How to become a CA?
A profession in finance offers opportunities in many different fields. With a CA's importance to any business, it's no surprise that being a chartered accountant is the most sought-after financial profession. A career in this niche area of finance may be both demanding and gratifying, thanks to the wide variety of positions available in different countries and the high salaries and room for advancement that may be available to you.
Becoming a Chartered Accountant opens up several doors, including consulting, auditing, and starting your own business. Financial institutions and corporations both provide a diverse selection of career paths. However, the road to becoming a successful chartered accountant is paved with years of intensive study. So, if you're thinking of becoming a chartered accountant, you've come to the right place. This article covers all the essentials you'll need to know.
Explain the meaning of "chartered accountancy."
Chartered accountancy is a profession that deals with the financial, accounting, and taxes needs of businesses and other organizations. Certified accountants all around the world may apply for the prestigious Chartered Accountant title. Management accounting, financial accounting and reporting, applied taxation or finance, audit and assurance, and so on are only some of the tasks that CAs takes care of for its clients.
CA eligibility requirements
To become a Chartered Accountant in India, you must first complete the CA course offered by the Institute of Chartered Accountants of India (ICAI). There are two possible routes:
- Strategy of the Foundation (After 12th)
In order to enroll in the CA course, you need to have finished at least the 12th grade. After that, you may begin the program at the first level, CA Foundation, which requires a minimum of 4 months of intensive preparation but can take longer or shorter depending on the student. Once you've passed CA Foundation, you'll be able to choose CA IPCC, and then after passing that, you'll have to complete a three-year articleship before you can take the CA Final test.
- Pathway of Easy Entry (After Graduation)
If you hold a bachelor's degree with at least 55% in Commerce or 60% in any other discipline, you may skip over the CA Foundation level and go straight to the CA Intermediate level. Once you've passed CA Intermediate, you'll continue on the same route toward 3-year articles and the CA Final.
A Guide on how to become CA
The next parts provide a comprehensive guide to becoming a Chartered Accountant now that you are aware of the prerequisites for the CA course.
- Pick a Profession
Those interested in becoming Chartered Accountants may do it in a variety of ways. Different titles in this sector include "Chartered Accountant," "Chartered Management Accountant," "Chartered Accountant (Audit)," "Chartered Certified Accountant," "Public Accountant, etc. Different levels of education and experience lead to different types of careers. There are several excellent finance and accounting degree programs available online and in classrooms all around the globe from where one may explore these possibilities.
- Create a CPT Account
In India, the first step toward becoming a chartered accountant is passing the Common Proficiency Test developed and administered by the Institute of Chartered Accountants of India. After passing this exam, you will be qualified to take the second-level entrance exam required to become a CA.
- Join the IPCC by registering.
Passers of the CPT test are eligible to apply for the advanced Integrated Professional Competence Course. The IPCC consists of two sets of examinations (Group 1 and Group 2), for a total of seven tests. Each candidate must meet the requirements of at least one category before moving on to the next round.
Candidates for the Chartered Accountant (CA) program are required to complete an Information Technology Training (ITT) and Orientation program. This course will familiarize you with the fundamentals of the Accounting field. The registration procedure for the ITT and orientation is the only significant issue with them. Therefore, it's crucial to submit your application for the ITT and orientation program before signing up for the Articleship.
- Applying for an Articles Position
Getting practical experience in the field of accounting via an articleship is an essential step on the path to becoming a Chartered Accountant. Those who want to enter the field of chartered accounting are needed to sign up for a three-year article internship with a practicing CA.
To begin, people may get jobs in financial and accounting businesses, where they can get expertise in customer services and the implementation of financial plans in a real-world setting. Professional experience is a prerequisite for taking the last CA test.
During the last six months of their article training time, candidates must take the CA final test. Having completed this last need, you will be able to enter the workforce and begin building your professional resume.
- Gain Valuable Work Experience
Getting through college or university is not sufficient on its own. Top companies and agencies are always on the lookout for qualified candidates with specialized expertise. Discovering employment opportunities in your area of interest requires pursuing a specialized degree. A variety of Finance programs are available all around the world, so you may choose one that best suits your needs and interests.
When searching for a job, it is important to take into account your whole personality. Every business has a list of desirable qualities that they search for in potential employees. Consequently, it is of equal importance to place your attention on both your overall personality and your CA talents.