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Chartered Accountancy as a Profession

Chartered Accountancy is a challenging profession that offers practice or job opportunities in the areas of accounting, auditing, corporate finance, project evaluation, company and other business laws, taxation and corporate governance. The multi-faceted knowledge a Chartered Accountant enjoys through unique academic programme blended with practical training is what the business and industry need in the advent of liberalization, privatization and glottalization of Indian economy. Chartered Accountants are better equipped to discharge accounting and audit functions in a computerized business environment.

Role played by a Chartered Accountant

  • Chartered Accountancy course offers the students a dream career in the specialized areas of accounting, auditing, corporate finance, corporate laws, taxation.
  • Chartered Accountants are highly demanded professionals in industry.
  • Chartered Accountants are statutorily recognized audit practitioners.
  • Chartered Accountants are highly demanded and sought-after professionals in the practice of income-tax, service-tax and other indirect tax areas.
  • Chartered Accountants are technically equipped to act as management consultants.
  • Chartered Accountants possess adequate knowledge in systems and information technology, which help to excel in the areas such as development of advanced IT systems for the organizations including for the functions of finance and accounting.

Independent professional practices

As practitioners of public accounting, CAs may start professional practice as a proprietor or join any existing firm as a partner or staff member. A CA provides compliance and review services. A CA also acts as a business advisor by providing all kinds of services including the preparation of financial reports, helping the business to secure loans, preparing financial projections and determining the viability of business. As a tax advisor, a CA helps businesses and individuals to comply with tax laws.

Management Consultancy Services

CAs play a vital role in assisting business and industry to improve the use of their resources, increase their efficiency and achieve their objectives. The breadth of management advisory services rendered by CAs reflect their expertise in diverse areas. Such services include financial management, planning and financial policy determination such as

  • Preparation of project reports and feasibility studies.
  • Market research and demand studies.
  • Budgeting, inventory management, working capital management.
  • Business policy, corporate planning, organization development, growth and diversification.
  • Organization structure and behavior, development of human resources.
  • Systems analysis and design, and computer related services.
  • Advisor or consultant to capital issue.
  • Investment counseling in respect of securities.
  • Corporate governance.

Statutory monopoly

Chartered Accountants enjoy Statutory monopoly in the following fields of service. These services can be rendered only by Chartered Accountants holding certificate of practice issued by ICAI.

  • Tax audit under the Income Tax Act, 1961.
  • Statutory audit under the Companies Act, 2013.
  • Audit of co-operative societies and other associations under various State Legislation.
  • Value Added Tax Audit in various states.

Different stages of Chartered Accountancy course

Entry level test: CPT Course (Common Proficiency Test)
First stage: Accountant Technician Course (ATC)/Integrated Professional Competence Course (IPCC)
Final stage: Final Course

Pathway to CA

1. Enroll/Register with Institute of Chartered Accountant for Common Proficiency Course (CPC).

Minimum Qualification: Pass in Class X from a recognized Board

2. Appear For Common Proficiency Test Eligibility criteria:

  1. Completed a period of 60 days from date of registration for CPC as on the first day of the month in which examination is to be held. Since Examinations are held in month of June & December student should enroll for CPC on or before 31st March for June attempt and 30th September for December attempt.
  2. Pass 10+2 Examination conducted by a recognized board. Even students whose results are awaiting can appear. However, they are required to produce their pass certificate for admission to IPC course (after CPT).
    Note: Students of any stream at 10+2 can appear for CPT.

3. Enroll/Register for IPCC or ATC:

Eligibility criteria Pass in 10+2 and CPT

The subjects for IPCC are

IPCC Group I

  1. Accounting
  2. Business Laws, Ethics and Communication
  3. Cost Accounting and Financial Management
  4. Taxation

IPCC Group II

  1. Advanced Accounting
  2. Auditing and Assurance
  3. Information Technology and Strategic Management

4. Appear in intermediate examination for either single or both groups.

Eligibility criteria: Completion of 8 months study course as on Ist day of month in which examination is to be held.

5. Join Practical Training under the guidance of a practicing CA and undergo 2 General Management and Communication Skills (GMCS) course of 15 days each during the first year of practical training and during 19-36 month of practical training. Also complete a course on Advanced Information Technology training during 3rd year or before appearing in final examination.

Eligibility criteria For Practical Training

  • Pass in at least Group I of IPCC
  • Completion of 100 hours of IT training and 35 hours of Orientation Programme.

