What is CA and Who Should Do it?

While skilled professionals have always been valued in all sectors of our economy, their respect, demand, and value have increased now more than ever. Every industry has started recognizing the need for individuals with professional qualifications in the finance domain, and the demand for chartered accountancy professionals is increasing rapidly.

CA is a well-known & reputed professional qualification in the finance field that opens doors to a lucrative career path for individuals who want to build a solid career. If you’re a commerce student who intends to pursue CA, you’re in the right place. In this blog, we will discuss CA thoroughly, understand who should do CA and why, and tell you about the best course you should join to become a successful CA professional. Let’s start.

Overview of CA

Before we begin talking about who should pursue chartered accountancy as a profession and why let’s help you understand what CA is.

Popularly known as a CA, a chartered accountant is a qualified professional in the field of finance who has the knowledge and skills to perform the job of a financial controller for individuals, organizations, and industries.

This reputed qualification is divided into three levels, after which candidates require practical training for three years before they can kick-start their professional journey as qualified CA practitioners.

After becoming a chartered accountant, individuals hold various top positions, including:

• Budget Analyst
• Tax Accountant
• Financial Accountant
• Auditor
• Management Accountant
• Financial Analyst, and so on.

There are plenty of reasons why students with a commerce background should pursue CA as a professional career:

1. Chartered Accountancy is a Highly Flexible Profession

If you pursue CA as a career, you will realize the great amount of flexibility that it comes with. Chartered accountants can either choose to work with big firms and companies or practice individually. Moreover, companies usually hire chartered accountants for long periods, and they easily get used to the company’s work scenario. Qualified professionals in the finance domain are required and demanded by all sectors, giving chartered accountants the flexibility to work in a sector of their choice.

2. CA is a Secure & Stable Profession

A CA professional experiences stability & security in their career as every organization and business requires a CA to help them with their finances, taxes, accounts, audits, and laws related to the finance field. A person cannot manage the technicalities of the finance sector without a professional qualification, making chartered accountants highly valued and respected professionals in the economy. Thus, making chartered accountancy a secure and stable career option.

3. Recognized Globally

CA is a professional qualification that is recognized all across the globe. After successfully becoming a chartered accountant, you can choose to pursue international certifications to kick-start your career as an internationally-recognized qualified professional. Moreover, doing so will also add to your knowledge and skills, giving you an edge over other professionals in the field.

4. Lucrative Salary Packages

Chartered accountancy is not just a highly rewarding career overall, but it is also rewarding in terms of salary packages. CA professionals are hired at lucrative salary packages and are known to be one of the highest-paying professionals in India. CA will be your best bet if you want to build a stable career that offers financial security and freedom.

5. A cakewalk after You Successfully Become a CA 

There is no doubt that chartered accountancy is a tough career option and it is not easy to become a CA professional. However, once you crack it and successfully become a CA, the career is incredibly fun. As a chartered accountant, you’ll play various important, diverse, and interesting roles to ensure that the projects or the businesses you work with gain success.

Who Should Do CA?

It’s not a secret that chartered accountancy is a profession that requires immense hard work, dedication, and studying. The complete process of becoming a chartered accountant is challenging, and it is suggested you only consider pursuing CA if you think you have what it takes to become one. Practically speaking, you should pursue this prestigious qualification if:

1. You are inclined towards accounting, taxation, or auditing 

A chartered accounting professional is responsible for managing an individual or business’s taxation, legal issues, accounts, audits, etc. Pursuing CA should be the best way to go for you if you are inclined toward these subjects. Chartered accountants get the option to choose their subject of expertise from taxation, auditing, accounting, financial consultancy, etc., giving you the liberty to select the area you’re most interested in.

2. You want to build a career in the corporate finance field

In simple words, corporate finance includes the management of a company’s funding, treasury, finances, project finance, etc. A career in the field of corporate finance is highly challenging yet rewarding in our country, and this job profile is often offered to chartered accountants.

