Chartered Accountancy

Introduction
Chartered Accountancy as a profession is attracting a lot of young and witnessing a rapid growth, thanks to the growing corporate sector. Chartered Accountants usually occupy high and respectable posts in a given organisation. They are the ones responsible for handling accounts and finance related matters, deal with money management, prepare, analyse and audit accounts alongwith providing financial advice. Only members of the Institute of Chartered Accountants can call themselves Chartered Accountants, upon attaining the certificate from the Institute. Legally only qualified Chartered Accountants are authorized to audit and certify a company's books of accounts. They ensure that the financial transactions of an organisation are maintained as per the guidelines laid down by the law. The accounting department prepares, analyses financial reports and documents of an organisation. Also they keep track of cost of management of the company and manage tax matters. Later these figures and statements are examined, verified and then certified by auditors.

Nature of Work
Chartered Accountants are generally found to be working either as employees in a firm or they indulge in their private practice. The range of work in both the cases depends on the size of practice. Some of the areas suited to the services of Chartered Accounts are as follows 1. FINANCIAL ACCOUNTING: Maintaing financial records of an organisation is of utmost importance. Financial accounting is a branch of accounting which deals maintaining the financial records. It involves operating accounts, interpreting, supervising, controlling and organising income and expenditure, doing internal audits, dealing with wages and salaries, paying accounts and sending out invoices, and coping with taxes etc. 2. AUDITING: One of the important tasks performed by Chartered Accounts is auditing. It is the methodical examination and review of the accounts. Chartered Accounts examine and verify the books of accounts and other necessary documents of their employers or clients. On satisfaction, they issue a certificate about the company's financial state. Auditing can be further classified into sub-categories. o Statutory audit o Internal audit o Compulsory tax audit o Certification and audit 3. COST ACCOUNTING: Cost accounting deals with working out the cost of a particular operation or job, taking into account relevant overheads. It is quite a complex task usually undertaken for monitoring expenditure, preventing it from over-shooting, minimizing costs, forecasting future needs and providing reports for management accounting etc. It also helps in drawing comparisions, analysing costs and explaining financial information. 4. TAX MANAGEMENT: Sometimes Chartered Accountants specialize in tax management. Their job is to legally ensure minimum incidence of tax. In doing so they have to cope with taxation laws and policies on national as well as international scale depending on the kind of company they work for. Tax management relates not only to direct taxes e.g. income tax but to indirect taxes like sales tax, excise tax, agricultural income tax etc. 5. CONSULTANCY: The changing scenario in the business world has opened promising and challenging career opportunities for the aspiring young. Consulting services is one such opportunity which has drawn a lot of attention these days. Chartered Accounts often indulge in providing these services in the fields related to finance and accounts. They can effeciently provide services in areas like corporate law advice, project planning and finance, investigations relating to share valuation for takeovers, amalgamation, business advice, secretarial work etc.

Personality
Accountants must have good numerical ability and analytical mind to interpret facts and figures correctly. They should have logical and methodical approach. Concentration and attention to detail are critical. As their work often relates to discussing financial matters with number of people, sometimes with people who don't have background in finance, they should be able to express themselves clearly. This makes it imperative to have good understanding of the subject with equally good verbal and written skills. Sometimes the work can be extremely strenuous and exhausting especially during financial year closing, so stamina both physical and mental with patience to handle such situation are of added advantage. For accountants practicing privately, it is important to have necessary business skills and shrewdness to generate clientele.

