How to Become a Chartered Accountant?

A career in Finance can take you into a diverse range of industries. Chartered Accountancy is the most popular career path in finance as a CA is deemed an essential part of a corporate organisation. This specialised field of Finance is challenging and rewarding as it offers you international career opportunities with a potentially high salary scale along with extensive growth opportunities. By becoming a Chartered Accountant, you can discover an array of prospects like working as a financial consultant or setting up your own independent practice. There is a wide range of opportunities available in the financial sector as well as business firms. But the journey of becoming a successful chartered accountant is filled with rigorous professional training. Thus, if you are someone who is looking to pursue a career in Chartered Accountancy, here is an article which will walk you through the major aspects of how to become a chartered accountant.

Must Read: Accounting Courses

What is Chartered Accountancy?

Chartered Accountancy is a professional field which can be simply termed as the management of finances, accounting and taxation for an organisation or any business entity. Chartered Accountant is a global professional designation granted to certified accounting professionals across the globe. CAS handle various responsibilities in an organisation such as management accounting, financial accounting and reporting, applied taxation or finance, audit and assurance, amongst others. To become a Chartered Accountant in India, you need to complete the CA course by the Institute of Chartered Accountants of India (ICAI).

Responsibilities of a CA

CAs are experts who can readily find work in a variety of economic sectors. They manage an entity’s finances by giving financial advice, writing up accounts, preparing financial statements, financial analysis, taxation and cost accounting, and assisting with wealth management. They can work for a company, a person, or the government.

The most obvious incentive to pursue a career in Chartered Accounting is that it is a profitable and stable job. Money is like gasoline for the entire globe, and every firm requires assistance in managing its accounts, tax filing, and audits.

There are numerous options for Chartered Accountants. Every firm, regardless of industry, need finance management, and Chartered Accountants are the solution.

Pros and Cons of Becoming a CA

Advantages	Disadvantages
High Pay Scale	Learning Period never ends
High demand job	Long monotonous working hours
Endless of opportunities	Will have difficult Deadlines
Stable income	Lots of stress

The process to become a chartered accountant is difficult yet straightforward. This profession offers stability, consistent growth, and a competitive salary. Yet, it necessitates constant understanding and details of every financial transaction. Furthermore, this career necessitates continuous learning and research.

Chartered Accountants must meet certain deadlines at the end of each fiscal year, and this work can be extremely stressful during that time. Every career has advantages and disadvantages, and chartered accounting is no exception. But, in order to determine whether this job is right for you, you must conduct extensive research.

CA Course in India

To gain the prestigious certification of a Chartered Accountant, you are required to accomplish the CA course in India which takes around 5 years and aims to help you achieve a stronghold in the finance and accounting industry. It is constituted of 4 primary levels, i.e. CA Foundation or CPT, CA IPCC, Articleship Training and CA Final.

CA Exam Important Dates 2023

Check out the table below for CA Final Exam Dates in November 2023: 

Particulars	Foundation	Intermediate	Final
Commencement of application	July 2, 2022	Open throughout year	Open throughout year
Last date to register with the Board of Studies (BOS)	January 1, 2023	January 1, 2023	January 1, 2023
Availability of exam form	February 3, 2023	February 3, 2023	February 3, 2023
Deadline for filling the exam date without a late fee	February 24, 2023	February 24, 2023	February 24, 2023
Deadline for filling out CA Final exam form 2022 with late fee (of Rs. 600)	March 3, 2023	March 3, 2023	March 03, 2023
Correction window	March 4 to March 10, 2023	March 4 to March 10, 2023	March 04 to March 10, 2023
Availability of admit card	Around 15 days before the exam	Around 15 days before the exam	Around 15 days before the exam
CA Final 2022 exam date	June 24, 26, 28 and 30, 20232	Group I- May 03, 06, 08, and 10, 2023Group II- May 12, 14, 16 and 18, 2023	Group I- May 02, 04, 07, and 09, 2023Group II- May 11, 13, 15 and 17, 2023
Announcement of CA Final result	July 2023 (expected)	June-July 2023 (expected)	June-July 2023 (expected)

Eligibility Criteria for CA

There are two main routes to becoming a Chartered Accountant in India by accomplishing the CA course by ICAI. These two pathways are:

Foundation Route (After 12th)

The minimum qualification you need to register for the CA course is that you must have completed 12th and then you can enter the program at the first level, i.e. CA Foundation which can be completed with a minimum of 4 months of rigorous preparation and can vary as per the individual. After accomplishing CA Foundation, you need to opt for CA IPCC and once you have cleared this level, you have to take a 3-year Articleship training and then you can move towards the final phase of the CA Final exam.

Direct Entry Route (After Graduation)

For those who are wondering about how to pursue CA after Graduation? or post-graduation, you can directly opt for the CA Intermediate level if you have 55% marks in a bachelor’s degree in Commerce or 60% in a bachelor’s degree in any other field. After completing the CA Intermediate level, the rest of the pathway towards 3-year articles followed by the CA Final remains the same.

