High-paying jobs are everyone’s dream, and if you are in search of such high-profile jobs which offer an excellent salary, then being a chartered accountant will be a perfect option.
Chartered accountancy is one of the most lucrative careers in commerce. A chartered accountant is one who manages and controls the overall financial interactions and transactions within an organisation. Every business organisation, be it in the public, private or government sector, need the assistance of chartered accountants to function smoothly. For those with the right kind of skill sets and interests, CA is a great career option.
Future Scope for a Career in Chartered Accountant
- It is mandatory to appoint a chartered accountant in every registered firm or organisation under the Company Act. They are responsible for managing auditing & assurance, accounting services, accountants & finance outsourcing and financial reporting.
- Implementation of Goods and Services Tax (GST) in India had opened a new career for chartered accountants in the form of GST Service providers.
- Chartered accountants can work in the government service, private and public sector and they can also start their own firms and propagate their services to various businesses.
- Chartered accountants are hired by private as well as public sector banks for accounting strategies and financial auditing.
- Business entities hire chartered accountants for the posts of tax advisers and consultants.
- Government firms such as the Income Tax Appellate Tribunal (ITAT), Securities Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) all hire chartered accountants for various roles.
- CAs can serve as tax specialists for the Indian Revenue Service and can also work with the Enforcement Directorate, which conducts raids for money laundering and other financial offences.
- They also have a wide range of applications in forensic accounting.
- Chartered Accountancy is not only popular and in demand in India, but also it has the same status in other countries too.
- The demand for Internal Auditors is on the rise because of the increase in rules and regulations for firms and jobs in Internal Audits firms are a lucrative area for CA.
- Wealth management as a profession has seen a rise in demand and can be easily provided by CAs.
- The number of start-ups is increasing in India, and there is an increasing demand for handling the finances of these new companies.
- CAs manage their client’s mergers and acquisitions cases as advisors.
Skills Required to Study Chartered Accountant
- Auditing skills
- Ability to analyse the current and future financial sector.
- Account management skills
- Budget management skills
- Mathematical skills
- Knowledge in statistical operations
Careers in Chartered Accountant
- GST Service Provider
- Chief Financial Officer
- Financial Controller
- Finance Manager
- Financial Advisers
- Financial Director
- Financial Auditor
- Tax advisor
- Tax consultant
Eligibility to Pursue a Degree in Chartered Accountant
Students who passed class 10+2 under any stream can appear for the Common Proficiency Test.
ICAI Exam – conducted by the Institute of Chartered Accountants of India. This exam has three levels; foundation, intermediate, and final and is held twice a year.
- CPT (1st level) – Common Proficiency Test is an entry-level exam for admission to the chartered accountancy course. 10+2 passed candidates can appear for this exam. Candidates who secure a total mark of 50% in the exam can appear at the next level.
- IPCC (2nd level) – CPT-cleared candidates can appear for the Integrated Professional Competence Examination. Graduates and Postgraduates can directly appear for the IPCC test without CPT clearance. For this, they should meet a minimum mark criterion (commerce graduates 55%, others 60%).
- Final Examination – it is the third level and the last test.
Top Colleges/Universities in India and Abroad to Study Chartered Accountants
- United States Chartered Accountancy
- United Kingdom Chartered Accountancy
- Australia Chartered Accountancy
- Singapore Chartered Accountancy
- New Zealand Chartered Accountancy
- Switzerland Chartered Accountancy
- Arihant Institute of Commerce and Management, India
- Institute of Cost Accountants of India, India
- Indian Institute of Finance and Accounts, India
- Loyola College, India
- Mar Ivanios College, India
Famous People Connected With Chartered Accountants
Piyush Goyal, the Union Minister of Railways and Commerce in India, is a qualified Chartered Accountant. He is also the current Leader of the House in Rajya Sabha.
Kumar Mangalam Birla
Indian billionaire industrialist and the chairman of the Aditya Birla Group, one of the largest conglomerates in India. He is also one of the most famous Chartered Accountants in India.
Top Institutions that Employ People in this Field
- Ernst & Young (EY)
- BDO International
- Grant Thornton International
- RSM International
- SS Kothari
- Lodha & Co.
- Sahni Natrajan & Bahl
- Luthra & Luthra
- SR Dinodia & Co. LLP
- Suresh Surana & Associates LLP
- Desai Haribhakti
- C. Vasudeva & Co.
- TR Chadha & Co.
- SP Chopra & Co.
- S. Aiyer & Co.
- Khanna & Annadhanam
- Ahuja & Ahuja
- Brahmananda & Co.