Professional Courses
Chartered Accountancy can be pursued after 10+2 or graduation. The whole course can be divided into three stages i.e. Foundation. Intermediate and Final. The following section gives information about them. 1. FOUNDATION: The Institute of Chartered Accountants of India offers CA foundation course to students passing 10+2 in any subject. The duration of the course is one year. On registration with the institute, students are provided with the study material by the Board of Studies. Students have to complete their study and clear the test papers under the postal tuition scheme. They also have an option to attend contact classes organised by accredited institutions. Students opting for these classes are exempted from taking the test papers under the postal tuition scheme. After 12 months of registration and satisfactory compliance with the requirement of the Board of Studies, the Foundation examination can be taken up. The examination is conducted twice every year i.e. in the months of May and November. The course has four papers in the following subjects. o o o o Fundamentals of Accounting Mathematics and Statistics Economics Mercantile Law After clearing the papers of the foundation course, candidates can register for articleship (apprenticeship) under the practicing CAs or CA firms. Articleship has to be done for a period of over 3 years. The training begins under close supervision and later on, articles can manage bigger assignments. The purpose of articleship is to impart practical training and exposure of the profession. During the articleship, after 12 months, the articles can take up intermediate examination. Articleship also includes a year of industrial training which can be done in the last year after clearing Intermediate examination. After completing articleship, seeking membership of the Institute is essential for practicing as a Chartered Accountant. After 5 years of membership fellowship of the Institute can be taken. Many students prefer to pursue Chartered Accountancy professional training and course after graduating. These students have to take entrance test in 4 subjects (Elements of Accounting, English, Mathematics and General commercial knowledge and Economics). Graduates who have secured 50% marks in subjects (Accounting, Auditing and Commercial or Mercantile Law) are exempted from taking the entrance test. Other graduates with 55% marks are also exempted from the entrance test. Rest all is same as those who have taken the Foundation Course. 2. INTERMEDIATE EXAMINATION: Registered students who have completed 9 months of training as articled or audit clerks and have completed the oral/postal tuition scheme imparted by the Board of Studies, are eligible to take the Intermediate Examination. The Examination has the following subjects. GROUP I: Accounting, Law, and Auditing GROUP II: Cost accounting, Income-Tax & Central Sales Tax, and Oganisation&Management and Fundamentals Of Electronic Data Processing

3. FINAL EXAMINATION: Students who successfully clear both the groups of Intermediate Examination of the Institute and complete the prescribed period of practical training (3years) or have yet to serve a period not more than 9 months of such services can take the Final Examination. The Examination has the following groups. GROUP I: This group consist of the following subjects; Advance Accounting, Management Accounting, Auditing and Company Law GROUP II: This group consist of the following subjects; o o o o Direct Tax Laws, Corporate Management, Secretarial Practice, Managerial Economics and National Accounting Operational Research and Statistical Analysis, System Analysis and Data Processing, Costs Systems and Cost Control Management Information and Control Systems, Tax Planning and Tax Management, Management and Operational Audit.

Institution
Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India was formed for the purpose of regulating the profession of Chartered Accountants in India. The headquaters of the Institute is at New Delhi and 5 regional offices at Mumbai, Chennai, Calcutta, Kanpur and New Delhi. Apart from these their are 87 branches located in different parts of the country. The Institute also has 9 Chapters outside the country. The functions of the Institute are enrolment of eligible members, engagement and training of articled/audit clerks, conducting examinations, granting or refusal of Certificate of Practice etc.

Specialization Career Prospects

The profession of Chartered Accountancy is one of the most respectable profession amongst the various others present in the commerce field, particularly finance. A career in finance promises a challenging and extremely rewarding professional life. On attaining qualification of a Chartered Accountants, ample of opportunities open up. Whether they work in a firm or they carry on with their own private practice, there is so much to do. Some of the opportunities available for Chartered Accountants are in capital markets, business houses and industry, consultancy firms etc. They are also engaged in activities like preparing project reports, markets research, management accounting, cost analysis, budget planning, working capital management, inventory control, policy planning, securities consultancy, registrar of issues of securities, auditing etc. With the country liberalizing its policies and approach, opportunities are expected to grow further.

Career in Chartered Accountancy Introduction

Chartered accountancy is the core of all business, be it big or small. A chartered accountants 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.

Step-by-Step
The qualifications for becoming a CA have changed over the years. Initially and that was decades ago one could think of becoming a CA only after finishing graduation and a candidate had to undergo five years of articleship training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations to appear for the Foundation Course of the CA programme. In October 2001, ICAI introduced PE-1 and PE-2 system of examinations in place of the Foundation and the Intermediate examinations. However, in 2006, ICAI revamped the system and launched CPT, IPCC and FC. The unique feature of the chartered accountancy is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.

