How to Become a Chartered Accountant

- Salary, Qualification, Skills, Role and Responsibilities

#Certified Public Accountant

Who is a Chartered Accountant?

Work so hard that one day your signature will be called an audited financial statement ~ Anonymous

A chartered accountant (CA) is an accounting professional who holds a CA credential from the Institute of Chartered Accountants (ICAI), which is a professional body in India. He or she deals with accounting and not only carries out tasks related to auditing, taxation, finance, and general management but also has a wide range of interests in the fields of business and finance.

A CA can work independently by setting up his or her own firm or work for other accounting firms like KPMG India, BDO India, and Luthra India. CAs are employed in sectors such as corporate finance, public practice in an accounting firm or freelance, and forensic accounting. It is one of the ideal career options for a student in the commerce stream.

Quick Facts for Chartered Accountant

Industry
Finance
Suitable for
Male, Female, Others

A career as a chartered accountant is not gender-specific. Whether a person is male, female, or belongs to any other gender, he or she can opt for a career as a chartered accountant. Although gender should not have an impact on pay, it does, in practice.
Any special needs
Yes

A career as a chartered accountant is suitable for everyone with appropriate academic qualifications. People with bodily deformities can also be chartered accountants. A chartered accountant should possess excellent mathematical and accounting skills.

Table of Contents for Chartered Accountant

What is the role of Chartered Accountant?

Types of a Chartered Accountant

What is the workplace/work environment of Chartered Accountant like?

How to become a Chartered Accountant?

What are the skills and qualities required to become a/an Chartered Accountant?

Which certifications and internships can be helpful in becoming Chartered Accountant?

What is the job outlook for Chartered Accountant?

Frequently Asked Questions for Chartered Accountant

What is the role of Chartered Accountant?

A career as a chartered accountant is considered a reputed profession. Chartered accountancy requires good management and decision-making skills, in the public or private sector. His or her career involves preserving the credibility of public expenditure, ensuring that taxpayers achieve value for money through efficient and accurate distribution and monitoring of resources.

The chartered accountant roles and responsibilities are to provide companies with qualified financial services such as auditing, valuation, accounting, and financial analysis. He or she also looks after risk management and financial structure advising and maintains strong professional relationships with businesses and clients.

Accountants prepare corporate and personal income tax statements, and design tax plans .
They audit the accounts which includes reviewing accounting ledgers and corporate financial statements
They may be involved in significant financial matters concerning mergers and acquisitions, and set up new invoices.
As management accountants most frequently work side by side with marketing and finance staff to grow new companies.
They may be involved in market analysis, research and budget analysis.

Types of a Chartered Accountant

There is not a specific type available for a chartered accountant. A Chartered Accountant can specialise himself or herself in different areas, such as auditing, financial management, and risk management. Below are some of the careers related to chartered accounting that are discussed.

Accountant: An accountant is a professional who manages the accounts of a company. He or she is responsible for creating sales and cash flow reports, maintaining balance sheets, and administering payroll. An Accountant's work responsibilities include carrying out billing activities, managing budgets, and keeping inventory.

Actuary: An actuary is a finance professional who contributes to the development of insurance policies. An actuary analyses the financial costs of risk or uncertainty. An actuary applied mathematics, statistics, and financial theory to determine the risk involved in potential events.

Auditor: An auditor is also a finance career. He or she is responsible for ensuring the accuracy of financial records and financial information compliance with state laws. An auditor calculates tax owed and prepares tax returns. His or her work responsibilities involve calculating and evaluating the performance of accounting records and payment processes.

What is the workplace/work environment of Chartered Accountant like?

Chartered accountants mainly work in the office. A career as a chartered accountant is considered one of the most prestigious and demanding professions. A chartered accountant stays involved in handling accounts and preparing financial statements and ranges from simple bookkeeping to complex financial analysis and auditing of an organisation.

Does Chartered Accountant require travelling?

Likely

Yes, chartered accountants are often required to travel from one location to another, mostly to places where their clients are based. Whenever there is a requirement, chartered accountants travel for work purposes.

Time Pressure

Likely

Time pressure varies depending on the type of job chartered accountants perform. Individuals who choose a career as Chartered Accountants who work under an organisation generally work on the scheduled time and hardly face any time pressure. However, one who works independently is more likely to face time pressure and stressful situations.

How to become a Chartered Accountant?

Steps to become a Chartered Accountant

Chartered Accountant helps businesses, individuals, and organisations to achieve their financial and strategic goals. If you are passionate about accounts and everything related to it and want to pursue a career as a Chartered Accountant then below we have given how to become a Chartered Accountant in India step-by-step guidance.

