Q: What is the meaning of ‘Chartered’?
 
(of a city, company, university, or other body) founded or having its rights and privileges. established by means of a charter. Charter means you rent or lease a particular service or object. ... Charter comes from the Latin charta, meaning "paper, card or map." As a noun, charter refers to a written document outlining — or mapping — the rights and obligations of a company or organization, or even, in older days, a town or entire colony
 
Q: What is Chartered Accountant (CA) Course all about?
 
A globally recognised professional course conducted by The Institute of Chartered Accounts of India (ICAI), New Delhi, India with endless opportunities.

ICAI is a statutory body established on 1^st July 1949 by The Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in the Country. The Institute functions under the administrative control of the Ministry of Corporate Affairs, Government of India. ICAI has 5 Regional Councils, 164 Branches covering the length and breadth of the Country and 34 Chapters abroad. ICAI has grown to cross the mark of 3,00,00 CA members and more than 6,75,000 active students. It is the premier Accounting Body in the country and the second largest in the world. ICAI is managed by a council consisting of 40 CA members out of which 32 are elected by CA members and 8 are nominated by Government of India. ICAI is responsible for administering the CA education and training and also all activities relating to CA students.

Chartered accountancy has been one of the most popular career choices in India. This profession is not easy to get into but if you manage to do so, it offers a great career path, salary, and respect among people. One of the reasons why people respect chartered accountants is not because of the designation or pay, it is mainly because it is not easy to become one.

The path to becoming a chartered accountant or CA is tough and it can be easily said that it is one of the, if not the toughest profession.

We like to very real and honest, so we had to open with the harshest truths about this profession.
The difference between an accountant and a chartered accountant is that the latter has taken an in-depth training of years and has passed multiple exams in various aspects of accounting to earn the title of a chartered accountant.
 
How to become CA?
A Student needs to pass Intermediate and Final Exams conducted by ICAI
 
Why CA Course as a Career?

PROS:

• A Global Career
• High Demand, High Salary, Growing Opportunities
• Secured Profession, Stable Income

CONS:

• Ongoing Learning, Long Working Hours
• Tight Deadlines, Stressful Working Life

 
Job Opportunities for CA?

As a chartered accountant, the opportunities to work are endless. Regardless of the industry, every organisation needs finance management and chartered accountants are the solution. With increasing regulatory scrutiny and governance standards, the demand for chartered accountants (CAs) to help navigate business is high.

A. Independent Professional Practice:

If you practice or set up your own CA firm you can practice on variety of areas such as:

Income Tax & GST: Audit, Filing & Advisory Services
Corporate & Allied Laws: Formation of Companies, LLP, ROC Filing, Partnership, HUF & Others
Audit & Assurance: Statutory & Internal Audit and Risk Advisory
Management Advisory Services: Debt & Equity Strategy, MIS Reporting, Valuation, Due Diligence, Working Capital Management
Accounting & Finance: Virtual CFO, Account Outsourcing, Payroll Outsource etc.,
Insolvency & Bankruptcy: Forensic Audit, Insolvency Professionals, Resolution, Restructuring Advisory
System Audit
This can be for a business, individual or government

B. Employment in Trade and Industry:

As a chartered accountant, you can work in the following sectors:

Businesses and industries
Chartered accountant firms
Consultancy firms
Institutions
Capital market services
Financial institutions

Chartered accountants are always in high demand in the sectors mentioned above. You can either work for a business or an organisation and help manage their accounts, finances, taxation or auditing. You can also work independently and offer your services to anybody who seeks it.

Financial institutions are always on the lookout for skilled chartered accountants, which is another opportunity of employment. Working for consultancy firms is another way to utilize your accounting skills. Consultancy firms assign chartered accountants to their various clients to help them with their short- or long-term financial goals. So, if you wish to work for multiple clients then a consultancy firm might be the right fit for you.

C. Opportunities in Global Arena:

Indian CAs have an impressive presence throughout the globe holding eminent positions. Many MNCs as well as KPOs prefer Indian CAs for their expertise in IFRS, International Taxation, International Trade Laws, Accounting in IT environment. Employment opportunities keep increasing year by year as economy grows.

D. Signature power of CAs:

Tax Audit: under Income Tax Act and GST Act
Statutory Audit: under Companies Act
Assurance Certified Services: where it is mandatory to get Documents, Reports, Statements certified by CA under various statues of Central Government, State Governments, Local Authorities, Bodies etc.,
 
  
Q: How to enter and Qualify as CAs?

There are 2 routes:

Route I - Foundation Course

Under the Foundation Course Route, the following steps are required:

Register with ICAI after appearing in Class XII examination
Appear for Foundation examination after four months of study period. The first Foundation examination can be taken in November/May, as applicable, following passing of Class XII examination.
Qualify Foundation Course.
Register with the Institute for the Intermediate Course.
Complete 8 months of Study course.
Appear and pass in either or both Groups of Intermediate Course.
Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training.
Register for three years Practical Training on passing either or both the Groups of Intermediate.
Register for the Final Course after qualifying both the Groups of Intermediate course.
Successfully complete Four Weeks Advanced ICITSS during the last two years of Practical Training.
Appear in Final examination during last six months of practical training.
Complete Practical Training
Become Member.
 