Common Proficiency Test (CPT) CPT is an entry level test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.

Integrated Professional Competence Course (IPCC) This is first stage of CA curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered. The subjects of IPCC are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology and audit.

CA Final CA Final covers advanced application knowledge of core subjects like financial reporting, strategic financial management, advanced management accounting, advanced auditing and professional ethics and information systems control and audit. In addition, principles of e-governance, corporate and allied laws, international taxation and VAT are important features of the updated subject contents.

Articleship The students after passing Group I of IPCC will register for Articleship for a period of three years with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.

Start Early
In todays 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?

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.

What would it Cost Me?

Unlike other professional courses, the fee for becoming a CA is very less, which is inclusive of the cost of study material. For registering with IPPC you have to shell out Rs 9000 while the fee for CPT is Rs 6700.

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

Job Prospects
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.

Pay Packet
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.

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 Accountants 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.

Careers in Chartered Accountancy

Chartered Accountancy Course is a professional course in Accounting introduced in our country in 1949, with the enactment of the Chartered Accountants Act. The Institute of Chartered Accountants of India (ICAI) was formed the same year . This Institute is both an examining and a licensing body. It is the responsibility of the institute to conduct the Chartered accountancy (CA) Course. The course involves a blend of theoretical education and practical 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. A 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 CAs 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. CA programme is of two years apart from the training period. It has three sections, Professional Education (course-I), Professional Education (course-II) and Final examination. A candidate who has passed the Senior Secondary Examination (10+2) or waiting for the 10+2 exam results can register for the CA programme. Commerce graduates with 50% marks, non-commerce graduates with

subjects other than Mathematics with an aggregate of 55% marks and non-commerce graduates with Maths with an aggregate of 60% marks has exemption from doing the professional course I and are permitted to register for Professional Education Course II. The registration for Professional Education Course-I & Course II 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 Professional Education exam II candidates are eligible for registration as articled clerks/audit clerks for practical training.Computer Training Programme is compulsory for the candidates who wish to register themselves as auditor clerk. Students can undergo this programme while pursuing Professional course I or course II. 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.

Eligibility
A Candidate who has passed the Senior Secondary Examination (10+2) or waiting for the 10+2 exam results can register for the Professional Education course I (PE 1)of the CA programme. There are no restrictions with regard to the age of the candidate or marks secured in Senior Secondary Examination. Commerce graduates with 50% marks, non-commerce graduates with subjects other than Mathematics with an aggregate of 55% marks and non-commerce graduates with Maths with an aggregate of 60% marks are exempted from the Professional Education course I, and are permitted to register for Professional Education course II (PE 11). Candidates who have passed the Final Examination conducted by the Institute of Cost & Works Accountants of India (ICWAI) or the Institute of Company Secretaries of India (ICSI) can register for professional education course II. After passing Professional Course II, the candidates can register as Articled clerks for practical training and for admission to the Final course of the Chartered Accountant. Every graduate above18 years of age is eligible to register as an articled clerk/Audit Clerks for Chartered Accountancy. Computer Training Programme is compulsory for the candidates who wish to register themselves as auditor clerk. Students can undergo this programme while pursuing Professional course I or course II. Candidates aspiring for this career should have a pleasing personality, practical approach and a natural instinct to deal with figures to do well in this profession.

Job Prospects and Career Options

The growing importance of trade and industry along with the rapid growth of capital and money markets in an economically developing nation like ours, has increased the importance of Chartered Accountants enormously. Moreover all the companies registered under the Companies Act, are

