Who is Chartered Accountant?
In the field of accounting, a chartered accountant is a qualified accounting professional who has undergone extensive training in specific, robust accounting activities. Organizations, enterprises, the government, and individual individuals are all examples of their clientele. They oversee and provide advice on the client`s financial affairs, which may include account data, tax reports, and investment decisions. They play a critical role in assisting their customers in resolving disputes, dealing with litigation, and avoiding financial ruin. They do this by obtaining, arranging, and analysing their client`s financial records.
They then use this information to manage their client`s money in line with the law. Simple as that. Their services are targeted at increasing the profitability of their clients by implementing strategic financial management on their clients` behalf. In some organisations, a Chartered Accountant is in charge of all accounting needs, while in others, they are in charge of a narrower aspect such as tax management or auditing. Their job title might range from Auditor to Cost Accountant to Tax Accountant to Financial Controller to Chief Financial Officer, among other positions, depending on their chosen speciality.
Typical day at work
What does Chartered Accountant do?
A Chartered accountant works in the fields of business, finance, and the market. The work of a chartered accountant is primarily surrounded in the financial matters including working on the finances of a company or a firm, auditing the entire finances for them, managing their entire paperwork, and representing the company based on their financial fairness and security.
They are also involved in the taxation and processing of the returns of the company along with the general management of the smooth running of the business. However, the management for the chartered accountant also involves the financial related matters including the budgeting and the paperwork related to it.
The core responsibilities of a Chartered Accountant's job include:
- Perform in-depth internal and external audits of financial statements to ensure accuracy
- Conduct financial risk analysis and recommend preventive measures for the same
- Maintain thorough records of the employer's accounts, financial transactions, investments
- Identify financial discrepancies, detect fraudulent practices, and take measures to rectify it
- Assist in tax planning, calculate taxation amounts, prepare and file tax returns for the employer
- Analyse financial statements and expenses
- Guide financial decisions for long-term financial planning strategies and business practices, including acquisitions and mergers
- Prepare monthly financial reports, budgets and annual reports
- Ensure that the financial practices are in compliance with the state and national laws
- Manage and supervise the activities of the finance and accounting team
Abilities & aptitude needed
What are the skills, abilities & aptitude needed to become Chartered Accountant?
A Chartered Accountant must possess a number of critical abilities in order to effectively perform this function. They should be meticulous, diligent, and self-motivated people with a strong aptitude for math and numbers. An experienced Chartered Accountant must be thorough in their attention to detail and exhibit great analytical abilities in order to effectively lead their clients through the financial decision-making process.
It is one of the most challenging components of the process of becoming a chartered accountant to get a training contract with an employer who has been authorised by one of the institutions to do so. Because your numeracy abilities will be examined as part of the selection process, you'll need to be well-versed in mathematics and have shown proficiency in it. Additionally, since they are being entrusted by their employers with the management of critical financial resources, they must demonstrate a high degree of honesty, integrity, and a strong work ethic.
It will be necessary for the Chartered Accountant to have excellent organisational skills as well as expertise with accounting software and tools in order to keep track of numerical data and conduct other related jobs without difficulty. To connect with stakeholders, report to key decision-makers, and manage the finance team, excellent oral and written communication skills are required. A full understanding of all applicable national, regional, and municipal legislation pertaining to taxes and finance is also demanded of these professionals. As a Chartered Accountant, being abreast with the latest developments in finance and business is essential to your success.
Which course I can pursue?
Which are the best colleges to attend to become Chartered Accountant?
Post Graduate Institute of Medical Education and Research, Chandigarh
Chandigarh, Chandigarh | INC, MCI, UGCNIRF Rank : 2
Hindu College, Delhi
Delhi | Delhi UniversityNIRF Rank : 2
Presidency College, Chennai
Chennai | UGCNIRF Rank : 3
St. Stephen`s College, Delhi
New Delhi | UGC,DUNIRF Rank : 4
Loyola College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 6
Jawaharlal Institute of Post Graduate Medical Education and Research, Puducherry
Puducherry, | DCI, MCI, UGCNIRF Rank : 8
Hans Raj College, Delhi
Delhi | Delhi University,UGCNIRF Rank : 9
St. Xavier`s College, Kolkata
Kolkata, West Bengal | UGCNIRF Rank : 10
King George`s Medical University, Lucknow
Lucknow, Uttar Pradesh | UGC, NAAC-ANIRF Rank : 10
Savitribai Phule Pune University, Pune
Pune, Maharashtra | Savitribai Phule Pune University, PuneNIRF Rank : 10
Sri Ramachandra Institute of Higher Education and Research, Chennai
Chennai, Tamil Nadu | Sri Ramachandra University (SRU)NIRF Rank : 11
Gargi College, Delhi
Delhi | Delhi University, UGCNIRF Rank : 12
Madras Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 13
Atma Ram Sanatan Dharm College, New Delhi
New Delhi | Delhi UniversityNIRF Rank : 14
Deen Dayal Upadhyaya College.
