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Chartered Accountancy(CA)- Qualification and Skills information

By Roshan Ekka

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Chartered Accountancy

Chartered Accountancy is the core of all businesses, whether small or big. It is the most prestigious and respected career option in a accountancy. It has become one of the top professional choices because of the hugely growing demand and practical exposure it needs. It is one of the most respected professions in India and is beyond any doubt the most rewarding career option. The areas, which are dealt with in this profession are taxation, corporate finance, project evaluation, business & corporate laws, auditing, accounting. The nature of responsibility reflects the confidence and faith entrusted by the society in the profession. Chartered Accountants hold key position in firms. Moreover, under the Company’s Act, only CAs are entitled to be appointed as auditors in companies. A chartered Accountant is one who is specialised in accounting, auditing and taxation. He also serves as management and corporate caretaker. In recent times, accountancy has become popular as a profession. The services of a CA are required in money matters even in a small business. Moreover, according to the Company Act only CA’s in professional practice are allowed to be appointed as auditors of companies in India. A Chartered Accountant is a person who is accepted as a member of the Institute of Chartered Accountants of India ( ICAI ) after having passed the Final examination of the chartered accountancy course conducted by the Institute.

Many multinational companies have come forward in the Chartered Accountancy field. ICICI Prudential, Om kotak Mahindra, Birla sun-Life, Tata AIG Life, Reliance, HDFC Standard Life- Chartered Accountancy Co.., Max New York Life, SBI, Life Chartered Accountancy, ING Vysya Life, etc. are the too companies in the private sector. In non-life Chartered Accountancy segment, major private players are ICICI Lombard, Royal Sundaram, Cholamandalam, IFFCO Tokyo, Tata AIG, etc. All Chartered Accountancy companies come under the Insurance Regulatory and Development Authority ( IRDA), which is established to regulate, promote and ensure orderly growth of Life and General Chartered Accountancy industry in India.


In a dynamic economy likes ours, where trade and capital market are growing at a rapid rates, the importance of Chartered accountants is gaining popularity more than ever. Chartered Accountancy is a dynamic, challenge and rewarding profession. All the countries have their own Accountancy which regulates the quality and quantity of the professionals in the field..

In India, the Institute of Chartered Accountants of India (ICAI) is the national professional accounting body. It was established on July 1, 1949 as a corporate body under the Chartered Accountants Act, 1949 enacted by Parliament ( acting as the provisional Parliament of India ) to regulate the profession of Chartered Accountancy in India. ICAI is the second largest professional accounting body in the world in terms of membership, after American Institute of Certified Public Accountants. ICAI is the only licensing cum – regulating body of the financial audit and accountancy profession in India. It is the responsibility of the Institute to conduct the Chartered accountancy (CA) course. The course involves a blend of theoretical education and practical training which run concurrently for a period of three years and equips a student with knowledge, ability skills and other qualities required of a professional accountant. Headquartered in New Delhi, the ICAI have five Regional Councils in Mumbai Chennai, kolkata, kanpur and New Delhi and 117 branches across key location in the country. The Institute also has 20 Chapters at various oversea location. Being the governing body, only the ICAI has the power to impart education and train student for the CA programme, grant memberships to successful, candidates and certify CAs for practice in India.


For entry-level Charted Accountansts, there are innumerable opportunities, avilable in the field. These oppourtunities avalable in this field.These opportunities are prevailing in different areas of charted accounting such as auditing, finacial accounting, tax management, banking, cost accounting and so on. In order to start a career in this field, it is necessary to acquire a certification from the Institute of Charted Accountants of India (ICAI). Furthermore, various posts avilable for CA professionals in chartered accountancy field includes finance advisors, finance managers, finance controllers, directors of finance and money more. An aspirant for career in chartered accountancy must have the virtue of an independent thought and passion, along with the ability to perform under pressure. He should have business acumen, mastery over numerical and good communication skills coupled with patience and people-skills. He must have the confidence to present and defend his view with objectivitly. A high level of commitment is required during the period of study since it involves intensive practical training build upon a strong theoretical foundation. The new format of education introduced by the ICAI place a student in the CA programme right after school and involves a rigorous schedule of article training and theory studies. One needs to have strong understanding of the bussiness environment and high comfort level with Information Technology. Regulations and laws are in a constant state of flux, given the complex bussiness climate that creates new dependencies practically every day. A good CA should be a good and quick learner, and always aware of current rules and compliance matters. Being responsible for money management, a CA’s competence level can make or mar a company’s growth plans. There is a lot of confidential information in the possession of CAs that must be a safeguraded in interests of the company at all cost.

