By: Satyendra Kumar Singh, Editor-ICN
CHARTERED ACCOUNTANT (CA)
One of the respected careers in Accountancy is that of Chartered Accountant (CA). The entry to CA offered by ICAI is for the student who has passed CPT or Common Proficiency Test and Senior Secondary Examination (10+2). The entry is also for the candidate who is graduate or post graduate in commerce with an aggregate of 55%. The non-commerce graduates should have an aggregate of 60% or above.
The students who had cleared their 12th examination can undertake the foundation level test. Once they clear it, they have to undergo the on-job training period of 3 years which is known as “articleship” with an audit or accounts firm. This is similar to the internship program with other courses. Once this “articleship” is complete, the student can appear for the final course. Further, a 15 days’ mandatory training course was introduced in 2003 i.e. The GMCS (General Management and Communication Skill Course).
This course must be taken by the students who have numerical abilities, logical and systematic approach, zeal to learn about the developments in socio-economic environment in the country and good narration skills. The CAs are required to take care of operating account; management of budget, taxes and budget; perform internal audits and look into expenditure of the company, look after paying accounts & invoices.
It is assumed that around 10000 new CAs are required every year in India. The CAs can work in government or public service undertakings as well as the private sector companies or they can start their own company.
Institute
In India, this program is managed by The Institute of Chartered Accountants of India (ICAI).
COMPANY SECRETARY (CS)
Any big organisation has an ample number of legal obligations which has to be taken care of. A Company secretary looks after such legal activities of the company. These include keeping the records, advice and evaluate the legal aspects of the organization, filing of taxes etc. A CS has to contribute in the administration of the organization and ensure statutory & regulatory compliance. A CS takes care that there is proper implementation of the decisions of the managerial board of the company.
In order to be a professional company secretary, one must pass the following examinations conducted by the ICSI:
- The Foundation Course (after 12th)
- The Executive Course (after graduation except Fine Artss)
- The Professional Course (after graduation and after the executive course).
After successful completion of the above courses, the individual undergoes practical training to become a member of the Institute of the Company Secretaries of India after which he is considered as a Professional Member of the ICSI and is also issued a membership number.
Institutes
In India, this program is managed by The Institute of Company Secretaries of India (ICSI).
The students need to undertake the following mandatory trainings after the completion of the course.
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- SIP (Student Induction Programme) – 7 days
- Compulsory Computer Training Programme – 70 hours
- EDP (Executive Development Programme) – 8 days
- PDP (Professional Development Programme) – 25 Hours
- Training in a specialized agency – 15 days
- MSOP (Management Skills Orientation Programme) – 15 days
- Articleship Training Programme – 15 months
COST & MANAGEMENT ACCOUNTANT (CMA)
This particular profile manages the organisation and its functioning with the available resources. The CMA has to collect the financial information from different departments of the company and has to analyse it.
This program is offered by The Institute of Cost Accountants of India (ICAI) formerly known as ICWAI (Institute of Cost & Works Accountants of India) and has the three stages, i.e. CMA Foundation, CMA Intermediate and CMA Final. The entrance examinations are conducted twice in a year, i.e. June and December.
It is important to understand the basic differences between a CA and CMA. The CMA has to manage the finances of the company in a competent manner while a CA has to look after the taxation, auditing and accounting. The core accounting is taken care of by a CA whereas CMA takes into consideration the cost involved in a financial transaction.
The CMA has the following three stages:
- ICWA Foundation (after 10th, minimum 17 years of age)
- ICWA Intermediate (after 12th and ICWA Foundation Course; or after graduation in any discipline other than fine arts)
- ICWA Final (After ICWA Intermediate course)
Institutes
In India, this program is managed by The Institute of Cost Accountants of India (ICAI), Bangalore
