This article contains detailed information about how one can become a chartered accountant in India, what qualities he or she should possess to become a successful chartered accountant, what is the procedure to become a chartered accountant, eligibility criteria to become a chartered accountant in India
5 Essential Qualities For Becoming A Better And Differentiated Chartered Accountant
In any company or an organization professional chartered accountant plays a vital role they are responsible to manage some of the most important activities of the organization. Even a minor mistake by a chartered accountant can cause a huge loss for the organization. Either mistakes like forgetting or adding an extra digit or bad calculation or misplacing a decimal could have a significant impact on the decision-making of the company.
All the important decisions of an organization are taken keeping in mind the financial health of an organization which is provided by the accounting books. So all the accountants of an organization need to have some fruitful qualities and skills to make them more effective and efficient in their work. So to become a good chartered accountant in India the candidates should possess certain qualities. While the candidate is required to qualify for CA exams. There is no doubt that Chartered Accountancy is considered one of the most challenging professions in the finance department.
Any candidate who is interested in making their career in this field has to examine all the required skills, strengths, and weaknesses as well. However the course is quite complicated and it requires time, patience, and effort. Becoming a successful chartered accountant requires consistent efforts and hard work. The chartered accountant should have a personality that shows an innovative person with a level-headed detail-oriented working.
Any chartered accountant who wants to become successful in their career should include the following things in their personality and working style so they can have a great and long career path. This will allow them to have long-term career goals. Follow the given below points to become a good chartered accountant in India.
- Should keep yourself up to date regarding commercial knowledge and skills
Though there is no doubt that the roles and responsibilities of a chartered accountant are quite Complex it is quite tricky and needs a lot of time and patience to sort all the activities assigned to him. But a chartered accountant needs to be aware and keep himself updated about the market. Like what is happening in and around the world which is related to the commercial world. The chartered accountant is also required to keep an eye on all the factors which influence the business like changes in the OCR and its effect on SMEs. It’s important to know the economic drivers that affect the economy at large. So, keeping updated about market changes is crucial. Having pace with the current scenario is important otherwise you will be left behind and would have fewer chances of being a successful chartered accountant.
- Update yourself with a technological understanding
In today’s time majority of the things are online it’s good to be a techno-savvy person. If there is any change in the technology then that should be implemented and understood by the Accountants for their future growth. A person having in-depth knowledge of technology can prove to be a good advisor for the modification and improvement of the system to make it more efficient and effective. Some important business functions like CRM (credit risk management), E-Commerce, inventory management, accounting system, data sharing, Cloud Computing, all these are technology-based and these departments are the one that directly affects the accounting of any organization.
Though compliance is one of the essential factors which one must keep in mind while working. It includes legislative, tax, and financial reporting guidelines that are issued by the ICAI, and all the CA’s have to work within those guidelines only and in case of any breach of compliance, it could lead to a lot of troubles and hindrance in one’s career. Having a good knowledge of compliance could help to have a successful career.
- Should possess effective communication skills
To become a successful chartered accountant having good communication skills is an essential factor. It allows them to have an understanding of the demand of the customer and also he can suggest some efficient and better ways for taking the business to new heights. A good Chartered Accountant can get customers for a lifetime. While presenting a presentation nicely to clients is not just helpful for the chartered accountant but also adds to the value of an organization. As time passes the chartered accountant is expected to have a good number of contacts as the contacts will help him in getting new work.
- Have skills to organize a team and work through the time management
For a chartered accountant, there are several responsibilities associated with them and also a deadline set for the work. As the chartered accountant becomes senior and gains more experience their role will become more complex and add more duties to them like at times they have to share others workload as well. One can do this by only managing their time smartly and completing all the assigned work on time. A chartered accountant has to be well-disciplined. For any chartered account if they want to become successful in their career then they have to put time Management and organization as a topmost priority. In any organization, a chartered accountant has some crucial responsibilities like setting job budgets, monitoring productivity, and planning the workflow of the entire team.
Eligibility Criteria to Become a Chartered Accountant
Any individual can start their path of becoming a chartered accountant in Gurgaon just after completing their 12th standard from any recognized board and from any stream having 50% marks or even after completing graduation or post-graduation from any recognized university and gaining 50%. Both the paths are quite different in case if you are a graduate or post-graduate then one can skip a few steps. Which are must be followed by an individual who has passed the 12th standard.
Procedure to Become a Chartered Accountant
After completing your 12th standard if you are eligible then you have to take admission in the CA foundation course, then CA Intermediate, after that the candidate has to do an Articleship of 3 years, then an Advanced Integrated Course on Information technology and Soft Skills and FC.
This article contains detailed information about how one can become a chartered accountant in India, what qualities he or she should possess to become a successful chartered accountant, what is the procedure to become a chartered accountant, eligibility criteria to become a chartered accountant in India, responsibilities of a chartered accountant, scope, and expected salary of a chartered accountant in India.