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A company or any business house irrepective of theire size depends on a chartered accountant to maintain their book of account and and annule financial report. There is no deth of high paying jobs for CAs in India. All business and companies, irespective of the size need qualified professionals to maintain their financial account. It is one of the top 10 highest paying jobs in India. freshers in this field can draw anything between Rs 5 lakh to Rs. 8 lakhs annum from a private sectore jobs. However, there are ample scopes for private consultation and government jobs. Since their demand is high, their pay packets are also demands is high, their pay packets are also on a par with other professional jobs in the country. with an increase in the number of years and experience in charted accountancy field, the salaries also increase.

The Institute of Chartered Accountants of India ( ICAI ) provides an opportunity to young professional aspirants / expriencenced professionals to meet and explore the possibility of taking up postions in Industry. ICAI had organised its annual set of Campus Placements for Newly Qualified Chartered Accountants.

  1. Highest Charted Accountant salary for international posting was Rs. 30 lakh p.a.
  2. Highest Charted Accountant salary for domestic posting was Rs.21.50 lakh p.a.
  3. Average salary offered to a Chartered Accountant was Rs. 7.20 lakh p.a.
  4. 90 entitities including MNCs and CA firms participated in the Campus Programme.

Qualification and Skills of a chartered Accountant

The CA course is designed to combine theoretical study with practical training. The Chartered Accountancy course is considered Accountancy course is considered to be one of the toughest, most rigorous professional courses both in India and worldwide with 3-8 % of the student passing in the final examinations. CA program is professional course which has three section namely, Common Proficiency Test ( CPT ) ; Integrated Professional Competence Course ( IPCC ) and Final Course. The registration for CPT and IPCC is open throughout the year. A student may register at any time during the years. However, as the examinations are held twice a year in May and November, it is necessary that a student must register at least ten month before the examinations. After passing the Integrated Professional Competence Course (IPCC) candidate are eligible for registration as article clerks/audit clerks for practical training. Computer Training. Programme, i.e.100 hours information Technology is compulsory for the candidates who wish to register themselves as auditor clerk. Student can undergo this programme while pursuing CPT or IPCC.

Article clerk is a trainee attached to a practising Chartered accountant under a Deed of Article for the duration of three years. During this period the article clerk will also need to continue studies for the CA exam. An audit clerk is a person who has served as salaried employee for a minimum period of one year under a practising period, candidates would be required to work in different areas learning the basics of auditing and taxation. This training enables them to learn the technical details of the job as well as to get an idea of the working environment of the profession. The scope for the lucrative career is bright in an economically developing nation like ours and as such the career can be termed as challenging and rewarding for competent profession in the field.

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As far as the New Scheme is concerned, the requirements for becoming a Chartered Accountant are as follow:

One must enroll with the Institute for the Common Proficiency Test (CPT) after passing / appearing for Class XII examination / in equivalent examination recognised by the Government of India.
One would, then, have to appears in CPT after passing / having appeared for 10 + 2 examination or Senior Secondary Examination recognised by the Central Government.

The Common Proficiency Test (CPT) comprise four subjects :

– Accounting
– Mercantile Law
– General Economics
– Quantitative Aptitude

CTP or Common proficiency Test is an entry-level test which is held twice in a year in the month of June and December.

The plan of examination is as follows :

Ist Session

Accounting ( 60 marks )
Mercantile Law ( 40 marks )
The duration of test is 2 hours

IInd Session

General Economics (50 marks )
Quantitative Aptitude ( 50 marks )

The syllabus for examination is quite comprehensive study material that covers all the four areas. It has also prepared a question bank for self assessment which it provides through postal tuition as wall as practical training.

Candidates are required to register with the Board of Studies to register with the Board of Studies, ICAI, by submitting the prescribed filled in forms which can be available to them very easily. They will have to pay the requisite charge for the same. The form for the aforementioned can also be downloaded from the website of ICAI.

The pattern of the CPT is as follows :

It is an objective type test.
Each wrong answer will result in 25 % deduction of the allotted marks.
One question will generally have four alternatives answers.
Some question will also be in the form of fill in the blanks format.
Some question will consist of two -three lines.
Numerals will also have four alternative answers.

Professional Competence Course : This course is the first stage of Chartered Accountancy Curriculum. In this course only working knowledge of core and allied subject is covered. A candidate is considered to have cleared CPT if he/she obtains in a sitting 30 % in each of the 4 section and a 50 ℅ aggregate in the entire examination.

IPCC or Integrated Professional Competence Course is the second level of Chartered Accountancy examinations. A Person can take the IPCC Examination after passing CPT and nine months of study. IPCC has two groups of seven subjects. Group – I consists of four subject and Group – II of three subjects. Group – I consists of four subjects and Group – Ii of three subjects.