Identifying the Skills
Enrol in Formal Training/Course
Apply for Membership with ICAI
Pursue Certification Courses
Build a Strong Resume
Find Job and Apply
Begin your Career

01 Step

Identifying the Skills

To become a Chartered Accountant you must possess some of the skills. In this section, we have provided Chartered Accountant skills, including soft and hard skills.

Some of the Chartered Accountant's soft skills are problem-solving skills, teamwork, time management, analytical skills, emotional intelligence and interpersonal skills.

Analytical Skills
Communication Skills
Organisational Skills
Problem-solving Skills
Leadership Skills
Literacy and Numeracy Skills
Initiative and Enterprise
People Skills

Some of the hard skills of the Chartered Accountant are customer service, commercial awareness, research skills, software proficiency and financial reporting standards.

Data Analysis
Customer Service
Investigative Skills
Research Skills
Knowledge of Regulatory Standards
Commercial Awareness
Software Proficiency
Financial Reporting Standards

02 Step

Enrol in Formal Training/Course

To become a Chartered Accountant you must pass the 10+2 examination from a recognised board with Commerce subjects and opt for a bachelor’s degree in accounting, finance, or a related field or opt for a CA Foundation course directly. Below we have discussed the required Chartered Accountant qualifications.

Once you have completed your 10+2 enrol for the CA Foundation course which is provided by the Institute of Chartered Accountants of India (ICAI), a national accounting body. To become a Chartered Accountant you are required to clear all the three levels such as:

CA Foundation
CA Intermediate Examination
CA Final Examination

Enrol CA Foundation course

Enrol for the CA Foundation course after passing your 10+2. You can register for the CA Foundation course on the Institute of Chartered Accountants of India (ICAI) official website and study for four months and after that, you must write a Foundation exam by applying online.

If you qualify for the CA Foundation course, level one with 40 percent of marks in each subject or 50 per cent in aggregate then you are eligible for the next level, intermediate level.

Register for CA Intermediate Course

Once you have qualified for the Foundation Examination, you can register for the CA Intermediate Course by registering online. At this level, you will study an intermediate course or IPC course for nine months before the month in which the IPCC exam is conducted.

You need to pass all seven subjects with an aggregate of 50 per cent or above and to avoid reappearing in a subject, they need to score 60 out of 100 marks.

Gain Practical Training

When you have completed a two-year practical training or articles under a practising chartered accountant or in an approved organisation. You can also start this training after passing one group of the CA Intermediate. During this training, you will gain practical experience in accounting, auditing, taxation, and other areas related to the CA profession.

Clear the CA Final

After clearing the CA Intermediate exams and completing the required period of Articleship, you can register for the CA Final course. Pursue a CA final course for the last six months in your practical training or once you have completed it. Appear for the CA Final examination and qualify to become a chartered accountant.

Complete General Management and Communication Skills (GMCS)

To qualify for the CA Final examination, you must complete the General Management and Communication Skills (GMCS) course as it is a part of the ICAI Curriculum and must be pursued mandatorily.

03 Step

Apply for Membership with ICAI

Once you have passed the CA final course and obtained GMCS training, you can now apply for membership with the Institute of Chartered Accountants of India (ICAI) and once it gets approved you will become a qualified Chartered Accountant.

04 Step

Pursue Certification Courses

Here are some of the certification courses that you can opt for to obtain additional knowledge and skills. You can pursue this specialised certification course apart from your formal education. However, it is not mandatory.

05 Step

Build a Strong Resume

When you have received your qualified Chartered Accountant license, you can now create an impressive resume that highlights your specialised certifications, educational background, and other relevant details to grab the attention of potential employers.

06 Step

Find Job and Apply

A Certified Chartered Accountant has various career options such as internal audit, tax audit, statutory audit, finance controller, forensic auditing, management consulting, and treasury. You can apply to any of these positions through job portals, company websites, or industry contacts. Prepare for the interview and attend some of the relevant ones.

07 Step

Begin your Career

After applying for the Chartered Accountant jobs and attending the relevant interviews, you will have some of the offer letters. You must choose the best offer among them and begin your career as a Chartered Accountant.

What are the skills and qualities required to become a/an Chartered Accountant?

Communication skills
Analytical skills
Learning Skills
Project management
Discipline
Numerical ability

In this section, we have provided the chartered accountant skills that you are required to function effectively.

Discipline: The CA course syllabus is huge and takes a lot of time. Chartered accountancy requires hard work, and social life often comes to an end. CA course syllabus is considered the toughest and requires extended hours of study. Chartered accountant syllabus tests are difficult, with very poor passing rates.

