If you are in love with numbers and want to live the royal life – Chartered Accountancy is one of the best professions for anyone who have a knack for numbers and a love for finance.
It is the core of all business. Every company has a CA and it is one of the most respected professions in the world as well as the highest paid ones. A chartered accountant can work in various finance fields like taxation, auditing, accounting and financial planning. You choose to work in various profiles like investment, fund management and other various sectors of finance.
In India the course is conducted by the ICAI or the Institute of Chartered Accountants of India. It has the headquarters in New Delhi, along with various regional headquarters in Chennai, Mumbai, Kanpur and Kolkata and various other branches spread all around the country.
The qualification to pursue CA has drastically changed over the years. Before one had be a graduate to consider becoming a CA. Along with that the candidate during their tenure of CA had to pursue a 5 year long articleship training under a CA or a company. With the rules changing over time, a 12th pass out finally became eligible for the foundation course.
In 2006 ICAI scrapped the idea of PE 1 and PE 2 system that was introduced in October 2001 and started the system of CPT, IPCC and Final qualifying examination. The Idea of a CA course is to make the student not other proficient in theory but also learn the practical application of the theory.
Step 1 to become a CA - CPT
You have to give the CPT i.e., Common Proficiency Test. This is an entry level test, and has subjects like Accounting, Mercantile Laws, General Economics and Quantitative Aptitude. This is a gateway to get onto the path to become a CA. To be eligible for CPT one has to register to CPT course with the board of studies and can give the examination in December during or after your 12th Boards. Students who have already completed their Graduation or Post graduation in Commerce with an aggregate of 55% marks or 60% if not from Commerce Background can skip this process.
Step 2 to become a CA - IPCC
After passing the CPT this is the first stage of CA curriculum. The subjects in IPCC are divided into two categories. A student can give them together or separately. The course is structured in a way that creates a strong foundation in the various aspects of commerce and finance. In the first group you have subjects like Accounting, Business Law, Cost Accountancy and Taxation. In the other group you have Advanced Accounting, Auditing and assurance, Information Technology and Strategic Management. To be able to give this exam, the student has to be enrolled in the relevant course and also has a certificate showing the completion of the course i.e. not less than 8 months.
Step 2 to become a CA – Final
CA final is one of the toughest steps to clear. It covers the knowledge of various core subjects divided into two main groups. Group one has subjects like Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate and Allied Laws. The second group has subjects like Advanced Management Accounting, information Systems Control and Audit, Direct Tax Laws and Indirect Tax Laws. The student should have completed the required articleship training.
Step 2 to become a CA – Articleship
After you IPCC you are required to register under articleship with a company or an individual. A CA with more than 16 years of experience and above can take about 8 articles. Training needs to be provided to these students before the commencement of the articleship. The articles are paid a stipend depending of the norms.
CA is one of the toughest professions to accomplish but once it is completed, a CA is more in demand than any other profession.
Author Bio: Trisha is a professional writer and adviser on education and career. She is an ardent reader, a traveler and a passionate photographer. She wants to explore the world and write about whatever comes across her way.