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Focus on practical training
istock

Focus on practical training

12 Dec 2018 | 12:36 AM

Chartered Accountancy is one of the most sought after courses for commerce stream students.

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Ashutosh Aggarwal

Chartered Accountancy is one of the most sought after courses for commerce stream students. The course is a benchmark as it provides specialisations in the fields of Taxation, Finance, Auditing and numerous other areas related to different financial aspects of corporate and non corporate set ups. This course has a unique feature of no reservation, and is also one of the most affordable courses among other commerce stream courses such as MBA.

Flexibility

The course has multiple entry points and can be done after Class XII, graduation, after post-graduation and the most amazing thing about this course is that it doesn’t even have an age factor attached to it. Although as per internet sources the Nischal Narayanam has become the youngest ever to clear the Chartered Accountant (CA) examination at only 19 years. Mrs. N Saroja Ramachandran is a perfect example of persistence in chartered accountancy profession as she completed the course at the age of 59. 

Apart from the different stages of academic content that one needs to clear to become a CA, practical training is a very important component of this career. A candidate needs to enroll under a practising chartered accountant for three years. The period is indeed long but extremely beneficial if one follows it diligently. Many Facebook groups, intern portals, forums support recruiting through this route.  

Advance four-week Integrated Course on Information Technology and Soft Skills (AICITSS). For students who are currently pursuing or have completed graduation and post graduation degrees, the practical training commences immediately after they complete four -week ICITSS.

Module: Four weeks (2 weeks for soft skills and 2 weeks for Advance IT), When to complete: Students undergoing practical training shall be required to do AICITSS during the past two years of practical training, but to complete the same before appearing for the final examination along with an assessment test

Job growth

There is a huge potential for chartered accountants in view of the advent of new financial risks and technologies. CAs have a major role to play in the upcoming technologies such as blockchain, AI and machine learning, which will create a paradigm shift in transaction recording and conduct of business. 

Remuneration

Although it depends on the candidate's article ship, number of attempts, marks, knowledge about their subject a decent starting package ranges from 6 lakh in industry and 4.5 lakh in Mid level consultancy firms and above 8 lakhs in the Big Four accounting firm of the world.

Tie ups

Several tie-ups have been made by the Institute of Chartered Accountants of India (ICAI) with other accounting bodies that CAs to complete their country course having exemption in many papers such as CPA United States and CPA Australia. 

— The writer is FCA, MCom, Certified Forensic Auditor (ICAI)


Points to remember

  • Leave the valuation to the examiner and study very hard with a daily routine.
  • Always choose a field to specialise in.
  • Don’t abandon your efforts if you have failed an attempt.
  • Family is one of the best support systems, take counseling if need be, chartered accountancy can be a lengthy course.
  • Do not waste time and money taking coaching for every subject, many rank holders have passed the course through self study.

Job profile

A candidate has bright prospects of doing a job or practicing as a chartered accountant which is not offered by MBA, engineering etc in various fields such as:-

  • Financial Accounting

Financial accounting deals with keeping financial records. The job involves book entry, controlling and organizing expenditure and income, etc. 

  • z Auditing

Statutory audits are required as per the regulatory Acts by both the private and public sector. CA review's compliance with corporate policies and procedures.

  • z Cost Accounting

Cost accounting deals with the complex business of working out what particular operations, jobs, products really cost to produce. 

  • Tax Management

Tax compliance for direct and indirect tax which include record, returns etc. This helps the government to collect taxes from the assessee.

  • Consultancy

Consultancy is a big opportunity in today's world considering the number of Multinational corporations in India and abroad.

  • Corporate Law

Corporate law advises regarding company formation and structure, liquidation and financial aspects. 

  • Government job

Almost all government corporations, ministry etc have chartered accountants to manage their financial and taxation matters. This is a way to get a secure and contribute to nation building.

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