Andhra Pradesh   

Make a mark with balance sheets

P. Sujatha Varma

No business, large or small can do without chartered accountants

Students aspiring for a career in chartered accountancy (CA) henceforth will have an added advantage. The Institute of Chartered Accountants of India (ICAI) has found a substitute for the 10-month foundation course. The ICAI plans to replace it with the more viable three-month Common Proficiency Test (CPT).

The commerce-based CPT for 200 marks will be conducted every three months from November, curtailing the course duration from five years three months to just four years. The professional course in accounting was introduced in our country in 1949, with the enactment of the Chartered Accountants Act and the ICAI was constituted the same year.

Since the course is a blend of theoretical education and practical training which run concurrently, it equips a student with knowledge, ability, skills and other qualities required of a professional accountant. The services of a CA are required in money matters even in a small business.

Few in number

"Those opting for a career in CA or in ICWA (Institute of Cost and Works Accountants of India) have a brighter future than engineers today. We have many engineers around but chartered or cost accountants are only a few in number and, thus, in great demand," says S. Papa Rao, director of Modern Academy, a coaching centre for CA and ICWA in the city.

A chartered accountant is one who specialises in accounting, auditing and taxation. He also serves as a management and corporate caretaker. According to the Company Act, only CAs in professional practice are allowed to be appointed as auditors of companies in India. Chartered or cost accountants have stronger technical skills.

Technical software courses like ERP (Enterprise Resource Planning) and SAP are like the icing on the cake. "If equipped with sufficient knowledge about the finance module of the SAP in addition to ERP, the person is absorbed by the industry within no time," says Mr. Rao.

"The software boom is a boon for chartered accountants. These accountants are landing in lucrative jobs within 24 hours of having their names enrolled. Big companies like Wipro, HCL, Citibank, Standard Chartered Bank and Bharat Petroleum are picking up candidates from their doorsteps," says M.A. Gupta, director of Superwhizz, known for churning out top rankers in CA and ICWA.

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