How to Become a Chartered Accountant?

Now that you are familiarised with the eligibility of the CA course, we have detailed a complete guide on how to become a Chartered Accountant in the following sections:

Choose a Career Path

Different paths are available for those aspiring for a career in Chartered Accountancy. This field constitutes various job roles such as a Chartered Accountant, Chartered Management Accountant, Chartered Accountant (Audit), Chartered Certified Accountant, Public Accountant, Business Accountant, Finance Manager, etc. These career paths vary according to the professional training and knowledge an individual has gained. To explore these opportunities, you can choose from numerous quality education programs offered around the world in the field of Finance and Accountancy.

Register for CPT

A Common Proficiency Test authorized by the Institute of Chartered Accountants of India is the primary level exam of Chartered Accountancy. Clearing this test, you will become eligible to appear for the second-level entrance exam which is integral for becoming a CA. 

Register for IPCC

Candidates who have successfully passed the CPT exam can apply for the next level Integrated Professional Competence Course. IPCC comprises a total of 7 exams in the form of groups (Group 1+ Group 2). Candidates are required to qualify for a minimum of one group in order to proceed to the following level.

ITT and Orientation

Information Technology Training and Orientation program is compulsory for candidates aspiring to become a CA. The program introduces you to the essential skills and knowledge of the Accounting industry. The only major concern regarding the ITT and orientation is their registration process. Hence, it becomes important to apply for the ITT and orientation program prior to registering for the Articleship.

Registering for Articleship

Articleship is a critical part of the procedure of how to become a Chartered Accountant because it equips students with vital exposure to the Accounting industry. Those aspiring to work as a CA are required to register for article assistance for a period of 3 years with any practising chartered accountant. To begin with, individuals can start working in financial and accounting firms which will provide them with real-time experience in handling clients and executing financial programs. By gaining proper professional experience, you will be deemed qualified for the final CA exam.

Qualify for CA Final Course

Candidates are required to appear for the CA final examination during the last six months of their article training period. This is the last step of the process of becoming a CA after which you can step into the industry to gain further experience.

Get Additional Professional Experience

Completing just a CA course or graduation degree is not enough. Today, top recruiters and business firms look for professionals with specialised knowledge and skills. You need to take a specialisation to discover career prospects in your chosen field of interest. You can choose from a wide range of Finance courses offered around the globe and opt for a specialisation that fits your preferences and interests.

List of Popular bachelor and postgraduate degrees

If you want to know more about the procedure of how to become a Chartered Accountant, one of the most efficient ways is to explore degree courses in Finance and Commerce. There are various undergraduate, and postgraduate programs that can help you build a strong career in Chartered Accountancy. 

Here is a list of popular bachelor and postgraduate degrees that can be pursued to build a foundation in Chartered Accountancy:

• Bachelors of Finance
• Bachelor in Finance Management
• Bachelor in Commerce (BCom)
• B Com Accounting and Finance
• Bachelor in Business Management
• Masters in Finance
• Master in Finance Management
• Masters in Commerce (MCom)
• Master in Business Management
• MBA in Finance
• MBA in Business Management
• MBA in Financial Modeling
• MBA in Investment Banking
• MBA in International Finance

To know more, check out: Accountant Courses

Top Universities

Here is a list of some of the best colleges abroad offering quality programs in Finance and related disciplines:

• EU Business School
• University of Alberta
• Sydney Business School
• University of Oxford
• University of Toronto
• University of Waterloo
• New York University
• Concordia University
• King’s College London
• Harvard Business School
• London School of Economics and Political Science

Here is a list of some of the best colleges offering quality programs in Finance and related disciplines in India:

• IIM Ahmedabad
• IIM Bangalore
• XLRI Jamshedpur
• IIM Calcutta
• Jamna Lal Bajaj Institute of Management Studies Mumbai
• K J Somaiya Institute of Management Studies & Research Mumbai
• International Management Institute New Delhi
• IIM Kozhikode

CA Syllabus

Before applying for any exam, it is important that applicants are aware of the exam syllabus. Here is the CA syllabus for all the papers

CA Level	Subjects
CA Foundation	1. Principles and Practices of Accounting 2. Business Law & Business Correspondence and Reporting 3. Business Mathematics and Logical Reasoning & Statistics 4. Business Economics & Business and Commercial Knowledge
CA IPCC	1. Accounting 2. Business Laws, Ethics and Communication 3. Cost Accounting and Financial Management 4. Taxation 5. Advanced Accounting 6. Auditing and Assurance 7. Enterprise Information System & Strategic Management
CA Final	1. Financial Reporting 2. Strategic Financial Management 3. Advanced Auditing and Professional Ethics 4. Corporate Laws and Economic Laws 5. Strategic Cost Management and Performance Evaluation 6. Electives 7. Direct Tax Laws and International Taxation 8. Indirect Tax Laws

Duration of CA Course

It is commonly known amongst the student community, as well as others in our society who are not well versed in the CA course, that becoming a Chartered Accountant takes years. But, one should not be dismayed because this is not the case for all candidates. The minimal time required to become a Chartered Accountant is:

• Around 5 years for applicants who enter after the 12th grade through the Foundation course.
• Candidates who enrol in the Intermediate course through direct entry typically take four years.

