Mon 21, Mar 22

Chartered Accountancy is one of the most popular choices for a career in India. Every year hundreds of young adults try their luck in this profession which is not easy to get into. Once a CA, it offers great opportunities, salaries, career growth and immense respect for the people around you. Respect is not only about the professional role or the salary, but it is also about the difficulty one goes through to pass the exam. Many people, however, still ask ‘what is CA?’ And we are going to get into the nitty-gritty of the profession.
What is a CA or Chartered Accountant?
Chartered Accountants are professionals in accounting who have received a certificate that qualifies them to take care of matters related to the accounts and taxes of a business. The other jobs that come under the wide spectrum of accountancy are auditing financial statements, maintaining records of investments and business strategy, budgeting, financial accounting and taxation.
Many people confuse Accountants and Chartered Accountants as one, however, that is not the case. Chartered Accountants go through three separate levels of exams that are planned by the Institute of Chartered Accountants of India (ICAI). ICAI is a body that is responsible for maintaining this profession in India. The whole course takes about 5 years approximately. The three exams to become a CA professional are - 
  • Common Proficiency Test (CPT)
  • Integrated Professional Competence Course (IPCC)
  • Final Course/Exam (FC)
What is the Work of a Chartered Accountant?
To understand what a CA is, one needs to also realize what a CA does and why it is important. A Chartered Accountant is a professional who has the ability to work in various sectors of different professions like the economy, helping to manage the finances, filing taxes, giving financial advice and managing money for large corporations. It does not always have to be for companies, it can be for any entity like an individual, a small business or even the government. Here is a list of responsibilities that a Chartered Accountant is required to fulfil - 
  • Prepare monthly financial statements
  • Supervising the duties of the accounting team
  • Reconciling the income statement
  • Review the release of online banking payments
  • Make sure the firm is complying with state revenue service
  • Manage full financial report
Eligibility Criteria for Chartered Accountants
The following list provides the eligibility criteria for CA candidates. Students must fulfil all the criteria before they can register for this course. 
  • Candidates can register themselves for the first level of CA, CPT after class 10 and can appear only after they finish class 12. 
  • Students appearing for CPT can have any background - science, commerce or arts. 
  • Candidates with a commerce background need an average of 50% in their class 12 exams. 
  • Students belonging to any other stream must have 55% in all subjects except mathematics and 60% with mathematics included.
  • After CPT is cleared, the candidates become a part of the ICAI and can appear for the next exams. 
Why Should you Build a Career in Chartered Accountancy?
Everything in this world is related to money, and there is abundant money in all businesses. All need a professional to manage these finances, help with taxes and audits, and that professional is a CA. This is a well-played profession and offers security to a person who is a certified CA. CA professionals get numerous benefits and opportunities to work. Every firm and industry requires a CA because he/she provides solutions to all its financial problems. 
What is the Scope of a Chartered Accountant in India?
Chartered Accountants are in high demand in all walks of life. All organisations, especially financial institutions, are looking for CA professionals who are skilled and experienced. The list below gives an idea of the places of work of Chartered Accountants - 
  • Chartered Accountancy firms
  • Independent practitioners
  • Business and other organisations
  • Consultancy firms
  • Financial institutions
  • Capital Market Services
  • Educational institutions
There are several working CA professionals who have chosen to start their own practice. They can also choose to apply to already existing firms and provide their services. Government jobs are also on the rage right now for CA professionals. Having a CA certificate opens a wide range of career opportunities to choose from. 
Job Roles for a Chartered Accountant
The tasks and responsibilities of a CA vary according to the responsibilities he/she is handling for the firm. 
Perform internal audits as well as statutory audits according to the company act 
Planning projects, corporate law advice, business advice and more 
Financial Accounting
Manage the firm’s accounts, manage salaries and invoices, tax filing etc.
Tax Management
Managing and filing taxes on time according to the current business plans 
Cost Accounting
Budgeting, expenditure control, forecasting and more
Salary of a Chartered Accountant
The average salary of a CA in India is approximately ₹6-7 lakhs per annum. If the skills and experience are higher, then the salary could rise to ₹40-60 lakhs. 
Average Salary per Annum
1-4 years
₹3-10 lakhs (depending on the firm)
5-8 years 
₹5-20 lakhs (depending on the firm)
9-20 years
₹6-25 lakhs (depending on the firm)
Skills Required for a CA

