Chartered Accountant (CA) is one of the most prestigious choices of career for commerce students. Students who have completed higher secondary education or a degree in commerce can opt for this career path.
CA profession revolves around the finance part of an organisation and deals with business strategy, budget management, financial accounts, taxation, etc.
Every organisation needs a CA who can audit and manage accounts and taxation. Hence, the career opportunities for CA are immense.
Before learning about the various career options available for CA aspirants in India or abroad, let us look at the basic skills and requirements for becoming a CA.
Requirements to Become a Chartered Accountant
There are three levels you need to finish to become a certified CA. The eligibility criteria for all three levels are as below:
Level 1: Foundation
It is the standard proficiency test. The eligibility criterion is 10+2 in any stream. But subjects offered in the commerce stream in class 11 align perfectly with CA aspirants. It is a four-month course, and you need to clear the CA foundation exam after completing the course.
Level 2: Intermediate
It is a three-year course, and the eligibility criteria for this course is graduating with 55% marks in the commerce stream or 60% marks in other streams or the CA foundation exam result. There are two groups of exams for the intermediate level, and you need to pass both of them.
Level 3: Final
It is a two-year course, and you must pass level 2 and finish two and half years of articleship to apply for this final level. You need to pass the CA final exam after course completion and articleship to become a CA.
The Institute of Chartered Accountants of India (ICAI) regulates the Chartered Accountants in India, and they conduct the CA exams.ICAI certifies the qualified CAs once they complete the three levels, after which career opportunities for CA open up.
Skills Required for Chartered Accountant
Some of the critical skills required for becoming a successful CA:
1. Market Awareness
You need to be aware and updated on the latest tax laws and regulations to provide your services to the clients in a better and more accurate way. Be aware of the latest trends and developments in the investment and finance industry to provide better advice to your client.
2. Analytical Skills
You need to logically and accurately evaluate numbers daily as a CA. An analytical mindset will help you assess critical details, data, information, and numbers so you can provide better financial judgment.
3. Attention to Details
CAs have to work with numbers, so being detail-oriented becomes important when formulating complex calculations and filing tax returns. You need to be precise to avoid errors and spot any inaccuracies.
4. Ethics
It is one of the core values of a CA, as being trustworthy, loyal, and honest is your duty. Maintaining work ethics is important, so people can trust you and look at you as a reliable CA.
Career Opportunities for CA
Some of the most popular career opportunities for CA that cover a wide array of interests and open up new pathways along the line are:
1. Finance Manager
The finance manager develops and monitors the department budget and provides his help in setting the organisation’s future budget by doing financial forecasting. The desired skill sets for this position are analytical skills and Microsoft office suite.
Furthermore, with growth in performance and accuracy, finance managers can move up the ladder of job opportunities for CA in India. They can become Senior Finance Manager, Financial Controller, or Finance Director.
2. Tax Manager
A tax manager’s role in an organisation is to manage all the tax reports. They also ensure that the firm complies with local, state, and federal laws.
Tax managers make strategies to minimize a company’s tax liabilities within legal bounds. They prepare, file, and review taxes and show improvement in the company’s tax processes.
3. Auditing
An auditor’s job is to audit the company’s financial activities and review the business accounts. Their primary role is to check the financial health of the company. They prepare financial reports and advice on how to save money.
It is one of the most sought-after job opportunities for CA final students.
4. Certified Public Accountant (CPA)
It is considered one of the highest competencies in the accounts industry. Apart from being a CA, you can explore must studying the following courses to become a CPA in India and abroad:
- The US Generally Accepted Accounting Principles (GAAP)
- Generally Accepted Accounting Standards (GAAS)
- IFRS (International Financial Reporting Standards)
- US federal taxation and business laws
It is also a good option for people looking for career opportunities for CA abroad. You have to give CPA exams to qualify for this, consisting of 4 exams that you need to clear within a year. You can become a Forensic Accountant, Tax Accountant, International Accountant after passing the exam.
5. Company Secretary
It is one of the best career options for CA final dropouts. The company Secretary (CS) handles the organisation’s legal and accounting matters. It is an authorized job that can perform the secretarial audit of a company.
People generally consider CS a little easier to pass than CA in terms of difficulty level. CS also has three levels, and you can jump to the second level if you have passed the CA first level or graduated.
6. Investment Banker
It is one of the most prominent career opportunities for CA, who is interested in the stock market and forex. You have the choice to work with banks and non-banking finance companies.
If you are going for banks, your aim should be to go for foreign banks instead of private and public sector banks. You get better growth exposure and global clients when working with foreign banks.
This option is also great for people looking for job opportunities for CA in the banking sector.
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7. Entrepreneur
You can choose to be an entrepreneur and practice as CA in your own firm after enough confidence and technical experience in the field. To become a successful entrepreneur, you need to be talented, exceptionally skilled, know business hacks, and be proficient in analytical skills.
This route is an excellent option for people looking for diversification and expansion in the long run of their careers.
Conclusion
You may have just graduated from the top 10 commerce colleges in India. Or you may have chosen to explore new career paths. Whatever the scenario, CA is one of the high-income professions that opens up various job opportunities. You can start your firm and practice or get into diverse sectors advising on financial aspects.
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