After the 12th standard, the period taken to become a Chartered accountant is approximately five years. CA foundation takes a dedicated preparation time of four months. In the case of the CA foundation, the waiting period for the result goes as two months. In the case of CA intermediate, the period of study goes as eight months. The completion of ITT, OT, and results go as 2.5 months. The time dedicated to gain the article ship training is three years. Altogether it is perceived as five years to complete CA after the 12th standard. Let me throw light on the steps to follow, the job opportunities, and the individual practice benefits of the chartered accountancy profession.
What are the steps to become CA after 12th?
CA foundation is for 200 marks with the subjective and objective type of questions. CA intermediate is for seven subjects with 700 marks that carry question paper with a subjective model. As an intermediate exam consists of a subjective type of questions, it is conducted only through the offline option. Recently, as a specific case due to the pandemic issues ICAI institute is conducting the exams online. CA final consists of 8 subjects with 800 marks. CA Final exam has a subjective and objective type of questions. But, the objective type of questions undergoes correction without any negative marking.
The four thumb rule to complete CA is as follows:
CA foundation exam
CA intermediate exam
Article ship training
CA Final exam
Which field is best for chartered accountants?
Chartered accountants have two options as service and practice. The competition in the industry for the auditors is at a close pace. Keep knowledge updated to know the amendments from the finance industry. The financial newspapers, CPE speaker’s speech, Journal published in the ICAI from the members, and the recent books of the ICAI for reference are the resources to train the knowledge. The completed students can work as faculty to handle the orientation classes from ICAI and the ITT course.
The financial profile of chartered accountants gifts them with a collateral-free loan offer. Yes, if the chartered accountants want to recruit more staff and expand the firm, then they receive substantial funds from banks. For instance, if you apply for a loan with Bajaj Finance, then the eligibility is to hold a certificate of practice for four years and operate an office in the same location as the operational location of Bajaj finance. The market opportunities are wide open to the chartered accountants. The interest rate for the loans is not hefty. They get repayment tenure with a flexible period of 60 months.
Chartered accountants are good in taxation and auditing. The taxation companies operate as international taxation consultants and customs consultants. With complete tax knowledge, these types of companies do tax planning for the clients. Auditing companies work with management audit, statutory audit, forensic audit, and cooperative audit companies. The individual tax return assessment, bank audit, and individual firm audit are some of the other options for the auditors. Auditors can also work as investment bankers and insurance advisors as these industries require financial knowledge. Apart from auditing, these two are the second option to grow.
What are the Government Jobs available for CA?
Chartered accountants are suitable for PSU banks, SEBI Grade A, RBI Grade B, BHEL, Coal India, BPCL, Indian Oil Corporation, and the banking sector. There are no specific roles for chartered accountants in central and state government. CAG is the department which takes care of Auditing in Government departments. For the position of the senior auditor, one has to complete the SAS in the government jobs. RBI has posted such as data analyst and account specialist for the chartered accountants in India. Government corporate companies generate high revenues. The salary of CA in government jobs goes from 12.00 Lacs to 25.00 Lac per annum. In the Government companies, the experienced chartered accountants hold a position as DGM and AGM.
CA in Job Vs CA in Practice: Who is better in the long run?
Job security is the struggle, which is associated with the CA in practice candidates. They find the initial period as difficult to expand the business. But, each year of business is towards financial stability to the CA students who prefer practice. Those who prefer a job get salary and security in the top management. Initially, students with practice options cannot save much during the establishment of the business. It is also difficult to switch the job from practice to a private job. In CA practice, apart from the performance, the identity of the owner also increases the income. The hierarchy of the organization will not affect the practicing chartered accountants. But for job holders, need to work as per the organizational structure. The signature of the CA in practice has value, but the signature of jobholders is valued only after achieving higher positions. The learning part is high-level with the CA practice candidates when compared to the service-oriented chartered accountants. So, after considering all the points suitable to the mindset, one should go for the profitable option of job or CA practice.