How To Become A Chartered Accountant After 12th

A chartered accountant (CA), recognised by the Institute of Chartered Accountants of India (ICAI), is a profession in India specialising in accounting. Their purview extends to auditing, taxation, finance, and general management, indicating a significant engagement with the domains of business and finance.

Indian chartered accountants can choose to be self-employed by starting their own firms or can find positions within various accounting organisations, including prominent names like KPMG India, BDO India, and Luthra India. Their skills are sought after in corporate finance, public accounting (both in firms and independently), and forensic accounting, positioning it as an attractive career choice for commerce graduates.

Facts for Chartered Accountant

Role of Chartered Accountant

Chartered accountancy is a well-respected profession demanding strong management and decision-making skills applicable in both public and private sectors. Professionals in this field play a vital role in safeguarding the integrity of public funds and ensuring efficient resource utilisation for taxpayers.

Chartered accountants offer companies essential financial services, including auditing, valuation, accounting, and financial analysis. They also manage risk, provide financial structuring advice, and cultivate strong professional relationships with businesses and clients.

• Accountants are responsible for preparing both corporate and individual income tax returns, as well as developing tax strategies.
• They perform audits of financial records, which involves examining accounting ledgers and corporate financial statements.
• They can be involved in major financial activities like mergers and acquisitions and also handle the creation of new invoices.
• Management accountants typically collaborate closely with marketing and finance teams to facilitate the growth of new companies.
• Their responsibilities can include market analysis, research activities, and budget analysis.

Types of a Chartered Accountant

Chartered accountancy doesn't have a single fixed path. Professionals can specialise in diverse fields like auditing, financial management, and risk management. The following sections discuss some related career options.

• Accountant: Accountants are professionals who manage a company's financial accounts. Their duties include generating sales and cash flow reports, maintaining balance sheets, administering payroll, handling billing, managing budgets, and tracking inventory.

• Actuary: Actuaries are finance professionals who play a key role in creating insurance policies. They analyse the financial impact of risk and uncertainty by applying mathematics, statistics, and financial theory to assess potential events.

• Auditor: Auditing is a finance career focused on verifying the accuracy of financial records and ensuring financial information complies with regulations. Auditors also calculate taxes owed and prepare tax returns, as well as evaluate the performance of accounting records and payment processes.

Workplace/Work Environment of Chartered Accountant

The professional practice of a chartered accountant primarily occurs within an office environment. This career is widely regarded as one of the most prestigious and demanding, involving a spectrum of responsibilities in handling accounts and preparing financial statements, from basic bookkeeping to sophisticated financial analysis and the auditing of organisations.

• Chartered accountants often need to travel to various locations, primarily to visit their clients. Work-related travel is undertaken as required.
• The level of time pressure experienced by chartered accountants depends on their employment. Those working within organisations typically adhere to schedules and face less time pressure, while independent practitioners are more prone to tight deadlines and stressful situations.

Steps to become a Chartered Accountant

Chartered Accountants assist businesses, individuals, and organisations in reaching their financial and strategic objectives. If you have a strong interest in accounting and aspire to become a CA, the step-by-step process in India is outlined below.

• Determining the Necessary Skills

Certain skills are essential to becoming a Chartered Accountant. This section outlines the necessary abilities, encompassing both soft and hard skills.

Key soft skills for Chartered Accountants include problem-solving, teamwork, time management, analytical thinking, emotional intelligence, and interpersonal abilities.

• Communication Skills
• Analytical Skills
• Organisational Skills
• Problem-solving Skills 
• Leadership Skills
• Literacy and Numeracy Skills 
• Initiative and Enterprise
• People Skills

Key hard skills for Chartered Accountants include customer service, commercial awareness, research skills, software proficiency, and knowledge of financial reporting standards.

• Data Analysis
• Investigative Skills 
• Customer Service 
• Research Skills 
• Knowledge of Regulatory Standards
• Commercial Awareness
• Software Proficiency 
• Financial Reporting Standards

• Register for Formal Training/Course

Aspiring Chartered Accountants need to have passed the 10+2 examination with Commerce subjects from a recognised board. They can then pursue a bachelor's degree in accounting, finance, or a related field, or directly enroll in the CA Foundation course. The necessary CA qualifications are detailed below.

After completing your 10+2, the next step is to enroll in the CA Foundation course offered by the Institute of Chartered Accountants of India (ICAI), the national accounting body. To become a Chartered Accountant, you must then clear all three levels:

• CA Foundation
• CA Intermediate Examination
• CA Final Examination

Enrol CA Foundation course

After passing your 10+2, enroll in the CA Foundation course. You can register online through the Institute of Chartered Accountants of India (ICAI) official website, study for four months, and then apply online to take the Foundation exam.

To be eligible for the CA Intermediate level after the Foundation course, you need to secure at least 40 percent in each subject or an aggregate of 50 percent.

Register for CA Intermediate Course 

After qualifying the Foundation Examination, you can register online for the CA Intermediate Course. This level involves nine months of study for the Intermediate course (IPC) before the IPCC exam month.

To pass the CA Intermediate level, you need an overall score of 50 percent or higher across all seven subjects. To be exempt from retaking a subject, you must score at least 60 out of 100 in it.

Gain Practical Training

After completing a two-year practical training period (articles) under a practicing chartered accountant or in an approved organization, you become eligible for the next stage. You can also begin this training after passing one group of the CA Intermediate. This training provides practical experience in accounting, auditing, taxation, and related areas.

Qualify the CA Final Examination

Following successful completion of the CA Intermediate exams and the Articleship period, you can register for the CA Final course. Study the CA Final curriculum during the final six months of your training or after its completion. Finally, appear for and pass the CA Final examination to qualify as a Chartered Accountant.

Complete General Management and Communication Skills (GMCS) 

Completing the General Management and Communication Skills (GMCS) course, a mandatory part of the ICAI curriculum, is a prerequisite to qualify for the CA Final examination.

Apply for Membership with ICAI

 After passing the CA Final and completing GMCS training, you can apply for membership with the Institute of Chartered Accountants of India (ICAI). Upon approval, you will become a qualified Chartered Accountant.

Build a Strong Resume

With your Chartered Accountant license in hand, you can now create a compelling resume that showcases your specialized certifications, education, and other relevant qualifications to attract potential employers.

Find Job and Apply

Certified Chartered Accountants have various career paths including tax audit, internal audit, statutory audit, finance controller roles, forensic auditing, management consulting, and treasury. You can find opportunities and apply through job portals, company websites, or networking. Prepare thoroughly for interviews and attend relevant ones.

Start your Career

Following your job applications and interviews, you'll likely receive offers. Examine them carefully, select the best one, and begin your career as a Chartered Accountant.

Job Outlook for Chartered Accountant

For commerce students, chartered accountancy offers an engaging career path with a vital role in the everyday economy. The job market for young CAs has seen substantial growth in recent years, presenting numerous opportunities across various sectors.

Chartered Accountants address key market challenges in areas like accounting, auditing, and consultancy, making it a highly sought-after course in India. Their credibility stems from rigorous theoretical and practical training, positioning them as experts in all aspects of finance, even amidst evolving global trade structures.