Chartered Accountancy is a professional practice of accounting, auditing, taxation, financial assessment for an individual or organisation. Chartered Accountant is a designation given to an accounting professional who has received certification from a statutory body that he/she is qualified to take care of the matters related accounting and taxation of a business, like file tax returns, audit financial statements and business practices, maintaining records of investments, preparing and reviewing financial reports and documents. A professional trained in Chartered Accountancy is also qualified to offer advisory services to clients which include companies and individuals.
Scope of CHARTERED ACCOUNTANCY in INDIA
Chartered Accountants are ICAI’s (Institute of Chartered Accountants of India) members with options to either work in private or get placed in accounts & finance department .The exact meaning of this profession may be clear to everyone now let’s move on to the scope of opting this profession in India and as well as in abroad in big companies & firms.
- If working in private, career scopes may vary largely based on the size and place (city) of practice and when working for large practicing firms with higher specialization of individual accountants, the career scopes are still higher.
- With the advancement in the Indian economy, scopes for CA professional is also becoming broader. Simultaneously with amplifying the career opportunities for CAs, the upgradation in the economy is summing up challenges for CAs to upgrade their knowledge & skills in the exclusive fields of tasks.
- The various employment opportunities for Chartered Accountants include – Independent professional practice, Chartered Accountants firm, Capital market services, Consultancy companies, Large organizations, Financial companies, etc. More than 78,000 members of the Institute of Chartered Accountants are there, among them 70% work in public practice and the rest are engaged in trade & industry services.
Specialized roles of CAs are as follows:
- Share Value
- Financial Reporting
- Management & Corporate Consultancy
- Tax Advisor
- Management Accounting
- Cost Accountant
- Company Liquidator
- GST Expert
- Corporate Financing
ROLE OF A CHARTERED ACCOUNTANT
1)manage financial systems and budgets
2)undertake financial audits (an independent check of an organisation’s financial position)
3)provide financial advice
liaise with clients (individuals or businesses) and provide financial information and advice
4)review the company’s systems and analyse risk
5)perform tests to check financial information and systems
6)advise clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers
7)maintain accounting records and prepare accounts and management information for small businesses (accountancy)
8)advise clients on business transactions, such as mergers and acquisitions (corporate finance)
9)counsel clients on areas of business improvement, or dealing with insolvency
10))detect and prevent fraud (forensic accounting)
The salary of a Chartered Accountant in India depends on his/her skills, capabilities, and experience. The average salary of Chartered Accountants in India ranges from 6-7 lakhs to 30 lakhs. International packages are even higher ranging up to 75 lakhs. Last year’s stats show that the average salary of CAs in India was offered around 7.36 lakhs p.a. in the campus placement conducted by ICAI. Rank Holders and Single attempt passed students get a priority over the multiple attempts passed students.
1. Manage your Time:
Learning time management is crucial when cracking the CA exam. you ought to set your sights on scoring high and provides abreast of stalling activities like social media, TV watching and spending time together with your friends. you’ll do these later; what you ought to do is create a time management strategy and stick with it. Plan your study time with a 3-4 hour period for every study time.
2. Daily Study:
Daily studying is vital to urge through the CA exams. However spending quite 10-11 hours in study can tax your brain. you would like to practice question papers for each subject with time allotted to answer all the questions within a specified deadline . This practice will assist you while completing your final examination within the time-frame , supplying you with a while to recheck your answers at the top .
3. Self Evaluate:
Practice question papers should be the self-evaluation tool that you simply use to know your strengths and weaknesses. Practice also will cause you to confident and helps you to review your preparedness. A SWOT (strengths, weaknesses, opportunities and threats) analysis of your answer paper will assist you plan in preparing during the ultimate leg before the D-Day. you’ll strengthen your weak areas but also repose on your strengths in order that you score well.
4. Practice, Practice, Practice:
Go through the solutions of previous inquiries to familiarise yourself with possible questions. you’ll find that there are a couple of questions and topics that are repeated year on year. If you steel oneself against these, you’ll aim at achieving an honest score for your CA exams.
5. Divide and Revise:
Every CA course level features a large portion to hide . an honest strategy to follow is “Divide and revise”. Divide your subjects into smaller modules then do your revisions.
6. Mock Exams:
You will be highly tensed and stressed on the day of the exam. Mock exams are a sure shot thanks to understand the texture of the exam day and to be prepared for it. Mock exams test not only your knowledge but also your speed and writing skills, all of which play key roles in your final performance. These tests will assist you set some time limit once you answer your paper.
7. Be healthy:
It is essential to require care of your body while being buried in your books. it’ll keep your mind alert and your body fit. Regular exercise can even reduce your stress levels. Sleep for a minimum of seven hours nightly and eat healthy nutritious meals. Also, remember to hydrate yourself by drinking a minimum of 8 glasses of water a day . Avoid food and eating call at the run up to your exam day to avoid falling ill. Don’t be over-stressed; stay confident and focused, and you’ll finish well.
8. Say bye to www:
Information is quickly available on the web , but it are often a possible time waster with social media and other avenues of entertainment. prevent from the web during the preparation days in order that you’ll utilise some time and energy on your syllabus. it’s advisable to show off all notifications on your phone and set a hard and fast deadline to browse the web .
9. Stay positive:
The last leg of the CA race are often both mentally and physically strenuous. Stay positive and be calm; this may boost your confidence and assist you score well. If you are worried an excessive amount of before your exam, it’s going to hamper your best performance.
Cracking every level of the CA exam is important to be certified as a accountant , but that doesn’t guarantee you an honest career path. it’s important to attain well to be selected by an honest CA firm.