The quick growth in economy, careers in accounts have grow remarkable popularity and the most prestigious career option in this field is that of “Chartered Accountant”. Chartered Accountancy is a vibrant, tricky and worthwhile career. All the nations world wide have their own Accounting Association which regulates the eminence and capacity of the professionals in this field. Chartered
Accountancy Course is a professional course in Accounting introduced in India in 1949, with the endorsement of the Chartered Accountants Act. The Institute of Chartered Accountants of India (ICAI) was formed the identical year. This Institute is both an examining and a licensing body of Chartered Accountants in India. It is the accountability of the organization to conduct the Chartered accountancy CA route. The course engages a blend of theoretical & practical education & training which run concurrently for a period of three years and equips a student with knowledge, ability, skills and other qualities required of a professional accountant.
Chartered accountant is one who is specialised in accounting, auditing and taxation. He also serves as a management and corporate caretaker. In recent times, accountancy has become popular as a profession. The services of a CA is required in money matters even in a small business . Moreover according to the Company Act only CA's in professional practice are allowed to be appointed as auditors of companies in India. A chartered accountant is a person who is accepted as a member of the Institute of Chartered Accountants of India (ICAI) after having passed the Final examination of the Chartered accountancy course conducted by the institute.
Many multinational companies have come forward in the Chartered Accountancy field. ICICI Prudential, Om Kotak Mahindra, Birla Sun-Life, Tata AIF Life, Reliance, HDFC Standard Life-Charterd Accountancy Co., Max New York Life, SBI Life Chartered Accountancy, ING Vysya Life etc. are the top companies in the private sector. In non-life Chartered Accountancy segment, major private players are ICICI Lombard, Royal Sundaram, Cholamandalam, IFFCO Tokyo, Tata AIG etc. All Chartered Accountancy companies come under the Chartered Accountancy Regulatory and Development Authority (IRDA) which is established to regulate, promote and ensure orderly growth of Life and General Chartered Accountancy industry in India.
CA programme is a professional course which has three sections namely, Common Proficiency Test (CPT); Integrated Professional Competence Course (IPCC) and Final Course. The registration for CPT and IPCC is open throughout the year. A student may register at any time during the year. However, as the examinations will be held twice a year in May and November, it is necessary that a student must register at least ten months before the examinations. After passing the Integrated Professional Competence Course (IPCC) candidates are eligible for registration as articled clerks/ audit clerks for practical training. Computer Training Programme, ie 100 hours Information Technology is compulsory for the candidates who wish to register themselves as auditor clerk. Students can undergo this programme while pursuing CPT or IPCC.
Articled clerk is a trainee attached to a practicing chartered accountant under a Deed of Articles for the duration three years. During this period the articled clerk will also need to continue studies for the CA exam. An audit clerk is a person who has served as a salaried employee for a minimum period of one year under a practicing chartered accountant. During the training period, candidates would be required to work in different areas learning the basics of auditing and taxation . This training enables them to learn the technical details of the job as well as to get an idea of the working environment of the profession.
The scope for this lucrative career is bright in an economically developing nation like ours and as such the career can be termed as challenging and rewarding for competent professionals in the field.
Chartered accountants exposures:
Opportunities for Accountants with CA qualification:
Now a day’s chartered accountants boom on challenge. Their knowledge are flexible, creative, shows imitativeness, have excellent people skills and work centre stage to help businesses EXCELLENCE performance. The ACA qualification, offered by the ICAEW, is an internationally recognised premier financial business qualification and training as an Associate Chartered Accountant (ACA). It opens the door to wide range of exhilarating opportunities in all sectors of business as well as finance disciplines. Today the vast majority of those entering Chartered Accountancy are graduates. The remainder train after leaving school with good A' Levels or have previous professional accountancy qualifications,.
Public Level Practice:
Chartered Accountants in public practice work within an accounting firm provide such range of accounting & tax services to clients. These include business advice, management consultancy, audit and taxation. Around 30% of ICAEW members currently work in public practice. They either progress through senior grades ultimately to partnership, or specialise in a particular areas.
Business Level Practice:
Accountants are often employed within an organisation using their financial comprehension and expertise to control the management of the business and to help it develop. They can occupy roles such as finance director or fund manager within organisations.
Corporate & Finance Level Practice:
Huge firms often have specialising departments in corporate finance sectors. Chartered Accountant Work will involves in securing finance for company combination, purchase, management buy-ins and buy-outs and capital reconstructions. A job in corporate finance requires expertise in negotiation with finance providers, lawyers, researchers, management and other key professionals.
Information technology for Accounting:
Accountants with an aptitude and practice for computing could find themselves specialising in accounting IT. Work is largely project driven, he/she involved for example the automation of the accounting of a company or implemented new systems of software for accountancy firms.
In Legal aspects Investigations into commercial frauds, personal injury cases and civil cases often require the testimony of expert witnesses in accountancy. Large firms often have specialised departments in litigation support composed of qualified accountants.
Other Important websites for Chartered Accountancy: