Chartered Accountancy Profession in India and Your Career Prospects

A career in chartered accountancy is for the people who have a penchant for numbers and accounts. The demand of CA’s has been growing in between 10 percent to 15 percent over the last three years and the trend is expected to continue in the coming years.

Chartered accountancy is one of the highest paying careers in the country. It is not only remunerative but is considered to be one of the most respected professions in India. As per the news published in one of the leading newspapers, in ICAI campus placements 952 Chartered accountants were placed with an average annual salary package of around Rs 7.28 lakh. This is a clear indication of high demand for accountancy professionals in the market. ICAI has organized this placement drive across different cities in India like Ahmedabad, Bangalore, Bhubaneswar, Chennai, Coimbatore, Hyderabad, Indore, Jaipur, Kolkata, Mumbai, New Delhi and Pune.

Some of the high-profile recruiters of chartered accountants in India are Reliance Industries, Tata Consultancy Services, Federal Bank, ITC, ICICI Prudential Life Insurance, L&T, Wipro, Bharat Petroleum Corporation, Engineers India, GAIL, etc. Some other good paymasters of CA are E&Y, Deloitte, ICICI Bank and PWC.

Where are the CA jobs available?

As per the current job trends, CA’s are in high demand not only in the core sectors like banking, financial services, or manufacturing but even in new age sectors like Information Technology, telecom, risk and assurance services, infrastructure and retail. High earning potential jobs are available in banks, PSU’s, auditing firms, finance companies, mutual funds, portfolio management, stock broking firms, legal firms and so on and on. Financial inclusion is the next high potential job generating sectors.

The work of a CA is mainly involved in auditing financial reporting, creating and maintaining accounting systems, corporate finance, and tax management, among others. A fresh chartered accountant can earn somewhere in between INR 5 to 7 lakh per annum. With the increase in the years of experience and expertise, the salaries can go as high as INR 18-24 lakh per annum.

Here are the top career options for the chartered accountants, take a look-

· Audit and Taxation

· Finance Advisory

· Investment Banking

· Banking and Financial Services

· Outsourcing

· Academics

· Corporate Sector

Chartered accountants are one of the most rewarding career domains to be in. The courses required are common proficiency test (CPT), Integrated Professional Competence Course (IPCC), CA final and Articleship.The modern age CA is technically armed to serve as management consultants and play a pivotal role in helping business and industry to optimize the use of resources, increase their efficiency and accomplish their targets.

People in this occupation must work strategically and maintain utmost amounts of precision. There is a huge scope for the budding CA’s. To conclude, it would be good to say that CA jobs are financially rewarding and personally gratifying.

A Guide for Aspiring Chartered Accountants

Chartered accountancy has always remained a prominent career choice for those studying commerce in the later years of schooling. It is generally opted by the students, who are exceptionally good with mathematics and accountancy. Most of these students prefer pursuing chartered accountancy, a profession that calls for hours of training besides academics.

A student can soon after appearing for high school exams can initiate the admission process. For this, they need to visit the Institute of Chartered Accountants of India. Headquartered in New Delhi, this institution has branches in other 4 cities, i.e., Calcutta, Kanpur, Chennai, and Mumbai besides New Delhi. The students need to visit any of these branches and further follow the admission process as per the norms set by the institution.

This course for chartered accountancy seems to be quite lengthy. It asks you to be through the different stages starting from the CPT (Common Proficiency Test).

The way ahead:

CPT (Common Proficiency Test):

It is the preliminary step where the student needs to appear for a common exam. It’s an entry-level test focused on four subjects including Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.

Integrated Professional Competence Course (IPCC)

Once you are through the CPT, you head to pursue the first stage, i.e., IPCC. It is the initial stage of CA curriculum that comprises of two groups. A student is allowed to study and prepare for both these groups simultaneously. They can decide to appear for these groups one after the other or together. IPCC modules are developed to improve the accountancy modules as per the professional accountancy standards. During this course, the students get themselves updated on business communication, business strategies, taxes, information technology and audit.

Article-ship

This is one of the significant stages of CA curriculum that every students needs to go through. Article-ship is the professional training that every CA student undergoes after clearing the first group of IPCC. This includes some guidelines that are needed to be followed. Before the beginning of any article-ship, an agreement has to be executed. It is a professional for CA students where they are introduced to the technicalities of varied assignments. They are also paid stipend during this training.

