Career in Accounts & Finance

• By CA D.G. Sharma

In today’s competitive world, education must be career oriented. Gone are the days when every student had a routine of completing XII after X,  then graduating in either Science, Commerce or Arts and thereafter only one had to think of a Career.

In today’s generation, the students even before completing X, are having so much awareness about the various careers available to them, thanks to the advent of information technology.

There is no dearth of  careers available to willing, hardworking & ambitious students. One of the most promising area is in the field of Accounts & Finance. Finance is the backbone of an economy. Hence, importance of finance can never be undermined whether it is a public sector or private sector organization, whether it is working for profit or for charity. Therefore requirement of professionals in the field of Finance & Account is ever growing.

To pursue a career in finance, one can do CA, CFA, ICWA, CS, MBA, or  diploma courses in the field of Tax, Foreign Exchange, International Business, Finance, Banking, Management etc. If we consider the cost involved, time required, availability of admission, and future prospects in terms of money as well as prestige, then the profession of Chartered Accountancy (CA) stands distinctly ahead of all others.

The profession of Chartered Accountancy and its education is governed, managed, controlled & regulated by the Institute of Chartered Accountants of India, a statutory body established for the purpose by an Act of Parliament. ICAI works through its head office at Delhi, 5 regional offices & a number of branches spread through-out the country & even overseas.

The scope available to a CA can be gauged from the fact that there is not a single unemployed CA. The yearly average pay scale is in the range of Rs.    5 to 6 lacs offered to thousands of CAs recruited through CAMPUS Interviews organized by ICAI every six months. In addition to this, thousands of CAs get direct employment or start professional practice.

On becoming a Chartered Accountant, one has many options for pursuing a challenging and rewarding career. The society has increasingly recognized the services of CAs in entire gamut of management consultancy including management accounting, management information and control systems, international finance, information technology and financial services sector. CAs today are part of the top management team and hold key positions in the corporate sector. Even in the government, they occupy prominent positions. Rapid changes taking place in the economy have further opened up new vistas of opportunities for the Chartered Accountants.

In addition to the above, a Chartered Accountant’s traditional role as an internal and external Auditor has tremendous scope. It is the exclusive domain of CAs to act as statutory auditors of private and public companies, nationalized & co-operative banks, financial institutions etc.

The Steps to be taken in becoming a Chartered Accountant are:

1. Pass class 10 examination and register with the Board of Studies of CA Institute for Common Proficiency Test (CPT).
2. After appearing for 12th exam, appear for Common Proficiency Test.
3. After passing CPT, register for Integrated Professional Competence Course (IPCC) and undergo a self study course of 9 months.
4. During the self study course of 9 months, complete Orientation Programme of 35 Hours and 100 Hours of Information Technology Training (ITT).
5. Appear for IPCC exam and after passing the same, register as an article assistant under a practicing CA for 3 years. It is mandatory to pass Group I of IPCC in order to qualify for Articleship.
6. Join CA-Final Course and after completing 2 ½ years of articled training appear for final exam.
7. Complete the course on General Management and Communication Skills during the period of articled training and after passing the final exam become a qualified Chartered Accountant.

No minimum percentage is required for admission to CA course and the number of attempts are available without any limit. Time required to complete CA is 4 years after 12th. It has a uniform pattern of examination throughout the nation and has similarly uniform scope & status.

The cost of CA education including cost of tuition for all levels put together may not exceed Rs. 1.30 Lacs spread over a period of 4 years, thus averaging Rs. 2700 p.m. i.e. equal to the cost of education in a Public School.

Looking to the great future as a professional of high repute and status and incomparable pay package, join CA by registering with ICAI and start preparation together with your XI & XII studies now itself.

One can also pursue a career in finance by doing MBA also. However, for better prospects, an MBA student must graduate from a top management school like IIM, XLRI, Bajaj Institute, Symbiosis etc. But, very few students get admission in such high grade management schools due to the very tough and difficult entrance exams & limited seats. So the scope here is very limited.

Another option is to do Company Secretaryship. Like CA, the profession of Company Secretaryship is regulated by the Institute of Company Secretaries of India constituted under an Act of Parliament. To qualify as a member of the institute, a student after passing his class XII examination, has to pass the Foundation, Executive and Professional levels of CS examination.

Detailed and thorough study of the legal, secretarial, accounting, managerial and administrative functions of a company on the way to attain the Company Secretaryship qualification makes the person competent for taking up a wide range of responsible positions in the secretarial, legal, finance, accounts, personnel and administrative departments of companies or other organizations in the private as well as public sector.

CA D.G. SHARMA