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Have you just cleared your 12th standard board examination? Are you looking for a successful career? Do you think that the CA course is the best career option but are a bit confused about the whole process? Well! Then you are in the right place. We'll tell you everything that you need to know before entering into the CA profession; about The ICAI, different levels in CA, the eligibility criteria, and a lot more.
य एष सुप्तेषु जागर्ति
-ICAI Motto
If you decide to get enrolled in the CA Profession, the ICAI will be your Mecca. The ICAI (The Institute of Chartered Accountants of India) is the second largest professional body of Chartered Accountants in the world, which regulates and develops professionals with world-class competencies in accounting, assurance, taxation, finance, and business advisory services.
The ICAI's motto is य एष सुप्तेषु जागर्ति, meaning " a person who is awake in those that sleep". Here sleep is used as a metaphor for lack of knowledge. The ICAI is an institute which values knowledge more than anything. And as a Chartered Accountancy student and professional, you'll have knowledge that others lack.
Chartered Accountancy (CA) is a course designed for people who want to make their career in the field of finance, audit, and taxation. The job of CA is assisting businesses to utilize their resources effectively, increase their efficiency and achieving their goals and objectives. Chartered Accountant is one who specializes in accounting, auditing, and taxation and also serves as a management and corporate caretaker.
Isn't this the first question that pops in mind? Why CA? Why not just a B.Com or B.Com honors? Statistically speaking, as of 01/04/2018, there are 2,82,193 CA in India and around 8 lakhs active CA students with the number increasing every year. This shows how magnificent a course is Chartered Accountancy. And you'll get to be a part of this.
If you are looking for a business career that offers prestige, respect, great prospects and excellent financial rewards, becoming a CA is the perfect place to start.
Chartered Accountants are an extraordinary group of people. Wherever they work, they make a difference.
- ICAS
It's not just the CA Professionals who get the respect; try telling someone you're a CA student and see a new found respect in their eyes for you. Being a CA student is equivalent to a serious, studious kid. Jokes apart, CA course gives you everything you can ask for in a profession, respect, money, success, everything.
The cherry on the top is its low fees and no reservation. A student coming from a low-income family can also pursue it with ease. CA course gives you good and equal opportunities. Not just that, the exposure of the business world that a CA gets is unmatchable. It develops entrepreneurial skills in people and who knows, it might motivate you to start a business of your own!
There are so many things CA do. Your job will not just be fixed to managing accounts, there are so many options to choose from.
CAs write books of accounts for various business organizations which includes preparation of accounts, maintaining and recording books, etc. This is one of the jobs but not the only one.
Auditing is one of the most important functions a CA performs, in order to help organizations to achieve their objectives. There are many audits that a CA can do viz. internal audit, statutory audit, tax audit, management audit, bank audit which can be done by you if you're opting CA as a career.
Taxation plays a vital role in the effectiveness of the business as well as economy. A CA can prepare tax returns for assessment of tax in order to assist clients. The Income-tax law requires a person to file the returns which again is a job that CA can perform.
CA can also be the director of the company which is the senior most position in the company where authority comes with responsibility but surely it is now well recognized and it has now gained popularity that a CA can be a director as well in India.
A Chartered Accountant can also be appointed as an executor or a trustee under a will in order to carry out the administration of the estate or settlements. Chartered Accountants have to work in co-operation with Solicitors or Lawyers and they assist them in accounting work.
The Chartered Accountant also does the valuation of shares, be it the shares of public or private companies. So when amalgamations or mergers take place, CA can do the valuation of shares for the purpose of taking over bids. This is the other function that a CA performs.
Chartered Accountants play a very valuable role in helping business organizations to assess the true and fair financial position of the company as management consultants. They render a host of many consultancy services such as Developing MIS, Assisting or advising management, Designing a budgetary control system, rendering advice on international affairs, etc.
There are two routes for entering into CA course. One, the CA Foundation route, and the second one is the direct entry route. A candidate must have passed or appeared in Class 12th or any equivalent examination carried out by a recognized board. The direct-entry scheme route is best for graduates and postgraduates and requires 55% in graduation for students of commerce background and 60% for students from the non-commerce background. They do have to undergo a 9-month articleship to be eligible for appearing in CA Intermediate.
There are three stages in CA course for candidates who choose the Foundation route and two stages, viz., Intermediate and Final, for candidates opting for direct entry. The first stage is the CA Foundation, the second stage is CA intermediate, and the last one is CA Final. Candidates have to undergo a 3-year articleship as well after clearing both groups of CA Intermediate.
This was a basic out sketch of what the CA course is like. If you have some more queries, drop them in the comments below.