What is Chartered Accountancy and How to Become a CA

Introduction

For several years, chartered accountancy has been popular as a prestigious career all over the world. Although by the name, it seems to be an easy profession the process is tough.

If you can pass this then you will get access to a wide range of paths, choices, salary and recognition among many people. Salary is not the only reason why people choose to pursue this career but it is extremely difficult to become one.

The process through which you can become a chartered accountant consists of several tests and a huge syllabus. You need to focus on the depth of the subjects for understanding the whole concept.

What is Chartered Accountancy and How to Become a CA

Several online coaching centres and teachers offer services and guidance for examinations. If you are dedicated and focused then you can easily crack the exams.

The profession particularly not only includes finances but all aspects of finances like audit, tax, budget, business strategy and many more.

What is Chartered Accountancy and How to Become a CA. Accountants are mere employees who carry on the accounting works and book-keeping at the lower level of the organisation. Chartered accountants on the other hand have a piece of in-depth knowledge about the concepts of accounting and have passed several tough levels of examination.

There are several scopes and fields where you can prosper as a chartered accountant-

  • Business organisations and industries
  • Private chartered firms
  • Consultancy firms
  • Private practice
  • Share market or investment banker
  • Several corporate or non-corporate financial institutions
  • Government or private banks
  • Teacher
  • Part of several coaching centres
  • Member of the ICAI

Prospects of chartered accountants

The demand for this career is always high in the market irrespective of the economic situation. Due to the wide range of services provided by chartered accountants, they can work in any institution independently.

What is Chartered Accountancy and How to Become a CA

The opportunity of employment is provided on a majority scale by the financial institutions. Various consultancy firms consist of several clients where the chartered accountants help in assigning several projects, works and helps them in reaching the main goal. 

CA Working culture

Besides getting a high pay scale, the working hours are very long and difficult at times. You will face a lot of stress while working due to the monotonous lifestyle.

What is Chartered Accountancy and How to Become a CA

At the end of each financial year, every task and project are checked and audited by the chartered accountants, which become extremely painful to complete. If you think of your income, it is quite stable and you can easily change your positions and status in the growing industries.

The path, which you need to clear for being a chartered accountant, is straight. It is not confusing but requires steady growth and dedication. You must have all the current knowledge regarding finances and accountants. Other than studying from books general knowledge is very important. Mugging up the whole syllabus will not help in your future.

A student coming from any background can pursue chartered accountancy irrespective of their subjects. You need to pass class 12 or graduation or post-graduation for CA. People applying after class 12 need to pass an entrance exam known as CA Foundation, which the graduates and postgraduates can skip. 

Steps to clear for becoming Chartered Accountant After Class 12th

The CA Foundation consists of a series of tests, which you can apply after class 12. It is known as the common proficiency test. A student gets 4months for the preparation of this test. Many students do not take up Maths in class 12.

All the non-maths students should focus on statistics and logical reasoning in mathematics rather than other theory subjects because these subjects need more practice.

What is Chartered Accountancy and How to Become a CA

Logical reasoning consists of 20 marks and the rest of the score is equally secluded between statistics and mathematics. Institute of Chartered Accountancy of India has introduced a paper known as Business mathematics and logical reasoning and statistics, which is of 100 marks.

After foundation, you need to enroll for the intermediate examination, which consists of two groups. You can appear for both the groups either together or separately. Before that, complete a 4 weeks integrated course on information technology and soft skills. This is compulsory to learn before the articleship. 

Study for 8 months for the CA intermediate and give your best to pass at the first attempt. After clearing both the groups, start the article ship in a firm of your own choice. 

After that enrol your name for the CA Final course and complete 4 weeks course on the advanced integrated course on information technology and soft skills. Clear your final exams during the articleship period. 

The last step is to enroll a name for the membership of ICAI.

Steps to Clear for Becoming Chartered Accountant after Graduation or Post-Graduation

For becoming a chartered accountant after graduation or post-graduation there is a requirement of 55% aggregate in your commerce graduation and if you are coming from other backgrounds then 60% aggregate is required. 

Directly enroll your name for the CA Intermediate examination and complete 4 weeks course on an integrated course on information technology and soft skills. After that, register for articleship and appear for the CA Final examination after the 9 months tenure of articleship.

What is Chartered Accountancy and How to Become a CA
Large group of happy college students celebrating their graduation day outdoors while throwing their caps up in the air.

Before the final examination, complete a 4 weeks course on advanced information technology and soft skills. Several mock test papers are available on the internet from various coaching institutions and learning apps.

Solving the entire similar questions pattern within the stipulated time is essential for getting an idea about the real examination. Learning is not only the key but also one needs to solve and test their knowledge.

 One thing students need to be sure of is that the whole syllabus must be completed before taking the mock tests. Solving 2 papers each day will be enough for calculation of time and gaining writing speed as well as recovery.

Students will get to know the pros and cons of their learning and weaknesses of a particular subject. After clearing the final examination, register for the membership at ICAI.

Conclusion 

Chartered accountants are full of talents and skills starting from communication to self-motivation. It becomes easier for them to explain complex financial situations and calculations to the clients.

The business environment is dynamic which needs to be understood carefully before negatively affecting the organization. The professional ethics and work culture are better dealt with by the chartered accountants and trusted by several companies. As it is a profession consisting of numbering calculations you need to think analytically. Correct decisions will enhance the growth and development of the organization.

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