Chartered accountants are the brilliant minds from the field of Commerce, that clear a series of difficult tests and become accountants that review the accounts of reputed firms and companies in India. Contrary to the popular belief, becoming a CA is not a cake walk. It takes hard work, rigorous preparation and numerous tests in order to prove your worth. Many people in India today choose this as a profession because of the opportunities and the luxury that one can enjoy, thanks to the constantly increasing scope of Commerce.
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Education – In order to become a Chartered Accountant, the person will have to begin by choosing commerce stream in the 12th grade.
The person can start preparing for the CPT(Common Proficiency test) while doing his 12th grade.
He/she will have to register for the CPT and can actually appear for the examination only after 60 days of getting registered. Most of the people choose to appear for CPT after or while doing their graduation so that they have another option handy, if things do not turn out to be in their favour.
After clearing grade 12 and CPT, the person will have to go ahead and join the IPCC. IPCC stands for Integrated Professional Competence Course, which is the next step after the CPT is cleared. The person will have to register for this particular course, and will have to do this 9 months prior to the first day of the month in which the exam is held. IPCC has a total of 7 papers which are divided under group 1 and group 2, which have 4 and 3 papers respectively. In order to begin Articleship, it is mandatory for a person to have cleared group 1.
ITT and Orientation
The next step is to complete 100 hours of Information Technology Traning. The person will have to complete both the orientation and the ITT before going for Articleship. He/She will have to complete one week of orientation, which is of 35 hours and covers topics like – personality development, communication skills, office procedure, business environment, general commercial knowledge, etc.
After clearing IPCC group 1 and completing the ITT and orientation, the person can register for Articleship. The IPCC group 2, however, can be done along with the Articleship. During Articleship, the person will have to register him/herself as an Articled Assistant for a period of 3 years with a practicing Chartered Accountant.
CA Final Exam
During the last six months of Articleship, the person can appear for the CA Final Exam and will have to clear both group 1 and group 2 to become a CA. After clearing, he/she will have to finish his/her Articleship.
After all of this is done, the person will have to complete a 15 day course for GMCS(General management and communication skills) and enroll as a member of the ICAI as a designated Chartered Accountant.
Career Prospects and Salary – There is absolutely no end to the career opportunities that a person can avail after becoming a CA. You can either work with a firm or function individually and can earn as much as you wish to by working for different clients. The basic skills associated with this profession are evaluation and management auditing, strategic accounts, budget management and financial analysis.
Your beginning salary could be well over Rs 50,000 if you work with a good firm. And it mostly depends on the city you’re in, the experience you have and your skills. So if a person is hard working and smart, there is absolutely no stopping when it comes to becoming a successful CA. All the best!