CA Final

This is the final stage of CA curriculum where the students get to the core of the subjects including strategic financial management, advanced management accounting, advanced auditing and professional ethics and information systems control and audit. Under the final stage, they are also made proficient in principles of e-governance, corporate and allied laws, international taxation and VAT are important features of the updated subject contents.

Where do chartered accountants get placed?

Chartered accountants are hired in:

Banks
Public Limited Companies
Auditing Firms
Finance, Mutual Funds, Portfolio management, and Investment Companies
Legal Firms, Patent Companies, Trade Marks and Copyright Registers

Chartered Accountant

If you own a corporation, are an investor, or self employed, I highly recommend that you hire a chartered accountant (“CA”). CAs are not bean counters. They provide valuable business and tax advice, helping you achieve your financial goals.

By reading this article, you can make a more informed decision on whether your business requires a Chartered Accountant, and more specifically, why hiring a Chartered Accountant in Toronto has added benefits.

Chartered Accountants – Years of Education

Becoming a CA is by no means an easy task. They spend years in school, must pass 3 qualifying examinations, and must have 30 months of practical experience, before they can obtain their CA designation.

With such rigorous educational requirements, Chartered Accountants have the knowledge to help you and your business.

Chartered Accountants – High Ethical Standards

Chartered Accountants must abide by a professional code of conduct. The code of conduct is very extensive and requires CAs to act ethically, maintain client confidentiality, be independent, and avoid situations involving a conflict of interest. It has been said that CAs have one of the most rigorous professional codes of conduct amongst the various professional bodies in Canada.

Where CAs fail to abide by the standards of the profession, they will likely be disciplined, and in some cases expelled from the profession altogether.

Non designated accountants may not belong to a professional body or have a code of conduct to abide by, which can be very worrisome for business owners. If your Accountant isn’t accountable to anyone besides himself, what assurances do you have that they will do the right thing?

Chartered Accountants – Tax Experts

Many accountants provide tax planning and tax preparation services to their clients. However, not every accountant is a tax expert. So what exactly is a tax expert and are CA’s tax experts? I’ll explain this below.

Firstly, tax experts have a great deal of knowledge, or expertise, in the area of taxation. There are different types of tax experts, such as: GST experts, Canadian Income Tax Experts, Estate Tax Experts, and so forth.

The Canadian Institute of Chartered Accountants (CICA) has the most rigorous and most comprehensive tax training program in Canada, know as the Canadian In Depth Tax Course. Many CAs have completed the CICA In Depth Tax Course and have practiced tax for many years, allowing them to hold themselves out as tax experts.

Before hiring a CA, you should find out whether he/she has completed the CICA In-Depth Tax Course and the type and years of tax experience they have. You want to ensure that you’re in fact hiring a CA that’s a tax expert.

Chartered Accountant – Fees

CAs are not always expensive. Many Chartered Accountants are pleased to provide their clients with a fixed fee, rather than bill by the hour. In addition, they will usually demonstrate that the value that you and your business derive from their services is far in excess of the fees that you pay them.

I recommend that you obtain a fee quote first, so there are no surprises. In addition, you should ensure that your CA always seeks your approval before rendering a bill. Finally, you should have a detailed engagement letter that specifies the services that will be performed, expected delivery date, and the fees for such services, in order to avoid any disputes.

Chartered Accountant Toronto

Toronto is the financial and economic centre of Canada and the Greater Toronto Area has a population in excess of 5 million people. In addition, Toronto has many diverse businesses and more small businesses than any other region in the country.

Because of Toronto’s large population and business composition, many Chartered Accountants in Toronto would have dealt with both a variety of businesses and a large number of businesses. This unique advantage afforded to Chartered Accountants in Toronto is likely not available to Accountants located in other parts of Canada.

In addition, Toronto has the most number of CAs practicing accounting than anywhere else in Canada. This creates healthy competition and more choice for consumers.

Finally, many of the largest CA firms are headquartered in downtown Toronto. If you’re operating a large business, it’s helpful to deal with the leading CA’s located in the heart of Toronto.

These are strong reasons to hire a Toronto CA as opposed to an accountant located in another region of Canada. Where else, other than a city like Toronto, will you have this opportunity?

Conclusion

Hiring a CA, specifically a CA in Toronto, can be highly beneficial to your business. They have years of education, high ethical standards, and reasonable fees. Many of them are also tax experts. In addition, they provide value for money and help you achieve your financial goals.

In encourage you to visit the CICA’s website at http://cica.ca for additional information. You may also want to visit the ICAO’s website, http://icao.on.ca which also provides very helpful information about CAs.