The backbone of all types of business is chartered accountancy. It is the advanced accounts calculations of financial planning, taxation and audition. It is hugely necessary for all types of big, small as well as medium scale business enterprises. Jobs involving chartered accountancy are highly prestigious and rewarding. A chartered accountant officer is regarded as the head of the financial department of any organization. He has to take major decision regarding crucial business planning and taxations of the company. Therefore, the career prospects of any chartered accountancy passed out students is very high.
Importance of chartered accountancy subject
The subject of chartered accountancy has huge job prospects in various kinds of industries like fund management, consultancies, and investment and finance firms. It is easier for the students who have commerce, economics and accountancy backgrounds to pursue the course of chartered accountancy. The student must have very strong accountancy base before pursuing the course. The course is governed by the Institute of Chartered Accountants of India, which is a government institute having the head office at New Delhi, India. The institute also have five branch offices in the cities of Mumbai, Kolkata, Chennai, Kanpur and Delhi. There are total 81 branches at these local centres.
Common proficiency test or CPT is the preliminary chartered accountancy test of the entry- level. It has four major subjects- quantitative aptitude, general economics, accounting and mercantile law. Integrated Professional Competence Course (IPCC) is the starting stage of the course where practical knowledge of all the subjects of accountancy is fully covered. These subjects include audit, business communication, taxation, and information technology and business strategies. Chartered accountancy (CA) final is the ultimate stage of the course. It fully covers the thorough knowledge of various core accountancy subjects like business ethics, controlling information system, auditing, management accounting of advanced type and strategic finance management. Studies of VAT, e-commerce, e-government, corporate laws and international taxations are also important. After passing these exams, the students have to undergo a three years articleship with senior and experienced chartered accountants (CA). They can submit about eight articles on practical industrial projects. This articleship is necessary to give the fresher chartered accountancy passed out student a practical industrial exposure before starting their professional lives in various companies. Considerable amount of stipend is also paid to the trainees during this time, in order to meet his or her regular expenses.
Eligibility and Starting
In order to pursue accountancy studies, the candidate should be a commerce or economic graduate, however the planning can be started as early as after passing the 10th or secondary level exams. Today the world is highly competitive; thus, an interested individual can start his/ her preparations early. The candidate should also have a very strong aptitude for mathematics and have maths as one of the major subjects in 10th and 10+2 levels of education for successful study of CA. The course fee of CA studies is very reasonable and easily affordable by all. After completion of the training, the candidate should gain the ICAI membership for starting his professional career as a chartered accountant.