How to Become a Chartered Accountant: Salary & Steps
Chartered Accountants (CAs) are in demand to meet the businesses’ requirements. They play a crucial role in finance, accounting, taxation, and auditing. There are over 98 million businesses registered under the GST regime and approximately 3 lakh CAs handle them. There is a significant gap between demand and supply. This is a wonderful opportunity for all CA aspirants to grasp. But to become a CA, you need a lot of dedication and hard work to clear all exams. Only 10-20% of candidates can clear the CA final. So, prepare well and educate yourself about all the requirements to be successful. We have come up with a useful article that will guide you on how to become a Chartered Accountant in India. In this article, you will get all the details about the different exams you need to clear and salary expectations after becoming a CA. Read it carefully as this can be the first step towards your dream.
Who is a CA?
CA is a qualified professional to file a business tax return, audit financial statements, and business practices, and offer advisory services to clients. After hard work and complete dedication for 4 to 5 years, candidates can apply for chartered account jobs and can earn seven lakhs per annum as a fresh start.
Responsibilities of a CA
They have different responsibilities:
- They prepare financial statements that include balance sheets.
- They do audits to assess the fairness and reliability of financial statements.
- They file tax returns on behalf of individuals and businesses.
- They analyse financial data to determine the financial health of a company.
- They offer consultancy to increase the profit of a company.
- They create financial models that help in making business decisions.
The Institute of Chartered Accountants of India (ICAI)
The CA course in India is regulated by the Institute of Chartered Accountants of India. To practise as a CA professional, a candidate needs to be a registered member of the ICAI and to continue the practice, your membership should be renewed.
ICAI was established on 1 July 1949, under the Chartered Accountants Act, 1949. The prime goal of setting up ICAI was to standardise the profession of Chartered Accountancy in India. The only way to become a professional CA is to pass the exams prescribed by the board successfully.
How to become a CA in India?
There are four major stages in the CA course. To become a Chartered Accountant, a candidate needs to follow these stages:
CA Common Proficiency Test (CPT)– It was an entry-level test for the Chartered Accountancy Course. CPT test had four subjects: accounting, mercantile laws, general economics, and quantitative aptitude.
CA Foundation– If a candidate is planning to become a Chartered Accountant in India through the CA Foundation, then he/she has to appear in the CA Foundation exam right after their 12th. As per the new educational program introduced by the ICAI, the CA Foundation is now replacing the current entry-level test, i.e. CPC (Common Proficiency Course). The purpose of replacing CPC with CA Foundation is to make entry-level jobs better than earlier. Candidates who want to register for this course must fill out the online registration form available on the ICAI official website. CA Foundation curriculum is divided into four subjects:
- Principles and Practices of Accounting
- Mercantile Law and General English
- Business Mathematics, Logical Reasoning, and Mathematics
- Business Economics & Business and Commercial Knowledge
CA Intermediate– It will be your next level after clearing the CA Foundation. Candidates who are graduates or postgraduates can also apply for the CA course through the Direct Entry Scheme at the intermediate level. After getting the CA Foundation result, there will be 9 months left for the CA Intermediate exam. Thus, a candidate can join a CA Intermediate coaching course, which will complete the classes within 5-6 months, so that a candidate will have enough time for self-study and revision.
Articleship Training– One can start their Articleship Training right after clearing the CA Intermediate level. But before that, candidates need to appear in the ITT and OT program, as it will save you time after the declaration of the CA Intermediate result. One of the best benefits of Articleship Training is that candidates will get vast exposure to practical experience. Therefore, it is indicated as a direct ticket to the corporate world.
CA Final– It is the last step to becoming a Chartered Accountant. After completing both the groups of CA Intermediate, a candidate can register for CA Final but only if they have undergone GMCS and Advanced ITT. CA Final requires a candidate to have expertise in every subject.
Candidates should prefer to go for the practical subject first where they can gain more knowledge about Financial Reporting, Strategic Financial Management, Strategic Cost Management, and Performance Evaluation. After appearing in all the exams, prepare yourself for the interview.
Related Blogs
-
Nov 23, 2015Data Analyst Jobs Live…
Apply for 97839+ Data Analyst Live Jobs at Shine.com. Explore from some of the Top companies providing Data Analyst Live Jobs like T AND M..
-
Nov 23, 2015A Roadmap To How…
Graphic design is a dynamic field that combines creativity, technology, and communication. From designing logos and websites to creating advertisements and packaging, graphic designers shape..
-
Nov 23, 2015Explore IT Jobs without…
If you want to build a career in the IT industry despite not knowing how to code, don’t worry! Not all IT jobs require you..
-
Nov 23, 2015A Roadmap To How…
Graphic design is a dynamic field that combines creativity, technology, and communication. From designing logos and websites to creating advertisements and packaging, graphic designers shape..
-
Nov 23, 2014Weaknesses in Job Interview:…
Mentioning your weaknesses in an interview can be challenging at times. While we enter the interview room all prepared to showcase our strengths and prove..
-
Nov 23, 201312 Job Application Letter…
What is a Job Application Letter? A job application letter is a document that explains your professional background to potential employers. It provides detailed information..
-
Nov 23, 2012
Offer Letter Acceptance Letter:…
The offer letter acceptance mail is a professional way to accept the offer letter proposed by the employer. Through this letter, you inform the employer..
-
Nov 23, 2011Everything You Need To…
A strong employee benefits program is an effective approach for recruiting and keeping talented staff members, and leave policies such as vacation time, maternity leave,..
-
Nov 23, 2011Fresher Jobs: Checklist For…
When you apply for fresher jobs, the first means of communication are your resume, profile and cover letter. But it just starts there. As your..
-
Nov 23, 201010 UI Developer Skills…
User Interface Development or front end developement is a process of converting software design concepts and ideas into reality using front end technology. The career..
-
Nov 23, 2010How to answer “How…
Describing yourself in an interview situation requires screening sincerity and humbleness, while also making sure in your abilities. Interviewers always ask this question because they..