Accountancy is a traditional profession that has evolved with the growth of business. The Accounts Department is the backbone of any institution. The compilation, analysis, collation and verification of financial records of a company is the work of the accounts personnel. Issues related to mobilising capital, fund raising, budgeting, financial projections etc. are negotiated by the finance department of a company.
The Profession: All business houses, big and small, require the services of trained accounts personnel. Hence, as long as there is business activity there is no dearth of demand for specialists in this field. A wide variety of jobs are dealt with in the accounts department such as auditing of accounts, managing the monetary resources and monitoring the daily financial operations of the company. A person taking up this profession seriously has to be proficient in maths, have sound grasp of facts and figures and good judgment and analysis.
Job Market: Accounting jobs are available in all sectors of business such as advertising, manufacturing, banking, media, public service, financial consultancies etc.
Specialised Training: The field of accountancy has over the years branched into two broad streams Chartered Accountancy and Cost and Works Accountancy. After completing +2 or equivalent programme in science, commerce or arts, the aspirant can adopt to specialise in either of these branches.
The Institute of Chartered Accountants of India (ICAI) is the prestigious governing body which regulates the functioning of this profession. After completing +2/ equivalent programme, the student can enroll for the pre-professional Foundation course with the ICAI.
Foundation Course: which comprises 10 months of postal tuition, provides knowledge in the fundamentals of accounting, mercantile law, mathematics and statistics as well as economics. Registration to the course is open throughout the year and examination is conducted in May and November. For prospectus and application write to any of the ICAI offices mentioned below:
List of ICAI offices
1. The Institute of Chartered Accountants of India, Indraprastha Marg, New Delhi-11 0002 (Head Quarters)
2. The Institute of Chartered Accountants of India, 1617, Civil Lines, The Mall, Kanpur-208 001 (Regional Office)
3. The Institute of Chartered Accountants of India, 12, Nungambakkam Road, Chennai-600 034 (Regional Office)
4. The Institute of
Chartered Accountants of India, Anveshak, 27 Cuff Parade, Colaba, Mumbai-400005
To become a CA: To become a full fledged CA, the student has to pass the Intermediate and Final Examination conducted by the Institute. As a first step the student has to register with the Board of Studies of the Institute.
Eligibility: For registration to the CA course the student should either have successfully passed the Foundation Examination or should be a graduate fulfilling the following criteria.
a. B.Com pass with 50% marks with Accountancy,Auditing and Mercantile Law or Commercial law as full papers and with minimum 50% marks in each.
b. Non commerce graduate with 60% marks with Maths as one of the subjects.
c. Non commerce graduate with 55% marks and subjects other than Maths (not including Music, Photography, Painting, Sculpture etc. Students who have completed the foundation course have the advantage of pursuing CA studies along with their regular graduate programme.
The CA course is covered in two stages: Intermediate & Final.
The process of the programme is as follows:
a. Register as an Article Clerk with a practising CA for practical training and as a student with the Board of Studies for theoretical education for a period of 3 years including optional industrial training in the final year.
b. Intermediate Examination after a year's training
c. Final Examination during the last 6 months of training.
d. On successful completion of Final Examination, the student can become a member of the Institution provided he is above 21 years of age.
To be an ACA and FCA: A person who becomes a member of the ICAI is deemed as Associate Member of the Institute (ACA) and his name is entered in the Register of Members. An Associate Member who has been in continuous practise for 5 years and who fulfills the criteria prescribed by the Council can apply for Fellow Membership (FCA).
( Courtesy: A Directory of Higher Education, published by Malayala Manorama)