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Accountancy is a very stabilized profession. Accounts are an integral part of business activity of any magnitude. This field provides diverse opportunities to the people having all possible levels of skill in the field of accounts. What to speak of a big industrial house even a small businessman needs the services of an accountant. Even a matriculate with basic knowledge of accounts and accounting software (e. g. Tally) can find a job.
Chartered Accountancy Course is a professional course in accounting. It was introduced in our country in 1949, with the enactment of the Chartered Accountants Act. The institute of Chartered Accountants of India (ICAI) was formed the same year i.e. 1949. ICAI is an examining and a licensing body. Its head office is situated in New Delhi and five regional councils are as under Mumbai (Western Council), New Delhi (Northern Council), Kanpur (Central Council), Kolkata (Eastern Council) and Chennai (Southern Council). This Institute has 96 Branches spread all over the country and 11 chapters outside India. These chapters are situated in Abu Dhabi, Behram, Botsvana, Doha, Dubai, Southie Arabia, Zeddah, Nairobi, London, Ryadh and Zambia.
ICAI conducts the Chartered accountancy (CA) Course. The three-year course is a combination of theoretical education and practical training. The course aims to equip a student with knowledge, ability, skills and other qualities required of a professional accountant.
A Chartered accountant is one who is specialized in accounting, auditing and taxation. He also serves as a management and corporate caretaker. According to the Company Act only CAs in professional practice are allowed to be appointed as auditors of companies in India. A chartered accountant is a person who is accepted as a member of the Institute of Chartered Accountants of India (ICAI) after having passed the Final examination of the Chartered accountancy course conducted by the institute.
According to the new education policy, introduced in October 2001, the course being conducted by the Institute of Chartered Accountants has been divided into 2 parts. Professional Education Course and Final C.A. Course.
1.Professional Education Course: This course again has been divided in two parts
(a)Professional Education-I (PEI)
This course is compulsory for all those students who want to join the course after 10+2 or those who have secured less than required percentage of marks in graduation.
(b)Professional Education-II (PEII)
All other categories of graduates and post graduates who have secured more than the required percentage of marks or those who have passed the final examination of ICWI or ICSI are exempted from PEI and can get themselves enrolled for PE II directly. Graduates/ Post Graduates Music, Dance, Photography, Painting, Sculpture and allied subjects are not eligible for the course.
PE II course is compulsory for all the candidates whether they have passed PE-I or have joined directly. After the successful completion of PE-II, a candidate can get himself registered as Articled Clerk for 3 years practical training and he also becomes eligible for admission to the final course of Chartered Accountant
The candidates who have finished the practical training and also passed the final Examination as per the new syllabus has to participate in the programmers of General Administration and Communication skills or any other programmed as prescribed by the Institute from time to time.
Professional Education Course:
(a)Duration of course:10 Months
(b)Age Limit:No age limit
(d)Registration and Tuition Fees:Rs.2000/-
Subject of study: Fundamentals of Accounting, Mathematics and Statistics, Economics, Business Communication and Organization and Management.
(e)Conditions for qualifying the Exam:
It is compulsory for a person, to secure minimum 40% marks in each paper and minimum 50% marks in aggregate, to qualify the examination. This Exam has to be passed in continuous five sittings. No chance shall be given after than.
(a)Duration of Course: 20 months
NOTE : Candidates appeared in the above mentioned examination can be registered provisionally.
(c)Registration and Tuition Fees: Rs.2650/-
(d)Subjects of study:
Group-I: Accounting, Auditing, Business and Corporate Law.
Group-II: Cost Accounting and Financial Management, Income Tax and Central Sales Tax, Information Technology.
Examination has to be passed in five continuous sittings.
Article-ship/ Practical Training Articles clerk is a trainee, who is attached with a practicing Chartered Accountant for 3 years training under Deed of Articles.
The candidates who have passed the Foundation Examination are eligible for training upto 31-12-2003. Such candidates shall have to clear PE-II exam during Practical Training.
Stipend : Candidates registered for the training, as Articled Clerk shall be eligible to get the stipend as prescribed under Chartered Accountancy rule from time to time.
Final C.A. Course : PE-II pass candidates who have obtained compulsory computer training are eligible for Registration in the Final C.A. Course. The following subjects are taught in this Course.
Group-I : Advance Accounting, Management Accounting and Financial Analysis, Corporate Law and Secretarial practice.
Group-II : Cost Management, Management Information and Control Systems, Direct and Indirect Taxes.
Registration for the PE Course : Candidates can get themselves registered for PE Course in the following Zonal Offices of the Institute:
1.The Institute of Chartered Accountants of India, Post Box 7100, Indraprastha Marg, New Delhi – 110 002 for candidates residing in Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab and Delhi States and Union Territory of Chandigarh.
2.Western India Regional Council, The Institute of Chartered Accountants of India, Avanveshak, 27 Cuffe Parade, Mumbai – 400 005 for the candidates residing in the States of Gujrat, Maharashtra, Goa and the Union Territories of Daman & Diu and Dadra & Nagar Haveli.
3.Southern India Regional Council, The Constitute of Chartered Accountants of India-122, Mahatma Gandhi Road, Post Box No.3314, Nanbakkam, Chennai – 600 034 for candidates residing in the State of Andhra Pradesh, Kerala, Karnataka & Tamil Nadu and Union Territories of Pondicherry and Lakshadeep Islands.
4.Eastern India Regional Council, The Institute of Chartered Accountants of India, 7 Russel Street, Kolkata – 700 071 for the candidates residing in the States of Assam, Meghalya, Nagaland, Urissa, West Bengal, Manipur, Tripura Sikkim, Arunachal Pradesh and Mizoram and Union Territory of Andaman, Nikobar Islands.
5.Central India Regional Council, The Institute of Chartered Accountants of India, Post Box No.314, 16/77 'B' Kanpur Civil Lines, Kanpur – 208 001 for the residents of Uttar Pradesh, Bihar, Madhya Pradesh, Uttranchal and Jharkhand States.
The registration for Professional Education PE Course remains open throughout the year. A candidate has to get himself registered for at least 10 months prior to the examination i.e. for the Exam to be conducted in the month of May the registration is open up to 30th June of the previous year and for the Examination to be conducted in the month of November, registration is open up to 31st December of the Previous year.
The details regarding CA Exam can also be obtained from the Director of Studies, The Institute of Chartered Accountants of India, C-I, Sector-I, Noida – 201 301.
Membership : A candidates who has passed Final Examination of the Institute & required essential practical training along with the successful completion of prescribed 'Management and Communication Skill' programmers becomes a member of the Institute. He is registered for 5 years regularly and has got required experience can apply for 'Fellow Membership'. Employment/ Self-employment: Chartered Accountants play an important role in Management Consultancy services, Industrial and Government Institutions. Good academic background and practical Training in reputed organization helps in getting good jobs.
Pay and perks of Chartered Accountant : Varies with different organizations. A C.A. can work as Chief Accountant, Finance Director, Managing Director and Controlling Officer. He can also work as a Lecturer in some college or university. Chartered Accountant can do his private practice and can became a partner in some company or firm also. For doing private practice he has to get a certificate from the Institute. In the modern era of Industrialization, every big company needs a 'Chartered Accountant' who can effectively manage the show.