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The most sought after professional degree in the Commerce stream is Chartered Accountancy. Only members of the Institute of Chartered Accountants of India (ICAI) can call themselves Chartered Accountants, upon attaining the certificate from the Institute. Chartered Accountancy as a profession is attracting a lot of young and witnessing a rapid growth, thanks to the growing corporate sector. Chartered Accountants usually occupy high and respectable posts in a given organisation. They are the ones responsible for handling accounts and finance related matters, deal with money management, prepare, analyse and audit accounts alongwith providing financial advice. There is a huge demand and supply gap for Chartered Accountants in India and the acute shortage of CAs in India are making corporates, accounting firms and the financial services sector scramble after them with higher salaries. The Institute has about 1.40 lakh registered members and it churns out nearly 10,000 CA every year as against the demand for them which is nearly double the number.
Traditionally Chartered Accountants (CAs) were viewed as number-crunchers, primarily dealing with accounting function of an organization only. However the traditional role of a CA continues to expand and includes all aspects of business from performance to growth strategy. Moreover, today's CAs are leaders, as well as close collaborators in high-profile organizational initiatives that require skills far beyond number-crunching. CA Course offers unique academic knowledge blended with practical training which is highly in demand by the business and industry in the advent of liberalisation, privatization and globalisation of Indian economy.There is currently a huge demand for CAs, with the renewed focus on business ethics, the global economy and new technology. Getting a CA Qualification would open a variety of doors in all sectors of the booming business world. CA Qualification signifies honesty, objectivity, ability and financial expertise to employers and peers.
About ICAI
In India, only Institute of Chartered Accountants of India is legislatively competent to award the degree of CA. The Institute of Chartered Accountants of India (ICAI) is the premier professional accountancy body of the country, established in July 1949 to regulate the profession of Chartered Accountancy in India.
The Institute has its headquarters at New Delhi. In addition, it has five Regional Councils located in Mumbai, Chennai, Kolkata, Kanpur and New Delhi and 116 Branches spread all over the country. The Institute has also 18 Chapters outside India located in Abu Dhabi, Bahrain, Botswana, Doha, Dubai, Indonesia, Jeddah, Kuwait, London, Melbourne, Nairobi, Nigeria, Port Moresby, Riyadh, Saudi Arabia, Sydney, Toronto and Zambia.
The Institute is actively engaged in imparting education and training to the students and conducts examinations for them and grants membership to successful candidates and certificates of practice to members intending to practice the profession. The ICAI’s Board of Studies of the Institute imparts theoretical education to students of the chartered accountancy course.
What CAs do?
CAs typically begin their careers in public accounting because it provides the fastest and broadest exposure to a variety of businesses.Many CAs move into corporate positions as they advance in their careers, or pursue opportunities with governmental and not-for-profit entities. In addition to the typical accounting functions, there are many specialty disciplines:
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Audit and Assurance – Ensuring that financial statements properly reflect the financial performance of the company.
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Tax and Financial Planning – Recommending savings, investment, and tax options to eliminate debt, control expenses, minimize tax burdens, and optimize investments.
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Internal Auditing – Assessing the effectiveness of an entity’s control structure either as an employee or an outside consultant. These professionals are in high demand as a result of new corporate governance regulations.
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IT Services – Designing, integrating, and implementing advanced software systems, acting as a bridge between hardware/software and organizational goals.
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Forensic Accounting – Preventing, detecting, and investigating financial frauds such as embezzlement, securities fraud, tax evasion, and money-laundering schemes. Demand for this specialty has grown significantly as a result of recent corporate scandals.
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International Accounting – Companies adopting International Financial Reporting Standards (IFRS) need accountants to help reconcile IFRS with U.S. GAAP. Professionals with knowledge of U.S. GAAP who work well in an international environment are increasingly in demand.
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Environmental Accounting – Addressing how companies can be both environmentally responsible and profitable. This includes focusing on a variety of projects like environmental compliance audits and managing and preventing claims and disputes.
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Consulting Services – Providing a variety of specialty services for companies, including performance management, financial planning, and strategy and operations planning.
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Financial Analysis – Evaluating business data, identifying trends, and participating in the long-term strategy of a firm.
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General Accounting – Processing journal entries, performing account analysis and reconciliation, and preparing payroll, sales, and use tax, and other local tax filings.
What CAs Earn?
Chartered Accountants are sought after professionals in the Industry. The Committee for Members and Industry of the Institute organizes campus placement for newly qualified chartered accountants every year. These campus placements programs are organized in different cities wherein thousands of students avail the opportunity, and get recruited in reputed companies in various sectors.
Factors such as geographic location, years of experience, level of education, and the size and revenue of an employer all play a role in determining the salary of a CA.
Demand for CAs
Competition to hire CAs at all levels is fierce. Employers have raised salaries, added bonuses, and offered other attractive benefits to attract and retain the most qualified candidates. In recent years, three factors have combined to drive a higher demand for CAs. The biggest contributor to increased demand is heightened corporate accountability. The proliferation of multi-national organizations has fueled demand for CAs — both internationally and domestically. CAs with solid IT skills are needed to design, integrate, and implement advanced software systems, as well as serve as consultants to link hardware/software solutions with sound business plans.
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CA Course offers the students a dream career in the specialized areas of Accounting, Auditing, Corporate Finance, Corporate Laws, Taxation.
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CAs are highly demanded professionals in industry.CAs are statutorily recognized audit practitioners.
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CAs are highly demanded and sought-after professionals in the practice of Income-tax, Service-tax and other indirect tax areas.
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CAs are technically equipped to act as management consultants.
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CAs possess adequate knowledge in systems and information technology, which help to excel in the areas such as development of advanced IT systems for the organisations including for the functions of finance and accounting.
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CAs are better equipped to discharge accounting and audit functions in a computerized business environment.
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As practitioners of public accounting, CAs may start Professional practice as a proprietor or join any existing firm as a partner or staff member.
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