If you want to understand what exactly a CA is then know that a CA is the James Bond of Accounting. They are highly trained professionals who are extremely qualified in the field of accounting. They carry out audits of whole organisations, firms and companies to ensure that the accounting records have been kept as per the regulations or not. Accounting discrepancies don’t escape from the eyes of CA’s and they can unravel a whole scam or irregularities by tracking a single error.
As Chartered Accountancy basically deals with accounting and related business laws, students who are interested in this career must have a strong inclination towards accounting as a subject.
Chartered Accountancy is known with slightly different names in different countries.
As a practise and profession, Chartered Accountancy is controlled and regulated by the Institute of Chartered Accountants of India (ICAI).
How to become a Chartered Accountant
There are two ways of pursuing CA. One way is to pursue it right after completing 12th and the other way is to pursue it after obtaining a graduate degree in commerce or related field. Most students prefer to pursue CA right after class 12. This is how to do it.
In terms of tests and exams, students have to clear 3 exams.
1. The CPT or the Common Proficiency Test
2. The IPCC or the Integrated Professional Competency Course
3. The CA finals
If we talk about phases, then there are three phases to complete the CA. The foundation course, the articleship and the finals.
The foundation course is for students who complete their class 12. It is a yearlong course, mostly taken up in a distance education format. Upon successful completion, students can apply for internship (article ship) with any experienced CAs.
• During article ship, students are paid a stipend and get a first-hand experience into the functioning of finance, audit, tax or any other chosen specialisation
• Once you pass the intermediate examination, you can serve in any financial, commercial or industrial project as part of the training. This training ranges from about 9 months to a year.
After the final examination, students need to gain membership to the ICAI before they can start practicing as a CA.