required to get their accounts audited only by practicing Chartered Accountants. A qualified Chartered Accountant has the option of joining the Government Service, Public Sector undertakings or taking up a lucrative assignment in the private sector. The duty of Chartered accountant is to ensure that the financial transactions of an organisation are maintained according to the law, they also keep track of cost of management of the company and manage tax matters. Chartered accountants work as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance) and watch over the finances in the day to day management of companies. Their main areas of work include Accountancy, Auditing, Cost accountancy, Taxation, Investigation and Consultancy. The accounting department prepares, analyses financial reports and documents of an organisation. Auditing involves checking the accuracy of the financial statements, ensuring that the accounts presented are drawn up on correct accounting principles. Cost Accountancy involves maintaining cost auditing records, compiling cost information, installing cost control and performing cost audits. Taxation involves dealing with direct taxes, like income tax and wealth tax, assessment of taxes, filing returns and providing advice on indirect taxes. Investigation include expert examination of specific aspects of businesses for the information of interested parties on new issues of share capital, the purchase, sale or financing of a business and for reconstruction. The various areas of consulting include Management accounting and internal audit, corporate law advice, project planning and finance, business advise, systems design and information consultancy. Chartered Accountants also act as directors, arbitrators for settling disputes, handling work related to insolvency, bankruptcy etc. and also as executors under a will or trust in order to carry out the administration of an estate or settlements. They are also engaged in activities like markets research, budget planning, working capital management, inventory control, policy planning, securities consultancy, registrar of issues of securities etc. Some of the opportunities available for Chartered Accountants are in capital markets, business houses and industry. They can also have their own consultancy or private practice which could be more lucrative and satisfying. With the country liberalizing its policies and approach, opportunities are expected to grow further.

Remuneration
Chartered Accountancy is a well-paid profession, be it Government Service, private firms or own consultancy. Most multi-national firms provide numerous perks besides the salary such as medical benefits, house allowance and so on. Some of the average monthly earnings range between Pre Qualification Rs. 2,500 Rs.3,000, Fresh CAs Rs. 5,000 Rs. 6,500, Accounts Managers Rs. 6,500 Rs.8,500, Financial Controllers Rs. 8,500 Rs. 15,000, Directors Rs. 10,000 Rs. 25,000 and an experienced CAs may get more than Rs. 25,000 according to the company they work for or depending upon the cities they are working in.

Course Details
CA programme is of two years apart from the training period. It has three sections, Professional Education (PE-I), Professional Education (PE-II) and Final examination. Professional Education Course -I and Subjects Anyone who has a 10 + 2 can enroll for the Professional Education Course I. Duration of the course is 10months. Graduates who doesnt have the request percentage of marks have to do the Professional Course I. The registration for Professional Education Course I is open throughout the year. A student

may register at any time during the year. The exam will be held twice a year in May and November. Students have to ensure their registration at least 10 months before the examination. The application for registration should reach the office of the institute on or before 30th of June and for November Examination on or before 31st December of the preceding year. A candidate is declared successful in Professional course I, if he/she secures an aggregate of 50% of the total marks in all the papers subject to a minimum of 40% marks in each paper. Subjects for Professional course I Paper Paper Paper Paper 1- Fundamentals of Accounting 2 Mathematics & Statistics 3 Economics 4 Business Communication and Organization and Management

Registration for Professional Education course-I Eligible candidates have to forward their application for registration along with a crossed demand draft for the requisite amount (registration and tuition fee) drawn in favour of Secretary, The Institute of Chartered Accounts of India payable at the respective places where the Offices of the Institute are located. Professional Education Course-II & Final Course The CA Programme is mainly divided into Professional Education Course II and Final course. After completing the Professional Education Course I or graduation with required marks can go for Professional Education Course II .The registration for Professional Education (Course-II) is open throughout the year. A student may register at any time during the year. The exam 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 Professional Education Examination-II, and computer training programme as specified by the council, the candidate can register as an articled clerk with a firm of chartered accountants for undergoing practical training and simultaneously as a student with the Board of Studies for theoretical education. The candidate is a trainee for a period of three years. During this period he gets thorough knowledge of the various fields in which a Chartered Accountant can render services. During this period the articled clerk will also need to continue studies for the CA exam. On successful completion of the Final examination one becomes the member of the Institute. Member of the Institute may either practice as a Chartered Accountant on his own or go for employment. Subjects for study: Professional Education course-II Group I Paper 1 Accounting Paper 2 Auditing Paper 3 Business and Corporate Laws Group II Paper 4 Cost Accounting and Financial Management Paper 5 Income Tax & Central Sales Tax Paper 6 Information Technology Final Course

