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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, and 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

  • Chartered Accountancy course offers the students a dream career in the specialized areas of accounting, auditing, corporate finance, corporate laws, taxation.
  • Chartered Accountants are highly demanded professionals in industry.
  • Chartered Accountants are statutorily recognized audit practitioners.
  • Chartered Accountants are highly demanded and sought-after professionals in the practice of income-tax, service-tax and other indirect tax areas.
  • Chartered Accountants are technically equipped to act as management consultants.
  • Chartered Accountants possess adequate knowledge in systems and information technology, which help to excel in the areas such as development of advanced IT systems for the organizations including for the functions of finance and accounting.

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

  • Preparation of project reports and feasibility studies.
  • Market research and demand studies.
  • Budgeting, inventory management, working capital management.
  • Business policy, corporate planning, organization development, growth and diversification.
  • Organization structure and behavior, development of human resources.
  • Systems analysis and design, and computer related services.
  • Advisor or consultant to capital issue.
  • Investment counseling in respect of securities.
  • Corporate governance.

Statutory monopoly

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.

  • Tax audit under the Income Tax Act, 1961.
  • Statutory audit under the Companies Act, 2013.
  • Audit of co-operative societies and other associations under various State Legislation.
  • Value Added Tax Audit in various states.

Different stages of Chartered Accountancy course

Entry level test: CA Fondation
First stage: CA Intermediates
Final stage: CA Final Course

Pathway to CA

1. Enroll/Register with Institute of Chartered Accountant for CA Foundation.

Minimum Qualification: Pass in Class 12th from a recognized Board

(i) Enroll for Foundation Course after appearing in Class 12thExamination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto.

(ii) Complete four months Study Period. Register till 30th June/ 31st December for being eligible to appear in November/ May Foundation Course Examination.

2. Enroll for Membership Eligibility criteria:

  1. Pass in Final Examination (Both Group)
  2. Completion of Practical Training
  3. Completion of GMCS II (if not completed)

CA Foundations (New Syllabus):

  1. Principles and Practice of Accounting
  2. Business Laws and Business Correspondence and Reporting.
  3. Business Mathematic, Logical Reasoning and Statistics
  4. Business Economics and Business and Commercial Knowledge

Register for Inter Course:

  1. Appear in Foundation Examination after passing in the Senior Secondary Examination (10+2 examination) conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto and on complying with above.
  2. Join Intermediate Course after passing Foundation Examination.
  3. Undergo Four Weeks Integrated Course on Information Technology and Soft skills (ICITSS) consisting of Courses on Information Technology and Orientation Course at the earliest but these are to be completed compulsorily before commencement of their article ship.
  4. Appear in Intermediate Examination on completion of 8months of study course as on first day of the month in which the examination is to be held.
  5. Join articled training after passing either of the Group or Both Groups of Intermediate Course and after successfully undergoing ICITSS.
  6. Clear the balance Group (if any) of Intermediate Examination.

CA Inter Group I (New Syllabus)

  1. Accounting
  2. Corporate and Other Laws
  3. Cost and Management Accounting
  4. Taxation

CA Inter Group II (New Syllabus)

  1. Advanced Accounting
  2. Auditing and Assurance
  3. Enterprise Information Systems and Strategic Management
  4. Financial Management and Economics for Finance

Register for Final Course.

  1. Successfully undergo Four Weeks Advanced Integrated Course on Information Technology and Soft skills (AICITSS) consisting of Courses on Advanced Information Technology and Management Communication Skills during the last two years of practical training but before appearing in the Final Examination.
  2. Appear in the Final Examination on completion of the practical training or while serving last 6 months of articled training on or before the last day of the month preceding the month in which the examination is to be held after successful completion of AICITSS.
  3. Complete articled training of 3 years.
  4. Pass Final Examination.
  5. Enroll as a member of the ICAI and be designated as “Chartered Accountant"

CA Final Group I (New Syllabus)

