How Much is Chartered Accountant Salary in India

What to do after the 12th is the most daunting question a person could ever come across. It totally decides the future of a person and changes life forever.

Apart from the most common options like engineering and medical field, one of the most secure career options to pursue after 12th standard is the chartered accountant. 

There are many students who choose the commerce branch in the 11th standard to become a chartered accountant because they think chartered accountant salary is very high. It is one of the most reputable professions. So, if you are willing to become a CA after 12, this is the perfect article for you.

Later in the article, you will also know the salary of a Chartered Accountant in India.

Chartered Accountant Salary

How to become a CA in India?

In India, the Institute of Chartered Accountants of India(ICAI) regulates the Chartered Accountancy profession in India and also the CA education. 

If you are willing to become a CA, you have to enroll in the courses offered by the ICAI. 

Previously, students had to apply for the examination organized by the ICAI itself. Now, they have to first complete a four-month foundational course and later give the exam. 

Those who pass the foundational exam are eligible to appear for the intermediate exam. For the intermediate course, they have to study for 8 months followed by the intermediate exam. 

After that, CA students have to finish a four-week course on Information Technology and Soft Skills, also known as ICITSS

After successfully qualifying for the intermediate exam, students have to join the final course. Further, students have to take a four-week advanced training on Information Technology and Soft Skills, also called AICITSS. It is a two-year-long process before the final exams. 

After that, there is an article-ship training that takes three years. Students have the option to take the final exams while taking the articled training or during the last six months of the training. 

Finally, the students who clear the final examinations are eligible to enroll as an ICAI member to be later designated as chartered accountants. 

Alternatively, graduates and postgraduates from the commerce field, with a minimum of 55% or 60% aggregate, are also eligible to apply to become a chartered accountant. They can directly apply to the intermediate stage and have to follow the same process afterward. 

In a nutshell-

  • Complete 10+2 from a recognized board like CBSE, ICSE, etc.
  • Common Proficiency Test- the CA foundation exam that an eligible student can give after completing 12th. It is an objective type exam carrying 200 marks.
  • Integrated Professional Competence Course or IPCC- it is the 2nd step to becoming a CA. After clearing the CPT, you will be eligible for this exam.
  • Article-ship- it is a mandatory 3-year practical training for those who want to become a CA. After clearing the final exam after three years, one can be called a CA. the grade will appear on the CA final result sheet.
  • CA Final- it is the final stage for becoming a CA. students who have qualified for the article-ship are eligible to give the CA Final exam. 

What are the roles and duties of a CA?

The job role of a CA is hard to describe. However, it is not that impossible to get the hang of it. So, if you are really interested in becoming a Chartered Accountant, you should at least know what you will be doing once you become a CA.

Types of jobs a CA can do

Auditor: Auditors are professionals that are being sent to various organizations to look out for their finances and bank accounts for discrepancies. More often than not, companies have their internal auditors to keep an eye on the financial statements and cash flow. 

Accounts clerk: An accounts clerk is a person responsible for checking various financial transactions. The major focus of an Accounts clerk is on maintaining things including billing or payroll.

Business Services Accountant: A BSA provides tax advice and services to clients. They also keep a track of financial statements, asset depreciation, tax return preparation, and implementing financial strategies.

Chief Financial Officer: A CFO is a senior executive officer responsible for an organization’s financial well-being and success.

Cost accountant: Cost accountants are responsible for maintaining and monitoring the cost of products and services purchased by the company. 

Financial controller: The most important responsibility of a Financial Controller is working intimately with the management team and playing an important role in the financial well-being of a business. 

Tax Accountant: Tax Accountants are tax experts that handle audits and tax returns for companies and individuals.  

What are the best colleges to become a CA?

To become a Chartered Accountant, you might want to consider the best colleges and institutes in India. For a general idea, here is a list of some of the best colleges where you might want to consider studying.

  1. The Institute of Chartered of India
  2. Indian Institute of Finance
  3. Loyola College
  4. Academy of Commerce
  5. Pearl CA College
  6. Indian School of Business Management and Administration
  7. Navkar Institute
  8. Great India Degree College

All of these colleges serve top-notch education at affordable prices. Some of the nation’s top Chartered Accountants have studied from these institutes and served the government as well as the private sector. Therefore, if you want to become a good CA with a high salary, you should consider taking admission to one of these colleges.

Chartered Accountant Salary in India?

Now that you know what it takes to become a CA, you can now get an idea of the salary you are supposed to get after becoming a CA. 

In the finance market, there are four big audit firms that consistently hire CAs. These firms are- KPMG, Ernst & Young, PWC, and Deloitte. These companies hire top-notch Chartered Accountants and most CAs look for these companies to get hired.

They offer a handsome package. If you are successfully able to get a job in these big firms, you can get a package between 24 to 25 lakh per annum. 

There are some other firms too, that offer article-ship to emerging CAs. These firms, on average, offer a package of three to eight lakh per annum. The thing is, most companies only have one or two CAs to ensure the safety of the company. This is the reason why they offer comparatively lower amounts than the big auditing firms. 

Honestly speaking, there are no limits to a CA’s salary. It depends on the company and the location of the company. Maybe in the future, you can go abroad and start working for a foreign company. There are literally many options for you. You just need to give it the perfect start.

Conclusion

In this article, you got to know how you can become a CA, what colleges you should choose, what your responsibilities will be, the top companies you should consider for a job, and finally, the average salary after getting a job. Usually, the starting salary is nothing as compared to when you have 3+ years of experience as a CA. Therefore, the salary insights are awesome. You just need to have the right approach and the audacity to qualify for all three different exams.

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