COURSE CHAT
A career you can always count on
Manoj Kumar

Despite the emergence of new career opportunities in the fields of information technology, biotech and others, chartered accountancy remains a challenging and highly rewarding career. In fact, with the opening of the financial sector and revision of the chartered accountancy course run by the Institute of Chartered Accountants of India (ICAI), new career options have opened up for CAs in banking, IT, BPO and other sectors.

Dispelling the general impression that CAs have lost out to technocrats and other professionals, Sunil Goyal, President, ICAI, says: "With the opening up of the economy and the implementation of WTO terms, career opportunities for professional CAs have multiplied in the domestic and international market. The demand for CAs is, however, linked to the health of the economy."

The ICAI has signed agreements with its counterparts in several countries, including the UK and Canada, under which its degree will be recognised in these countries as well.

Goyal claims that there are unlimited opportunities for CAs in the accounting and corporate sector. " The future is very bright in India. As the institute has signed MoUs with counterparts in other countries, they can now operate there as well."

In fact, career consultants say, with the speeding up of economic reforms, the role of CAs has become very important in auditing, regulating and reporting of the financial results of companies, banks and corporations to the shareholders and government institutions. Moreover, with changes in the chartered accountancy curriculum, more and more professionals are heading for foreign shores.

Professionals claim that chartered accountancy not only imparts the skills for auditing but also helps one succeed in management, communication and other fields.

In short, a CA is a professional well-versed with accountancy, auditing, management, taxation, information technology, corporate and commercial laws and financial management.

The ICAI, which is the apex body that conducts courses in chartered accountancy, has now made it mandatory for candidates to undergo a six-month IT training and a three-year apprenticeship before appearing in the final examination. They will also have to undergo a 15-day training in general management and communication skills before getting the associate membership of the institute. They will get a fellowship after five years.

The professional education (PE-I) is a foundation course that can be pursued by any student who has passed class XII. The students have to register themselves with the ICAI for the course, the minimum duration for which is 10 months.

After doing the PE-I course or clearing the CA foundation examination, candidates who have passed the final examination of the Institute of Cost Works Accountants of India (ICWAI) or the Institute of Company Secretaries of India (ICSI) can enroll for the PE-II course. The minimum duration for the course is 10 months. Both exams are held in May and November every year.

On the completion of the articleship, a student has to pass the final examination and subsequently attend a programme on general management and communication skills.

Professional CAs admit that unlike other professional courses such as engineering or medical, this is a tough nut to crack. It can be gauged from the fact that on an average around 30,000 to 35,000 students register themselves for a CA course. But only 6,000 to 7,000 students are able to clear the final exams. Most of the students take on an average six to seven years to qualify for the final exams.

But once you have qualified for the final examination, you can hope to earn anywhere between Rs 6,000 and Rs 6 lakh per month.

Says Mr Rajiv Gupta, a CA, " It is a prestigious degree in India and abroad, which can fetch a job in the corporate sector with a salary of Rs 10,000 at the entry level. One can also practice independently or as a consultant."

However, according to ICAI, 70 per cent of the qualified CAs start their careers as independent auditors. The institute also invites various companies for placements.

Mr Goyal says, "With the introduction of VAT in the near future, a number of CAs are likely to opt for it due to their expertise in tax laws. Given the new regulations in the banking sector, the demand for CAs has already gone up in that field."

One can also enter the insurance and banking audit sector after doing a Diploma in Insurance and Risk Management (DIPM) and Computer-Aided Audit Techniques (CAAT).