  1. Financial Reporting
  2. Strategic Financial Management
  3. Advanced Auditing & Professional Ethics
  4. Corporate and Allied Laws

6. Enroll for Final Course:

Eligibility criteria Pass in both groups of IPCC

The subjects in Final Course are:

CA Final Group I

  1. Financial Reporting
  2. Strategic Financial Management
  3. Advance Auditing and Professional Ethics
  4. Corporate and Allied Laws

CA Final Group II (New Syllabus)

  1. Cost Management and Performance Evaluation
  2. Direct Tax Laws and International Taxation
  3. Indirect Tax Laws
  4. Through Direct Entry route:
    I. Commerce Graduates/Post-Graduates (55%) or Other Graduates/Post-Graduates (60%):
    1. Enroll with the Institute for Intermediate Course.
    2. Undergo Four Weeks Integrated Course on Information Technology and Soft skills (ICITSS) consisting of Courses on Information Technology and Orientation Course before commencement of their article ship.
    3. Register for Practical Training of three years.
    4. Appear in Intermediate Examination on completion of 9 months of Practical Training on first day of the month in which the examination is to be held.
    5. Appear and pass in both groups of Intermediate Examination.
    6. Register for CA Final Course.
    7. Successfully undergo Four Weeks Advanced Integrated Course on Information Technology and Soft skills (AICITSS) consisting of Courses on Advanced Information Technology and Management Communication Skills during the last two years of practical training but before appearing in the Final Examination.
    8. Appear in the Final Examination on completion of the practical training or while serving last 6 months of articled training on or before the last day of the month preceding the month in which the examination is to be held after successful completion of AICITSS.
    9. Complete articled training of 3 years.
    10. Pass Final Examination.
    11. Enroll as a member of the ICAI and be designated as “Chartered Accountant”. Provisional Registration: Candidates who are pursuing the Final year of Graduation Course shall be eligible for provisional registration to the Intermediate Course. Such candidates would be required to submit satisfactory proof of having passed the graduation examination with the specified percentage of marks within such period not exceeding six months as from the date of appearance in the final year graduation examination. During the period of provisional registration, the candidate can undergo and complete ICITSS. It is clarified that in their case, the practical training will commence only on becoming a graduate with specified percentage of marks. Such candidates shall be eligible for appearing in the Intermediate Examination on completion of nine months of practical training. If such candidates fail to produce the proof within the aforesaid period, his provisional registration shall be cancelled and the registration fee or the tuition fee, as the case may be, paid by him shall not be refunded and no credit shall be given for the theoretical education undergone.
    II. Candidates who have passed Intermediate level examination of Institute of Company Secretaries of India or Institute of Cost Accountants of India
    1. Enroll with the Institute for Intermediate Course.
    2. Undergo Four Weeks Integrated Course on Information Technology and Soft skills (ICITSS) consisting of Courses on Information Technology and Orientation Course at the earliest but these are to be completed compulsorily before commencement of their article ship.
    3. 18. Appear in Intermediate Examination on completion of 8 months of study course as on first day of the month in which the examination is to be held.
    4. Join articled training after passing either of the Group or Both Groups of Intermediate Course and after successfully undergoing ICITSS.
    5. Clear the balance Group (if any) of Intermediate Examination.
    6. Register for Final Course.
    7. Successfully undergo Four Weeks Advanced Integrated Course on Information Technology and Soft skills (AICITSS) consisting of Courses on Advanced Information Technology and Management Communication Skills during the last two years of practical training but before appearing in the Final Examination.
    8. ) Appear in the Final Examination on completion of the practical training or while serving last 6 months of articled training on or before the last day of the month preceding the month in which the examination is to be held after successful completion of AICITSS.
    9. Complete articled training of 3 years.
    10. Pass Final Examination.
    11. Enroll as a member of the ICAI and be designated as “Chartered Accountant”.

