A chartered accountant course is a professional course of accounting, auditing, taxation, and financial assessment for an individual or organization. The CA Course is a ticket for aspirants willing to come out as a successful CA.
A Chartered Accountant (CA) is an accounting professional who has been certified by a governing authority (Institute of Chartered Accountants of India) as qualified to handle matters related to accounting and taxation of a business, auditing financial statements and business practices, keeping investment records, and preparing and reviewing financial reports.
A CA is also eligible to provide consulting services to a variety of customers like business firms and individuals. Taxation, audits, general and financial management are the common areas where a chartered accountant engages within a corporation. They are recruited by both private and government organizations.
With the emergence of so many developing small scale companies these days, and the government forming bridges with international companies, chartered accountants are being hired to handle the revenues and expenditures. Because the CA Course makes its participants much familiar with the financial laws and regulations set by the government, they act as an adviser and help the company to remain solvent. Also, every country has its professional organizations that supervise such experts.
What’s the Work of a Chartered Accountant?
A chartered accountant can specialize in any one of the four areas: financial accounting and reporting, management accounting, applied finance, or taxation. They have control of the overall accounting department of the company, or Chartered Accountants can specialize in a specific area of their choice.
Chartered accountants serve as trusted advisors who help businesses to manage their finances wisely. They operate in business and industry as management accountants, business analysts, sales managers, and business heads. In the public sector, chartered accountants play a vital role in supervising state expenditure by proactively evaluating and managing resources. Some chartered accountants also work as advisors and consultants, which allows them to enhance their skills by working on a variety of programs or projects and staying up with the new market trends and forces.
There are certain criterias a CA Aspirant needs to fulfill at several stages of the course in order to pursue it till the final examination. The Eligibility Criteria to be a CA are as follows:
Eligibility criteria to attend foundation examination
- The candidate must have qualified Class 12th from a recognized board.
- The candidate must register with the conducting authority (Institute of Chartered Accountants of India) for a study period of four months.
Eligibility criteria for Intermediate examination (Direct Entry)
- Graduates or Postgraduates in commerce stream (with 55% aggregate)
- Graduates or Postgraduates from any other stream (with a minimum of 60% aggregate) from a recognized university.
Eligibility criteria for Final examination
- Candidates who passed the Intermediate level exam conducted by the Institute of Cost Accountants of India.
Students willing to foray a position at CA firms are demanded to have specified skill sets that makes them a successful CA. Ranging from accounting skills, the perfect auditing skills and Sap Financial Accounting and Controlling skills to Financial Reporting, Fluent Communication Skills and Analytical Skills with the characteristics of teamwork, strategy and utmost professionalism.
Roles and Responsibilities of a Chartered Accountant
The following are the roles and responsibilities of a chartered accountant who got qualified from the necessary examination:
At every company, a chartered accountant serves as a financial adviser. They give the client accurate and reliable guidance and knowledge. They provide clients with business development, tax planning, financial risk management, business acquisitions, and mergers guidance. They also provide aid on executive personnel selection in the fields of marketing, production, data processing, and accounting.
Conduct Financial Audit
They are in charge of checking and preparing financial statements and ledgers, which is one of a chartered accountant’s major responsibilities. Auditing allows chartered accountants to work in a variety of industries while also developing their abilities and hands-on experience.
Chartered accountants are responsible for financial decisions such as mergers and acquisitions, as well as conducting visits to customers and suppliers to discuss business or start new accounts. Financial accountants should have a strong understanding of finance and accounting skills.
Performing Budget Analysis
They generate and maintain the company’s monetary budgets and records. Budget analysis work involves a lot of negotiating. Therefore, candidates must have both technical and soft skills. They monitor company expenditures and carefully control the budget to make a profit at the end of the financial year.
A chartered accountant also handles consultancy services such as management information systems development, capital budgeting, resource allocation analysis, and budgetary control.
Top Recruiters of Chartered Accountant
|Hindustan Unilever Ltd||KPMG|
|Aditya Birla Sun Life||ICICI Bank|
|Bharti Airtel||SBI Bank|
|PwC||Ernst And Young|
Salary of a Chartered Accountant
Chartered Accountant salary varies from country to country and experience to experience. Candidates can find the average salary based on experience and country from the table below:
Average Salary of a Chartered Accountant based on Experience
|0-5 years||Rs. 7 LPA|
|3-5 years||Rs. 12 LPA|
|10-20 years||Rs. 20 LPA|
|20 and more||Rs. 50-70 LPA|
Average Salary of a Chartered Accountant based on Country
|USA||Rs. 20 LPA|
|Dubai||Rs. 5 LPA|
|UK||Rs. 20 LPA|
|India||Rs. 4 LPA|
|Australia||Rs. 29 LPA|
To sum up, chartered accountants have a substantially bigger role in a company than just executing their professional, day-to-day task of making financial statements. They assure the company’s current well-being, minimize hazards, and provide vital guidance in evaluating a company’s future results.
A Chartered Accountant is a highly esteemed professional designation. After gaining some experience, CAs could either start their own business or work for another established multinational company. A CA is appointed by the Company’s Act to supervise Auditing and Assurance, Tax Consultancy, Accounting Services, Accountants and Finance Outsourcing, and Financial Reporting for each registered company.