Chartered Account (CA) is considered as one of the high profile careers by many of the young generation. The qualification has potential for independent profession and lucrative job as well. CAs are required in large numbers by big corporate houses and are paid very high salary. Chartered Accounts have very prestigious position in general in society.
The regulation of the profession of Chartered Accountant is done by The Institute of Chartered Accountants of India (ICAI), a statutory body established by Government of India under the Chartered Accountants Act, 1949, the head office of which is in New Delhi, the capital of India.
Job Profile of Chartered Accountant (CA)
Chartered Accountants not only handle the accounts of corporate or individuals, but they provide a myriad of accounting and financial services to their clients. They have studied to examine, interpret and plan all types of financial transactions. Auditing, analyzing, verifying, and interpreting the accounts of corporate or individuals and providing advice on taxation, executorships, trusteeship and liquidation are few of the areas dealt with by the Chartered Accountants. CAs also perform formation of financial structures and liquidation of limited companies. CAs play an invaluable role as management consultants, in assisting business organizations to utilize resources effectively, increase their efficiency and achieving their goals and objectives.
Chartered Accountant (CA) Exams
There are three exams a candidate needs give to become a CA.
- Common Proficiency Test (CPT) : This is an entrance exam consisting of four subjects – accounting, mercantile laws, general economics and quantitative aptitude. A student may enroll with an institute after passing class X (SSC) from any recognized Board. However, he or she may appear in the exam after appearing in Class XII (HSC) from any recognized Board, after completing a specified period of 60 days from the date of registration for CPT with Board of Studies as on the first day of the month in which examination is to be held. Hence, students registered on or before first of April / October will be eligible to appear in June / December examination respectively. CPT is an objective type test of 200 marks conducted into two sessions of two hours each. The examination has negative marking scheme.
- Integrated Professional Competence Course (IPCC) : The student must have cleared Std. XII exam and CPT exam. A period of 9 months must have been passed after clearing CPT to qualify for IPCC. IPCC exam has subjective questions based on law, audit, tax etc. as against CPT which is an objective type exam.
- Final Chartered Accountant (CA) Exam : After clearing IPCC exam, a student has to serve as an intern, also called as articled assistant for a period of 3 years under a practicing CA to be eligible for Final CA Exam. Students may appear in this exam while serving the last six months of articled training as also after completing the 3 years. Students who pass the final exam get enrolled as members of ICAI and be designated as Chartered Accountants.
Further Education Opportunities To Chartered Accountants
The regulatory body of Chartered Accountancy, The Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of England & Wales (ICAEW), under which, existing members of ICAI with two years of post qualification experience may appear in one qualifying paper of ICAEW and become eligible for their membership too.
CAs may go on to hold top management positions in industry and commerce. Rapid changes taking place in the economy has been providing more and more opportunities like in the fields of electronic commerce, performance measurement and risk assessment. In short Chartered Account is a profession with social prestige.