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How to become chartered accountant in india (CA)

How to become chartered accountant in india (CA)

Among all available professional courses in India, the Chartered Accountant course is one of the best. The growing demand for a chartered accountant has given it increased career options and growth in salaries. That is why students studying from the commerce stream decide to pursue higher studies to become a CA.

Nevertheless, statistics clearly show a high rate of dropouts after failing CA-Intermediate Exams. The pass percentage in 2021, in CA-final of students the new course was 1.41% and 6% for the old. The multiple unsuccessful attempts demotivate the aspirant resulting in dropouts.

 

Chartered Accountancy

A Chartered Accountant in India is the designated accounting professional by the Institute of Chartered Accountants (CA) of India (ICAI). The ICAI tests their knowledge at three levels of examination. The maximum marks for each paper are 100 marks, and the maximum duration is 3 hours.  To be a chartered accountant, the candidate must score 40% in each subject and an aggregate of 50%. The ICAI certifies the person who passes all three examinations with membership and designation of a chartered accountant.

As a chartered accountant who relates to matters of taxation and accounting in business, he is responsible for the generation, reviewing, He keeps track of the investments of the client and guides them in sound business practice. Chartered Accountancy is the course that gives an aspirant in-depth knowledge to do all the jobs connected with CA.

Is it difficult to become a CA

In addition, to the Study Material of the ICAI, there are reference books that help to clear exams. Coaching classes and videos help make study less difficult.

You need to score 40 out of the 100 marks on each paper and an aggregate of 50%, which is not very difficult. However, the syllabus is vast, and the student must work hard.

Chartered Accountancy is not an impossible career for you. The difficulty to become a Chartered Accountant is in improper preparation and dedication.

The Work of CA(Chartered Accountant) in India

If you are CA in India, you have the authority to primarily audit the accounts and guide the accounting staff in proper bookkeeping.

You have to guide your clients in matters relating to investments, taxation, risk management, and budget management.

As the chartered accountant, your number one objective is financial reporting and maximization of profits.

Why Become a Chartered Accountant (CA) in India?

In recent times there are several paths for persons wanting to pursue a career. Nevertheless, CA is the preferred one. What makes CA such an attractive profession?

Firstly, the rise in entrepreneurship has led to an increase in demand for CA's in India.

Secondly, Chartered Accountant is respected and is highly paid, and has a scope for a high position in an enterprise.

Thirdly CA's are not restricted to a particular field of work but are indispensable for all enterprises including, non-profit earning ones.

He can choose the job he may want to do. The options are practice, teaching, or even manage a company or firm.

 

What is the Scope for Chartered Accountants in India or Abroad?

The CA can have their practice or can work for an enterprise. In the placements offered by ICAI, the freshers got jobs in high-salary paying firms and private companies, and the public sector.

The private sector gives CA's an opportunity for growth and specialization and a high salary. The public sector offers CA's many financial benefits. Growth depends on the enterprise and its location.

The modernization and growth of the economy in India have increased the scope for CA's. For the diverse CA roles, scroll down.

 

Also Read:  Scope of CA Course and Salary of Chartered Accountants

 

Auditor

Accountant

Cost Accountant

Financial Reporting

     Bookkeeping

       Pricing Policies

GST Guide

      Initiate Internal

Control Expenditure

 

Investment Expert

 Audits

Market prediction

Management & Corporate Consultancy

Payment of Salaries & Wages

 

Company Liquidator

Manage Tax Matters 

 

Corporate Financing

Budget Management

 

Tax Advisor

 

 

       Management             Accounting

 

 

 

  Table indicating the scope in various fields of CA in India

 

Scope for a Chartered Accountant in Companies Abroad

The ICAI has an agreement with Canada, Singapore, and Ireland Institutes for Chartered Accountants. That makes it possible for Indian Chartered Accountants to work in those countries and earn a handsome salary.

Escalation in Demand for Chartered Accountants in India

In the pandemic and the unprecedented situation in the year 2020-21, many lost jobs and businesses. That caused an acute loss of revenue which forced the company to retrench its employees. The measures taken to control the disease prompted Governments around the world to call for a lockdown.

Despite all this, the ICAI, in its campus recruitment program, saw the demand for new CA's in India increase by 37%. Financial Services, IT, CA Firms, Banking sectors hired about 80% of total fresher CA's who registered through this platform.

The President of ICAI CA Atul Kumar Gupta, in response to the steep rise in demand for CA's, said that it would not be correct to say that the demand for CA's, is only when there is economic growth. He told the Covid-19 situation has only enhanced the need for CA's.

