How to become A Chartered Accountant

• CA

What do Chartered Accountans do?

A Chartered Accountant would typically need to:

• Manage financial systems and budgets, undertake financial audits, review the company's policies and analyze risk; prepare financial statements, including monthly and annual accounts
• Prepare and maintain financial records, ensuring their accuracy and compliance with relevant rules and standards
• Advise clients on tax and treasury issues and business transactions such as acquisitions & mergers and associated tax planning & tax issues; compute tax liability and prepare and file tax returns
• Maintain accounting records and prepare accounts and management information for small businesses
• Detect and prevent fraud and counsel clients on areas of business improvement or insolvency
• Produce reports and recommendations following internal or public-sector audits; arrange financial management reports, including financial planning and forecasting
• Liaise with internal and external auditors and deal with any financial irregularities as they arise; manage junior colleagues, and negotiate terms with suppliers
• Sign documents that need to be submitted to any official agencies or authorities by publicly traded companies
• Uphold the fundamental values and ethical principles of the accountancy profession including confidentiality, integrity, professional behavior, competency, and objectivity

Jobs for Chartered Accountants are more commonly found in cities and larger towns with potentially higher salaries. Post-qualification and training opportunities exist overseas. Travel within a working day is standard in audits carried out mainly at client premises. Overnight absence from home and occasional overseas travel is possible. Work in tax or smaller firms is more office-based with less travel. A formal dress code is expected due to the high-profile and high-responsibility nature of a Chartered Accountant’s work.

Working hours vary depending on the role and the organization, but typically are not 9 a.m. - 5 p.m. Working extra hours in the evening and during weekends is standard at the end of the budget year and during tax season in larger firms. As a trainee, you will usually be given time off instead of any overtime worked. Flexible working arrangements are traditionally possible after qualification.

Chartered Accountants get to choose whether they want to work with larger firms or smaller firms or specialize in a particular type of client. They can set up a small accounting firm or work as freelancers and provide accounting services and taxation to small to medium-sized businesses. Chartered Accountants with advanced education may choose to work as academicians.

Chartered Accountants are generally employed by:

• Public Practice Firms
• Small & Medium Practices (SMP)
• International Accounting Organizations
• Manufacturing, Retail & Telecom Industries
• Service Industries
• Public Sector Industries
• Local, State & Central Governments
• Educational Institutions
• Charities & Not-for-Profit Organizations

Professional associations and organizations are a crucial resource for Chartered Accountants interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more looks excellent on your resume to bolster your credentials and qualifications.

• Repetitive audit work before promotion in more prominent accounting firms
• Cyclical work periods of up to 80 hours a week compounded by the expectation of sustained focus under pressure
• Intense competition for training and jobs in the face of driven aspirants
• Continuous professional development essential as long as you are a practicing CA
• A detail-oriented profession which may not be everyone’s cup of tea
• Traditionally a hierarchical career
• Non-negotiable deadlines resulting in hefty fines if missed
• Bad choices made by clients who do not heed your valid advice
• A plethora of logistical requirements to run your own business efficiently

Due to the position’s sensitivity, Chartered Accountants often use their experience as part of their training. Explore apprenticeship and internship to learn more about the industry and increase the chances of employment.

Many colleges help students gain practical experience through summer or part-time internships with public accounting or business firms. Contact accountancy firms to ask about opportunities to gain relevant pre-entry work experience, such as vacation work, work placements, or shadowing.

Entry is open to graduates of all disciplines, but a bachelor’s degree in accounting or related fields is preferred. Some employers prefer to hire applicants who have a master’s degree, either in accounting or business administration with a concentration in accounting.

While entry to the profession without a degree or its equivalent might be possible in some countries, larger employers prefer graduates.

One of the most difficult parts of becoming a Chartered Accountant is securing a training contract with an employer approved by one of the institutes recognized the world over. As the training contract lasts for three to five years, it is important to consider the training package, leave and pay offered by your employer before you commit, as managing professional study while working can become demanding.