6. Enroll for Final Course:

Eligibility criteria Pass in both groups of IPCC

The subjects in Final Course are:

CA Final Group I

  1. Financial Reporting
  2. Strategic Financial Management
  3. Advance Auditing and Professional Ethics
  4. Corporate and Allied Laws

CA Final Group II

  1. Advanced Management Accounting
  2. Information Systems Control and Audit
  3. Direct Tax Laws
  4. Indirect Tax Laws

7. Appear in Final Examination Eligibility criteria on completion of practical Training or while serving last 6 Months of practical Training.

8. Enroll for Membership Eligibility criteria.

  1. Pass in Final Examination (Both Group)
  2. Completion of Practical Training
  3. Completion of GMCS II (if not completed)

Company Secretary as a Profession

A company secretary is a senior position in a private company or public organization, normally in the form of a managerial position or above. The company secretary ensures that an organization complies with relevant legislation and regulation, and keeps board members informed of their legal responsibilities. Company secretaries are the company’s named representative on legal documents, and it is their responsibility to ensure that the company and its directors operate within the law. It is also their responsibility to register and communicate with shareholders, to ensure that dividends are paid and to maintain company records, such as lists of directors and shareholders, and annual accounts.

In the case of companies listed on recognized stock exchanges, the annual returns are to be signed by a practicing company secretary. Further, the Securities and Exchange Board of India (SEBI) also recognizes the Company Secretary as the Compliance Officer and the practicing company secretary to issue various certificates under its Regulations. Further, the practicing Company Secretaries are also authorized to certify compliance of conditions of corporate governance in case of listed companies.

The Reserve Bank of India also authorizes company secretaries to issue various certificates.

The Institute of Company Secretaries of India, is the premier professional body to develop and regulate the profession of Company Secretaries in India. It was set up by an Act of Parliament in 1980.

Career Prospects for Company Secretary?
As per the Companies Act, 2013, every company with a paid-up share capital of Rs. Two Crores or above has to appoint a whole time Company Secretary.
A Company Secretary can:

  1. Get employment in Government account or Law Departments..
  2. Become a chairman or Managing Director of a company or be a part of esteemed board of a company.
  3. Become an expert in corporate laws, Securities Law & Capital Market, and Corporate Governance.
  4. Chief Advisor to the board of Directors on best practice in corporate governance.
  5. Corporate Planner and Strategic Manager.
  6. Go for independent practice.

Company Secretary has a great scope of employment in Private Companies, Consulting Firm, Financial Institutions, Bank, Department Of Company Affairs and Other Regulatory Bodies.

Eligibility:
The minimum eligibility to gain entry in the Foundation Course is a pass in 10+2 examination or its equivalent in any stream. Candidate who has enrolled for the 10+2 examination can apply with the proof of passing the examination within 6 months.
Student of any discipline in Arts, Commerce and Science (excluding Fine Arts) can pursue Company Secretary Course.

Different stages of CS Course:
Entry Level :
Foundation Programme
First Stage : Executive Programme
Final Stage : Professional Programme
Pathway to CS:
1. Enroll/Register with Institute of Company Secretaries for Foundation Programme
Minimum Qualification: Pass in 10 + 2 from a recognized Board.

2. Appear for Foundation Exam
Eligibility criteria:

Completed a period of a 9 months after registration. Thus a student should register on or before 31st March for appearing in December attempt (in the same year) and 30th September for appearing in June attempt (in the next year).
Note: Students of any stream (excluding fine Arts) can pursue Foundation Course for appearing in Foundation Examination.

Enroll/Register for Executive Programme
Eligibility criteria:

Qualified CS Foundation
Subjects of Executive Programme Module I
(i) Company Laws
(ii) Cost and Management Accounting
(iii) Economics and Commercial Laws
(iv) Tax Laws and Practice

Module II
(v) Company accounts and auditing Practice
(vi) Capital Markets and Securities Laws
(vi) Industrial, Labour and General Laws

4. Join Practical Training*

5. Appear in Module I & II Examination of Executive Programme

Eligibility criteria:
Completion of 9 months of study course.
Join Practical Training*

7. Enroll/Register for Final Course i.e. Professional Programme
Eligibility criteria:

Pass in Both Modules of Executive Programme

The subjects of Professional Programme are:
Module I

(i) Advanced Company Laws
(ii) Secretarial Audit, Compliance Management and Due Diligence
(iii) Corporate Restructuring Valuation and Insolvency

Module II
(iv) Information Technology and System Audit
(v) Financial, Treasury & Forex Management
(vi) Ethics, Governance and Sustainability

Module III
(vii) Advance Tax Laws and Practice
(viii) Drafting Appearance and Pleadings
(ix) Banking Law & Practice
(x) Capital, Commodity and Money Market
(xi) Insurance Law and Practice
(xii) Intellectual Property Rights-Law and Practice
(xiii) International Business Laws and Practice

8. Appear in Final Examination i.e. Professional Examination

9. Join Practical Training*

10. Enroll for Membership

Eligibility criteria:
(i) Pass in Professional Examination
(ii) Completion of Practical Training
(iii) Completion of Management Skills Orientation Programme.

