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Money wise

education Updated: Feb 28, 2012 11:55 IST

The lowdown
Chartered accountancy is primarily about accounting, auditing, finance and taxation. Styled as complete business solutions providers, these professionals have to ensure compliance with regulatory requirements, capital structure and planning, organisational development, conducting and preparing feasibility study and project reports, mobilising financial resources, installing internal accounting and budgetary controls, giving advice on issues such as joint ventures, foreign collaborations, mergers, diversification, product pricing etc. The pay scale is quite good for starters and grows manifold as you gain experience. Recently, one of the top consulting firms offered an annual package of Rs 6.2 to Rs 6.8 lakh to fresh chartered accountants

Average day of a CA in a company:
9am: Reach office. Record transactions
Noon: Check if all compliances are taken care of. In the first week of the month, see if company has paid service tax, excise, etc (depending on the industry)
1pm: Lunch
2pm: Prepare budget, monitor it
4pm: Finalise financial statements
7pm: Leave for home

The payoff
The average starting salary of a CA is between Rs 5 lakh and Rs 10 lakh per annum. Recently, one of the top consulting firms offered an annual package between Rs 6.2 lakh to Rs 6.8 lakh to fresh chartered accountants. Multinational companies pay even more, sometimes more than Rs 10 lakh per annum to a fresh chartered accountant

* Very analytical mind
* Quantitative aptitude
* Strategic management skill

Getting there
After passing Class 10, one can enrol for the Common Proficiency Test (CPT). Take CPT after Class 12 in June (or December). Register for the Integrated Professional Competence Course (IPCC) and 100-hour Information Technology Training (ITT). After IPCC, you do the CA final course and are mandated to undergo a three-year articleship under a practising CA. Another short training called general management and communication skills course is required before you apply for a CA membership

Institutes and URLs
* Institute of Chartered Accountants of India

Pros and cons
* A profession of trust and it’s challenging to live up to it
* You are an essential part of a company
* Updating yourself is challenging and requires effort

CAs are in demand, not only in the financial sector but are looked upon as total business solution providers Jaydeep N.Shah, president, Institute of Chartered Accountants of India, New Delhi