April 07, 2007

Chartered Accountancy is a challenging career at the cutting edge of trade, industry and economic growth — a profession that imparts the best of technical skills in financial and management spheres, and abilities necessary for deciding and acting upon high-pressure situations. No wonder, chartered accountancy is a high-status profession and a passport to challenging and equally rewarding career in industry and commerce.

Chartered accountants today hold top management positions in public as well as private sector. Also they render professional services as accountants and management consultants. Rapid changes taking place in the economy have further opened up vistas for the chartered accountants to several alluring career options.

CAs today are part of the top management team. Even in the government sector, they occupy prominent positions. Not only this, some of the CAs have entered hitherto unknown sectors of management, public life and active politics.

The professional course of CA is a blend of theoretical education and practical training so that the students acquire the required level of professional knowledge and skills relevant for the profession.

How to become a CA

A person eligible to join chartered accountancy course has to undergo the following stages before becoming a chartered accountant:

— Enrol with the institute (ICAP in Pakistan ) as a student and undergo practical training as an articled clerk for a period of three years or as an audit clerk for a period of four years under a practising CA.
— Appear for intermediate examination after twelve months of training.
— Appear for final examination after passing intermediate examination, during the last six months of training or thereafter and pass the same.
— Enrol as a member of the Institute of Chartered Accountants of Pakistan (ICAP).

Eligibility

Any person who has taken intermediate exams can get registered as a student of CA course. If you have gained below 60 per cent marks in intermediate exams you first have to pass PPT exams (a short test), otherwise it is exempted.

Earn while you learn

The articled clerks have an option to undergo industrial training in a financial, commercial or industrial undertaking during the last year of prescribed period of practical training. In sum, practical training enables a person to operate effectively in a business. You can also earn a stipend while studying and working at the same time.

Prospects

Traditionally, a CA has been entrusted with substantial responsibility under various legislations such as compulsory audit of the accounts of all companies, banks, stock brokers, big income-tax assessees, large bank borrowers, etc. This shows the confidence and trust reposed by the government and the society in the profession.

Job description

Chartered accountants work in many different settings, in roles ranging from sole practitioner to chief executive of a multinational company.

In public practice firms, they provide professional services to a wide range of fee paying clients, from private individuals to large commercial and public sector organisations, including banks. These services include audit/assurance, accountancy, tax, business advisory, management consultancy, systems and IT, corporate finance, corporate recovery and forensic accounting.

In commerce/industry and the public sector, chartered accountants may work in fund management, venture capital and equity analysis, as well as in financial management and reporting roles.

As a CA you can...

• Set up independent professional practice.
• Join a practising firm of CAs.
• Render services in the field of capital market.
• Engage in your own industrial/business venture.
• Take up a suitable position in business or industry.
• Take up preparation of project reports and feasibility studies
• Do market research and demand studies.
• Make preparations for business policy, corporate planning, organisational development, growth and diversification.
• Render systems analysis and design, and computer-related services
• Start investment counselling in respect of securities.
• Do quality audit, energy audit and environment audit.

Let’s take a bold step

Your choice depends largely on your own personal inclination. First four choices indicated above offer good opportunity for development as a useful member of the profession and the society, ensuring amongst others, economic reward and scope for self-fulfilment. Starting one’s own industrial or business venture is also now becoming popular among CAs. Bright and intelligent minds are encouraged to pursue Chartered Accountancy as a profession.

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