Welcome to the World of Chartered Accountants
Profession of Chartered Accountancy
Chartered Accountancy is a challenging profession that offers practice or job opportunities in the areas of accounting, auditing, corporate finance, project evaluation, company and other business laws, taxation and corporate governance. The multi-faceted knowledge a chartered accountant enjoys through unique academic programme blended with practical training is what the business and industry need in the advent of liberalisation, privatization and globalisation of Indian economy. Chartered Accountants are better equipped to discharge accounting and audit functions in a computerized business environment.
About the Institute
The Institute of Chartered Accountants of India (ICAI) is a premier professional accountancy body of the country, established in July, 1949 under the Chartered Accountants Act, 1949, enacted by the Parliament to regulate the profession of Chartered Accountancy in India.
The Institute is governed by a Council in accordance with provisions of the Chartered Accountants Act, 1949 as amended by the Chartered Accountants (Amendment) Act, 2006 (No.9 of 2006) and the Chartered Accountants Regulations, 1988. The Council consists of 40 members of whom 32 are elected from among the members of the Institute and 8 are nominated by the Government of India.
The Institute has its headquarters at New Delhi. In addition, it has five Regional Councils located in Mumbai, Chennai, Kolkata, Kanpur and New Delhi and 117 Branches spread all over the country. The Institute has also 20 Chapters outside India located in Abu Dhabi, Bahrain, Botswana, Doha, Dubai, Indonesia, Jeddah, Kuwait, London, Melbourne, Muscat, Nairobi, New York, Nigeria, Port Moresby, Riyadh, Saudi Arabia, Sydney, Toronto and Zambia.
The Institute is actively engaged in imparting education and training to the students and conducts examinations for them and grants membership to successful candidates and certificates of practice to members intending to practice the profession.
Board of Studies of the Institute imparts theoretical education to students of the chartered accountancy course as well as to the students who prepare for entry level test called Common Proficiency Test.
Requirements for becoming a Chartered Accountant
Requirements for becoming a chartered accountant under the new scheme are as follows:
(i) Enrol with the Institute for Common Proficiency Test after passing Class 10 examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.
(ii) Appear CPT examination after appearing in the Senior Secondary Examination (10+2 examination) conducted by an examining body constituted by law in India or an examination recognised by the Central Government as equivalent thereto and after completion of specified period from the date of registration for CPT with the Board of Studies. This specified period for CPT examination is 60 days. The Common Proficiency Test are conducted twice in a year i.e., in June and December.
(iii) Join PCC, articled training and register for 100 Hours Information Technology Training (ITT) after passing CPT and 10+2 examination.
(iv) Undergo 100 Hours ITT on completion of three months of articled training (100 Hours ITT is a 20/25 days programme @ five/ four hours per day; the training will be treated as part of the practical training).
(v) Appear in Professional Competence Examination (PCE), if
- worked for not less than fifteen months as an articled assistant or equivalent period as an audit assistant or partly as an articled assistant and partly as an audit assistant, three months prior to the first day of the month in which examination is held or completed 18 months of articled training as on 1st May/ 1st November, as the case may be; and
- completed 100 Hours ITT.
[ Eight months of audit training is treated as equivalent to six months of articled training. Any fractional period of audit training less than eight months is not counted for this purpose]
(vi) Join CA Final course:
- After passing PCE register for Final course with the Board of Studies;
- Collect Study Materials of the Final Course and prepare for Final Examination;
- May undergo General Management and Communication Skills Course during last 12 months of articled training while undergoing Final course; and
- Complete articled training of 3½ years.
(vii) Appear in final examination on completion of the practical training on or before the last day of the month preceding the month in which the examination is held.
(viii) Pass Final examination and complete GMCS Course.
(ix) Enrol for membership.
Career Opportunities For Chartered Accountants
Role played by a Chartered Accountant
Chartered Accountancy Course offers the students a dream career in the specialized areas of Accounting, Auditing, Corporate Finance, Corporate Laws, Taxation.
Chartered Accountants are highly demanded professionals in industry.
Chartered Accountants are statutorily recognized audit practitioners.
Chartered Accountants are highly demanded and sought-after professionals in the practice of Income-tax, Service-tax and other indirect tax areas.
Chartered Accountants are technically equipped to act as management consultants.
Chartered Accountants possess adequate knowledge in systems and information technology, which help to excel in the areas such as development of advanced IT systems for the organisations including for the functions of finance and accounting.
Independent Professional Practices
As practitioners of public accounting, CAs may start Professional practice as a proprietor or join any existing firm as a partner or staff member. A CA provides compliance and review services. A CA also acts as a business advisor by providing all kinds of services including the preparation of financial reports, helping the business to secure loans, preparing financial projections and determining the viability of business. As a tax advisor, a CA helps businesses and individuals to comply with tax laws.
Management Consultancy Services
CAs play a vital role in assisting business and industry to improve the use of their resources, increase their efficiency and achieve their objectives. The breadth of management advisory services rendered by CAs reflect their expertise in diverse areas. Such services include financial management, planning and financial policy determination such as
· Preparation of project reports and feasibility studies
· Market research and demand studies
· Budgeting, inventory management, working capital management
· Business policy, corporate planning, organization development, growth and diversification
· Organisation structure and behaviour, development of human resources
· Systems analysis and design, and computer related services
· Advisor or consultant to capital issue
· Investment counselling in respect of securities
· Corporate Governance
Opt for Industry / Government Organisation
A CA may prefer to join an industry or governmental department and ultimately hold responsible positions. Many Chartered Accountants hold responsible positions in business or industrial firms as CEOs, Managing Directors, Director (Finance) and Chief Accountants.
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