Chartered Accountancy is a rewarding and high profile career.This career not only equips with the necessary knowledge and technical skills but also develops managerial outlook in order to handle even the most critical problems. This profession is quite challenging, lucrative as well as prestigious. In India with the rapid growth in economy chartered accountants are in great demand. Chartered accountancy is a high status profession and passport to challenging and equally rewarding career in industry and commerce. Chartered accountants are the part of the top management team. Even in the government sector, they held important positions. In India , the responsibilities of conducting the chartered accountancy courses are vested with the institute of chartered accountants of India(I CAI).On successful completion of the course , the students becomes entitled to apply for the membership of the institute The professional course of CA is blend of theoretical education and practical training so that the students can acquire the required level of professional knowledge and skills for the relevant. A chartered accountant (C.A.) is one who is specialized in accounting, auditing, and taxation. The institute of chartered accountants in India regulates the profession, was established by an act of parliament in 1949.
Educational qualifications: The individuals who are seeking admission in CA is relatively simple as there is no competitive exams like in case of engineering and medicine etc . The institutes of Chartered accountants of India which conducts the course , has its headquarters at new Delhi and regional sectors in Kanpur, Mumbai,kolkatta, and Chennai in addition to 81 branches spread all over the country. The individuals who want to seek admission in this course must be graduate or postgraduate satisfying the following conditions:
1) Graduates in commerce with 50% marks
2) Graduates, without mathematics with 55% marks
3) Non commerce graduates with mathematics, having 60% marks.
The individual must enroll with the institute and undergo practical training under practicing CA. He/she must appear for intermediate examination after twelve months of training. And then appear for final examination after passing intermediate examination, during the last six months of training or thereafter pass the same. After this an individual can enroll as a member of institute of chartered Accountants of India.
The types of functions performed by the C.A. are quite varied .Some of the functions performed by C.A. are as follow:
1) Accountancy:The writing up of accounts and preparation of financial statements from the simplest receipts payments accounts and detail accounts of large public limited companies.
2)Cost accountancy: A chartered Accountant is equipped to provide information on costing for the guidance of management , introduce cost control methods and assist the management in determining appropriate selling price.
3)Investigation: C.A. are often called upon to carry out investigation to ascertain the financial position of business house for the purpose of issue of new shares, purchase or sale or financing of business , finding out reasons for the increase or decrease of profits, reconstructions or amalgamations.
4) Companies secretarial work: As a secretary, the C.A is an important link in the management chain.
5) Management accounting: The chartered Accountant’s service is utilized in a variety of ways like formulation of policies, control and performance evaluation.
6) Directorship: Many members of the institute who hold senior positions in industry and commerce are also the director of their companies.
7)Executors and trustees: A C.A is also often appointed executor under a will or trust in order to carry on the administration of the estate or settlement .
Taxation: The assessment of taxes is closely linked to financial accounts. By getting experience in this field. he prepares the returns for the taxes , represent assesses before the income tax authorities and also provide general advice to the various clients.
9)Other activities:Other duties undertaken by a C.A includes those of an arbitrator for setting disputes specially those who are connected with the insolvency work such as the preparation of statement of affairs.
C.A. have various options for pursuing rewarding career. Some of the available positions are as follows:
a) Set up independent professional practice.
b) Services in the field of market
c) Take up a suitable position in a business or industry.
d) Join a practicing firm of Chartered Accountants.
The choice depends largely on your personal inclination. Starting one’s own industrial or business venture is also now becoming popular among chartered Accountants. The Institute of Chartered Accountants, India currently has about 1, 00,000 members. It is expected that 70% of who are in public practice and remaining are engaged in trade and industry. Though traditionally C.A. has been associated with accounting and auditing but liberalizations has opened up areas such as technology risks consulting management information system and management consultancy. This profession has a lot of flexibility. Opportunities for employment are available in the government departments, in the public sector, in the cooperative sector, in universities/ research bodies and in the private sector. In the private sector, the remuneration is given according to the company they work for and the experience they have.