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  CHARTERED ACCOUNTANCY  

 

     
 

CHARTERED ACCOUNTANCY

 



Q1.What is the training for Charted Accountancy ?
Q2.What is the remuneration for C.A ?

Q1.What is the training for Charted Accountancy ?

A1.The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its Headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Madras, Mumbai and New Delhi) and 81 branches under these regional centres. In order to become a member of this Institute, a candidate needs to Pass the intermediate and final examinations of the institute. Register themselves as an articled or audit clerk with a practising CA.

For those just completing their XII, they can opt to start with the Foundation Course. After +2 - The Foundation course Introduced by the Institute of Chartered Accountants of India, this course was created for candidates passing their 10+2 with any subject but can be taken along with graduate/post-graduate studies (eligibility rules vary). It is a 1-year programme done through correspondence. Once a student registers, they are sent the study materials and he/she has the option of either self-study or attending classes organised by accredited institutions (thereby, exempting themselves from taking test papers under the postal tuition scheme). At the end of the study/course period of 12 months, a foundation examination is given in four 3-hour papers in Fundamentals of Accounting, Economics, Mathematics, Statistics and Mercantile Law. On passing this examination, candidates can apply for articleship with a practicing CA.

Once the foundation examination is given, candidates can register for training as an Article (apprentice) with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.After about 9 months, they can take the Intermediate Examination of the Board of Studies and then later on, after clearing the exam, can go for the industrial training in their last year of articleship.

Final exams are generally given in the last year. Another option for those going through practical training is to work under an audit clerk - which does not require the agreement of training. This provides a faster route for bright students to move through the different stages of the profession. Depending on the location of the firm, the audit clerks have to be paid by the CA or firm of chartered accountants. Importance of Practical Training : It gives candidates the opportunity to find solutions for real problems, develop professional competence and other skills, adopt and sustain ethical values and learn the norms of the professional life. Intermediate Examination It is essential that students give their intermediate exam within 10 years of completing their practical training, but if they serve under article for a further duration on one year and go through postal tuition, they can receive a fresh lease.

The main part of the postal tuition scheme is answering test papers in different subjects and these tests need to be given before appearing for the inter examination. Apart from this, students also need to enroll in the Sunday test scheme and give their tests at different centres supervised by the Institute. This is open to students from Ahmedabad, Bangalore, Calcutta, Coimbatore, Delhi, Hyderabad, Jaipur, Kanpur, Madras, Mumbai, Poona and Salem. Students from cities other than the mentioned ones are required to qualify in minimum 16 papers and submit them under the postal tuition scheme. Once 9 months of training and the oral/postal tuition scheme have been completed, students can take the Intermediate examination in the following subjects :- Group I Group II Accounting Mercantile, Company Law & Industrial Law Accounting & Elements of Income-tax Law Business Mathematics Cost Accounting Organisation & Management Economics Auditing

After passing the intermediate examination, candidates can serve in a financial, commercial or industrial project as part of the training. The industrial training allows the articled/audit clerk to gain valuable experience in internal audit and auditing procedures, in operating systems of financial control, in merchandised accounting etc. This training ranges from about 9 months-1 year. Final Examination If a candidate takes the intermediate examination during their practical training, they can give their final examination provided there is a time interval of one final exam between the inter exam and first attempt at the final exam. On the other hand, if the practical training as article clerk or audit clerk has completed, the time interval can be neglected.

Group I Group II Candidates may choose from the following: Advanced Accounting Direct Tax Laws Combination A : Corporate Mgmt., Managerial economics and National Accounting, Secretarial Practice Management Accounting Combination B : Operational research and Statistical Analyses, Systems Analyses and Data Processing, Cost Systems and Cost Control Auditing Combination C : Mgmt. Information and Control Systems, Tax Planning and Tax Mgmt., Mgmt. and Operational Audit Company Law

On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA. A member wishing to practice in India or abroad needs to obtain a Certificate of Practice from the ICAI, the yearly fee of which is Rs. 400. Once membership is taken, the practicing member cannot work in any other business or occupation without taking permission from the council; they are only permitted to work in areas as specified in the CA regulations. More information on enrollment or the examinations can be requested from the Institute's offices or the Headquarters at Indraprastha, New Delhi OR the Board of Studies, C1 - Sector 1, Noida - 201301.

Q2.What is the remuneration for C.A ?

A2.Chartered Accountancy is a well-paid profession and most multi-national firms provide numerous perks such as medical benefits, loaned housing and so on. While the foreign banks do offer the highest salaries and fringe benefits, Indian companies are not far behind in providing their employees with good prospects. Some of the average monthly earnings are given below :- Professional Practice Senior Rs. 1,500 - Rs. 2,500 Manager Rs. 3,500 - Rs. 25,000 Partner Rs. 10,000 - Rs. 50,000 Industries Industrial Training Rs. 800 - Rs. 1,500 Pre Qualification Rs. 1,500 - Rs. 2,500 Fresh CAs Rs. 2,500 - Rs. 4,000 Accounts Managers Rs. 3,000 - Rs. 6,000 Financial Controllers Rs. 4,500 - Rs. 15,000 Directors Rs. 10,000 - Rs. 25,000

 

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