CA is considered one of the most challenging and demanding professions. He is useful in the overall growth of the economy. The market has become so dynamic and thus the role of CA as a financial advisor has been increased. He not only helps in understanding the complex rules & regulations related to financial matters but also helps in assisting as well as management of the financial domains of the organization. In this article, we will talk about this professional body. We will cover CA full form, Meaning or CA long form, roles, steps to become a CA, etc. which will help you to understand this profession.
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What is The Full Form of CA?
If you're asked for a CA full form in English or CA full form in banking or commerce or corporate field, it simply refers to " Chartered Accountant ". He is considered to be a member of the national body which regulates this i.e. Indian Institute of Chartered Accountants of India ( ICAI ). This membership is being continued through a prescribed annual fee.
CA Full Meaning
CA long form is Chartered Accountants or Chartered Accountancy. Chartered Accountancy simply refers to the professional practice of various matters such as auditing, taxation, financial management of the individual or any organisation. The person who is trained in this profession is known as a "Chartered Accountant". It is an internationally recognized designation. These are the members of a particular body that looks after them and which provides course, recognition and certification as well as membership. This profession was established initially in 1854 in Scotland and some of the countries of the world follow this concept of professional financial body. India is also one of them and here ICAI is the main body. A CA can do multiple tasks such as accounting and financial management, cost management, taxation management, auditing, consulting, general management, etc.
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Roles of CA
We have already learned what is the full form of CA? The role of the CA is given below:
He plays a vital role in the management of accounts as well as the preparation of the financial statements of the company. He can do simple bookkeeping to complex financial transactions management.
One of the major functions of CA is auditing which makes sure that whatever the statements are being presented have been made with correct principles of accounting.
He helps in taxation management as well. He helps in filling the tax returns, assessment of the representation of the taxes or helps in taxation advice.
In terms of cost management, he helps in ascertaining the costs related to the production, expenditures or selling costs, etc.
A CA also plays an important role in the formation as we did during the liquidation of the company.
They help in ascertaining and investigating the financial position of the company especially during important times such as the issue of share capital, mergers and acquisitions, sale & purchase, reconstruction, etc.
They also play the role of executors and trustees during which he helps solicitors or lawyers in understanding the financial statements. Besides, he is considered as an important member these days of the board of directors for better decision making.
He plays a vital role in management accordingly, in the formulation of rules & regulations, GST & auditing, or can work on a temporary basis for the small companies as well.
He helps in assisting the companies and their management of the accounting as well as financial statements. He works as a management consultant as well.
A person of any stream can opt CA course under the ICAI. There are two ways to do CA. One is through the foundation route and the other is through the direct entry route. For the foundation route, students need to clear the 12th standard with a minimum of 50% marks and for direct entry, they require 55% marks in graduation level and 60% marks in the post-graduation level.
How to become a CA?
If we talk about how to become a CA in India and then there is a body ICAI that takes care of this and we have to follow the procedure established by this national body. The students have to complete the CA course under the ICAI in order to become a CA which takes 4.5 years if a student clears all the levels in his first attempt.
The course has the following levels:
CA Foundation Course
CA Intermediate Course
CA Final Course
CA exam full form refers to the Chartered Accountants or Chartered Accountancy. To become a CA, the following steps can be followed:
The first step is to appear and clear the 12th standard with any stream with a minimum of 50% marks and do foundation registration under the ICAI. After 4 months of preparation, you can fill the form of the foundation exam which is being conducted twice a year. It is valid for 3 years under the registration and you can give 6 attempts. After that, you can register yourself again with nominal fees. Once this level is clear, you're eligible for the next level.
The next level is intermediate which students can join in two ways. One way is by following the normal foundation route and the second way is to join this course directly after graduation or post-graduation through the direct entry route. Then you have to do an inter registration which is valid for 4 years and thus 8 attempts can be given in the meanwhile. The gap between the registration and the exam should be a 9 months study period.
The next level includes registration for articleship & final exam. The registration of articleship can be done even after completion of any one of the groups of intermediate level and can commence after completion of both the levels. It is mandatory 3 years of practical training in which you can register for finals in the last 6 months of the training and then can appear for the final exam which is considered to be the toughest among all. Complete the whole training and qualify for the finals & you finally can become a CA after getting membership and certification from the ICAI.
Salary and Career
The profession is considered as one of the most demanding career options which play a vital role in our daily lives as well. If you become a CA, you can not work in any other field or you have to take permission from the ICAI. All organizations or companies need CAs for the management of their accounting or finance departments. A CA can work in any type of organisations in the private sector or public sector or he also can work independently by starting his own practice. He can work in diverse areas such as banking, auditing, taxation management, financial and cost management, consultancy services, financial advisors, finance directors or controllers, etc. For a fresher, 3 to 6 lakh per annum is the average salary in India. It is one of the highest paying jobs and depends upon the geographical location and the company with which CA is working.
List of Countries
The names of the countries having this specific profession:
To end the discussion about CA & CA full form, we can conclude that it is not only one of the most choosing career options but a challenging one as well due to its long structure of the examination. It is one of the most demanded professions which not only helps individuals but also large or medium/small scale organizations as well in their financial management and in other domains. In this article, we have covered the CA account full form, its meaning, roles, how to become a CA, steps to follow, Carter & salary and a list of countries that follow this. In the end, we can say that it offers multiple opportunities and it is a challenging as well as demanding profession which helps in the growth of the economy.
We have learned what is the full form of CA, the CA long form, meaning and all other related aspects.