The attractive salaries and interesting work make Chartered Accountancy a very sought-after profession in India. Over the last few years, India has seen an increase in start-ups and other businesses; hence, the demand for CA professionals has also increased. Currently, there are about 2.28 lakh CAs in India and about 44% of them are actively pursuing this profession. Here are the skills required for a CA to become a leading professional –

  • Analytics - Every Chartered Accountant is required to have knowledge of analytics and investments. This includes all the statistics, analysis and procession of the data acquired. Working knowledge of mathematics and analytics is a must.
  • Microsoft Excel - This is a life-saving tool for every profession in India, especially the CAs. Apart from the basic knowledge of Excel, they need to know all the shortcuts that do calculations as well. This tool helps them calculate the formulas and taxes. Some institutes have made it mandatory for CA candidates to learn Microsoft Excel.
  • Communication Skills - Communication skills are of importance in every field, not just CA. In the case of Chartered Accountants, they need to communicate with their clients while gathering data for their work, attending board meetings, presenting data, consulting and more. ICAI also conducts training sessions for upgrading and refining this skill for working professionals. 
  • General Awareness - General Awareness about the business and its scope helps to keep up with the latest trends and therefore give better advice. Along with general awareness, you are also required to have commercial awareness in this sector so that you can create a budget map and plan your future financial statements. 
Tools That a CA Should Know About 
All Chartered Accountants want to be successful professionals in India. There are certain software and tools that would enable them to become highly skilled.
  1. Tally - This is one of the most popular accounting tools yet. Learning this software helps professionals immensely. Tally is used for different reasons like managing payroll, basic accounting functions, maintaining the cash flows, making the balance sheet, making the profit and loss statements and managing different forms of data. 
  2. All Microsoft Tools - Microsoft tools like MS Word and PowerPoint are beneficial for all CAs. The most important of the other tools is MS Excel. The software has spreadsheets that help them manage analytical data, financial management, calculating taxes and many other purposes. 
  3. SAP - It is a business process management solution for Chartered Accountants that integrates key business functions. The modules, Financial Accounting (FI) and Controlling (CO) are used for costing and taxations and are also referred to as SAP FICO. 
  4. Busy - This is another business accounting tool in India that CAs generally use. It has three varieties, basic, standard and enterprise. This software is used for managing taxes, financial management, TDS, TCS, Invoicing of GST, etc. 
  5. Quick Books - This is another popular accounting tool and not many professionals use it. This tool was originally developed by Intuit, an American business and financial software company. It helps CAs manage profiles of different clients by helping them create invoices, accounts & management of payroll, and managing cashflows and much more. 
What should you do to get a job as a CA?
When you become a Chartered Accountant professional, the next step is to get a job that refines your skills. Getting a job can be tricky sometimes but it is equally important. Having a confident personality is a big part of getting a job so is having good skills. Here are some personality traits that you can adopt when you go for your job interview -
  1. Patience - CA is a job that requires an abundance of patience because of the rigorous work life. There are a lot of decisions that need to be made after a substantial amount of research and that requires patience. Work on this skill if you want to have a stable career. 
  2. Analytical Mind - The ability to think analytically is crucial for accountants, but it is essential that you have a keen analytical mind as well. Every Chartered Accountant should have the habit of constantly evaluating. This will help you demonstrate your analytical skills.
  3. Awareness - The services of a Chartered Accountant include budgeting, forecasting, taxation and much more. They must therefore understand the latest business trends and the ever-changing financial market. Make sure you keep up to date on all such changes by reading frequently.
  4. Communication Skills - To obtain a job, it is necessary to have excellent communication skills, both written and verbal. It is important that you have the ability to communicate effectively with peers, stakeholders and decision-makers when you are a Chartered Accountant.
CA exams can be tough, tedious and go on for a long time. Since you can apply for CA right after class 12, it is advisable for you to pursue your graduation and the course simultaneously. The graduation certificate is like a cushion to fall back on if the CA course is unsuccessful. Completing this course will help one apply for various jobs and become a successful professional.