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Last Updated By Anmol Arora on 11 Apr, 2023
Chartered Accountancy is regarded as the core of all business, small or big. The responsibilities and work of chartered accountants involve financial planning, accounting, taxation and auditing. A career as a chartered accountant is not only challenging but also rewarding. The career prospects for chartered accountants are exciting. In other words, chartered accountancy is the first step to other rewarding careers in fund management, investment consultancy and finance. Institute of Charted Accountants of India (ICAI) is responsible for conducting CA course. Over the last few years, the qualifications required to become a CA has undergone various changes with ICAI upgrading the syllabus and curriculum as per the changing business scenario as the globe.
Clearing the CA exams is not just what is required to be a Chartered Accountant. There are certain skills that are expected to be in every charterholder.
CA is a very difficult course, and along with the huge syllabus, one also needs to complete his/ her articleship, to complete the course and become eligible for good opportunities after completion of the course.
Given below are some of the basic skills and qualities that are required to become a successful Chartered Accountant. Candidates are expected to inculcate all or some of the skills mandatorily to get good jobs with high packages.
In India, to become a Chartered Accountant, set parameters are crafted by the exam official body. ICAI has made two ways through which aspirants can enroll for Chartered Accountancy course;
Foundation Route:
This route is to be followed by students who are giving the CA exams right after completing their Class XII. The steps provided below give a detailed insight into the CA foundational route.
Direct Entry Route:
ICAI has the option available for students who have completed their graduation or post-graduation. Just like the foundation route, candidates have to go through all the steps, the only difference is that the candidates can directly start from the intermediate level, and visit the meet the eligibility norms.
The minimum qualification required to pursue ICAI CA course is Class 12. The candidates who have passed Class 12 can take up CPT course. Common Proficiency Test (CPT) is the beginning stage to start a career in Charted Accountancy. The second stage is IPCC (Intermediate) and the last stage is CA Final.
Subjects Combination: Students from Commerce, Science and Arts stream in Class 12 can register for CPT.
Eligibility:
Auditor: Auditors are external professionals who are invited or sent to companies to examine their finances to make sure that the accounts of the companies are accurate. Most companies appoint internal auditors.
Accounts Clerk: Accounts clerk is responsible for recording certain types of financial transactions. The major focus of accounts clerk could be on accounts payable, accounts receivable, billing or payroll.
Business Services Accountant: The responsibility of business services accountant is to provide business and tax services to clients. Some of the other duties of these accountants include keeping track of depreciation of assets, generating financial statements, preparing tax returns and advice & guidance on financial strategies.
Chief Financial Officer (CFO): CFO is a senior-level executive who is responsible for enterprise’s financial well-being and success.
Cost Accountants: The responsibility of cost accountants is to monitor and analyse the company’s cost of materials, processes and products. They also provide advice to the management of the company on the most effective options to streamline and manage costs.
Financial Controller: The major responsibility of the financial controller is to work closely with executive management teams, and play a vital role in the running of businesses.
Tax Accountant: Tax accountants specialise in taxation. The responsibility of the tax accountants is to handle audits, tax returns and final audits for corporations or individuals.
Chartered accountants are the most sought-after professionals in India. There is more reputation for CAs in India is due to the rigorous training imparted to them. The demand for qualified and skilled CAs in India has been constantly increasing, and the profession did not witness any downward trend in the recent years. Over the last three to four years, the demand for CAs has been increasing by 10%-15%.
Chartered Accountants can find employment in the following areas after attaining the necessary skills and qualifications: -
The qualification of CA is globally recognised, and the industry outlook for Chartered Accountants is indeed bright.
The following are some of the top companies that recruit Chartered Accountants in India: -
A Chartered Accountant in diverse sectors earns a very good salary. Most companies pay more for highly skilled and experienced Chartered Accountant. The average salary structure of Chartered Accountant is detailed below.
Job Profile | Starting Salary per annum (in INR) | Mid Level Salary per annum (in INR) | Senior Level Salary per annum (In INR) |
Chartered Accountant | Rs. 3,50,000 | Rs. 7,00,000 | Rs. 12,00,000 – 24 lakh |
Accounts Clerk | Rs. 1,50,000 | Rs. 2,07,000 | Rs. 3,50,000 |
Business Services Accountant | Rs. 1,50,000 | Rs. 2,08,000 | Rs. 3,50,000 |
Chief Finance Officer (CFO) | Rs. 2,00,000 | Rs. 4,00,000 | Rs. 6,00,000 |
Cost Accountants | Rs. 1,50,000 | Rs. 2,34,000 | Rs. 4,00,000 |
Note: The above figures are an estimate and may vary from individual to individual and company to company.
Here is the list of top books that students can refer to prepare for CA CPT, IPCC and Final exams.
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