What is a Chartered Accountant (CA) and his/her work?

What is a Chartered Accountant? A Chartered Accountant is the most important person in every company, but the harsh truth is that it may not be as glamorous or widely recognized as some other professions, like doctors or actors. If anyone asks you to name a famous CA, you will not be able to answer, but it plays a vital role in the success and smooth operation of businesses, large and small. CAs are the unsung heroes behind the scenes, ensuring financial integrity, compliance with regulations and guiding companies toward long-term financial stability.

After 12th class, CA applies for membership either by passing all three levels of examinations prescribed by ICAI and completing three years of practical training(articleship) or by availing themselves of exemptions under mutual recognition agreements (MRAs). The Chartered Accountant’s profession is very popular among the youth. Seeing the growth, stability, and sophistication that the job profile brings, its popularity is well-spoken.

Below are a few examples of the types of CA positions:

1. Tax Accountant: A tax Accountant has a major role in aspects of running a business and helps to prepare corporate and personal income tax statements and formulate tax, from day-to-day VAT to share schemes. Large corporations are looking for Chartered Accountants persons with skills in accounting and a legal background in tax. While tax issues vary by sector.

2. Management Accountants: Management accountants have a major role in cost analysis, analysis of new contracts, and participation in efforts to control expenses efficiently. He participates in decisions about capital budgeting and line of business analysis in companies. His work is an analysis of the structure of organizations and checks how money in a company at the right level of organization.

3. Financial Accountants: Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers and acquisitions, benefits planning, and long-term financial projections. This type of work can be varied – one day, you may be running spreadsheets, and the next, you may be visiting a customer or supplier to set up a new account and discuss business. This work requires a good understanding of both accounting and finance.

4. Budget Analysts: Budget analysts are responsible for developing and managing an organization’s financial plans. There are plentiful jobs in this area in the government and private industry. Besides quantitative skills, many budget analyst positions require superior people skills because of the negotiations involved in the work.

5. Auditor: The auditor checks accounting ledgers and financial statements within corporations and governments and is the basis of much of accountancy practice. Auditing work is becoming increasingly computerized and can rely on sophisticated random sampling methods. This area may involve considerable travel and allows you to work in a wide array of sectors to get a great understanding of how money is being made and managed.

How to become a Chartered Accountant and what are the ways for being a CA after 12th:

The eligibility requirements to become a Chartered Accountant:

1. Candidates who have passed the 10th Class from the state or central government board or an equivalent examination are eligible for the CA Foundation exam. However, these candidates can only take provisional admission that will be regularized after clearing the Class 12 exams.
2. Candidates appearing in Class 12 or passed the exams can register for the CA Foundation exam.
3. Candidates who have passed the 12th Class with a minimum of 50% marks can register for the CA Foundation exam.

Procedure to become a Chartered Accountant after 12th

Step 1: Start CA Course through CA Foundation Route after passing Class 10th

Register with the Institute of Chartered Accountants of India (ICAI) for the CA foundation (replaced with Common Proficiency Test or CPT) after passing the 10th class exams and take the exam after completing High School (Grade 12). For CA Foundation, there are four subjects that you have to test for: Accounts, Business Law, Business Economics, and Quantitative Aptitude. A 200-mark exam in which you have to score 100 to be eligible to proceed means you have to achieve 50%. Also, read the Article on how to apply for CA Foundation

Step 2: Registration for Integrated Professional Competence Course (IPCC)

To register for the Integrated Professional Competence Course (IPCC), the candidate should pass both CPT and 12th class. Registration for the IPCC should be done nine months before the first day of the month in which the examination is held. IPCC is a 700-mark subjective exam that has 7 subjects, and to clear that, you have to score 40 marks in each and get an overall aggregate of 50% or above. IPCC has 2 groups of subjects, Group 1 has four papers, which are Accounts, Law, Taxation and Costing& FM and group 2 has three papers, which are Audit, IT& SM, and Advanced Accountancy. If you get more than 60 in any subject, you get an exemption, which means that if you fail, you don’t have to repeat that paper on the next attempt.

Helpful Tips: For pursuing Articleship, passing Group I of IPCC is essential

Step 3: Articleship

After slogging and clearing the IPCC exam came the Articleship. Articleship is a 3-year-long internship that you have to complete along with the Final CA exam. In this, you have to work under a qualified CA for 3 years

Step 4 : Registration for CA Final Course:

The candidate can appear for the CA final examination during the last 6 months of 3 years of article training. Enroll as a member of ICAI and be designated as a “Chartered Accountant”.

So, should you do it?:

The course is spread over a minimum of 5 years and hence requires a significant investment of time. During these 5 years, only dedication and hard work can guarantee a fruitful outcome.
And yes, all the hard work is worth it. The moment you become a CA, your professional life is guaranteed to be a success.
The wide, vast world opens up to you with innumerable opportunities from diverse sectors, such as Banking, Accounting, Taxation, Audit, Management Consultancy, Cost Accounting, etc., all over the world.
The Indian Chartered Accountant is reputed throughout the world as a force to be reckoned with, hence,e global opportunities await.
Yes, you should do it. It is not an easy path, but neither is anything worth achieving.

Institutes offering Chartered Accountants course:

The Institute of Chartered Accountants of India (ICAI) is both an examining and a licensing body. It is the responsibility of the institute to conduct Chartered Accountancy (CA) Courses throughout the country. A CA program is of two years apart from the training period. It has three sections: Competency Professional Test (CPT), which was earlier known as the Professional Education exam PE1, the Professional Competency Examination (PCE) and the Final examination