartered Accountancy is a professional course in accounting introduced in 1949. This profession is attracting a lot of young and witnessing a rapid growth, thanks to the growing corporate sector. Chartered Accountants usually occupy respectable posts in workplaces and handles finance related matters, deal with money management and audit accounts along with providing financial advice.
With the introduction of Common Proficiency Test (CPT), now after completing Class XII, it only takes four years to become a Charted Accountant. The second stage is Professional Competence Course (PCC), articled training, and 100 hours of Information Technology Training (ITT). The third level is the Final Course to which students is registered after clearing PCC.
Students may also undergo General Management and Communication Skills Course (GMSC) while undergoing Final course or after that. After passing, the final examination students are eligible to enroll with the Institute of Chartered Accountants of India to become Chartered Accountants. The profession offers cent percent job assurance. Though around 10,000 CA professionals graduate every year, the demand and supply gap still exists.
Skills and Aptitude: -
Accountants must have good numerical ability and analytical mind to interpret facts and figures correctly.
- One should have logical and methodical approach.
- One should have equally good verbal and written skills.
- For accountants practicing privately, it is important to have necessary business skills and shrewdness to generate clientele.
Career Prospects: -
Professional Chartered Accountants have the option to be appointed as auditors of companies. They can also serve as a management and corporate caretaker. They can also indulge in their private practice of audit and consultancy. The consultancy work is becoming more and more profitable now a days. It involves Financial Accounting, which includes operating accounts, supervising, controlling and organizing income and expenditure and coping with taxes.
Chartered Accounts also can take private audit as their profession. It involves verifying books and accounts and issuing certificate about the company's financial state. The other areas of consultancy are cost accounting that includes working out cost of a particular operation as well as minimizing costs and future forecasting. Tax Management is another type of consultancy taken up by Chartered Accountants.
It requires minimization of incidence of direct and indirect taxes using legal means. Besides this, Chartered Accounts often indulge in providing consultancy services in the fields related to finance and accounts. They can efficiently provide services in areas like corporate law advice, project planning and finance etc.
Chartered Accountancyis a profession where returns are quite high be it public, private sector or own consultancy firm. Salaries of C.A. employed in public or private sector companies vary depending upon qualification and experience. Average salaries at junior level are 15,000 to 25,000 per month while a senior most C.A. can expect to get 50000 to 60000 per month in domestic markets.
In abroad salaries may go up to 5,00,000 p.m. Chartered Accountants who are engaged in consultancy and private practice are also earning handsome returns depending upon the kinds of clients they have.