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All about Charted Accountancy and Cost Accountancy

If you’re interested in making career in Charted Accountancy or Cost Accountancy then you can start after class 12th.

Chartered Accountancy

Chartered Accountancy course is one of the best course opted by most of the students in India. Chartered Accountant will give you the knowledge about auditing, taxation and accounting. There are many top institutes in India that provide chartered accountant course.

The entry level of Chartered Accountancy

In the first level the Common Proficiency test will be conducted.

Then the professional competence course will be provided

In the Final stage of theoretical education the final course will be provided.

The Eligibility criteria

If the candidate has passed from 10+2 from any stream then you are eligible to apply for the Common profiency test. The candidate should register for the common profiency test 60 days prior to the first day of the month in which the CPT examinations will be held. Either in that can one can appear for the examination on or before 1st April and 1st October for appearing in the CPT examination that is to b held in June and December respectively.

The Common Proficiency Test examinations are to e held in month of June and December every year.

The duration of the course is 1 year when you study through correspondence where the topics that are included are Accounting, Economics, Mathematics, Statistics and the Mercantile Law.

For the intermediate and the Professional competence course one need to clear 10+2 and the foundation course. The duration of the course is 18 months.

For the final stage the students here needs to pass the intermediate level and the complete his/her graduation.

In order to get the ICAI membership the student needs to pass in the final Course examination along with the good work experience.

The Scope and the career prospects

Charted accountants have many roles and responsibilities. Below mentioned are few among them

1. Preparing the management reports and the financial statements.

2. Preparing the annual reports

3. Carrying out the taxation and the auditing work.

4. Advising on the tax and the efficient tax planning.

5. Liaising with the internal and the external auditors.

There is always a lot of demand for the Quality charted accountants. There is also lot of demand for the professionally qualified accounting, they advise on the financial investments. As a fresher you can start the career as an internal auditor or as a team member in the finance department of the organizations.

The Cost Accountancy

The demand for the quality cost and the management professionals is always high. The Institute of cost and works Accountants of India (ICWAI) promotes regulates and develops the profession of cost accountancy in India.

The basic role of cost accountant is to collect, assimilate, collate and analyze the financial information from all the areas of the organizations.

The Cost Accounting degree will give you the knowledge in such a way that it will help you to manage the finances and the management within the available resources.

The eligibility criteria

A student completed 10+2 from any stream is eligible to appear for the foundation course. There are two levels after the foundation course one is the Intermediate and other is the final examination.

The Career Prospects

Each and Every organization needs the good cost accountant. You can go for the consultancy work with the various firms.

With good amount of experience and training the cost accountants can work as the Finance controller, Chief Accountant, Cost Controller, marketing Manager and chief Internal Auditor.

One can directly register in M. Phil and PhD courses in Commerce as decided by the Association of India Universities.

The Average salary for the fresher’s are Rs 10,000 to Rs 15,000 per month and the salary increases as the experience increases from Rs 30,000 to Rs 35,000 per month.

The differences between CA and ICWA

1. In CA all the aspects about the accounting, auditing and the taxation are being taught.

In ICWA all the aspects related to the cost and the financial management is covered in order to keep the good balance between the expenditure and the available resources.

2. Chartered accountants are involved in core accounting work of an organization.

In ICWA the chartered accountants are involved in the costing part of the financial transactions.

3. The chartered accountants analyze the risk and the also design the efficient financial systems

In ICWA the Cost accountants assess the feasibility of the projects via available funds.

4. The taxation and auditing are the main duties of the chartered accountant.

In ICWA the cost management and designing cost control methods are the main responsibilities of the cost accountant.

5. In CA lot of patience and confidence is required to handle the responsibility.

In ICWA Good Communication skills is required.

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