Chartered accountant | 7 Easy steps on how to become one!

The accounting industry was estimated to value a whopping USD 157 billion in 2020. The top four leading accountancy firms in the United States employed over 1 million accountants from across the world. But this growth is not limited to America. There is a continual rise in the demand for qualified Chartered Accountants in countries around the globe. And if you want to be a part of this boom, you need to learn all that you can about chartered accountancy. So let’s get started!

Who is a chartered accountant?

Chartered accountants are skilled professionals who have the qualifications to monitor a company’s finances, provide financial feedback and suggestions. Their job also includes financial advising, corporate tax returns, and auditing of financial statements. 

Accountancy professionals specialize in 5 niches within the industry- 

1. Accounting
2. Management accounting
3. Applied finance
4. Financial reporting, and
5. Taxation

Many opt for the specialization that they are most interested in, depending on the umbrella they choose to work under. It’s also possible for a CA to choose more than one niche. 

7 steps to become a CA

1. Do your research on chartered accountancy 

To become a CA professional, the first step you need to take is choose a path that is most relevant to your interests and professional goals. There is a wide range of options to select from under this broad spectrum. 

Some of them include- 

• Audit and Assurance 
• Corporate Finance 
• Forensic Accounting 
• Insolvency 
• Tax 

Understanding what kind of professional career you hope to achieve with a chartered accountancy qualification will help you determine what kind of training you need to receive and also what kind of organization you see yourself working in. 

Another aspect to take into consideration is the kind of work that you want to do as a chartered accountant. This can include a myriad of opportunities across public and private sectors. For example, you can choose to shape a school’s budget, direct an organization’s funds, prosecute criminals, or advise charities on filing taxes! 

2. Complete a 4-year undergraduate program 

There are several educational requirements that you need to complete to become a practicing CA. One of the first steps to receiving this accreditation is completing a recognized 4-year undergraduate program. 

Some of the most preferred undergraduate specializations for aspiring chartered accountants include- 

• Finance 
• Business 
• Economics 
• Accounting

Choose your program depending on what you expect to achieve with your undergraduate qualification.

There are also a good number of professional institutions that offer associate degrees in accounting. These degrees are around 2 years and will help you lay a foundation for a career as a CA. 

3. Take extra classes  

Most undergraduate universities in your city will be offering weekend courses or extra accounting classes in addition to your regular subjects. So taking relevant courses such as statistics, auditing, taxation, and finance can be a great way to strengthen your foundation in quantitative methods and prepare for the chartered accountant exam. 

Another good step to take is enrolling in a chartered accountancy preparatory program. These programs train you with dedicated exam courses and also help you focus on acquiring the skills required to crack the exam and fare well in your career.

4. Gain professional experience 

Once undergraduate programs are complete, students often opt to take part in the placement process to gain a job opportunity.

This proves helpful for aspiring CA’s as a fundamental requirement for chartered accountancy is a minimum work experience of 3 years under a certified employer. The employers providing job opportunities will also have registered financial firms that can help you gain the relevant exposure you need as a chartered accountant.

Pro tip: Conduct research on the different organizations conducting placements in their universities before deciding where to work. 

5. Begin preparation for the CA exam 

Preparing for the qualifying exam takes months of sincere practice and dedication. One of the best ways to do this is to fix a schedule for studying and revision regularly.

If you have registered for a preparatory course, preparations and training will probably begin months before the qualifying exam is conducted. This will allow you to practice enough before your appear for the test. 

Pro tip: Another good way to prepare for the exam is by looking at the syllabus and testing yourself on each module once you have finished studying your way through it. 

6. Register for CPT 

CPT, or Common Proficiency Test, is the primary level exam you need to get through in order to become a CA. Most preparatory programs will train you to pass the CPT with flying colors. 

Even though this is the most basic exam for a chartered accountant, you will have to undertake courses across a wide range of disciplines within the field in order to ace it.

7. Complete IPCC and orientation 

After CPT comes the Integrated Professional Competence Course, which is the next level you need to crack. This level comprises 7 exams that are divided into 2 groups – Group 1 and Group 2. You need to clear at least one group to qualify for the next level certification. 

Once the IPCC level is complete, participate in the Information Technology Training and subsequent orientation program. This program will provide you to the knowledge and skills required to excel in the CA industry. Registering for this orientation is compulsory and needs to be completed before your articleship registration. 

In the articleship, you will be exposed to the practical functioning of the accounting industry for 3 years with a practicing chartered accountant. Once this is complete, you will be eligible for the final CA course. The final CA examination takes place during the last 6 months of the articleship period. 

Key Takeaways 

The chartered accountancy certification is among the most sought-after certifications in the industry. To receive this recognized license, you need to follow specific steps to get a firm foundation for this career. Following the 7 essential steps we have shared in this blog can help you ace your preparations, clear the papers, and become a successful CA!

Well. this is all we have for you for now. We hope you found this blog informative.

If you have any doubts, feel free to contact us. You can also comment below and share your thoughts!

So did you like this blog? Check out CA exam 6 things to know| Pattern, eligibility, and more!

FAQs 

Q1. Can I do a preparatory course online? 

Answer – Yes, there are several reputed preparatory courses available online that you can do. 

Q2. Is there an upper limit on the years of experience required? 

Answer – No, aspirants with a minimum of 3 years qualify for the exam. 

Q3. How do I register for CPT? 

Answer – Registrations are open on the official website of the chartered accountancy program.