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
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
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.
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:
3. Enroll/Register for IPCC or ATC:
Eligibility criteria Pass in 10+2 and CPT
The subjects for IPCC are
IPCC Group I
IPCC Group II
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
6. Enroll for Final Course:
Eligibility criteria Pass in both groups of IPCC
The subjects in Final Course are:
CA Final Group I
CA Final Group II
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.
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:
Company Secretary has a great scope of employment in Private Companies, Consulting Firm, Financial Institutions, Bank, Department Of Company Affairs and Other Regulatory Bodies.
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
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
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
(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
Completion of 9 months of study course.
Join Practical Training*
7. Enroll/Register for Final Course i.e. Professional Programme
Pass in Both Modules of Executive Programme
The subjects of Professional Programme are:
(i) Advanced Company Laws
(ii) Secretarial Audit, Compliance Management and Due Diligence
(iii) Corporate Restructuring Valuation and Insolvency
(iv) Information Technology and System Audit
(v) Financial, Treasury & Forex Management
(vi) Ethics, Governance and Sustainability
(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
(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|
Pathway to CMA
1. Enroll/Register with Institute of Cost Accountants for Foundation course Minimum Qualification:
2. Appear for Foundation Exam Eligibility criteria:
3. Enroll/Register for Intermediate Course:
The subjects of Intermediate Course are:
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:
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:
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;
Must have an experience of at least 6 months in any one or more of the organization specified and in areas as specified
Enroll for the I - CMA Training Module:
8. Enroll for Membership Minimum Criteria: