Who's a Chartered Accountant?
Does the world of mathematics always leave you in awe? Do you have a field day whenever you’re doing something that involves number-crunching? Does the idea of understanding new ways to save money and increase profits excite you? If yes, consider a career in Chartered Accountancy (CA)! As a CA, you will offer financial and investment advice to your clients and advise people on how to manage their money well. In an organisation, you would perform audits, handle taxes, help create effective financial plans and solve any finance-related issues.
Does Chartered Accountancy fascinate you? Want to pursue it as a future career option? Explore a day in the life of a Chartered Accountant- Ajay Mehta
What will you do?
Where will you work?
How do you get there?
What skills would you need?
Technical Skills
You will be frequently using accounting software and other financial tools as many CAs need to work with technology to analyse data and prepare financial reports. build this skill
Adaptability
As a marketer, you will deal with different types of customers. You could be working with a manufacturing company that sells paper to businesses, or a company that sells chips to the masses. Your skill will be measured by how you deal with different consumers.
Communication Skills
It’s harder than ever to get people’s attention, what with so much information being thrown at them. But, people cannot resist a good story. Every good marketing campaign has a story to tell their customers and relate to them on an emotional level. Marketers who tell great stories through their marketing campaigns are always in great demand.
build this skill
Time Management
The best - and worst - part about marketing is that there is never a dull moment. But this also means that there is NEVER A DULL MOMENT. Be prepared to be working on several tasks at once. That means that there are times when you will have to put certain projects on the backburner. You will have to know how to prioritise so that you don’t lose out on any opportunities.
How do you make it to the top ranks?
Articleship
Before you start your career as a chartered accountant, you have to register with the board of studies and serve as an audit clerk for a practising chartered accountant. Your articleship will continue for three years, during which you develop a working knowledge of the job.
Entry-Level Chartered Accountant
At an early stage in your career, your responsibilities will include operating accounts for your company, carrying out internal audits, paying accounts, and managing invoices.
Executive Chartered Accountant
As you move up the ladder, you deal with clients, providing them with advice on how to manage their business, increase profits, and prepare for any kind of financial possibilities.
Financial Manager
At this stage, you have a team to manage most of your work while you only deal with the high-profile clients, analysing and compiling financial reports for their businesses.
Chief Financial Officer
Here, your primary responsibility is to manage the company’s finances, including financial planning, management of financial risks, record-keeping, and financial reporting. In some sectors, CFOs are also responsible for data analysis.
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Pursuing your career locally VS abroad
There are no colleges or universities that offer courses on Chartered Accountancy in India. After your 10th standard examination, you must choose the commerce stream. You need passing marks in your 12th grade, after which you register with ICAI. There are four levels in this course. First, you must appear for the Common Proficiency Test (CPT), in which you need to score a minimum of 50% marks. After clearing this round, you must appear for the Integrated Professional Competence Course (IPCC) and pass in both groups. After passing these exams, you must pursue three years of articleship and then prepare for the CA finals. Once you clear the finals, you must register with the ICAI to become a member and an official CA! This course can take you four and a half years if pursued pre-graduation, or you can complete your graduation in B.Com or BMS and then pursue this course this way you will be exempted from appearing for CPT and directly take the IPCC exam.
The ICAI is a globally recognised institute so you can pursue the course in India even if you wish to look for job opportunities abroad. However, you will also need to have an Association of Chartered Certified Accountants (ACCA) qualification to practice in many foreign countries. In order to apply for this course, you can register online. There are two levels in this exam – the Fundamental level that has nine papers and the Professional level that has five papers. The exams are held in centres across the world, including India so you do not need to travel to appear for these exams. ACCA takes about two-three years to complete, after which you can work with multinational corporations, global banks, and financial organisations all over the world.
How much would you get paid?
The exact number will depend on where you’re working, your education, skill-set and internship experience. But we can give you a general idea.
What are your career options?
Audit & Taxation
From statutory audit to internal audit and tax audit, there are various options for you to choose from while planning a specialisation. Taxation is divided into two branches – direct and indirect taxation – that opens up various opportunities for you to explore. You could work as a tax manager where you would look at the tax implications of new plans, changes in company structures, etc. Or, you could work as an internal auditor to keep track of management procedures and internal controls and review corporate policies, financial records etc. to ensure they are following protocol. In order to become an auditor, you would need to be certified by the regulatory authority of accounting and auditing. In India, the Institute of Chartered Accountants of India (ICAI) regulates accounting and auditing.
Financial Advisory/Mergers & Acquisitions
This is one of the most glamorous fields for a CA, and is apt for you if you have the skills to network and conduct business. Your job would involve providing advice on corporate mergers and acquisitions as well as debt and equity financing. Here, an additional qualification in Chartered Financial Analysis would improve your prospects.
Investment Banking
Another dream job for many CA students, investment banking is known for its high remuneration. Investment bankers play a key role in helping companies and government entities obtain capital financing. Here, you would work as a financial advisor to your clients. You would help them price capital, allocate resources, and manage their investments. If you have a high level of proficiency in financial management and MS Excel, explore this field to begin a career as an investment banker. However, you should know that this career comes with challenging working hours.
Banking & Financial Services
From insurance companies to mutual funds, and valuation firms, the finance sector is one of the biggest recruiters of CAs. Here, you could explore opportunities in various sectors like banking operations, credit management, fund management, market and equity research, etc.
Corporates
CAs have a lot of scope in the corporate sector. At a corporate, you would be responsible for many roles ranging from operations management, logistics, and corporate finance to, internal audit, business development, etc. As you would be working with a corporate, you would have structured working hours and a good remuneration package.
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