Enroll/Register for IPCC or ATC:

Appear for Common Proficiency Test Eligibility criteria:

  1. 1. Completed a period of 60 days from date of registration for CPC as on the first day of the month in which examination is to be held. Since Examinations are held in month of June & December student should enroll for CPC on or before 31st March for June attempt and 30th September for December attempt.
  2. 2. Pass 10+2 Examination conducted by a recognized board. Even students whose results are awaiting can appear. However, they are required to produce their pass certificate for admission to IPC course (after CPT).

Note : Students of any stream at 10+2 can appear for CPT.

Eligibility criteria : Pass in 10+2 and CPT

The subjects for IPCC are

IPCC Group I (Old Syllabus)

  1. Accounting
  2. Business Laws, Ethics and Communication
  3. Cost Accounting and Financial Management
  4. Taxation

IPCC Group II (Old Syllabus)

  1. Advanced Accounting
  2. Auditing and Assurance
  3. Information Technology and Strategic Management
  1. Appear in intermediate examination for either single or both groups.
    Eligibility criteria: Completion of 8 months study course as on Last day of month in which examination is to be held.
  2. 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
    3. .

Eligibility criteria For Practical Training

  • Pass in at least Group I of IPCC
  • Completion of 100 hours of IT training and 35 hours of Orientation Programme.
  1. Enroll for Final Course:
Eligibility criteria Pass in both groups of IPCC
The subjects in Final Course are:

CA Final Group I (Old Syllabus)
  1. Financial Reporting
  2. Strategic Financial Management
  3. Advance Auditing and Professional Ethics
  4. Corporate and Allied Laws
CA Final Group II (Old Syllabus)
  1. Advanced Management Accounting
  2. Information Systems Control and Audit
  3. Direct Tax Laws
  4. Indirect Tax Laws
7. Appear in Final Examination Eligibility criteria on completion of practical Training or while serving last 6 Months of practical Training.

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:

  1. Get employment in Government account or Law Departments..
  2. Become a chairman or Managing Director of a company or be a part of esteemed board of a company.
  3. Become an expert in corporate laws, Securities Law & Capital Market, and Corporate Governance.
  4. Chief Advisor to the board of Directors on best practice in corporate governance.
  5. Corporate Planner and Strategic Manager.
  6. Go for independent practice.

Company Secretary has a great scope of employment in Private Companies, Consulting Firm, Financial Institutions, Bank, Department Of Company Affairs and Other Regulatory Bodies.

Eligibility:
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
Eligibility criteria:
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 (2017 Syllabus)
Eligibility criteria:

  1. Business Environment and Law
  2. Business Management Ethics and Entrepreneurship
  3. Business Economics
  4. Fundamentals of Accounting and Auditing

ATTENTION TO THE EXAMINEES APPEARING IN EXECUTIVE PROGRAMME EXAMINATION UNDER NEW SYLLABUS (SYLLABUS-2017)

Candidates are requested to take note of the following in respect of their examination:
  1. Schedule of Examination
    (a) The first examination under the New Syllabus (Syllabus – 2017) for the Executive Programme shall be held from 20th December to 29th December, 2018 for the following papers:

Subjects of Executive Programme Module I (2017 Syllabus)

  1. Jurisprudence, Interpretation and General Laws
  2. Company Law
  3. Setting up of Business Entities and Closure
  4. Tax Laws

Subjects of Executive Programme Module II (2017 Syllabus)

  1. Corporate and Management Accounting
  2. Securities Laws and Capital Market
  3. Economic, Business and Commercial Laws
  4. Financial and Strategic Management

Examination Time-Table has been published in the e-Student Company Secretary bulletin and also hosted on the website of the Institute.

