What Is A CA And How To Become One?

Are you good with numbers and confident in your analytical skills? Well, then Chartered Accountancy might be the ideal career choice. Being a CA is not easy. But you earn respect. The starting salary is around INR 7lakh per year.

But, what is a CA?

A Chartered Accountant is a finance professional. They could be in charge of the accounting department. They generate financial statements, manage taxes, audit and act as financial advisors. A CA has four specialisations that they can choose from:

1. Financial accounting and reporting

2. Management accounting

3. Applied finance

4. Taxation

   As a CA, you can work in both public and private sectors. The job scope includes:

• Chartered accountant firms

• Financial institutions

• Consultancy firms

• Businesses and industries

• Capital market services

• Independent practice

  Here are some job roles and their respective responsibilities:

• Financial Accounting: Manage accounts, Perform internal audits, Manage salaries and wages, Send out invoices, Manage tax

• Cost Accounting: Forecasting, Budgeting & control, Expenditure control

• Tax Management: Advice on taxes as per changes in business plans

• Auditing: Perform statutory audits as per Company Act, Internal audits

• Consultancy: Corporate law advice on financial aspects, Project planning, Business advice regarding profits, expansion and more, Information systems management

Why become a CA?

The entire world runs on money. Every business needs help in managing their finances, filing taxes and auditing. Regardless of the industry, every organisation needs finance management. Chartered accountants are the solution. The opportunities to work are endless. All of this makes the job essential. Which in turn increases the demand. The salary is also pretty high.

How to become a CA?

The journey is long, but you can do it! To become a CA in India, you'll have to gain membership to the Institute of Chartered Accountants of India. The ICAI is responsible for the education and administration of the CA Course. Below is the list of courses and exams you will have to take to become a CA.

1. After 12th grade, complete a 4 month CA Foundation Course. Appear for the Common Proficiency Test or CPT.

2. Complete an 8 month CA Intermediate Course. Appear for the Integrated Professional Competence Course (IPCC) Exam. You need to pass at least one of the two exams to move forward.

3. Complete 4 weeks of Integrated Course on Information Technology and Soft skills (ICITSS).

4. Apply for Articleship: 3- year article/practical training.

5. Clear the pending IPCC exam if you haven't.

6. After the first year of your articleship, you can apply for a 4 week AICITSS course. AICTITSS stands for Advanced Integrated Course on Information Technology and Soft skills.

7. Complete the CA Final Course and appear for the Final Exam.

8. Enrol as a member of the ICAI to be designated as a "Chartered Accountant".

   If you are a commerce graduate or a post-graduate and wish to become a CA, you can! The only condition is that you must have scored at least 60% aggregate. The journey is similar, except you can avoid step 1 completely.

   If you are unsure, opt for free Career Guidance at Glow & Lovely Careers (formally known as the Fair & Lovely Foundation). If you plan to take the exams, brush up your knowledge with their Finance Courses.