 

 

Year

2019

2020

Registered Candidates

9051

9272

Number of Companies

137

133

Jobs on offer

2135

2923

Max Salary Domestic

24 lakhs

23.28 lakhs

Max Salary International

36lakhs

 

Average Salary

7.43 lakhs

8.91 lakhs

Recruiting companies

PCW, ICICI, TCS

PCW, ICICI, TCS

New Recruiters

21 companies

18 companies

 Table showing the demand for CA in India

 

Merits and Demerits of Chartered Accountancy

In recent times there has been a rise in enterprises, causing an upsurged demand for professionals with a sound knowledge of Finance and Accounts. The most prominent in this sector are chartered accountants(CA). They have the expertise to handle accounting, taxation, and audit. The chartered accountant course is in-depth training in finance and accounting and the job of CA(chartered accountant) demanding.

Merits of Chartered Accountant  Course

Profession that Grows

Chartered Accountancy is a course with ample scope for consistent growth. History shows that the job of Chartered Accountants is not only to handle accounts but is diversified. The future is bright for CA's.

An Avenue to other Careers

CA is an opening to many great careers. A newly appointed CA can either choose to start his practice or work for an organization in a respectable position. He can study further and specialize. From academics to finance, Banking to taxation, Investment banking to outsourcing, he can pick a profile that he most desires.

 

Indispensible Professional

Chartered accountants (CA) services are required not only by firms and companies but also by individuals or salaried employees. Irrespective of fluctuation in the economy, the demand for CA's is stable. That makes the job as a Chartered Accountant secure.

 

Demerits of the Chartered Accountancy Course

No Signing Authority for Non-practicing CA's

CA's who work for organizations does not have the authority to sign or attest documents or balance sheets. The privilege is only for those who are practicing CA's.

Difficulty to Build a Rich Clientele

If you are a practicing CA, you can earn a lot of money. But one must remember that the income is dependent on the number of clients. If you cannot attract clients, you could also end up penniless. You need to garner the skills of communication for great practice.

 

Learning Never Ends

The Chartered  Accountancy course needs frequent updating to recent trends and practices. Learning and appearing for exams is a regular feature. It is a course where learning never ends.

 

 

Pros

Cons

Early Returns

Stressful

Zero investment for the employed

Much to learn

Growth in Career

Build relationships

Social Status

Restricted use of Resources

                                           Pros & cons of Chartered Accountancy

 

What is the Eligibility for Chartered Accountancy in India?

A person who has completed the 12th standard in any discipline can enroll for chartered accountancy. However, to proceed further for the course, the aspirant must pass the Foundation course. You can register, for the course, after the completion of graduation also.

 

After the 12th

After Graduation or Post Graduation

CA-Foundation Erstwhile CPT

Integrated Course on Information Technology and Soft Skills (ICITSS)

Integrated Course on Information Technology and Soft Skills (ICITSS)

CA-Intermediate erstwhile IPCC

CA-Intermediate erstwhile IPCC

Advanced Integrated Course on Information Technology and Soft Skills (ACCESS)

Advanced Integrated Course on Information Technology and Soft Skills (AICITSS)

Articleship - 3years

Articleship - 3years

CA-Final

CA-Final

 

 

How to Become a Chartered Accountant After 12th

  • The candidate must register online on the ICAI portal. He should apply after the 12th.
  • On the portal, find the registration form for the Common Proficiency Test or CA Foundation Course. Fill up the form and pay the relevant fees.

What are the Steps to Become a CA - In Ten Steps After 12th

  1. After the 12th, you can register for CA-Foundation course (Common Proficiency Test (CPT). Through this procedure, you will get your registration Number, User ID, and password.
  2. After the study period of four months, you can appear for the Exams. Fill your examination form, and you will get the admit card. You have to score 40% out of 100 marks.
  3. After you have passed the CA-Foundation Exam, you can register for the integrated professional competence course (IPCC) or CA-Intermediate.
  4. Attend the 30 days course for Integrated Course on Information Technology and Soft skills (ICITSS) and appear for the exams within four weeks. It is better to complete the course before the article ship. It is better done soon after registering for IPCC or CA-Intermediate.
  5. You can use a study period of 8 months and then appear for IPCC or CA-Intermediate Exams. The subjects are in two groups. You can either go for one group at a time or both together. The maximum marks for each subject are 100 marks, and you only have to score 40% in each.
  6. On the completion of CA-Intermediate, join for CA-Firm to do your article-ship of 3 years.
  7. You have to pass the IPCC with 40 out of 100 marks to register for the CA-Final.
  8. During the article-ship, you can complete the Advanced Integrated Course on Information Technology (AICITSS) and Soft skills in 4 weeks.
  9. Finish your article-ship to attempt the final exams, and score 40 out of 100 marks and an aggregate of 50% to become a Chartered Accountant.
  10. The last step is to register to become a member of the ICAI for the designation of Chartered Accountant.