3. You’re interested in the finance domain but don’t know which way to go

If you’ve just cleared your 12th class examinations and you don’t know which career path to choose, but you want to do something in the finance domain, pursuing Chartered accountancy will be the best option for you. The ROI of a chartered accountancy career is great, and it will open doors to numerous opportunities, ensuring that you have various career options to choose from.

Chartered Accountancy’s examination system clearly indicates that it is a challenging career path that requires rigorous studying and determination. Thus, you need to assess your abilities before you choose to pursue chartered accountancy as a profession. You should also be good at time management to successfully complete your CA. Hence, candidates who are extremely passionate about subjects like accounting, auditing, and taxation should pursue this professional qualification.

CA Vs. ACCA as a Career Option

As mentioned above, CA is a challenging professional qualification in the finance domain that trains you to become a demanded professional in the areas of auditing, taxation, accounting, legal aspects of the finance sector, etc. By becoming a CA professional, you’ll become an asset to individuals and businesses in all sectors of the economy as you’ll be managing their finances and helping them succeed.

The qualification is recognized globally and allows you to build a solid career with financial freedom, making it one of the most sought-after professions among students with a  commerce background.

On the other hand, the Association of Chartered Certified Accountants, popularly known as ACCA, is also a globally recognized professional qualification in the finance domain. It is a program based in the UK, and it gives professionals the liberty to practice a profession in accounting in India and abroad.

The qualification is recognized in over 180 countries, and ACCA professionals are demanded by big firms, including the Big4, because of their skills and expertise in the field. If you wish to pursue ACCA as a career, you can take up the ACCA course offered by IMS Proschool. The Global Professional Accountant or GPA course by IMS Proschool will train you with accounting knowledge and skills alongside other soft skills you’ll require to become a successful ACCA. IMS Proschool offers two courses depending upon your level of degree:

For Undergraduates

This course will cover:

• Business & Technology
• Management Accounting
• Financial Accounting
• Ethics and Professional Skills Module (EPSM)
• Ethics
• Professionalism
• Strategy
• Factors impacting Trust

 
For Graduates

This course will cover the following:

• Corporate and business laws
• Performance Management
• Taxation
• Financial Reporting
• Financial Management
• Strategic Business Leader (SBL)
• Strategic Business Reporting (SBR)
• Advanced Audit and Assurance (AAA)

What are the Eligibility Criteria for an ACCA or CA course?

The following are the eligibility criteria for a CA or ACCA course:

CA Eligibility

• You must have cleared your 12th-class examinations to pursue CA from its foundation level.
• If you are an undergraduate, you’ll be able to start CA directly from its intermediate level.

 
ACCA Eligibility

• You must have cleared your 12th-class examinations & you must be at least 18 years old.
• You must have at least 65% in Mathematics or Accountancy and English in your 12th-class examinations.
• You must have cleared all the other subjects with a minimum of 50% in class 12.

Conclusion

Now that you know everything you wanted to know about CA and ACCA as career options, we hope you’ll be able to decide which of these professional qualifications is right for you.

If you want to get started with these professional qualifications in the financial industry, you should take up the courses offered by IMS Proschool without a second thought. Their mentors will ensure that you flourish in your career as a qualified professional as they’ll train you with the necessary skills and expertise required to build a solid career.

Frequently Asked Questions

Is it possible to complete a chartered accountancy course within three years?

The chartered accountancy course is divided into three levels alongside practical training of three years right after completing high school. It may take about 4.5 years to complete your chartered accountancy course. However, it may also take longer as it’ll depend on your ability to clear the CA examinations.

Is it possible to pursue CA without mathematics?

Surprisingly, yes. Chartered accountancy is a sought-after career in the finance domain that can be pursued by candidates without mathematics. Students who don’t have mathematics as a subject in class 12th can also pursue chartered accountancy.

Which stream should I have in high school to pursue chartered accountancy?

Students with commerce as well as non-commerce backgrounds can choose to pursue chartered accountancy after completing high school. However, it would be best to choose commerce as your stream in high school if you want to pursue CA. That’s because coming from a commerce background will help you understand the fundamentals and basics of subjects like accounting, taxation, business studies, economics, etc., and will make it easier for you to pursue this professional qualification.