New Delhi | UGC,Delhi UniversityNIRF Rank : 17
JSS Medical College, Mysore
Mysuru, Karnataka | Rajiv Gandhi University of Health Sciences, KarnatakaNIRF Rank : 17
Kirori Mal College, Delhi
Delhi | University of DelhiNIRF Rank : 18
Banasthali Vidyapith, Banasthali
Jaipur, Rajasthan | UGCNIRF Rank : 19
Sri Venkateswara College, Delhi
Delhi | Delhi UniversityNIRF Rank : 19
Dyal Singh College, New Delhi
New Delhi | Delhi UniversityNIRF Rank : 20
SVKM`s Narsee Monjee Institute of Management Studies, Mumbai
Mumbai, Maharashtra | ?AACSB?, ?AMBA?, ?UGC?, ?AIUNIRF Rank : 20
Siksha 'O' Anusandhan, Bhubaneswar
Bhuvaneshwar, Odisha | Biju Patnaik University of Technology,UGC,NAACNIRF Rank : 21
PSGR Krishnammal College for Women, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 22
Symbiosis International University, Pune
Lavale, Maharashtra | Symbiosis International University, PuneNIRF Rank : 22
Jesus & Mary College, New Delhi
Delhi | University of DelhiNIRF Rank : 25
Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur
Nagpur, Maharashtra | UGC,AIUNIRF Rank : 29
Mar Ivanios College, Thiruvananthapuram
Thiruvananthapuram | University of Kerala,UGCNIRF Rank : 29
Scott Christian College, Nagercoil
Nagercoil, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 30
Women`s Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 32
Thiagarajar College, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 34
Loyola Institute of Business Administration, Chennai
Chennai, Tamil Nadu |NIRF Rank : 36
Lovely Professional University
Delhi | University Grants Commission (UGC)NIRF Rank : 38
Shanmugha Arts Science Technology and Research Academy, Thanjavur
Thanjur, Tamil nadu | NAAC, UGC, NAAC-ANIRF Rank : 38
St. Joseph's College, Tiruchirappalli
Tiruchirappalli, Tamil Nadu | Bharathidasan University, TiruchirappalliNIRF Rank : 39
Queen Mary`s College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 40
Alliance University, Bengaluru
Bengaluru | UCCNIRF Rank : 42
Xavier University, Bhubaneswar
Bhubaneshwar | UGC,NBA,AIUNIRF Rank : 44
Vellore Institute of Technology, Vellore
Vellore | UGCNIRF Rank : 46
Sri Padmavati Mahila Visvavidyalayam, Tirupathi
Tirupati, Andhra Pradesh | UGCNIRF Rank : 46
Maharaja Agrasen College, Delhi
Delhi | University of DelhiNIRF Rank : 47
Sathyabama Institute of Science and Technology, Chennai
Chennai, Tamil Nadu | Sathyabama University, ChennaiNIRF Rank : 47
Govt. College for Women, Thiruvananthapuram
Thiruvananthapuram Kerala | Kerela UniversityNIRF Rank : 47
Pt. Ravishankar Shukla University, Raipur
Raipur, Chhattisgarh | UGCNIRF Rank : 48
Panjab University, Chandigarh
Chandigarh,Chandigarh | Panjab University, ChandigarhNIRF Rank : 48
Amity University, Gautam Budh Nagar
NOIDA | UGC?, ?NAAC?, ?WASC?, ?AIU?, ?ACUNIRF Rank : 49
Lovely Professional University, Phagwara
Phagwara, Punjab | UGC, AIU, PCI, NCTE, COA, ACBSP,NIRF Rank : 52
VELS Institute of Science Technology and Advanced Studies, Chennai
Chennai, Tamil Nadu | ?UGC NAACNIRF Rank : 52
Kurukshetra University, Kurukshetra
Thanesar, Haryana | UGCNIRF Rank : 53
Sri Krishna Arts and Science College, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 53
St. Thomas College, Thrissur
Thrissur, Kerala | Affiliated to University of CalicutNIRF Rank : 54
Institute of Management and Entrepreneurship Development, Pune
pune | university of puneNIRF Rank : 55
Sam Higginbottom Institute of Agriculture, Technology and Sciences, Allahabad
Allahabad, Uttar Pradesh | UGC, ACU AIU IAU IAUANIRF Rank : 56
Sacred Heart College, Ernakulam
Thevara, Kochi | Mahatma Gandhi University, KottayamNIRF Rank : 57
Stella Maris College for Women, Chennai
Chennai | University of MadrasNIRF Rank : 58
Koneru Lakshmaiah Education Foundation University(K L College of Engineering), Vaddeswaram
Guntur, Andhra Pradesh | University Grants Commission, All India Council for Technical EducationNIRF Rank : 58
St. Joseph`s College of Commerce, Bengaluru
Bengaluru, Karnataka | Bangalore University, BangaloreNIRF Rank : 61
St. Teresa's College, Ernakulam
Ernakulam Kochi, Kerala | Mahatma Gandhi University, KottayamNIRF Rank : 64