Skills Required

Just like you need to know coding to become a product manager. There are some skills that are added advantage in your dedication and hard work. CA is one of the toughest exams in India and not that easy to crack, Here are some skills required to become a CA:

• Conceptual Clarity
• Accuracy
• Attention to detail
• Ethics
• Algebra
• Analytical Skills.
• Communication Skills.
• Deliver Professionalism 

CA Top Recruiters

Wondering where you can work after clearing your CA exams? CA has a wider scope in India. CA is required in every organization from legal firms to banks. CA jobs will be increased by 31% in the next two years. Here are the top CA firms to work in India:

• Deloitte
• PwC
• Ernst and Young
• RSM International
• Landmark Group
• Morgan Stanley
• JP Morgan Chase
• Citi Bank

CA Job Profile & Salary

CA is the toughest but still, the most sought-after profession in India. CA’s are required in legal firms, banks, auditing firms, and much more. CA can manage the accounts and finance of an individual or an organization. Applicants can work as Adutiors, Accounts clerks, Cost Accountants, Business Services Accountants, etc. Here are some popular job profiles with salary structures:

Job Profiles	Salary per annum (In INR)
Accounts Clerk	Rs. 4,00,000
Business Services Accountant	Rs. 5,50,000
Chief Finance Officer	Rs. 8,00,000
Cost Accountants	Rs. 7,50,000
Auditors	Rs. 4,85,816

CA Salary Based on Skills

Being a highly lucrative career option, Chartered accountants are also paid according to their skills. Industry skills like budget management, strategic accounting, management auditing, financial analysis, etc. are essential and influence the salary package of an individual. The following table is the average salary of a CA, based on their skills.

Skills	Avg. Salary p.a (INR)
Budget management	9.5-11 lakhs
Strategic accounts	8.9- 9 lakhs
Evaluation and management auditing	8.5-9 lakhs
Financial analysis	8.5- 8.8 lakhs
Financial Advisor	8.5-8.75 lakhs
SAP financial accounting and controlling	8.10-8.25 lakhs
Financial reporting	8-8.2 lakhs
Auditing	7- 7.5 lakhs
Account management	7-7.25 lakhs
Internal audit	7.25-7.35 lakhs
Accounting	7.25-7.35 lakhs
Tax consulting	7.10-7.25 lakhs
Tax compliance	7-7.1 lakhs

CA Salary Based on Experience

The salary of a CA also depends on the number of experience. Tabulated below is the average salary of a CA, based on years of experience.

Year of experience	CA Salary p.a
0-5	7 lakhs
5-10	12 lakhs
10-20	20 lakhs
Above 20	50-70 lakhs

CA Salary According to Various Employers

The salary of a chartered accountant is also highly based on various employers. Currently, the highest salary for a CA is given by reliance Industries. Given below is the average salary for a CA by different employers. 

Employer	CA Salary p.a
Reliance Industries	₹ 25-45 Lakhs (Highest)
Hindustan Unilever Ltd	₹ 10-36 Lakhs
Deloitte	₹ 14-35 Lakhs
KPMG	₹ 14-32 Lakhs
Aditya Birla Sun Life	₹ 13-28 Lakhs
ICICI Bank	₹ 11-27 Lakhs
ITC	₹ 10-25 Lakhs
TATA company	₹ 10-22 Lakhs
Bharti Airtel	₹ 12-22 Lakhs
SBI Bank	₹ 6-17 Lakhs

CA Books

Searching for any reputable chartered accounting books? Some of them are as follows:

• CA Foundation Scanner Cum Compiler by Dr S.K Agrawal
• Business Laws by Dr V.K. Jain
• Principles and Practice of Accounting by DR S.K Agrawal
• Business Mathematics Logic Reasoning & Statistics by Kailash Thakur
• Business Laws by Dr V.K. Jain and CA Shashank S. Sharma    
• Business Economics and Business & Commercial Knowledge by Dr P.M Salwan and Dr C.B Gupta
• Business Correspondence & Reporting By Dr C.B. Gupta    

Tips on Getting a Job as a Chartered Accountant

When looking for a career, consider your whole personality. Every company looks for particular characteristics in any candidate. Therefore, it is equally crucial to focus on both your general personality and your CA skills. Here are a few characteristic features or behaviours that can help you stand out in an interview and get the job of your dreams.

• Communication
• Business Awareness
• Patience
• Analytical Mindset
• Self Motivation

FAQs

Now you know the major details of the process of how to become a Chartered Accountant. Leverage Edu mentors can help you in cracking the various levels of CA exams along with choosing the right university for studying a suitable program in Chartered Accountancy.