Chartered Accountant Course: Eligibility criteria, CA entrance exam, Job and Salaries.
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Introduction: Chartered Accountant course is one of the most admired courses among Indian students and one of the reason been that after completing the Chartered accountant course earning prospects are very high whether a student take up a salaried job or runs his/her own chartered accountancy firm which provides consultancies on financial management to public and private companies.
The chartered accountant course is also one the longest courses in India which takes about almost five years to complete. The process to learn the financial progression is also very tough so if a student is interested then they must psychologically prepare themselves for some hard work and sacrifices. However, once you complete the Chartered accountant (CA) course you will make up for your lost time and energy in terms of astounding career and finances.
The opportunities for students who have completed the CA course will open in both government and private sectors. Even so, no company can survive without a professional like a CA because the handling of funds requires enormous knowledge and where the millions are involved then certainly only a skilled professional will suffice the job.
What is the actual job of Chartered Accountant Course Professional?
The process of becoming a Chartered Accountant (CA) is a long one in which a CA aspirant have to go through three level of rigorous training which is tailored by the Institute of Chartered Accountant of India (ICAI). Needless to say that these three levels of training builds a thorough professional who is skilled in the area of accounting, taxations, auditing, budgeting etc. A CA is also required to look after the business ethics, file tax returns, prepare financial reports, maintain financial journals, prepare records for expenditure, audit financial documents for submission etc.
Apparently, Chartered Accountants (CA) also work as consultants where they offer a small amount of time to individuals, entrepreneurs, startups, companies and enterprises on financial matters and documentations.
Information on Chartered Accountant Course Details and CA Examinations
The total duration is of the CA course is round about 5 years in which the student has to clear three levels of the CA examinations tailored by the ICAI.
Details of the three level courses are given below.
CPT (Common Proficiency Test): The CPT is the entry level foundation course which is assumed to be completed in a 6 month duration time. The course covers subjects like General Economics, Accounting, Quantitative Aptitude Test and Mercantile Laws.
IPCC (Integrated Professional Competence Course): The IPCC examination is the second level post completing CPT. the IPCC is divided into two groups and is specifically focuses on accounting standards and core subjects.
FC (Final Course): This is the third level of the chartered accountant course where a student learns all about strategic financial management, professional ethics, financial reporting, management accounting, and information systems control, advanced auditing and strategic financial management.
The Final Course (FC) examination is only for students who have undergone 3 years of training under a certified Chartered Accountant which is technically known as “Article-ship”. Post the successful completion of the article-ship, a scholar becomes eligible to appear for final course examination.
Any interested student should initiate the process of appearing in the examination as soon one completes the 12th standard starting from the CA foundation course.
Eligibility Criteria for Chartered Accountant Course
The ICAI is the sole authority which decides the eligibility criteria. It is important to know the eligibility criteria from the level 10th standard so that one can prepare and get more marks than the aggregate required taking up the Chartered Accountant Course.
Student coming from streams (Science, Commerce and Arts) are eligible. Only thing is they should be acquainted with computer operating skills and accountancy.
Students may register for the CPT examination in the 10th standard itself but they will only be allowed to appear in the exam after they have passed 12th
The first step after the 12th standard is to appear for the standard Common Proficiency Test (CPT).
The aggregate marks for commerce stream student are 50% in the 12th
For students coming from Science and Arts background should score 55% aggregate marks excluding Mathematics and 60% including Mathematics.
Career overview for Chartered Accountant Course Professional
The Chartered Accountant (CA) is one of the most promising careers in India with job openings in both Private and Government Sectors a CA do not have to worry for employment as they are welcomed in various roles when it comes to financial matters.
Let us discuss in detail about where a CA gets employed.
Where ever there is an organization which has huge funds involved in its work related transactions and needs an accounting department to function smoothly, they require a CA. Broadly CAs can choose from Industries, Companies, NGOs, Trusts, and Startups, Government organization which provide funds for public development, banks and Corporate etc.
A CA handles all the financial management system of such organization like creating financial documents, maintaining transaction and its records, management of funds, tax management and funds allocation with budgeting.
The major recruiter’s for Chartered Accountants Corporate, Government organization, Banks, Financial Loan Companies, Insurance Houses, Legal Firms, Accounts Consultancy Forms, NGOs & Trusts, Stock Brokers Organization, Investment companies, Giant Construction Companies and Financial Attorneys.
Even with so many options available for jobs a Chartered Accountant may choose to work independently by opening their own accounting firm. Also consultancy options are also open where they offer advice over financial management.
Management courses that students are interested in
Salary Prospects for Chartered Accountant Course Professional
You will not be disappointed by salary for a Chartered Accountant if you have successfully completed all three levels with the 3 year Article-ship. A Chartered accountant, even as a fresher can take home, 6 lakh per annum.
Going down the career lane with experience and reputation your earnings can grow highly and you can also work as a freelancer along with a regular job where you can provide consultancy in lieu of professional charges.
Many experienced chartered accountants are earning with more than Rs. 80000 INR per month and also enjoying the respect which comes along with the profession.
For more information visit the official website of ICAI: https://www.icai.org/