 

Cost and Management Accountancy as a Profession

A Cost Accountant is a professional accountant by virtue of his/her being a member of the institute of Cost Accountants of India (ICAI).

The Institute of Cost Accountants of India (ICAI) [previously know as the institute of Cost and Work Accountants of India (ICWAI)] is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost and Management Accountancy profession in India. It recommends the Cost Accounting Standards to be followed by companies.

Different stages of Cost and Management Accountancy

Entry level: Foundation course
First stage Intermediate
Final stage Final

Pathway to CMA

1. Enroll/Register with Institute of Cost Accountants for Foundation course Minimum Qualification:

  1. A candidate should have passed Class 10th or equivalent from a recognized Board or Institution.
  2. Passed Senior Secondary Examination under 10+2 scheme of a recognized Board or an Examination recognized by the Central Government as equivalent thereto or has passed National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council or the Diploma in Rural Service Examination conducted by the National Council of Higher Education.
    Note: Students waiting for the result can apply for provisional admission.

2. Appear for Foundation Exam Eligibility criteria:

  1. Completed a period of 6 months from date of registration for Foundation course as on 1st day of the month in which examination is to be held.
    Thus:
    Last date of registration for December Term is 31st May
    Last rate of registration for June Term is 30th November
  2. Pass 10+2 examination conducted by a recognized board. Even students whose results are awaiting can appear, however they are required to produce their pass certificate for admission to Intermediate course.
    Note: Students of any stream at 10+2 can appear for Foundation Examination.

3. Enroll/Register for Intermediate Course:
Eligibility criteria:

  1. Passed Senior Secondary School Examination (10+2) and Foundation Course of the Institute of Cost Accountants of India/ Graduation in any discipline other than Fine Arts/Foundation (Entry Level) Part I Examination of CAT of the Institute/Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute.
  2. Passed Foundation of Institute of Cost Accountants, ICSI/Intermediate of ICAI by what ever name called along with 10+2.

The subjects of Intermediate Course are:

Group I

  1. Financial Accounting
  2. Laws, Ethics and Governance
  3. Direct Taxation
  4. Cost Accounting and Financial Management

Group II

  1. Operations Management and Information Systems
  2. Cost and Management Accountancy
  3. Indirect Taxation
  4. Company Accounts & Audit

Registration for the ICAI course is open throughout the year. However, Students desirous to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.

4. Appear for Intermediate Examination Eligibility criteria:

  1. Completion of 4 months study course as on 1st day of month in which examination is to be held.
  2. Completion of Communication and Soft Skills Training.
  3. Completion of 100 hours Compulsory Computer Training.
    Note: Students desirous to appear for Group I should complete at least communication and soft skills training.

5. Join Practical Training:

After passing ICWA Intermediate every student having registered under Revised Syllabus 2008/Syllabus 2012, shall be required to undergo practical training for a period of 3 years on whole time basis to the satisfaction of council in any one or more of the organization as specified and in areas as specified for the recognition for training.

6. Enroll for Final Course Eligibility criteria:

Pass in both groups of Intermediate course.

Subjects of Final Course are:

Group I

  1. Corporate Laws and Compliance.
  2. Advanced Financial Management.
  3. Business Strategy & Strategic Cost Management.
  4. Tax Management & Practice

Group II

  1. Strategic Performance Management.
  2. Corporate Financial Reporting.
  3. Cost and Management Audit.
  4. Financial Analysis and Business Valuation

7. Appear in Final Examination Eligibility criteria:

Complete at least 6 months of Practical Training in any one or more of the organization specified and in areas as specified;

(Or)

Must have an experience of at least 6 months in any one or more of the organization specified and in areas as specified

(Or)

Enroll for the I - CMA Training Module:

  1. 7 days Industry oriented training programme.
  2. 50 hours additional computer training (if applicable).

8. Enroll for Membership Minimum Criteria:

  1. Pass in Final Examination (Both Groups).
  2. Completion of prescribed modular training and practical training