CAREER PROSPECTS THROUGH CA EXAMS:
CA Entrance examination – This examination is conducted throughout the country for employing
students with ICAI. The Indian Chartered Accountancy course is one of the leading qualification course offered by the ICAI. Students who aspires to be a member of ICAI and be recognized as Chartered Accountant in India and have to pass this course. Chartered Accountancy is one such profession where status and positions are high be it public, private sector or your own consultancy firm. Salaries of a C.A. employed in public or a private sector company varies depending upon qualification and experience. Salaries at the starting level are 10000 to 15000 per month while a senior most C.A. expects to get 50000 to 60000 per month. In abroad salaries may goes up to 500000 in a month. Chartered Accountants who are engaged in consultancy and private practice are also earning handsome returns depending upon the numbers and kinds of clients they have. ICAI is known as the Institute of Chartered Accountants of India, and being the 2nd largest accounting organization across the world, this statutory body which was founded on 1st July 1949 is associated with maintaining and developing highly ethical accounting and auditing standards.
EXAM PATTERN: –
The exam has a lot of phases with a scheduled period of time .The first that comes is CPT- common Proficiency test. The CPT is the important part of the examination that must be cleared by the candidates in order to make a position in the area of chartered accountancy, it’s considered as an entry level exam. Common proficiency test is conducted 2 times in a year in the months of June and December. CPT includes 4 subjects test that the candidate is required to cross. The subjects are as follows
1.Accounting 2. Mercantile Laws 3. General Economics 4. Quantitative Aptitude Test
It is a 2 hours exam and is divided into 2 sessions each. CPT is an objective type and it’s a 200 marks exam with negative marking for all incorrect answers. The CPT examination requires the candidate to secure at-least 50% marks for qualifying. A student may register for CPT after completion of class 10 and take the exam after completing High School (Grade 12). It is an objective type examination. On-line CPT exams are also held periodically.
Next phase is Integrated Professional Competence Course which is the second level of Chartered Accountancy examinations. A student can go for the IPCC Examination after passing CPT and nine months of study. IPCC has two groups with seven subjects. Group – I consists of four subjects and Group – II of three subjects. The passing grade is awarded if the candidate obtains 40% marks in each subject and 50% in the aggregate in each group.
The next is the final level of Chartered Accountancy Examinations. Students who have passed both the groups of IPCC, during the last six months of can go for the Final Examination. This exam consists of two groups with four subjects each viz. Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics, Corporate and Allied Laws, Advanced Management Accounting, Information Systems Control and Audit, Direct Tax Laws and Indirect Tax Laws. The passing percentage is given if the candidate obtains 40% marks in each subject and 50% in the aggregate in each group. After passing Group – I of IPCC, a candidate has to undergo a rigorous 3 year on-the-job training as article or audit assistant. Only members in practice are allowed to engage such assistants. The Institute governs through the strict regulations, the stipends, working hours and working conditions of such assistants. Articles provide CA firms a steady supply of motivated assistants while providing the students with invaluable on-the-job training. General Management and Communication Skills Course or GM-CS is also a mandatory course for all CA’s for developing business communication skills. This is a 15 day course.
For further education The ICAI also offers post qualification courses and certificate courses for its members. ICAI has also joined in a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of England & Wales (ICAEW). Under this arrangement, existing members of ICAI with two years of post-qualification experience will have the eligibility criteria for ICAEW membership on passing the ICAEW’s one paper on case study.
The Institute of Chartered Accountants of India is headquartered in Delhi which consists of four regional offices at Mumbai, Chennai, Calcutta, and Kanpur. There are 87 branches within the country and 9 chapters outside the country that , conducts the exam, provides training and gives certificate of practice to C.A.Other institutes that offers C.A. courses in India: Badruka Institute of Professional Studies, Kachiguda (A.P.); J.G. College of Commerce, Ahmedabad; Allahabad Degree Collage, UP; Agrawal P.G.College, Haryana; A.V.S. College of Arts and Commerce, Salem are some of the well known institutes .
CAREER PROSPECTS: –
A Chartered accountant holds the place at top management positions in industry and commerce. With the drastic changes taking place in the economy new opportunities for chartered accountants have opened up. They are now involved in electronic commerce, performance measurement and risk assessment. In today’s dynamic and challenging business environment, CA’ s play vital role as management consultants, in assisting business organizations to utilize the resources effectively, increase the efficiency and are successful in achieving their goals and objectives. CA ’s are highly in demand, It’s just because of their capability to provide complete business solution. One can organize his own firm and give audit reports to other companies. After the successful completion of the final exam, the aspiring CA can apply for the membership of the ICAI. They also play an important role under special positions such as directorships of companies, Arbitrators for settling disputes, handling work related to insolvency, bankruptcy, etc. chartered accountant’s work may be auditing, taxation, accounting and financial planning. It is good job which is full of challenges. Chartered accountants are trained to examine, interpret and plan all types of financial transactions. They deal with auditing, analyzing, verifying, and interpreting clients’ accounts, advising on taxation, executor ship, trusteeship and liquidation. They are often called upon to carry out investigations related to all kind of financial problems taking place at different sectors. Chartered accountancy can be the first step to other careers in fields of finance, investment consultancy and fund management. In the competitive world today, it is always advised that students should start planning right after class 10. For chartered accountancy, a student should register with the Board of Studies and prepare for entry level test while doing 10+2. It’s much better to take mathematics at this level. Students of commerce have an advantage while pursuing this career, but CA being a very profitable course, the students from science and arts streams can equally benefit and make a successful career. Students of science and arts stream need to boost up in order to understand some complex accounting subject and have to get basic knowledge of various management topics that they lack in their courses of study compared to commerce students.Generally candidates holding CA inter-qualification are paid in a range of Rs 7,500 and 15,000 depending on the type of firm. Payments can be higher for candidates holding other qualifications, like M.com and MBA. A fully qualified and experienced CA expects a salary of Rs 30,000 to 75,000 after serving a quality time of more than 5 years at a top firm. Our country every year requires 7,500 to 10,000 fresh CA’ s. There is a great recognition for CA degree and this is due to the fact that the CA course has been able to keep pace with fast and overcoming changes in industry scenario worldwide. Numerous well known companies have come forward in the Chartered Accountancy field some of them are- ICICI Prudential, Mahindra, Birla Sun-Life, Reliance, HDFC Standard Life-Chartered Accountancy Co,Max New York Life, are the top companies in the private sector that provide a better and secure future who aspires for CA.
The scope for such a career is bright in a developing nation like INDIA..