Group I Paper Paper Paper Paper 1 2 3 4 Advanced Accounting Management Accounting & Financial Analysis Advanced Auditing Corporate Laws & Secretarial Practice

Group II Paper Paper Paper Paper 5 6 7 8 Cost Management Management Information and Control Systems Direct Taxes Indirect Taxes

Some Useful Contact Information

The Institute of Chartered Accountants of India (ICAI), (Website : http://www.icai.org/common/index.html ) with its headquarters in New Delhi, acts as the nodal agency in regulating the profession of the CAs as well as conducting examinations, granting certificates and exercising disciplinary control over the members. There are five Regional Councils and several branches under them. There are several chapters overseas also. Head Office : Northern Region- Regional Office: The Institute of Chartered Accountants of India, Indraprastha Marg, New Delhi 110052 Ph: 011-3318371, 3312055, E-Mail: Contact Us (For candidates residing in the states of Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab and Union Territory of Chandigarh) Central Region- Regional Office: The Institute of Chartered Accountants of India, 16/7 Civil lines, The Mall, Kanpur 208001 Ph: 0512-368642, 311048, E-mail : Contact Us (For candidates residing in the states of Uttar Pradesh, Bihar, Madhya Pradesh and Rajasthan) Southern region- Regional Office: The Institute of Chartered Accountants of India, 122, Mahatma Gandhi Road, Post Box No. 3314, Numgambakkam, Chennai 600034 (EPABX No: 044-39893989) Email: Contact Us (For candidates residing in the states of Andhra Pradesh, Kerala, Karnataka, Tamil Nadu and Union Territories of Pondicherry and Lakshadeep) Western Region- Regional Office: The Institute of Chartered Accountants of India, Anveshak, 27 Cuffe Parade, P.B.No. 6081, Colaba, Mumbai 400005 (Ph: 022-2183122/23/24/25, E-mail: Contact Us ) (For candidates residing in the states of Gujarat, Maharashtra, Goa and Union Territories of Daman & Diu and Dadra & Nagar Haveli) Eastern Region- Regional Office: The Institute of Chartered Accountants of India, 7 Russell Street, Kolkata 700071(Ph: 033- 290207, 290321, E-mail: Contact Us ) (For candidates residing in the states of Assam, Meghalaya, Nagaland, Orissa, West Bengal, Manipur, Tripura and Mizoram and Union Territory of Andaman & Incobar Islands) Membership fee and Registration fee of the students is also accepted at the following officesThe Institute of Chartered Accountants of India, 123 Sardar Patel Colony, P. O. Navranpura, Ahmedabad 380014 Telephone No.: (079) 2768 0946, 2768 0537, Telefax No.:(079) 2768 0946, 2768 0537 E Mails : Contact 1 , Contact 2

The Institute of Chartered Accountants of India, No. 16/0 Millers Tank Bed Area, Bangalore 560 052 Tel:- (080)2205891, 2252546, 2257109, 2252546, Telefax : (080) 2252547, Email: Contact Us The Institute of Chartered Accountants of India, 11-5-398/C Red Hills, Hyderabad-500 004 Tel : (040) 23317026, 23393182, 23317026, Telefax : 91-040-2339320, Email:- Contact Us The Institute of Chartered Accountants of India, Amber Chambers Vth Floor, 28/A, Budhwar Peth Pune-411 002. Tel: 020 4451636, 4489732, Telefax: 020 4489732, Email:- Contact Us The Institute of Chartered Accountants of India, D-1 Institutional Area, Jhalana Doongri Jaipur-302004 Tel:- (0141) 2707278, 2705396, 2707309

