---

Become Chartered Accountant

Chartered Accountants are accounts professionals equipped with required legal, bookkeeping and financial analysis, management, and tax related knowledge to carry out several of related functions. These subjects are taught to them so that they can monitor and audit the performances of banks, borrowers, corporations, stockbrokers, etc., and report on them to the government and other stakeholders.  Of course, every Chartered Accountant does not become a practicing Chartered Accountant. However, the profession has maintained very high standards because of which, its reports are considered to be very reliable.

Individuals desirous of becoming a Chartered Accountant need to enroll themselves with a professional body that trains and conducts examinations of this course. This is the first step to become a Chartered Accountant. In India, the Institute of Chartered Accountants conducts these examinations, and defines the accounting standards and policies. Therefore, those Indians who are desirous of becoming Chartered Accountants in India need to enroll with this Institute. Corresponding professional bodies in the United Kingdom are the Institute of Chartered Accountants in England, and Wales, and the Institute of Chartered Accountants of Scotland. Therefore students from UK desirous of becoming Chartered Accountants in UK should approach these institute for enrolling. In Canada, it is The Canadian Institute of Chartered Accountants that offers the course to qualify as a Chartered Accountant for practicing in that country. In the US, the equivalent of this course would be the Certified Public Accountant, and the institute offering this course is the American Institute of Certified Public Accountants. The relevant examination in the US is known as Uniform Certified Public Accountant Examination.

The normal period granted to the students to complete the Chartered Accountants’ course is 5 years. However, since this is a professional course, a student who cannot clear all the papers within the stipulated period may appear for examinations even later. The minimum qualification required to enroll in this course is Grade 12. However, there are ample commerce graduates who join this course. These students are also required to undergo practical training, by becoming an apprentice of some practicing Fellow Member of the institute. This is the second step.

The course covers bookkeeping in accordance with auditing standards, policies and practices defined by the Institute, taxation, tax assessment, cost accounting, financial investigation of fraud, etc. Chartered Accountants may also be appointed on Board of Directors of any business enterprise for their financial guidance skills, coupled with management accounting skills. Their services are also availed for some Company Secretarial functions, incorporation of companies, liquidation of companies, valuation of shares when there is any proposal for merger, and acquisition etc Many people also appoint Chartered Accountants as executors of their will or as trustees of any trust created by them or others.

The difference between a standard accountant and a Chartered Accountant therefore is that a standard accountant is not a qualified professional from the Institute of Chartered Accountant or its equivalent from anywhere. Therefore, such an accountant cannot be expected to be conversant with the various accounting standards, practices, polices, etc. In addition, Chartered Accountants are also well versed in other legal, taxation, cost accountancy, management accountancy, and even software packages in so far as they relate to their profession. A standard accountant may be aware of some aspects, but not everything. A standard accountant may not have been exposed to various types of accounts, be it corporation accounts, or not for profit organization’s accounts, or even a government agency’s accounts. As per law, a qualified Chartered Accountant has to report on the financial affairs of any company, or organization. Therefore, a standard accountant without such qualification cannot sign the financial statements and submit them for filing to either the tax authorities, or Company Law authorities.

A Chartered Accountant draws remuneration in the range of 28,000 to 70,000 sterling pounds. In the United States, the CPA’s are paid anywhere between $55000 and $120000. The profession is very challenging, and considerable diligence is required to qualify for such a career. The advantage of becoming a Chartered Accountant is similar to that of becoming a physician; a Chartered Accountant will also never find himself unemployed.