Finding a career path that is the best fit for us is pivotal for our long term career success, yet many of us struggle with choosing a rewarding way for our career. Choosing the right career option is a daunting task. It requires- asking smart questions, doing research, weighing options, and talking things over with trusted advisers. But Forbes finds that "no matter how much we analyze, ponder and ruminate, the right answer remains elusive." Lack of awareness, fear of failure, current obligations, and educational barriers act as roadblocks in making the right career decision.
Most of us go through this mental logjam during our school's final years of our school, and for those who've opted Commerce as their stream, the first and the rosiest option that flashes in everyone's mind is the ambitious course of Chartered Accountant offered by ICAI. The career path to becoming a Chartered Account (CA) is challenging but very promising as well. It is considered to be among the highest paying professions, and due to this, many students are prompted to take up this demanding profession as their career option. Though lucrative, the journey to becoming a CA is challenging and tiring and requires proper guidance and awareness apart from hard work and dedication. This article is for those who've found their 'Ikigai' in chartered accountancy course, and it discusses every aspect of this course and the importance of joining the right coaching institute to succeed.
About Chartered accountancy
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 filing tax returns, auditing financial statements, and business practices, maintaining records of investments, preparing and reviewing financial reports and documents. A Chartered Accountant is also qualified to offer advisory services to clients, including companies and individuals.
Becoming a certified Chartered Accountant requires completing three training levels designed by the Institute of Chartered Accountants of India (ICAI). The ICAI is a statutory body that regulates and maintains the profession of chartered accountancy in India. There are two routes to pursue Chartered Accountancy Course, namely-
- Foundation Course Route
- Direct Entry Route.
(This article primarily focuses on the foundation course route)
Structure of the exam
To become a Chartered Accountant, the candidate has to go through a process of training and exams at various levels. In India, the Institute of Chartered Accountants of India (ICAI) conducts CA exams and certifies a candidate as a qualified Chartered Accountant on completing the three-level course. It includes:
Level I - Common Proficiency Test (CPT)
Level II - Intermediate (Integrated Professional Competence) Examination
Level III - Final Examination
Steps under Foundation Route entry
- Register with Board of Studies (BoS) after appearing in or clearing the Class XII examination
- Appear for Foundation examination in June/December
- Qualify Foundation Course i.e., CPT
- Register with the BoS for the Intermediate Course
- Complete eight months of study course
- Appear and Pass in either or both Groups of Intermediate Course
- Complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) any time after registering for Intermediate Course but before the commencement of the Practical Training
- Register for Three Years Practical Training on passing either or both the Groups of Intermediate Course
- Register for the Final Course after qualifying both the Groups of Intermediate Course
- Complete Four Weeks Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) during the last two years of Practical Training but before appearing for Final Examination
- Appear in Final examination during the last six months of practical training
- Complete Practical Training
- Qualify both groups of Final Course
- Become a member
Career options after becoming a CA
Post liberalization, privatization, and globalization chartered accountancy have become a rewarding career in India's prospects. As a result, pursuing this course has become a dream of many. After completing your CA, a person is not only qualified to get a well-paying job but can also become a job giver. And the choice always remains with the person. After clearing the exam, he/she becomes a member of ICAI and can use the prefix CA before their name. As a CA, a person has all the liberty to choose from a variety of career opportunities. Some of these opportunities include-
- Practice as a CA
- Join a consultancy firm
- Join a CA firm
- Work at managerial positions in corporate houses.
- Investment banking
- Work as a teacher
- Taxation advisor
- Internal, tax, and forensic auditing
The list is not exhaustive. A CA is one of the most crucial arteries of every company and has innumerable options to explore.
The need for proper guidance to ace the exam
CA exams conducted by the ICAI are among the most challenging and most demanding exams in the world. It is tough, if not impossible, to clear such an exam without proper and continuous guidance. Its syllabus is extensive and intensive and includes financial reporting, auditing, strategic financial management, etc. These are too technical to understand without the assistance of a professional who is trained to teach that particular subject and has vast experience and in-depth knowledge in it. Guidance is also required to formulate the right strategy for the exam. Therefore it becomes almost mandatory to join the coaching institute while preparing for this exam.
When it comes to choosing the coaching, the first thing to decide is whether to go for offline coaching classes or to join online courses. Indeed, the physical coaching institutes give you the benefit of one-to-one interaction, but the benefits of choosing online courses certainly outweigh the singular positive aspect of offline coaching. The services of taking up online classes include:
- Flexible timings- since the student has attended classes online, he/she does not have to worry about the rigid timings of offline classes and can schedule their studies according to their time.
- Saves traveling time- One of the most crucial advantages of online classes is that it saves the traveling time. Most of the students residing in other cities or far away from the coaching institute can benefit from these online classes. Students don't have to travel long kilometers nor have to stay away from their homes.
- No issue of missing the classes – Missing even a single class can make it challenging to understand the whole chapter. Online CA Coaching resolves this issue by providing lectures on your demand and according to your convenience.
- Replay the concept- It's impossible to understand every student to understand a topic in one go. And for students who are too shy, it becomes difficult to raise their doubts in front of the whole class. Online classes resolve this problem as you can always replay the lecture to understand it fully.
If you have made up your mind to join online classes but are struggling to find the best one, visit www.coursetrail.in as it is a one-stop solution to all your worries. It brings together courses from CA Aarti Lahoti, CA BhanwarBorana, CA Sankalp Kanstiya, CA Vinod Kumar Agrawal, CA Pankaj Garg, CA Rajkumar, and many other renowned faculties from around the country under one roof that too at a discounted price.