Career as Chartered Accountant

The busiest time of your professional life will be between March and April. Youll show the rich how to make more money and hide all that they have made so far. Scooping out loopholes in taxation laws is never too difficult for you. In simple terms, youll handle all money matters and in between all this fill your coffers as well. Yes, we are talking about aChartered Accountant here. If reading between the lines of balance sheets is your game then this is your calling. Career Overview The process of money flow is a complicated one. You will master it and show others how to do it. As a CA you will offer financial advice and audit accounts for private individuals, companies, industries, educational institutions, etc. This in short is the summation of your job profile. You will audit-analyse and verify your clients accounts and give a fair financial picture. You could also work as a financial guide or consultant and push an organisations profitability. You will also advice clients on investments, general taxation and act as executors and trustees. Auditing means analysing and verifying a clients accounts to make sure that they give a fair financial picture. It also involves interviewing staff and management. Most companies hire CAs as financial guides or consultants. Budgeting, fund raising and other financial activities related to corporate finance will be your domain. CAs are experts in corporate law. Procuring finance for projects needs high level of skills and expertise in finance. CAs are trained to advice on financial sources and prepare project reports. You will analyse the profitability on business expansion as well as its long term returns. Your advice will also be sought in matters such as mergers and acquisition, diversification etc. This profession calls for a lot of travelling. So if you hate to pick your bag and leave the comforts of your office, think twice. Auditing will see you move from one office to another, unless you have your own practice. Requirements Logical and analytical skills Critical outlook Good inter personal skills Good organising abilities Meticulousness Excellent numerical abilities

Ability to take initiatives Loads of patience

You have to complete the course conducted by the Institute of Chartered Accountants of India (ICAI). According to the new system in place you are first required to do your Professional Education (PE) course I and II. For PE-I you need to have completed your 10+2 level in any stream. The course is administered via correspondence for a period of 10 months after which you give awritten exam. The subjects include accounting, mathematics and statistics, accounting, as well as business communication and management. After this you are eligible for PE II. You can directly join PE -II if you have completed your B.Com with Accountancy, Auditing and Mercantile or Commercial Law with a minimum of 50 per cent marks. For noncommerce students with mathematics the cut off percentage is 60 per cent and for other non-commerce students it is 55 per cent. If you fall below these academic requirements, you need to do the PE-I course first. Candidates who have cleared the final exams conducted by the Institute of Cost and Works Accountants of India (ICWAI) or the Institute of Company Secretaries of India (ICSI) can also join the PE II course directly. Subjects in PE-II include Cost Accounting and Financial Management, Business and Corporate Laws and Information Technology. In both PE-I and II you need to score at least 40 per cent in each individual paper and 50 per cent overall in order to pass the examination. The duration of each of these courses is 10 months. After this you are required to register yourself as articled clerks and work as a trainee under achartered accountant for a period of three years. During the last six months of this internship you can appear for the CA Final examination. On clearing the final examination and completion of your three-year internship programme, you are required to complete a course on general management and communication skills. After all this has been done will you be admitted as an associate member of the Institute of Chartered Accountants of India. Only then can you call yourself a Chartered accountant. These days more and more CA firms are IT enabled and as such you need to be knowledgeable about things like: 1. Working knowledge of Tally and Spreadsheets 2. E-commerce 3. Internet Applications 4. Enterprise Resource Planning (ERP) 5. Software Solutions 6. DBMS and RDBMS Concepts Job Opportunities You will work with: Registered Audit firms Chartered accountancy firms Management consultancy firm Banks Law firms Corporate organisations Government organisations

You could also freelance or start your own consultancy service. Money & Other Benefits Registered firms: Rs 5,000-20,000 or more per month Chartered accountancy firms: Rs 6,000-20,000 or more per month Management consultancy firm: Rs 15,000-40,000 or more per month Banks: Rs 12,000-Rs 30,000 or more per month Other organisations: Rs 10,000-30,000 per month

Career Prospects In recent times, accountancy has grown in popularity as a profession. The services of a CA are required even in the smallest of enterprises. Moreover, under the Companies Act, only CAs in professional practice are entitled for appointment as auditors of companies in India. With growing globalisation and formation of new policies, the corporate sector requires the services of more specialised professionals. There is also a demand for consultancy service on specific issues to a business enterprises.

