The members of the Institute of Chartered Accountants in England and Wales or ICAEW and the Institute of Chartered Accountants of India or ICAI are by default regarded as Associate Chartered Accountants. The qualifiers are entitled to use the term A.C.A after their names.
This is a well-reputed qualification as a Chartered Accountant handles most of the ongoing business in the country. The direct members of ICAEW have the option of becoming a fellow member of the Institute.
The prospective career of the Chartered Accountants is beneficial for stable finances in the country. It is a professional course to prepare an individual to become a successful Chartered Accountant in India.
The recognition of this qualification is modeled on the professional body in both England and Wales. A Chartered Accountant in India enjoys the benefit of receiving financial knowledge along with a high salary. If you want to choose Chartered Accountancy as a career option in India, you can try taking online classes.
How to Become a Chartered Accountant
Several levels need to be cracked to finally becoming a chartered accountant in India. The following are the circumstances that ensure a career for Chartered Accountants:
- The students who have already cleared the final examination of Chartered Accountancy are eligible to become a member of the ICAI.
- This assures their designation as a Chartered Accountant
- However, a student with a minimum of 55% aggregate on their commerce graduation or post-graduation course gets a direct entry.
- Students from different educational backgrounds are eligible for admission only if they have scored 60%.
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Key Steps to Register for a Chartered Accountant Course in India
Students often wonder, “How to become a Chartered Accountant?”
The answer is to research the pre-requisites of qualifying as a chartered accountant.
The following are the key steps to register for becoming a Chartered Accountant in India:
- Follow the eligibility criteria of Institutes that offer the course on Chartered Accountancy.
- Assure yourself that as a Chartered Accountant, you will get a salary of a minimum of 7 lakhs per annum.
- The course on Chartered Accountancy takes around 4-5 years to finish.
- The examinations for an aspiring Certified Public Accountant (CPA) in India are held in May and November.
- It is a professional degree course that is essential for taking the financial responsibility of the businesses. Registration for a Foundation Course can be followed by students who have cleared class 12 examinations in India.
- To become a Chartered Accountant in India, have to clear examinations at different levels.
- Foundation Registration details for accountancy are available on the ICAI website that needs an official registration for eligibility for the course and jobs in the future.
- A fee of INR 11300 must be paid for the application to the Chartered Accountancy course.
- The payment confirms the appearance for exams on 4 subjects that deal with subjects like accounting and auditing. The papers are of 100 marks each with 2 subjective and objective question papers.
- The foundation result of the Chartered Accountancy course is declared in January and in July and is valid for 3 years.
- One must score 40% in each paper or get 50% in the aggregate.
Benefits of a Chartered Accountant Course
Chartered Accountant jobs have become very popular among aspiring students. The benefits of the Chartered Accountant course are manifested in the prospective salaries received by the professional accountant of a business.
The accountants of India have reported prolific results in the job market. The professional degree determines the qualification of the aspiring accountants.
Financial understanding and development of key professional accountancy is a vital part of the course taught in the institute.
The degree is recognized globally, making it easy for Chartered Accountants to get jobs and a high-paid salary in the long run.
ICAI provides Standards on Auditing that must be followed to audit the financial transactions and statements in India. Standards of Internal Audit and Corporate Affairs Standards are also a part of the Chartered Accountant course.
ICAEW is a well-reputed degree for aspiring chartered accountants in India for it determines their high salary for jobs that they get in the future.
Functions of a Chartered Accountant
A Chartered Accountant is answerable for a company’s financial accounts. They have to write accounts for a company, curate financial statements, and perform complicated financial analysis for a company.
According to ICAI, auditing is also one of the major functions of a Chartered Accountant in India.
Accountants handle the business policies and records for organizations. Their job role demands the planning of tax, budgeting of capital, and anticipating the financial planning that needs to be carried out for a profitable outcome from jobs.
The financial planning of business activities is carried out by a Chartered Accountant. That is why the Chartered Accountant course is beneficial. The implementation of GST in India has also made CA jobs so vital in the country. The changes that need to be made in business must comply with the economic condition of India and that is managed by the Chartered Accountants.
The jobs of Chartered Accountants demand that they delve deep into financial planning that might prove to be beneficial for India’s economic development. Chartered accountants can also choose to become actuaries and work for insurance companies in India.
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Increasing Prospects for Chartered Accountants in India
There has been a rising demand for Chartered Accountants in India because of business expansion. Accounting is a job in demand for the seamless organization of finances for a company.
The policies and regulations that have been carried out by the government of India have made it imperative for institutes to provide an overall understanding of financial matters in a business. Professional accounting is the work that must be carried out by the Chartered Accountants in businesses.
If you dedicate full hours to work it cannot be impossible to achieve recognition in the field as an efficient accountant for a company.
The implementation of GST has set up a job role for GST Service Provider. This increases the importance of a professional degree course for Chartered Accountants.
The best salary in India is received by Chartered Accountants reflecting the importance of this professional degree and the accounting work for companies.
The specialty of this professional degree course in accounting also assures jobs for women. The work considers merit and is free from being reserved at the receiving end of gender biases in the country.
A chartered accountant is free to take adequate breaks from their jobs and thus it is a flexible position for almost all members of the society.
Job Security of Chartered Accountants in India
The chartered accountants in India have to work at their own pace and time. It ensures them regulated wages and work hours.
The control of the flow of income is in the hands of the Chartered Accountant and that secures his or her position as the financial head in the business.
The opportunities of the course provide more options apart from Taxation and Audit. These job roles are lucrative as the starting salary for a Chartered Accountant in India is 7 Lakhs per annum.
Different job roles such as Internal Auditing, Tax Auditing, a career in Accounting and Finance ensures a desirable switch of jobs for the CAs in India.
The flexibility and assurance of a high salary determine the security of their job position even during a declining economy.
The Journey of an Accounting Professional in India
Handling of finances in business has become essential given the expansion into the global market. Neo-liberal economic policies and rising capitalism have made it essential for the growth of career options.
Chartered Accountants enjoy a respectable job role in various businesses in the country. The profitability of this career option can be demarcated by an authentic comparison with other occupations in the country.
The levels of examination that an aspiring CA in India might seem difficult but online training and different courses enable the students to be confident about clearing the examination.
If you want to apply for the course you can register to the official website for more details on the papers in the course. The steps mentioned can be easily followed after one has passed class 12 examinations.
The rising threats of Covid-19 have also opened up opportunities for online preparation and courses to determine a career as a Chartered Accountant in India.