How to become a CA After the Completion of Graduation or Post Graduation

  1. The candidate need not enter at CA-Foundation but can start the course from the integrated professional competence course (IPCC) or CA-Intermediate level.
  2. You need to clear your graduation or post-graduation with a minimum aggregate of 55% in the commerce stream and 60% if you are from other streams.
  3. You need to register for the integrated professional competence course (IPCC) or CA-Intermediate.
  4.  Follow the same procedure under the head how to become a CA - In ten Steps After 12th from point number 4-10

Further Information about CA Course

  1. The exams are held two times a year, in May and November. Register for the exam in December(for May) and June (for November)
  2. A fee has to be paid for the registration, examination, online form and Members and students journal of CA-Foundation exam 11,300, IPCC, both groups - 27,200 & single group - 23,200 and for  the Final 32,200 (both groups)
  3. You have to answer four papers in CA-Foundation and two groups of four subjects each for IPCC and Finals. The paper is 100 marks, and you have to score 40% on each subject and an aggregate of 50%.

Top Job Opportunities For Chartered Accountants in India

In the terms of jobs, globalization has opened new avenues to CA's for optimum use of their skills. Immediately after the finals, one needs to pick and chose the most appealing job by acquiring skills. Specialize in subjects like auditing and professional ethics, taxation, etc., of the ca-final course. There are limitless job opportunities in CA.

 

 

 

                                               Top CA Job Opportunities

 

 

 

Salary of A Chartered Accountant

India 

The average salary is INR 6-7 lakhs, and it could be even INR 40-60 lakhs depending on their capabilities.

In the placement program of the ICAI in 2021, the average salary was INR 8.4 lakhs.

 

Year of Experience

CA Salary P.A

0-5

7 lakhs

5-10

12 lakhs

10-20

20 lakhs

Above 20

50-70 lakhs

Table showing salary of a CA-based on his experience

Abroad

The average salary earned by Indian CA's abroad is INR 75 lakhs.

 

Country

Fresher

Experience (4-5 years)

Lowest Total Salary

Highest Total Salary

Average Base Salary

USA

$51.1k

$78.7k

$28k

$267k

$80k

Dubai

AED 100k

AED 121k

AED 27k

AED 616k

AED 119k

UK

£28.4k

£32.2k

£24k

£62k

£ 35.9k

India

₹698.3k

₹744.3k

₹437k

₹2m

₹797.6k

Australia

AU$ 74.1k

AU$64.1k

AU$54k

AU$113k

AU$ 70.9

Table showing the salary of a CA per annum in different countries in their respective currencies.

 

 

Tips that you can use for the best Jobs in CA

A Chartered Accountant is much need for any enterprise. You would have taken a lot of trouble to complete the CA Course to score the maximum out of 100 marks. You want to secure a job that makes you happy.

Listed below are tips to help you get a top job.

1.Internship

If you are a  CA then practical knowledge is necessary for CA. Gain it by doing internships after clearing the CA-Foundation course. Go for multiple internships in CA Firms, corporate, and banking sectors.

2.Keep up with the Latest Trends

In completion of the course, you will be a Chartered Accountant. But for better job opportunities need to be updated with business and commercial knowledge.

For this purpose, read financial newspapers and the journal of ICAI members must be daily.

3.Art of Communication

Clients will rush to you if you have the art of communication. You will be able to draw clients to yourself and have a long-term business relationship with them.

Communication skill is essential to generate reports and present them and hold meetings.

4.Business and Commercial knowledge

An in-depth study of the industry in which you want to make a career is necessary to make an impression during the interview for the job. It is an indispensable tool in the hands of CA's to forecast future trends and manage risks for the enterprise he is working for.

Without sufficient knowledge of ongoing trends, he will be unable to make the correct predictions.

5.Growth

Learning does not end with the course. The basics of chartered accountancy have to grow with the latest accounting courses and new accounting practices.

6.Increase Skills

You have to learn technical skills such as AI, Robotics, and other soft skills to save time and do your routine duties more efficiently.

Acquire skills that will help in correspondence, leadership, and imaginative reasoning.

5.Financial Concepts

Knowledge of Financial concepts can help you work better in any organization. It is a great tool to aid the organization you are employed in to achieve its goals.

The Final Word

Today, CA is one of the most pursued professions. It is the demand for CA's and the high salaries that make one yearn to be a CA. Nevertheless, it is difficult to clear the course of chartered accountancy without persistence and hard work.

This module shows you how to become a chartered accountant and paves the way for you to become one.

 

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