Chartered Accountancy
Careers in finance and accounts have gained tremendous popularity in the last decade. In accountancy the most prestigious career option is that of a Chartered Accountant. Chartered Accountants hold key position in firms. Moreover under the Company's Act, only CAs are entitled to be appointed as auditors in companies. The Institute of Chartered Accountants of India (ICAI) is a statutory body that was set up to regulate the profession of chartered accountants. The responsibilities of conducting the Chartered Accountancy Course as well granting licence to candidates after successful completion of the course, by way of granting membership to the institute, are both vested with ICAI. Education Qualification: Seeking admission in CA is relatively simpler in the sense that no competitive exam like in case of engineering, medicine etc is required to be cleared. The Institute of Chartered Accountants of India (ICAI), which conducts the course, has its headquarters at New Delhi and regional offices at Kanpur, Mumbai, Kolkatta and Chennai in addition to 81 branches spread all over the country. The institute has also established 9 chapters overseas. Those seeking to register with ICAI for pursuing the course need to fulfil the following criteria: v Must be 18 years of age v Must have completed the 10 month duration Foundation Course conducted by ICAI or (after 10+2 one can enrol for Foundation Course) v Must be a graduate or post graduate in subject that qualifies for exemption from the foundation course viz. 1. Graduates in commerce with 50% marks 2. Graduates, without mathematics, with 55% marks 3. Non-commerce graduates with mathematics, having 60% marks A student can enrol for the Foundation Course straight away after 10+2 and after successfully completing it seek registration for the CA course. However graduation has also to be pursued side by side as it is an essential requirement for becoming a full-fledged CA. The Registration and Tuition Fee for the Foundation Course is Rs. 1500/-. Candidates who fulfill the eligibility requirements have to send their applications in the prescribed form, together with a Demand Draft for Rs. 1500/- drawn in favor of 'The Secretary, The Institute of Chartered Accountants of India' Payable at New Delhi/Mumbai/ Kolkatta/Chennai/ Kanpur, as the case may be depending upon the State in which they reside. Candidates who have appeared in the final Senior Secondary Examination or equivalent examination may also be registered provisionally for Foundation Course. The Foundation Examination is held in May and November every year. A candidate can take the Examination after ten months of registration and obtaining eligibility certificate from the Board of Studies. The Foundation Examination consists of the following four papers: Paper 1 - Fundamentals of Accounting Paper 2 - Mercantile Law Paper 3 - Section 'A'-Mathematics; Section 'B'-Statistics Paper 4 - Economics The main course is a mixture of theory and practical training. Those eligible for the course first require registering themselves as Article Clerks with a practicing CA and thereafter with ICAI for the course. The prescribed duration for practical training is 3-4 years. The Board of Studies of the Institute through postal coaching imparts the Theoretical Training. They provide study material to students and also conduct the qualifying examinations viz. theIntermediate Examination and the Final Examination.

The study material for the intermediate course is supplied by ICAI to the students soon after they register and pay the tuition fee. The study material for the final course is supplied only to those students who clear the intermediate examination and register themselves for the final course. Eligibility tests in various subjects form a part of the postal coaching scheme and a student has to clear these tests as well as 9 months training as an Article Clerk for being eligible to sit for the Intermediate Examinations. After clearing the Intermediate Exam, a student is permitted to serve a part of the practical training in a financial, commercial or industrial undertaking approved by the institute. The industrial training enables an articled clerk to gain practical experience in internal audit and auditing procedures and operating systems of financial control etc. The Final Course does not comprise of eligibility tests for the Examination as at the Intermediate Level, nonetheless a student can avail of the optional tests for better preparation. The Final Examination can be taken while doing the articleship provided not more than 6 months of articleship period is left or alternatively after completion of the articleship. Both these examinations are conducted in May and November every year and results are declared in July and January respectively. The course fee is very reasonable at Rs 3150 if paid in lump sum and Rs 3400 if paid in instalments. Apart from the low fees a student also earns a modest stipend during the articleship. Though theoretically CA is a three-year course, less than 25% students are able to complete it during this duration. The examination syllabus is extensive and in depth studies is required. Therefore becoming a CA is a tough proposition though the prospects that the career holds is worth the grill. On successful completion of the Final Exam, the aspiring CA can apply for membership of the ICAI. At first he becomes an Associate Member of the institute (ACA) and after five years of regular practice and other requisite experience becomes eligible to apply for membership as a Fellow of the Institute (FCA). Further details about the course as well as the profession may be gathered from the institutes websitewww.icai.org