Competition is tough, and the selection process is rigorous. It is best to start applying in the autumn term of your final year at university to ensure access to the widest range of opportunities. Look out for the larger firms presenting on campus at recruitment fairs.

Certification demonstrates professional competence in a specialized field of accounting and auditing. Chartered accountancy qualifications lead to the designation 'Chartered Accountant.’ Successful certification programs also promote and enhance the profession’s visibility and are responsible for investigating Chartered Accountants who practice outside of the program’s Code of Ethics.

Certification from an objective and reputed organization can help you gain professional credibility, validate your knowledge, and increase your confidence at work, and help you become an independent consultant.

The majority of Chartered Accountants train in public practice. The first three years are devoted to achieving a particular qualification, depending on the relevant country. You will build up experience and take on additional responsibilities, including supervising junior staff and liaising directly with clients. You may complete a secondment, where you would spend time in another area of the practice to broaden your experience, or even work for a period overseas. You would usually remain with the same employer throughout the training contract.

Progression is often structured, and opportunities for development and promotion are plentiful. You may become a manager two years after qualification and a senior manager three years after that. Progress to partnership is competitive but is achievable between eight and fifteen years after qualification. In small firms, progression may be more rapid. You may attain the position of Finance Director of a major company within 10 to 15 years of qualification.

After training, around half of all qualified Chartered Accountants work outside public practice, commerce, industry, financial services, banking, public and not-for-profit sectors. Typical roles at the newly qualified stage include Internal Auditor, Financial Accountant, and Business Analyst.

Entry-level Chartered Accountants can advance to senior positions with more responsibility. Those who excel may become supervisors, managers, or partners, open their Chartered Accountancy firm, or transfer to executive positions in management accounting or internal auditing in private firms.

Some Chartered Accountants specialize in forensic accounting, investigating financial crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and potentially illegal financial transactions.

Good prospects for entry-level positions. Intense competition for jobs with the most prestigious accounting and business firms. Best opportunities for applicants who have earned professional recognition/ an MBA with a concentration in accounting.

As members of a particular association which mandates fulfilling the Code of Ethics, Chartered Accountants must update their skills regularly within the stipulated period. Some associations consider CPD as one of the criteria for maintaining membership and even ask for confirmation through an annual declaration of the CPD completed every year.

Membership with a professional body will help you keep up-to-date with technical and business issues after you have qualified as a Chartered Accountant. CPD covers a vast range of topics from risk management to communication, from the use of digital technology to leadership, even focusing on the developmental needs of specific groups such as women in finance.

Your employer will also provide in-house training on technical and general skills to perform well in your job. There may be opportunities to specialize in certain areas that may be specific to your employer. Learning a language (Chartered Accountants with language skills are in short supply) or doing some work for a charity will enhance your skillset.

Global Mobility

Global mobility is important to Chartered Accountants for two reasons. With the globalization of trade and commerce, clients are increasingly turning to international markets. Secondly, global mobility allows you to acquire international experience in terms of work and personal life, expand professional expertise, and develop new outlooks while continuing career progression. However, acquiring Chartered Accountant status in one country does not necessarily or automatically earn you recognition and a license to work in every other country.

The ACCA (Association of Chartered Certified Accountants), based in the UK, is a global body for professional Accountants and recognized by various countries.

Some Advantages of Becoming a Chartered Accountant

In addition to obtaining a professional qualification and a high level of employability, you acquire a strong understanding of finance, taxation, and corporate law. There is an ongoing need for Accountants and plenty of opportunities for advancements and job mobility.

‘Accounting’ comes from the French word ‘compter’ meaning to count. Other accounting terms such as ‘debit’ (he owes) and ‘credit’ (he trusts) derive from Latin.

Chartered Accountants are groomed to be game-changers. They drive business decisions that help create better societies, communities, and economies. They have the skills, knowledge, and insight to make their visions a reality. They are recognized for their ability to drive growth and prosperity. If you want a challenging, rewarding, and exciting career, becoming a Chartered Accountant offers all of this and more!

Take risks, do something different; don’t fear failure; strengthen and diversify your skills and growth. Keep a journal to record what you learn. Refine your communication and negotiation skills.