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NIMT stands for National Institute of Management and Technology. (NIMT स्टैंड्स फॉर नेशनल इंस्टिट्यूट ऑफ़ मैनेजमेंट एंड टेक्नोलॉजी। ) [[ Click here to read more ]]

Career as Chartered Accountant

Career as Chartered Accountant

Skills Required

  • A disciplined attitude for hard work
  • Good understanding of socio-economic environment in which organisations operate
  • Numerical ability
  • Logical and methodical approach
  • Ability to take stress
  • Attentive to detail
  • Ability to deal with different types of people
  • Necessary skills in applying theoretical knowledge to practical situations
  • Ethical values
  • Analytical mind
  • Good verbal and written expression
  • Business acumen
  • Patient and industrious

To view details of Chartered Accountant Course click here.

Chartered Accountants deal with the management of money and provide financial advice. They maintain records of financial transactions which every organisation is required to keep by law and also carry out company audits.

JOB PROFILE

 Chartered Accountants are members of the Institute of Chartered Accountants of India. They work in private practice or in the accounts department of firms and organisations. The range of work in private practice can vary enormously according to the size and place (city) of practice. If it is a large practising firm there is greater specialisation of individual accountants within the organization.

Computers are widely used in accounting and auditing. Accountants summarize transactions in standard formats for financial records, calculate projected financial ratios, or organize data in special formats for financial analysis.

Accountants may be involved in any of the following tasks:

Financial accounting

Financial accounting deals with keeping financial records. The job involves interpreting accounts, supervising, controlling and organising expenditure and income, etc. It includes compiling daily, monthly and yearly management accounts.

The tasks are:

  • Operating accounts
  • Carrying out internal audits
  • Dealing with wages and salaries
  • Paying accounts and sending out invoices
  • Managing tax

Auditing

Statutory audits are required as per the Company Act by both the private and public sector.

  • CAs carry out internal audit to keep track of management procedures and internal controls and ensure that records are accurate and controls are appropriate. They review compliance with corporate policies and procedures.
  • Tax auditors review financial records and other information provided by taxpayers to determine the appropriate tax liability. Government departments have tax auditors who may be appointed to audit the taxpayers accounts.

Cost accounting

Cost accounting deals with the complex business of working out what particular operations, jobs, products really cost to produce. It extends to

  • Budgeting and budgetary control
  • Forecasting
  • Monitoring expenditure to see that costs are not over-shooting

Tax management

CAs specialise as tax managers and assist in optimising the firm’s financial structure. They look at the tax implications of new plans, changes in company structures, in fact any major decision. They advise on the tax effect of performance goals.

Management accounting

Management Accounting is a task senior chartered accountants perform.

  • They collect, organise, collate and analyse information from all parts of the organization.
  • Make regular critical analysis of past and present financial performance
  • Make projections for the future.

Consultancy

Consultancy is a challenging opening for bright and ambitious young CAs. Business today needs right information related to accounting. Consultant’s functions relate to the following areas :

  • Corporate law advice regarding company formation and structure, liquidation and financial aspects
  • Project planning and advice on financial resource
  • Investigation of share valuation for takeovers, issue of capital shares, amalgamation with other firms.
  • Business advice regarding expansion, profit analysis, profit improvement, joint venture programmes, etc.
  • Secretarial practice and procedures.
  • Information Systems management

CA in the industry

In the industry CAs are generally found in the higher positions of the accounting department and in the finance division at all levels. Besides the regular role CAs are involved with planning and financial strategies, preparing prospectuses for share issues, managing pension funds and long-term investments, investigation of prospective investments, merger or takeover.

EMPLOYMENT OPPORTUNITIES

Earnings  

₹ 2.67 Lakhs to ₹ 14 Lakhs per annum
(Salary data sourced from PayScale.com) 

 Earnings Details

Chartered Accountants earnings depend on the position in a company. The average income could range from Rs 60,000 to Rs 1.8 lakhs per month. At senior level the sky is the limit.
The opportunities for Chartered Accountants are varied:

  • Independent professional practice
  • Chartered Accountants firm
  • Capital market services
  • Business houses and industry
  • Consultancy firms
  • Large organizations and institutions
  • Financial Institutions

There are over 78,000 members of the Institute of Chartered Accountants,70% of whom work in public practice and the remaining are engaged in services in trade and industry.


 HOW DO I GET THERE?

PATH 1 :  

Std XII Professional Course Goal
After Class X > CPT* & Std XII
Stream:Any.
Professional Competence Course(PCC**) Chartered Accountant

PATH 2 :  

Std XII Graduation / Postgraduation Professional Course  Goal
Stream: Any Subject:Commerce/ Maths/ Economics/ Statis. IPCC*** Chartered Accountant

All students aspiring to become Chartered Accountants must register for Integrated Professional Competence Course (IPCC) with the Institute of Chartered Accountants of India.

* (CPT)Common Proficiency Test is held in Common Proficiency Test examinations are held in June & December every year.

** Along with the Professional Competence Course (PCC) students must register for articled training of a period of three and half years.

After 3 months of article ship students have to register and undergo 100 Hours Information Technology Training.

After successful completion of 100 Hours of Information Technology Training and also completion of 15 months of articled training (as on 1st February/1st August for appearing in May/November Examination or 18 months of articled training as on 1st May/November).

*** On the successful completion of nine months training, they can appear for the IPCC Integrated Professional Competency Exam. They will also have to complete the 100 hours of Information Technology Training Course and 35 hours of orientation course.

To view details of Chartered Accountant Course click here.


WHAT’S NEXT?

APPLY FOR A CAREER AS CHARTERED ACCOUNTANT