Group I

Paper 1 : Accounting
Paper 2 : Business Laws, Ethics and communication.
Paper 3 : Cost Accounting and Financial Management.
Paper 4 : Taxation

Group – II

Paper 5 : Advance Accounting
Paper 6 : Auditing and Assurance
Paper 7: Information Technology and Strategy Management
A passing grade in IPCC is awarded, if the candidates obtains 40 % marks in each subject ( a subject is attributed 100 marks ) and an aggregate of 50% in the aggregate in each group. Benefit of set-off is also available if the candidate appears for both group together and obtains 50 ℅ collectively in both groups, even if he fails to obtain an individual aggregate of 50 % in the each group independently.

CA Final Examination is the last and final level of Chartered Accountancy Examinations. It is considered as one of the toughest exams in India. Any person who has passed both the groups of IPCC, during the last six months of articleship can take the Final Examination. This exam consist of two groups of four subject each. In the Final course, advanced application of knowledge of core and allied subject of accountancy is required.

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The final courses cover the following subject :

Group I ( The First Stage ) :

Paper – 1 : Financial Reporting ( 100 marks )

Paper – 2 : Strategic Financial Management ( 100 marks )

Paper- 3 : Advanced Auditing and Professional Ethics (100 marks )

Paper- 4 : Company Law ( 70 marks )

Section A : Company Law ( 70 marks )

Section B : Allied Law ( 30 marks )

Group II

Paper – 5 : Advanced Management Accounting ( 100 marks )

Paper – 6 : Information System Control and Audit ( 100 marks )

Paper – 7 : Direct Tax Law (100 marks)

Paper – 8 :Indirect Tax Law (100 marks )

Section A : Central Excise ( 40 marks )

Section B : Service Tax and Vat (40 marks )

Section C : Custome ( 20 marks )

The passing grade for the exam is the same as the second level, ie. IPCC.

Key Skills required for a CA :

A CA should have excellent numerical ability and analytical mind to interpret facts and figures correctly.
He/She should be comfortable with numbers, through the mathematics involved is only of high school level.
A CA should possess the ability of understanding, manipulating and making use of numerical and statistical data.
He/she must apply methodical approach to the work, involving logical thinking and paying attention to detail.
He/She must possess good communication and organisational skills.
He/She must have an understanding and internet in business.
A CA must have a knack of working on his/her own in a term environment with others.

It is common knowledge that with the Swift growth of Indian economy, Chartered Accountants ( CA ) are highly in demand. In any given organization, usually Chartered Accountants occupy highly respectable and reputed posts. They are the ones who are responsible for everything, right from handling of accounts and finance – related matters to deal with money management, analysing and preparing for audit accounts, along with rendering financial service. The work nature of Chartered Accountants ( CA ) includes all possible areas of business as well as finance. We also know that to be one of them, one has to pass a difficult examination which call for a high degree of attention towards the various subject as wall as clear understanding of all the contents in detail. In fact, the Chartered in detail. In fact, the Chartered Accountancy ( CA ) field is very fruitful and has been a highly paying one. So much so that it has become a synonym of handsome salary. Some of the Chartered Accountants are involved in public practices, some of them in private sectors, while some are employed by Government organizations.

If we analyse closely, we will find that a CA not only provides one with the necessary knowledge and technology and technical skills in the area of accountancy, but also helps to develop managerial outlook which enables one to deftly handle very complicated problem with regard to various areas of business. Being a challenging profession by nature, it is very lucrative, and one, who succeeds in this field, earns both money and prestige. Those who get through the CA Course get placement very easily is top – notch position in management of corporate bodies, Government and international organizations. Many CAS get interested in setting up their own firm for professional practice and providing consultancy services, as there is ample scope and promise of flourishing career ahead. As Chartered Accountancy promise a highly rewarding and high profile career, it is a much – sought after career for the ambitious and studious youth.


Scope of Chartered accountancy is not limited to field  alone, one can use it as a stepping stone to make advances in other career options as well. A chief advantage of pursuing CA degree course is that there is no constraint on study hours and one can go at one’s own pace. Thus it gives one great flexibility to go for high education like MBA, etc.

A qualified CA can apply for a job in Government, public or private sector or setup his own independent practice. One can also offer services in Capital market. Chartered accountants can choose to practice abroad as well, as CA of India is well recognised in the UK, Australia, etc. Works of a CA  is not limited to excel sheet alone, one can also take part in decision making roles. The field of CAs is a hotbed for new entrepreneurs, as most of the Chartered accountants are their own bosses  and can choose to become tax advisors, consultant. Another advantage is that it is good career option for woman, as it gives flexibility and one can afford to take breaks and sabbaticals and resume the career after brushing up one’s knowledge.

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