Shoolini University of Biotechnology and Management Sciences, Solan
Solan, Himachal Pradesh | UGCNIRF Rank : 65
NSHM Knowledge Campus, Kolkata
Kolkata, West Bengal | Maulana Abul Kalam Azad University of Technology, KolkataNIRF Rank : 68
Govt. Arts College, Thiruvananthapuram
Thiruvananthapuram, Kerala | Kerala UniversityNIRF Rank : 69
Farook College, Kozhikode
Kozhikode, Kerala | CALICUT UNIVERSITY, CALICUTNIRF Rank : 71
SRM Institute of Science and Technology, Chennai
Kattankulathur, Tamil Nadu | SRM University, ChennaiNIRF Rank : 73
St. Xavier's College, Palayamkottai
Tirunelveli, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 74
V. O. Chidambaram College, Tuticorin
Thoothukudi, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 77
Lady Doak College, Madurai
Madurai | MKU,MaduraiNIRF Rank : 79
Women's Christian College, Nagercoil
Nagercoil, Kanyakumari | Manonmaniam Sundaranar UniversityNIRF Rank : 81
Sri Guru Gobind Singh College of Commerce, Delhi
New Delhi | University of DelhiNIRF Rank : 87
Hindustan Institute of Technology and Science, Chennai
Chennai | NAAC; UGCNIRF Rank : 95
St. Xavier's College, Mumbai
Mumbai, Maharashtra | University of MumbaiNIRF Rank : 96
IK Gujral Punjab Technical University, Kapurthala
jalandhar | UGC, AICTENIRF Rank : 96
Sri Meenakshi Government College for Women, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 97
Muthurangam Govt. Arts College, Vellore
Vellore, Tamil Nadu | Thiruvalluvar University, VelloreNIRF Rank : 98
Ramanujan College, New Delhi
New Delhi, Delhi | University of Delhi, DelhiNIRF Rank : 100
The Northcap University, Gurugram
Gurgaon, Haryana | BCI, NAAC, UGC, MHRD, AIUNIRF Rank : 117
YMCA University of Science and Technology, Faridabad
Faridabad, Haryana | UGCNIRF Rank : 144
PES University, Bengaluru
Bengaluru, Karnataka | AICTE, NAAC, UGCNIRF Rank : 149
Dr Vishwanath Karad MIT World Peace University, Pune
Pune, Maharashtra | UGCNIRF Rank : 154
Narula Institute of Technology, Kolkata
Kolkata, West Bengal | Maulana Abul Kalam Azad University of Technology, KolkataNIRF Rank : 160
Manav Rachna International Institute of Research and Studies, Faridabad
Faridabad, Haryana | Manav Rachna International University, FaridabadNIRF Rank : 164
Which industries are open for Chartered Accountant?
- Audit Manager in a Firm.
- Banking Sector.
- Finance Line- function.
- Taxation (People advisory or Corporate or Direct – Indirect Taxation)
- Risk Advisory or Internal Audit.
- Assurance or Statutary Audit.
- SAP Executive (IT Management)
- Foreign Jobs
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Are there internships available for Chartered Accountant?
Take the opportunity to work under a practicing CA or a professional firm that gives you exposure in the field. It will allow you to have a practical learning about the finance, taxation, audits and will also give you contacts for future reference.
What does the future look like for Chartered Accountant?
Employment opportunities for Chartered Accountants are present in nearly every organization since financial management is required for each, regardless of the industry. Typically, Chartered Accountants work at business organizations, financial institutions, investment companies, consultancy firms, stockbroking firms, banks, and legal firms to name a few. Their work is in high demand in both the private and public sectors, including not-for-profit organizations.
Due to the in-depth training required to enter this profession, it makes for a well-respected, secure career option with a hefty salary. While many Chartered Accountants occupy full-time positions, other highly skilled CAs shall work independently, on a freelance basis or as a consultant for hire. The opportunities for CAs are only to rise as the number of startups and businesses continue to climb. For a Chartered Accountant, work hours may vary in relation to the specific employer. However, it is quite common for them to work extra hours in the evening or on weekends to meet deadlines, especially during tax season.
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