2. Type of Questions

(a) Examination shall be in descriptive mode for all papers and question paper shall contain both theoretical and practical questions as per the nature of the subjects. Further, no OMR based examination shall be conducted for any of the papers of Executive Programme (Syllabus-2017) examination.
Enroll/Register for Executive Programme (2013 Syllabus)
Eligibility criteria:
Qualified CS Foundation Subjects of Executive Programme(2013 Syllabus) Module I
(i) Company Laws
(ii) Cost and Management Accounting
(iii) Economics and Commercial Laws
(iv) Tax Laws and Practice

Module II
(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

Eligibility criteria:
Completion of 9 months of study course.
Join Practical Training*

7. Enroll/Register for Final Course i.e. Professional Programme
Eligibility criteria:
Pass in Both Modules of Executive Programme

The subjects of Professional Programme are:
Module I
(i) Advanced Company Laws
(ii) Secretarial Audit, Compliance Management and Due Diligence
(iii) Corporate Restructuring Valuation and Insolvency

Module II
(iv) Information Technology and System Audit
(v) Financial, Treasury & Forex Management
(vi) Ethics, Governance and Sustainability

Module III
(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

Eligibility criteria:
(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
First stage Intermediate
Final stage Final

Pathway to CMA

1. Enroll/Register with Institute of Cost Accountants for Foundation course Minimum Qualification:

  1. A candidate should have passed Class 10th or equivalent from a recognized Board or Institution.
  2. Passed Senior Secondary Examination under 10+2 scheme of a recognized Board or an Examination recognized by the Central Government as equivalent thereto or has passed National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council or the Diploma in Rural Service Examination conducted by the National Council of Higher Education.
    Note: Students waiting for the result can apply for provisional admission.

2. Appear for Foundation Exam Eligibility criteria:

  1. Completed a period of 6 months from date of registration for Foundation course as on 1st day of the month in which examination is to be held.
    Thus:
    Last date of registration for December Term is 31st May
    Last rate of registration for June Term is 30th November
  2. Pass 10+2 examination conducted by a recognized board. Even students whose results are awaiting can appear, however they are required to produce their pass certificate for admission to Intermediate course.
    Note: Students of any stream at 10+2 can appear for Foundation Examination.

3. Enroll/Register for Intermediate Course:
Eligibility criteria:

  1. Passed Senior Secondary School Examination (10+2) and Foundation Course of the Institute of Cost Accountants of India/ Graduation in any discipline other than Fine Arts/Foundation (Entry Level) Part I Examination of CAT of the Institute/Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute.
  2. Passed Foundation of Institute of Cost Accountants, ICSI/Intermediate of ICAI by what ever name called along with 10+2.

The subjects of Intermediate Course are:

Group I (2016 Syllabus)

  1. Financial Accounting
  2. Laws and Ethics
  3. Direct Taxation
  4. Cost Accounting

Group II (2016 Syllabus)

  1. Operations Management and Strategic Management
  2. Cost and Management Accountancy and Financial Management
  3. Indirect Taxation
  4. Company Accounts & Audit

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:

  1. Completion of 4 months study course as on 1st day of month in which examination is to be held.
  2. Completion of Communication and Soft Skills Training.
  3. Completion of 100 hours Compulsory Computer Training.
    Note: Students desirous to appear for Group I should complete at least communication and soft skills training.

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:

Group III (2016 Syllabus)

  1. Corporate Laws and Compliance.
  2. Strategic Financial Management.
  3. Strategic Cost Management- Decision Making.
  4. Direct Tax Laws and International Taxation

Group IV (2016 Syllabus)

  1. Corporate Financial Reporting.
  2. Indirect Tax Laws and Practice.
  3. Cost and Management Audit.
  4. Strategic Performance Management and Business Valuation

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;

(Or)

Must have an experience of at least 6 months in any one or more of the organization specified and in areas as specified

(Or)

Enroll for the I - CMA Training Module:

  1. 7 days Industry oriented training programme.
  2. 50 hours additional computer training (if applicable).

8. Enroll for Membership Minimum Criteria:

  1. Pass in Final Examination (Both Groups).
  2. Completion of prescribed modular training and practical training