Chartered Accountant
Chartered Accountants (CA) provide financial information by researching and analysing accounting data. They maintain a record of assets, liabilities, profit and loss, tax liability, and other financial activities within an organisation. CAs mainly focus on one of these four areas: audits, financial accounting and reporting, management accounting and taxation.
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Education
Most students like to choose the commerce stream after class 10. After completing class 12, aspirants have two options. They either take the foundation course route or they choose the direct entry route. Foundation course route : Candidates must enroll for the foundation course in chartered accountancy. The next step is to join the Intermediate Course after passing the Foundation Examination. The intermediate examination is followed by the final course and practical training. Direct route : Candidates pursue a bachelor’s degree in commerce or other related streams. Once they graduate with a minimum of 55% aggregate marks, they enrol in the Institute of intermediate course, followed by a practical training of 3 years. They appear in the Intermediate Examination on the completion of 9 months of Practical Training. Finally, they register for CA Final Course on the completion of which they can enrol as a member of the ICAI and be designated as “Chartered Accountant”
Knowledge and Tasks
- CAs are responsible for managing an organisation or an individual’s financial documentation and taxation.
- They analyse every transaction made by the employer and its impact on the firm. This data is used to file tax claims, generate spending reports, audit the financial well being of the firm etc.
- They prepare and review budgets.
- Provide information that investors and business owners need to evaluate the company’s progress.
- The tools they work with are financial and statistical software, reports, computers, telephones, pens and paper, calculators, and other typical office supplies.
Personality
Individuals in this profession must be highly organised due to the need to keep up with complex data. They have an eagle eye for detail and a logical thought process. The profession also demands a certain level of creativity for problem-solving.
Pros
- Almost every organisation and business is in need of an accountant, as they play an essential role in keeping businesses within their budgets.
- It is a very stable career
- It pays well and gives the opportunity for fast professional growth
- Practical training ensures that candidates are ready for real-time jobs.
Cons
- Education is ongoing with changing market trends and laws.
- The course is very popular and the statistics of candidates who pass are very low (under 20% of the total students who take the tests every year).
Top Institutes
India
- Institute of Chartered Accountant of India (ICAI)
- Shri Ram College of Commerce, Delhi
- Lady Shri Ram, Delhi
- Loyola College, Chennai
- Northern India Regional Council of ICAI
Famous People
J.P. Morgan
The famous financier and banker began his career as an accountant on Wall Street. However, after his father passed away, J.P. Morgan went on to become a banking and corporate pioneer.Famous Companies
- EY
- Kelly
- Paul&Martin
- SiliconIndia
Explore
- The ACCA (Association of Chartered Certified Accountants) is the global body for professional accountants. They offer free and affordable online courses on edX
- Try your hand at accounting with apps: https://accountingplay.com/
