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About Chartered Accountancy

What does it take to become a Chartered Accountant? Can you become one? Find out here - Career Prospects, Job Opportunities, Salary & lot more.

Who is a Chartered Accountant?

A chartered accountant is a professional who primarily takes care of taxation, accounting, and other commercial matters related to any business. A chartered accountant must have acquired all the prerequisite degrees and qualifications that certify a person as a professional.

Some of the chartered accountancy jobs mainly include handling income tax returns, reviewing financial records, preparing financial reports, auditing the financial practices of an organisation, providing financial advice to an individual or a business firm, and so on. Therefore, the main objective of any firm to hire a chartered accountant is to minimise errors and threats to their finances and to maximise the chances of profit-making.

The statutory body that handles the entire process of becoming a chartered accountant is the ICAI - Institute of Chartered Accountants of India. Any individual willing to become a certified chartered accountant must go through three levels of training that are controlled and governed by the ICAI.

How Do I Become a Chartered Accountant? (Eligibility)

Let us go through the chartered accountancy course details. The chartered accountancy course can be pursued via two routes:

  • The Foundation Course Route - for students who have passed class 12th.
  • The Direct Entry Route -  applicable for graduates. 

The ICAI conducts the chartered accountancy Exam with three levels. On completion of all, an individual is qualified to work as a professional chartered accountant. 

Eligibility Criteria for Foundation Route

  • Successful completion of 10+2 levels.
  • Registration with the Board of Studies for 4 months of study period
  • Completion of those 4 months of study period before appearing for Foundation Examination.

Eligibility Criteria for Direct Entry Route

  • Graduates and postgraduates from the commerce stream with an aggregate of at least 55% or an equivalent score are eligible to apply
  • Compulsory subjects at the undergraduate level are Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation, Business Administration or Management Accounting, Costing, or equivalent papers.
  • In the case of graduates and postgraduates from other streams, the candidates must have secured in aggregate a minimum of 60% or its equivalent grade from a recognized University.
  • This entry route is also open to candidates who have successfully passed the Intermediate level examination that is conducted by The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India. These candidates are exempted from the Foundation level examination. 
  • Candidates in their final year of graduation can also register for the Intermediate Course on a provisional basis. Their registration will be approved only after submission of the certificate and mark sheet of the completion of their Graduation degree. 

Related Departments

Economics & Commerce (B Com/H) 22100 Students Shortlisted

Top Colleges

India

Duration:  5 Years

Fee per course/annum: Rs.50,000 - Rs.1 Lakh Per Year

USA

Duration: 2 - 3 Years

Fee per course/annum: Rs.30 - Rs.50 Lakh Per Year

UK

Duration: 2 Years

Fee per course/annum: Rs.27 - Rs.35 Lakh Per Annum

Canada

Duration: 5 Years

Fee per course/annum: Rs.20 - Rs.35 Lakh Per Year

Career Prospects

What are the Career Prospects of a Chartered Accountant?

The different dimensions of chartered accountancy jobs and areas of employment for a Chartered Accountant are: 

Business Enterprises

Business enterprises employ CAs for different financial needs. The expertise of a Chartered Accountants is useful for handling the tax and profit requirements of a company. 

Public/ Private Practice

A qualified CA can undertake private and public practice and set up their own firm providing different financial services to individuals and companies for managing all tax-related operations.

Government Organisations

Different government organisations have finance departments and sectors that need various levels of financial services and advice. CAs have an inherent role to play in the government sector.

Banking and Insurance Sectors

There are several financial, tax and authentication needs that banking and insurance companies need. CAs have a major role to play in the banking and finance sector which is a primary field of their employment.

Law Firms

Like any other firm, law firms also need financial services and advice that can be best handled by a certified Chartered Accountant. So this is another important field of employment for them. 

Civil Services

There are various civil services in the railways, defence and other government account services that require the quality services of a certified CA.

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Jobs & Salary

What are the Various Job Roles for a Chartered Accountant?

Chief Financial Officer (CFO)

CFO is a top-level executive responsible for the entire financial well-being and status of the firm.

Auditor

Auditors aim to examine the finances of a company to ensure the accuracy of the accounts of the company.

Tax Accountant

A tax accountant is responsible for handling tax returns and audits of a firm or an individual.

Accounts Clerk

An accounts clerk is responsible for handling financial transactions of a firm such as the payroll, accounts payable, accounts receivable, and billing.

Cost Accountant

A cost accountant works closely with the management sector of the company and analyses the company’s expenditure, mainly the cost of materials, products, and processes.

Pros & Cons

Pros
  • Stable career.
  • High job scope.
  • High salary.
Cons
  • Stress
  • Takes constant effort.

Famous Personalities

Naina Lal Kidwai

A chartered accountant, banker and business executive Former President of FICCI and Group General Manager and Country Head of HSB.

Suresh Prabhu

A chartered accountant and member of ICAI Minister of Railways and Minister of Commerce and & Industry and Civil Aviation

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