A chartered accountant (CA) is a professional accountant who has completed a rigorous training program and passed a series of exams administered by a recognized professional body.
In India Chartered Accountancy (CA) is a professional course offered by the Institute of Chartered Accountants of India (ICAI), which is the national professional accounting body in India. Institute of Chartered Accountants of India (ICAI), is a statutory body established by an Act of Parliament . The Chartered Accountancy course is designed to provide students with a strong foundation in accounting, auditing, taxation, financial management, and other related areas of business.
To become a Chartered Accountant, a student must clear three levels of exams (CA Foundation Exam, CA Intermediate Exam, CA Final Exam) conducted by ICAI and complete a three-year practical training program, which includes working with a practicing Chartered Accountant or in a Chartered Accountancy firm. Below we provide you a step by step guide to become a Chartered Accountant.
Steps to become a CA
- Register for the CA Foundation course after completing 10+2 or equivalent examination. The CA Foundation course is an entry-level course that covers four subjects.
- Appear for the CA Foundation exam, which is conducted twice a year in May and November. The exam consists of four papers.
- After passing the CA Foundation exam, register for the CA Intermediate course, which is the second level of the CA course.
- Complete four weeks of Integrated Course on Information Technology and Soft Skills (ICITSS) before appearing for the CA Intermediate exam. ICITSS consists of two courses: Information Technology (IT) and Orientation Course (OC), which aim to develop the technical and communication skills of the students.
- Appear for the CA Intermediate exam.
- After passing either or both groups of the CA Intermediate exam, register for three years of practical training under a practicing CA or a CA firm. The practical training exposes the students to various aspects of professional work such as accounting, auditing, taxation, management consultancy, etc.
- Complete four weeks of Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) during the last two years of practical training. AICITSS consists of two courses: Advanced Information Technology (AIT) and Management and Communication Skills (MCS), which aim to enhance the IT and soft skills of the students.
- Appear for the CA Final exam, which is the final level of the CA course.
- After passing both groups of the CA Final exam and completing the practical training and AICITSS, enroll as a member of the ICAI and obtain the certificate of practice. A member of the ICAI can use the designation of ‘Chartered Accountant’ or ‘CA’ along with his or her name.
Career Prospects after Chartered Accountancy
After completing the CA course, students can find a variety of opportunities in areas such as accounting, auditing, taxation, financial management, and consulting. They can also start their own firms, work as freelancers or work in different types of organizations, such as public accounting firms, private companies, government agencies, non-profit organizations, and international institutions.
The salary packages for Chartered Accountants in India are generally quite high, and the demand for qualified CAs is always high.
A chartered accountant can provide valuable insights and advice to clients and stakeholders on various financial matters, such as financial planning, budgeting, forecasting, risk management, compliance, governance, and strategy.
What are the benefits of becoming a chartered accountant?
Becoming a chartered accountant can offer many benefits for your career and personal development. Some of the benefits are:
- You will gain a globally recognized qualification that demonstrates your competence and professionalism in accounting.
- You will have access to a wide range of career opportunities and advancement prospects in different industries and sectors.
- You will earn a competitive salary and enjoy various perks and benefits from your employer or clients.
- You will have the opportunity to network with other professionals and experts in your field and learn from their experiences and best practices.
- You will have the flexibility to work in different locations and environments according to your preferences and goals.
- You will have the satisfaction of contributing to the economic and social development of your community and society.