Career in Chartered Accountancy

The present day complex tax systems, improved methods of computing costs and controlling budgets, and the innovations in accounting methodology have opened promising and challenging career opportunities in the field of Chartered Accountancy. The scope of this lucrative career is bright, and it is seen as challenging and rewarding for competent professionals in the field.

Only members of the Institute of Chartered Accountants can call themselves Chartered Accountants, upon attaining the certificate from the Institute. Legally only qualified Chartered Accountants are authorized to audit and certify a company's books of accounts. They ensure that the financial transactions of an organization are maintained as per the guidelines laid down by the law.

Chartered Accountants work either as employees in a firm or they start their own private practice. In an organization they are responsible for handling accounts and finance related matters, deal with money management, prepare, analyze and audit accounts along with providing financial advice.

Some of the areas suited to the services of Chartered Accountants are as follows:

• FINANCIAL ACCOUNTING: It involves preparing and analyzing financial reports and documents of an organization.
                  
• 2.AUDITING: Auditing involves checking the accuracy of the financial statements, ensuring that the accounts presented are drawn up on correct accounting principles.
                  
• 3.COST ACCOUNTING: Cost Accountancy involves maintaining cost auditing records, compiling cost information, installing cost control and performing cost audits .
                    
• 4.TAX MANAGEMENT: This job involves ensuring minimum incidence of tax, while coping with taxation laws and policies. Tax management relates not only to direct taxes e.g. income tax but to indirect taxes like sales tax, excise tax etc.
                  
• 5.CONSULTANCY: The various areas of consulting include Management accounting and internal audit, corporate law advice, project planning and finance, business advise, systems design and information consultancy.

Course

Chartered Accountancy can be pursued after 10+2 or graduation. The whole course can be divided into three stages i.e. Foundation. Intermediate and Final

After passing the Intermediate examination candidates are eligible for registration as articled clerks/audit clerks for practical training. Articled clerk is a trainee attached to a practicing chartered accountant under a Deed of Articles for the duration of three years. An audit clerk is a person who has served as a salaried employee for a minimum period of one year under a practicing chartered accountant. During the training period, candidates would be required to work in different areas learning the basics of auditing and taxation. This training enables them to learn the technical details of the job as well as to get an idea of the working environment of the profession.

Skills

Good numerical ability, analytical bent of mind; ability to interpret facts and figures correctly, logical and methodical approach, concentration and attention to detail are some of the attributes critical to this profession. It is also imperative that CA's have good understanding of the subject with equally good verbal and written skills. They should have patience and physical and mental strength because their work can be extremely strenuous and exhausting especially during financial year closing.

Career Options

Profession of Chartered Accountancy is one of the most respectable profession amongst the various others present in the commerce field. This career promises a challenging and extremely rewarding professional life. The growing importance of trade and industry along with the rapid growth of capital and money markets in an economically developing nation like ours has increased the importance of Chartered Accountants enormously.

A qualified Chartered Accountant has the option of joining the Government Service, Public Sector undertakings or taking up a lucrative assignment in the private sector. They work as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance) and watch over the finances in the day-to-day management of companies.

Chartered Accountants also act as directors, arbitrators for settling disputes, handling work related to insolvency, bankruptcy etc. and also as executors under a will or trust in order to carry out the administration of an estate or settlements. They are also engaged in activities like markets research, budget planning, working capital management, inventory control, policy planning, securities consultancy, registrar of issues of securities etc.

They can also have their own consultancy or private practice that could be more lucrative and satisfying.