SCRUTINIZING CHARTED ACCOUNTANCY CA A BRIEF DESCRIPTION
“I need MBA’s to run my business but I need CA’s to teach MBA’s how to run the business! Defines the essence of CA.” A statement by Ratan Tata in ET
Chartered Accountant (CA) is an accounting designation given to accounting professionals in many countries around the world, aside from the United States. A CA post empowers the holder with qualification to file a business’s tax return, audit documents and business practices and to offer advice to clients
Course: Chartered Accountancy (CA)
Eligibility: Appearing for Class 12 exam
Council: Institute of Chartered Accountants of India (ICAI)
Minimum duration: 4-5 years
Exams: May, June, November and December
When to register for CPT Online:
You have to register 60 days prior the first day of the month in which the exam happens.
Fees: Rs. 45,000- 50,000
CA are like stones turned into diamonds, they go through intricate and difficult examination structure, whose demand is reflected by their services as mandated by constitution for auditing purposes.
ANATOMY OF CA COURSE
The four stage procedure is as follows:
- Common Proficiency Course (CPC): Students who has completed 10thclass or any course equivalent to that, can apply for it first.
- CPT exam is to be qualified by students post qualifying 10+2 exam.
- After the completion of CPT IPCC, successful article-ship or training under an officially practicing C.A. has to be done for 3 years.
- Finally CA final comes.
The following points need to be checked for becoming a CA
- Common Proficiency Test needs to be qualified
- Integrated Professional Competence Course needs to be qualified
- Three years Article ship or training has to be undergone under a Practicing Chartered accountant
- CA Final exams needs to be appeared.
Even with reasonable course fees, the cost is much expensive for coaching classes in all subjects. Couse is periodically reviewed.
In December 2008, the Accounting Technician Course was introduced to meet the huge demand for second tier accounting professionals for large, small and medium enterprises. Class 12 students can clear this exam and work for a year to be qualified as Accounting technicians.
|Aptitude for the job|
|· Interest in finance and numbers
· Attention to detail, focus and dedication
· Good analysis/interpretation skills
|Specializations after completing CA|
|· Diploma in Information System Audit (DISA)
· Certified Information systems Auditor (CISA)
· Diploma in Insurance and Risk Management (DIRM)
· Chartered Financial Accountant (CFA)
· Diploma in Tax Management (DITM)
· Indian Financial Reporting Standards (IFRS)
· Chartered Institute of Mgmt. Accountants (CIMA)
SYNOPSIS OF CA SALARY:
A fresh CA pass out can earn a minimum salary of Rs. 30,000- 50,000/month, this depends on the company and the sector he is hired into, in striking contrast to the meager stipend (Rs. 1,000-5,000) earned during an article ship. The lucrative salaries offered by international audit and consulting majors such as Ernst & Young, PWC, KPMG and Deloitte, also attract many aspirants.
Here they don’t usually take CA with lot of experience, unless they are planning to introduce a new partner. If a fresher CA plans to start his own practice and understands business well, then there is no upper limit.
Number of attempts made and communication skills are also a major influence for recruiters.
CPT (Common Proficiency Test)
Exam A Student can appear for the chartered accountant course after 12th class and immediately register and appear for CPT. Students can only appear for the exam in the month of June/December exams if they register before 1st April or 1st October.
IPCC (Integrated Professional Competence Course)
Both groups of IPCC can be appeared for together or Group 1 and Group 2 can be appeared for one after the other separately. To qualify in this exam, you need to secure 40% in each of the subjects and an aggregate of 55% overall. Get the CA Syllabus..
CA Final Course
Students are required to appear for the Chartered Accountancy Final examination during the last six months of their ongoing article-ship and pass the CA final exams of both the groups. To qualify in the CA exams, you need to get 40% in each of the subjects and an aggregate of 50%.
ICAI is in the process of finalizing accounting standards in convergence with IFRS (International Financial Reporting Standards) expected to be ready by 2010.
Companies are obligated to follow the IFRS converged Indian Accounting Standards as on April 1, 2011. The institute has begun a mass exercise to train its members in industry as well as hand on practice.
“As the Indian economy prepares itself for a phase of explosive growth and becomes an aggressive player in foreign markets, it will be the Indian CAs who will lead from the front,” concludes Kalyansundaram.”
Work so hard that one day your signature will be called audited financial statement.