Numerical Ability: In the CA course syllabus numbers are set to be student’s best friends. Accuracy and pace in mathematics, in general, help tremendously. The calculator is their reliable companion.

Learning Skills: Most of the students are trying to hurry up and acquire chartered accountant jobs. However, only the conceptually sound can make progress in the industry. You have to grasp the principles for this, rather than simply mugging methodologies mechanically.

Communication Skills: The applicant will communicate with clients from various sectors and provide tailored services according to their unique requirements during the internship. This requires good communication skills from the CA students.

Analytical Skills: In the case of chartered accountant qualification, analytical skill sets are required. CA course syllabus requires candidates to develop technical qualifications during the period of the articles and develop analytical skills when working on practical examples.

Project Management: Chartered accountancy students should bear in mind that the CA course is a difficult line to walk and involves balancing between the studies and the articles. Besides, regular practices and continuity will ensure success as the chartered accountant syllabus is very comprehensive and the institute is rigorous in evaluating the mark sheets.

Which certifications and internships can be helpful in becoming Chartered Accountant?

Below are some of the certifications which can help students to excel their accounting knowledge. Pursuing these certifications will also help students in their CA exam curriculum. Although these certifications are not mandatory they give immense advantage.

Internship Availability

Yes

Different financial organisations, as well as some famous chartered accountants, employ interns with different expertise and preferences. The online recruitment portals allow one to explore internship opportunities. Through internships, individuals get knowledge as well as experience. The major portion of internships is provided by higher-learning institutions that pay for the practice.

What is the job outlook for Chartered Accountant?

A career as a chartered accountant is an interesting career choice for students with a commerce background. It plays a significant part in the economy of day-to-day life. The market for young chartered accountants has been tremendously growing for the last four to five years. There are plenty of chartered accountant jobs in various fields.

The Chartered accountants will deal with market problems such as accounting, audit, audit, and consultancy. They have become one of India's most pursued courses. Most chartered accountants' credibility is because their thorough preparation (both theoretical and practical) makes them masters of all trades concerning the finance domain. Despite changes in global trading structures and procedures.

Frequently Asked Questions for Chartered Accountant

Que. How many years is the CA course?

Ans.

The minimum period for a person entering a Chartered Accountant Course after 10+2 (through CPT Route) is 4.5 years. The minimum length of the Chartered Accountancy Course (i.e. via Direct Entry Scheme) for an individual entering after graduation is three years.

Que. What are the chartered accountant qualifications?

Ans.

For graduates and postgraduates in commerce, a minimum score of fifty per cent is expected while other graduates or postgraduates need a minimum of sixty per cent to qualify for Chartered Accountant. Candidates will register nine months before the exam and complete 100 hours of information technology training afterwards.

Que. Who is the first chartered accountant in India?

Ans.

The first Indian to be issued a membership certificate by ICAI was C.A. Gopaldas Padamsey Kapadia. The membership certificate was issued to him on 9th June 1950. He was one of the founding members and the first President of The Institute of Chartered Accountants of India.

Que. Is there any age limit for CA?

Ans.

There is also no upper age limit for admission to the Chartered Accountancy course. The original registration is valid for five years and can be re-validated for five years.

Que. What is the work of CA?

Ans.

Chartered accountant designation is worldwide, which refers to professional accountants who are qualified to take on several specific activities within the spectrum of accountancy. Such tasks include auditing financial statements, filing corporate tax returns and financial advising.

Que. Where is the Institute of Chartered Accountants of India (ICAI) located?

Ans.

The headquarters of ICAI is located in New Delhi. The other five regional centres of ICAI are located in Chennai, Kanpur, Kolkata, New Delhi and Mumbai. It has 163 branches in other parts of the country. The institute also has 31 chapters abroad.

Que. How many times one can attempt to clear the CA foundation exam?

Ans.

If you have registered for the foundation exam, it will be valid for the next three years from the date of registration. A candidate can make a maximum of six attempts to clear the foundation exam. The foundation exam is conducted twice a year. It is conducted in May and November. Those who have missed appearing in the exam in May can appear in November.

Que. What is the qualification to do CA?

Ans.

The qualification to do CA is 10+2 or graduation with 55 per cent aggregate marks in commerce or 60 per cent aggregate marks in non-commerce subjects or qualifying the first level.

Que. How many years does it take to become a chartered accountant?

Ans.

To become a chartered accountant you will require approximately 4.5 to 5 years including pursuing your educational requirements, practical training, and clearing the Foundation, Intermediate, and Final level examinations.