Chartered Accountant

A person who is awake in those that sleep

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Highlights

1. About : Integral part of all business and commercial transactions

2. Get ready for : Discipline & Hard work, Conceptual understanding, A head for numbers, Ability to handle failure, Walk and chew gum

3. How to go for it? : Foundation, Intermediate, Training, Finals

4. Opportunities ahead : Practicing firm, Big 4 or Audit / Consultancy firms, Pursue Government / Civil services, Career in industry, Entrepreneur, Teacher, Career abroad

5. Channel checks : 80-20% Reversal, Dummy Articleship

6. Let’s be little futuristic : Their role is more important in prevailing circumstances

7. Useful links : Failure to Success stories of CAs, The History of Chartered Accountants in India, 5 facts about ICAI you might don’t know, Successful CAs in India to know about

8. 1dot1 Mentors : CA Rahul Ahuja, CA Priya Harwani, CA Bhavya Haswani, CA Priyanshi Jain, CA Disha Batra, CA Rahul Chhattani

About

A Chartered Accountant is an important and integral part of all business and commercial transactions that happen around us.

 

Be it helping corporate leadership take important decisions or simply filing IT returns for working professionals; everyone needs a CA.

 

The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. Student pursuing CA needs to register with the board as “Student”. Once you get degree then you can register as “Member of ICAI”

Get ready for

Discipline and Hard work

 Course is vast, exams are supposed to be tough, passing rates are low. So you have to stand out of crowd and earn this degree. The candidate must be willing to make sacrifices, keep his/her focus and smartly manage work and studies.

Conceptual understanding

A lot of students try to cram up and become a CA. However, in the industry only the conceptually sound will truly make progress. For this, you have to understand the concepts instead of just mechanically mugging up methodologies.

Product Details

Speaking of talent, you also need the knowledge to back it up. The proper makeup procedure, which products are good for which skin type and even sly hacks that can bring in a brilliant twist in the makeup. Proper knowledge of such details gives the makeup artist an edge over the others. 

Originality

Having a unique touch of your own or the ability to create a new and unique look is what makes makeup artists different from the others. 

Interpretation Skills

One’s face and entire look is at stake. And that can be an unnerving idea for the client. In such situations, it is the makeup artist’s responsibility to keep them calm and give them the assurance that their makeup is in good hands.

How to go for it?

There are four major steps to follow:

I. Foundation

II. Intermediate

III. Practical Training

IV. Final

Foundation Route

You can join for a CA course as early as possible. If you are serious then you can start right after 10th. You can register with ICAI for Foundation Course. You can also continue with your 10+2. Both can be done simultaneously. But if think after class 10th it is too early to join then you can join after 10+2.

Direct Route

If you are late then you can join after you have completed your graduation. Most of the candidates choose to join after graduation. If you are Commerce graduate/post graduate then 55% is required or other graduates/post graduates then 60%. Here you can directly register for Intermediate course.

Opportunities ahead

One must be very determined and clear on what career to choose after becoming Chartered Accountant. Whether industry or practice then if practice which line of services to focus or take up unique services else if industry then what nature of the industry to venture or whether to become an entrepreneur. Here are options available.

Practicing firm

As the name suggest, this is an Independent business. Due to intense competition today, it has become very difficult for newly qualified to go with proprietorship concept. The next alternative could be partnership firm so that the scope of services can be widened. One can pursue any of the field such as taxation, audit, booking, project financing, etc .

Big 4 or Audit / Consultancy firms

This journey is very long and challenging than clearing CA examinations. If you want to become a partner in such big firms you have to remain committed for so many years. You have to attain various positions from manager to senior manager to associate director and thereafter become a partner. Again there are also many areas such as Internal audit, tax consultant, forensic audit, etc & you can choose one out of them.

Pursue Government / Civil services

They can aim for doing Civil services courses and then attain positions like the president of the ITAT tribunal (income tax appellate tribunal), SEBI (securities exchange board of India) chairman. This position can be achieved only by working in a government organization for a longer number of years.

Entrepreneur

Becoming a successful entrepreneur is certainly the dream of every individual. One needs to have innovative ideas and skills, analytical mind, broad mind business tactics.

Teacher

Teaching field is trending for those who are passionate about it. One can simultaneously teach and work with CA firm.

Career in industry

There are various range of industries offering different roles:

  • Manufacturing
  • Information Technology
  • Telecommunication
  • FMCG
  • Banking & NBFC
  • Share market
  • Investment Banker
  • Insurance Sector, etc.

Career abroad

Demand of CAs in abroad is increasing. Countries like Canada, USA, Australia hire Indian CAs at very good package. You might have to pursue education also after CA to match up their regulatory level.

Further studies

If you want to study further, there are many options available such as MBA, CISA, DISA, PHD, LLB, CFA, CPA, etc.

Channel checks

80-20% Reversal

In the early 1980s, the total composition of CAs was 80% in private practice and 20% employed. Post-1991, things have changed dramatically. Eighty per cent of CAs are working for industry now and also twenty percent CAs are in practice.

Dummy Articleship

Most of the students believe in Dummy articleship. i.e. they think of becoming a Chartered Accountant without experiencing practicability. Remember, Chartered Accountancy Course is nothing without articleship…!! 

Let's be little

It would be incorrect to say that Chartered Accountants’ demand accelerates only when economy is growing. In fact, their role is more important in prevailing circumstances.

 

The demand for Chartered Accountants will not stop but they have to adopt changing circumstances in order to cope up with the competitions.

 

“Sector specialization, ability to adapt to accounting & taxation reforms and digitalization are the challenges that need immediate attention”


Also in order to be adaptable to the global market, expertise in a second language is becoming a must as it is one of the major requirements of the global employers.

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Useful links

- Failure to Success stories of CAs
- The History of Chartered Accountants in India
- 5 Awesome facts about ICAI you might don’t know
- Successful Chartered Accountants in India to know about