CA is considered one of the most demanding professions. It is very useful for the overall growth of the economy. The market has become so dynamic that the role of CA as a financial advisor has increased.
It not only helps to understand the complex rules and regulations related to financial matters, but also helps to assist and manage the financial area of the organization. In this article, we will discuss this professional institution.
We will cover the complete form of CA, the meaning or long form of CA, roles, steps to become a CA, etc. This will help you understand this profession.
What is the full form of CA?
The full name of CA is Chartered Accountant. Indian CA is regulated by ICAI’s Institute of Chartered Accountants of India. There are currently more than 2.70,000 CAs operating in India. They work in all departments of business and finance, and their main responsibilities include general and financial management, taxation, accounting and auditing. People can have their own private practice. Few people are employed by state-owned companies and private organizations.
Roles of Chartered Accountant (CA)
Have we already learned what the full form of CA is? The role of the CA is detailed below:
- It plays a vital role in the management of accounts, as well as in the preparation of the financial statements of the company. You can perform simple accounting for managing complex financial transactions.
- One of CA’s primary functions is auditing, which ensures that all statements submitted have been performed with correct accounting principles.
- It also helps in tax management. Assists in filling out tax returns, evaluating tax representation or assisting in tax advice.In terms of cost management, assists in determining costs related to production, expenses or costs of sale, etc. important role in the formation as we did during the liquidation of the company.
- They help to determine and investigate the financial position of the company, especially in important moments such as the issuance of share capital, mergers and acquisitions, purchase and sale, reconstruction, etc.
- They also play the role of executors and trustees during which they help attorneys or attorneys understand financial statements. In addition, he is considered an important member these days of the board of directors for better decision-making, plays a vital role in management accordingly, in the formulation of rules and regulations, GST and auditing, or can work on a temporary basis for small businesses too.
- Helps companies and their management of accounting and financial statements. He also works as a management consultant.
Salary of CA
A CA is highly respected in India. There are CAs in exercise or employees in companies. However, the salary of a Chartered Accountant in India is good, if you have a basic knowledge of Commerce and an affinity for mathematics with a sufficient understanding of subjects such as Accounting, Economics, Tax, Law, Business Studies and the like, you will find yourself in an excellent position to be a Certified Public Accountant.
However, some students are trained in some other stream, they have changed stream to become Certified Public Accountants. The main reason is the demand for CA in India and the salary for CA in India is in lakhs. A person who has passed the CA-Finals and has acquired the necessary skills and experience is in an excellent position to earn a good salary in CA in India per month.
Chartered Accountant Salary in India
Chartered Accountant salary in India depends on your job profile and the company that hires you. Employed by the public sector, you will benefit from fixed working hours and less stress.
But if you are CA and work in a multinational, you can earn more. Even though government companies don’t pay high salaries, their benefits for a CA are excellent.
Salary Packages for Chartered Accountants in India
The salary of a CA depends on your skills, abilities and experience. Salary packages for a CA are listed below.
The lowest salary per year in India for a CA is estimated at INR 3lakhs. This is a good starting salary for beginners. However, the CA who did exceptionally well on the CA Final Exam or who created a brand for himself could earn the highest starting salary for CA.
The highest salary package for CA is an international publication. They earn up to INR 76 lakhs pa. Intermediate package The salary of a chartered accountant for an international publication is INR 9-18 lakhs pa, and the public sector could pay INR 10-20 lakhs p.a. Indian business giants offer between 6 and 9 lakhs a year.
In exchange for services, small companies offer a Chartered Accountant in India a salary package of Rs 3 lakhs per year.
Chartered Accountant Eligibility Criteria
Candidates intending to apply for CA would have enrolled at ICAI for the CPC course. Only registered applicants qualify for the CA exam. The CA eligibility requirements are as follows:
- Applicants must have completed their level 10 and 12 qualifying exam from a recognized board of education or similar exam.
- Candidates who have received a bachelor’s or master’s degree in commerce with scores of at least less 55 percent are eligible to participate in the CA CPT exam.
- Applicants with a bachelor’s or master’s degree in a non-business stream must have at least 60 percent scores in the sum of all subjects are also exempt from participating in the entry level exam.
- In the basic CA course, the applicant must serve as an article assistant for three years before qualifying for the final CA exam .
Work of CA
It offers the company professional guidance in financial matters. Some of the essential tasks carried out by a CA in an organization are described below:
- Regular monitoring and analysis of financial statements
- Carrying out financial audits to confirm the economic performance of the company Preparation
- maintenance of the account statement
- Forensic accounting for the identification and prevention
- Focus on providing financial advice on business transactions, mergers, tax planning, insolvency, and joint ventures.