Route II – Direct Entry Route:
 
The ICAI allows Commerce Graduates/Post-Graduates (with minimum 55% marks) or Other Graduates/Post-Graduates (with minimum 60% marks) and Intermediate level passed
students of Institute of Company Secretaries of India and Institute of Cost Accountants of India to enter directly to its Intermediate Course.

The following steps are required to be undertaken by the eligible Graduates and Post Graduates under this route:

Register with the Institute for the Intermediate course (provisional registration allowed to the students doing Final year of graduation).
Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training.
Register for Three Years Practical Training.
Appear in Intermediate Examination after Nine months of Practical Training.
Qualify Intermediate Course.
Register for the Final Course after qualifying both Groups of Intermediate Course.
Successfully complete Four Weeks Advanced ICITSS during the last two years of Practical Training.
Appear in Final examination during last six months of practical training.
Complete Practical Training.
Become Member
 
NOTE: Candidates who have passed Intermediate level examination of Institute of Company Secretaries of India or Institute of Cost Accountants of India and enter the CA Intermediate course directly shall be treated at par with Foundation passed students and shall have to undergo the
CA course in the manner akin to the Foundation passed students.
 
  
Q: What is the Fee Structure of CA Course?

• Foundation Route: Rs. 77,000 (Approx. including study materials)
• Direct Entry Route: Rs. 68,000 (Approx. including study materials)

Details of Fee

A. FOUNDATION COURSE:
Cost of Prospectus - 200
Foundation Registration Fee - 9,000
Total – 9,200
 
B. INTERMEDIATE COURSE:
Registration Fee - 15,000
Students' Activities Fee - 2,000
Registration Fee as articled - 1,000
Total - 18,000
 
C. FINAL COURSE
Final Registration Fee - 22,000
 
D. OTHER FEE
a. ICITSS
i. Course on Information Technology - 6,500
ii. Orientation Course - 7,000
b. Advanced ICITSS
i. Course on Advanced Information Technology - 7,500
ii. Management & Communication Skills Course - 7,000
Total - 28,000
 
  
Q: How much you earn while you undergoing CA Course?

• CA student earns as stipend during Practical Training (Articled Assistant) from CA Firm
• As per ICAI guidelines, a minimum of total Rs. 90,000 or Rs. 72,000 or Rs. 54,000 for three years depending on the population of city where student doing training

Stipend for Three Years:
1. Cities/Towns having population of 20 lakh and above
1 year-2,000, 2 year-2,500, 3 year-3,000, Total-90,000

2. Cities/Towns having population of 4 lakh and above but less than 20 lakh
1 year-1,500, 2 year-2,000, 3 year-2,500, Total-72,000

3. Cities/Towns having population of less than 4 lakh
1 year-1,000, 2 year-1,500, 3 year-2,000, Total-54,000
 
Q: Prominent Chartered Accountants:
CA. Piyush Goyal
• Minister of Railways and Commerce, Government of India
CA. Suresh Prabhakar Prabhu
• Former Union Cabinet Minister, Government of India
CA. Sudha Balakrishnan
• Executive Director of RBI.
• First ever Chief Financial Officer chosen by the RBI.
CA. Kumar Mangalam Birla
• An Indian billionaire industrialist and the Chairman of
the Aditya Birla Group, one of the largest conglomerates
in India
CA. Naina Lal Kidwai
• Formerly a Group General Manager and currently the
Country Head of HSBC India.
• He was awarded with the distinguished Padma Shri for
her contributions in the areas of trade and industry.
CA. Rakesh Jhunjhunwala
• An Indian Billionaire Investor and Trade & He is
commonly referred as the ‘Warren Buffet of India’.
CA. Harish Salve
• Former Solicitor General of India
• Senior Advocated in Supreme Court.
• He was awarded with the distinguished Padma Bhushan for his contributions in Public Services
 
End Note:
So, this is the perfect time to get on the CA bandwagon and pursue this highly fruitful career. The employment opportunities are immense and they are more likely to grow as more startups and businesses are being established.
The path to becoming a chartered accountant is very clear, there are no confusions. This profession offers a stable job with steady growth and a good pay scale. But on the other hand, you have to stay updated with the ins and outs of finance, which means constant learning and studying is required. Also, there are certain deadlines that need to be met at the end of each financial year and the work may become really stressful.
Like anything, chartered accountancy also has its own pros and cons. So, it is really important to deep-dive and figure out whether this profession fits your personality or not

Disclaimer: This article or blog or post (by whatever name) is based on the writer’s personal views and interpretation of the Act/Rules/Notifications. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon. This article has been published for knowledge sharing purpose only.